<SEC-DOCUMENT>0000919574-20-003093.txt : 20200430
<SEC-HEADER>0000919574-20-003093.hdr.sgml : 20200430
<ACCEPTANCE-DATETIME>20200430171924
ACCESSION NUMBER:		0000919574-20-003093
CONFORMED SUBMISSION TYPE:	20-F
PUBLIC DOCUMENT COUNT:		105
CONFORMED PERIOD OF REPORT:	20191231
FILED AS OF DATE:		20200430
DATE AS OF CHANGE:		20200430

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			EUROSEAS LTD.
		CENTRAL INDEX KEY:			0001341170
		STANDARD INDUSTRIAL CLASSIFICATION:	DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412]
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		20-F
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33283
		FILM NUMBER:		20836841

	BUSINESS ADDRESS:	
		STREET 1:		4 MESSOGIOU & EVROPIS STREET
		CITY:			151 25 MAROUSSI
		STATE:			J3
		ZIP:			00000
		BUSINESS PHONE:		011 30 210 6105110

	MAIL ADDRESS:	
		STREET 1:		4 MESSOGIOU & EVROPIS STREET
		CITY:			151 25 MAROUSSI
		STATE:			J3
		ZIP:			00000
</SEC-HEADER>
<DOCUMENT>
<TYPE>20-F
<SEQUENCE>1
<FILENAME>d8498133_20-f.htm
<TEXT>
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    <div style="text-align: center; font-weight: bold;">UNITED STATES</div>
    <div style="text-align: center; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
    <div style="text-align: center; font-weight: bold;">WASHINGTON, DC 20549</div>
    <div style="text-align: center; font-weight: bold;">_________________</div>
    <div><br>
    </div>
    <div style="text-align: center;">FORM 20-F</div>
    <div style="text-align: center; font-weight: bold;">_________________</div>
    <div style="margin-bottom: 12pt; font-weight: bold;">(Mark One)</div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" id="z3f06544f8254458fb819ad6124e6b468">

        <tr>
          <td style="width: 4.49%; vertical-align: top;">
            <div>&#160;<font style="font-family: 'Segoe UI Symbol',sans-serif;">&#9744;</font></div>
          </td>
          <td style="width: 95.38%; vertical-align: middle;">
            <div style="font-weight: bold;">REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934</div>
          </td>
          <td style="width: 0.06%; vertical-align: top;">&#160;</td>
          <td style="width: 0.06%; vertical-align: top;">&#160;</td>
        </tr>

    </table>
    <div style="text-align: center; font-weight: bold;">OR</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" id="z8c0cbf8819ae48ccbe76739beb82fa01">

        <tr>
          <td style="width: 8.46%; vertical-align: top;">
            <div>&#160;<font style="font-family: 'Segoe UI Symbol',sans-serif;">&#9746;</font></div>
          </td>
          <td style="width: 91.54%; vertical-align: middle; border-bottom: 2px solid black;">
            <div style="font-weight: bold;">ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</div>
            <div style="font-weight: bold;">For the fiscal year ended December 31, 2019</div>
          </td>
        </tr>

    </table>
    <div style="text-align: center; font-weight: bold;">OR</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" id="z73c519bc4ecc4682b1ef98ac89c8ad33">

        <tr>
          <td style="width: 8.46%; vertical-align: top;">
            <div>&#160;<font style="font-family: 'Segoe UI Symbol',sans-serif;">&#9744;</font></div>
          </td>
          <td style="width: 91.54%; vertical-align: middle;">
            <div style="font-weight: bold;">TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</div>
          </td>
        </tr>
        <tr>
          <td style="width: 8.46%; vertical-align: top;">&#160;</td>
          <td style="width: 91.54%; vertical-align: top; border-bottom: 2px solid black;">
            <div style="font-weight: bold;">For the transition period from _________________ to _________________</div>
          </td>
        </tr>

    </table>
    <div style="text-align: center; font-weight: bold;">OR</div>
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        <tr>
          <td style="width: 8.46%; vertical-align: top;">
            <div>&#160;<font style="font-family: 'Segoe UI Symbol',sans-serif;">&#9744;</font></div>
          </td>
          <td colspan="5" style="width: 91.54%; vertical-align: middle;">
            <div style="font-weight: bold;">SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</div>
            <div style="font-weight: bold;">Date of event requiring this shell company report</div>
          </td>
        </tr>
        <tr>
          <td style="width: 8.46%; vertical-align: middle;">&#160;</td>
          <td colspan="5" style="width: 91.54%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 8.46%; vertical-align: middle;">&#160;</td>
          <td colspan="5" style="width: 91.54%; vertical-align: middle; border-bottom: 2px solid black;">
            <div style="font-weight: bold;">Commission file number 001-33283</div>
          </td>
        </tr>
        <tr>
          <td colspan="6" style="width: 100%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>&#160;</div>
            <div style="text-align: center; font-weight: bold;">EUROSEAS LTD.</div>
          </td>
        </tr>
        <tr>
          <td colspan="6" style="width: 100%; vertical-align: top;">
            <div style="text-align: center;">(Exact name of Registrant as specified in its charter)</div>
          </td>
        </tr>
        <tr>
          <td colspan="6" style="width: 100%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td colspan="6" style="width: 100%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td colspan="6" style="width: 100%; vertical-align: top;">
            <div style="text-align: center;">(Translation of Registrant's name into English)</div>
          </td>
        </tr>
        <tr>
          <td colspan="6" style="width: 100%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td colspan="6" style="width: 100%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td colspan="6" style="width: 100%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">Marshall Islands</div>
          </td>
        </tr>
        <tr>
          <td colspan="6" style="width: 100%; vertical-align: top;">
            <div style="text-align: center;">(Jurisdiction of incorporation or organization)</div>
          </td>
        </tr>
        <tr>
          <td colspan="6" style="width: 100%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td colspan="6" style="width: 100%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">4 Messogiou &amp; Evropis Street, 151 24 Maroussi Greece</div>
          </td>
        </tr>
        <tr>
          <td colspan="6" style="width: 100%; vertical-align: top;">
            <div style="text-align: center;">(Address of principal executive offices)</div>
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="6" style="width: 100%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">Tasos Aslidis, Tel: (908) 301-9091, <u>euroseas@euroseas.gr</u>, Euroseas Ltd. c/o Tasos Aslidis,</div>
            <div style="text-align: center;">11 Canterbury Lane, Watchung, NJ 07069</div>
          </td>
        </tr>
        <tr>
          <td colspan="6" style="width: 100%; vertical-align: top;">
            <div style="text-align: center;">(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)</div>
          </td>
        </tr>
        <tr>
          <td colspan="6" style="width: 100%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td colspan="6" style="width: 100%; vertical-align: top;">
            <div>Securities registered or to be registered pursuant to Section 12(b) of the Act:</div>
          </td>
        </tr>
        <tr>
          <td colspan="6" style="width: 100%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td colspan="3" style="width: 23.5%; vertical-align: top; border-bottom: 2px solid black;">
            <div style="text-align: center;">Title of each class</div>
          </td>
          <td style="width: 22.04%; vertical-align: top; border-bottom: 2px solid black;">
            <div style="text-align: center;">Trading Symbol(s)</div>
          </td>
          <td colspan="2" style="width: 54.46%; vertical-align: top; border-bottom: 2px solid black;">
            <div style="text-align: center;">Name of each exchange on which registered</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="width: 23.5%; vertical-align: top;">
            <div style="text-align: center;">Common shares, $0.03 par value</div>
          </td>
          <td style="width: 22.04%; vertical-align: top;">
            <div style="text-align: center;">ESEA</div>
          </td>
          <td colspan="2" style="width: 54.46%; vertical-align: top;">
            <div style="text-align: center;">Nasdaq Capital Market</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="width: 23.5%; vertical-align: top;">&#160;</td>
          <td style="width: 22.04%; vertical-align: top;">&#160;</td>
          <td colspan="2" style="width: 54.46%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td colspan="6" style="width: 100%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td colspan="6" style="width: 100%; vertical-align: top;">
            <div>Securities registered or to be registered pursuant to Section 12(g) of the Act:</div>
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="6" style="width: 100%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td colspan="6" style="width: 100%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">None</div>
          </td>
        </tr>
        <tr>
          <td colspan="6" style="width: 100%; vertical-align: top;">
            <div style="text-align: center;">(Title of Class)</div>
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="6" style="width: 100%; vertical-align: top;">
            <div>Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act:</div>
          </td>
        </tr>
        <tr>
          <td colspan="6" style="width: 100%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td colspan="6" style="width: 100%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td colspan="6" style="width: 100%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">None</div>
          </td>
        </tr>
        <tr>
          <td colspan="6" style="width: 100%; vertical-align: top;">
            <div style="text-align: center;">(Title of Class)</div>
          </td>
        </tr>
        <tr>
          <td colspan="6" style="width: 100%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td colspan="6" style="width: 100%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td colspan="6" style="width: 100%; vertical-align: top;">
            <div style="text-align: justify;">Indicate the number of outstanding shares of each of the issuer's classes of capital or common stock as of the close of the period covered by the annual report</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="width: 23.5%; vertical-align: top;">&#160;</td>
          <td colspan="3" style="width: 76.5%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>5,600,259 common shares, $0.03 par value</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="width: 23.5%; vertical-align: top;">&#160;</td>
          <td colspan="3" style="width: 76.5%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td colspan="6" style="width: 100%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td colspan="6" style="width: 100%; vertical-align: top;">
            <div style="text-align: justify;">Indicate by check mark if the registrant is a well-known seasoned issuer, as defined by Rule 405 of the Securities Act.</div>
          </td>
        </tr>
        <tr>
          <td colspan="6" style="width: 100%; vertical-align: top;">
            <div style="text-align: right;">&#9744; Yes&#160; &#160;&#160; &#160; <font style="font-family: 'Segoe UI Symbol',sans-serif;">&#9746;</font>&#160; &#160; No</div>
          </td>
        </tr>
        <tr>
          <td colspan="6" style="width: 100%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td colspan="6" style="width: 100%; vertical-align: top;">
            <div style="text-align: justify;">If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.</div>
          </td>
        </tr>
        <tr>
          <td colspan="6" style="width: 100%; vertical-align: top;">
            <div style="text-align: right;">&#9744; Yes&#160; &#160;&#160; <font style="font-family: 'Segoe UI Symbol',sans-serif;">&#9746;</font>&#160; &#160; &#160; No</div>
          </td>
        </tr>
        <tr>
          <td colspan="6" style="width: 100%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td colspan="6" style="width: 100%; vertical-align: top;">
            <div style="text-align: justify;">Note &#8211; Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 from their obligations under those Sections.</div>
          </td>
        </tr>
        <tr>
          <td colspan="6" style="width: 100%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td colspan="6" style="width: 100%; vertical-align: top;">
            <div style="text-align: justify;">Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter
              period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.</div>
          </td>
        </tr>
        <tr>
          <td colspan="6" style="width: 100%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-family: 'Segoe UI Symbol',sans-serif;">&#9746;</font> Yes&#160; &#160; &#9744; &#160; &#160;&#160; No</div>
          </td>
        </tr>
        <tr>
          <td colspan="6" style="width: 100%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td colspan="6" style="width: 100%; vertical-align: top;">
            <div style="text-align: justify;">Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of
              Regulation S-T (&#167;232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).</div>
            <div>&#160;</div>
            <div style="text-align: right;"><font style="font-family: 'Segoe UI Symbol',sans-serif;">&#9746;</font> Yes&#160; &#160;&#160;&#160; &#9744; &#160;&#160; No</div>
          </td>
        </tr>
        <tr>
          <td colspan="6" style="width: 100%; vertical-align: top;">
            <div>&#160;</div>
            <div style="text-align: justify;">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, non-accelerated filer, or an emerging growth company.&#160; See definition of "accelerated filer", "large accelerated
              filer" and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one)</div>
          </td>
        </tr>
        <tr>
          <td colspan="6" style="width: 100%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td colspan="6" style="width: 100%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td colspan="2" style="width: 19.38%; vertical-align: top;">
            <div>Large accelerated filer &#9744;</div>
          </td>
          <td colspan="3" style="width: 42.15%; vertical-align: top;">
            <div>Accelerated filer &#9744;</div>
          </td>
          <td style="width: 38.47%; vertical-align: top;">
            <div>Non-accelerated filer <font style="font-family: 'Segoe UI Symbol',sans-serif;">&#9746;</font></div>
          </td>
        </tr>
        <tr>
          <td colspan="2" style="width: 19.38%; vertical-align: top;">&#160;</td>
          <td colspan="3" style="width: 42.15%; vertical-align: top;">&#160;</td>
          <td style="width: 38.47%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td colspan="2" style="width: 19.38%; vertical-align: top;">&#160;</td>
          <td colspan="3" style="width: 42.15%; vertical-align: top;">&#160;</td>
          <td style="width: 38.47%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td colspan="2" style="width: 19.38%; vertical-align: top;">&#160;</td>
          <td colspan="3" style="width: 42.15%; vertical-align: top;">&#160;</td>
          <td style="width: 38.47%; vertical-align: top;">
            <div>Emerging growth company &#9744;</div>
          </td>
        </tr>
        <tr>
          <td colspan="2" style="width: 19.38%; vertical-align: top;">&#160;</td>
          <td colspan="3" style="width: 42.15%; vertical-align: top;">&#160;</td>
          <td style="width: 38.47%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td colspan="6" style="width: 100%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td colspan="6" style="width: 100%; vertical-align: top;">
            <div style="text-align: justify;">If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying
              with any new or revised financial accounting standards&#8224; provided pursuant to Section 13(a) of the Exchange Act.&#160; &#160;&#160; &#9744;</div>
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="6" style="width: 100%; vertical-align: top;">
            <div style="text-align: justify;">&#8224; The term "new or revised financial accounting standard" refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.</div>
          </td>
        </tr>
        <tr>
          <td colspan="6" style="width: 100%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td colspan="6" style="width: 100%; vertical-align: top;">
            <div style="text-align: justify;">Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:</div>
            <div> &#160;</div>
            <div>U.S. GAAP</div>
            <div>&#160;</div>
            <div style="text-align: justify;">International Financial Reporting Standards as issued by the International Accounting Standards Board.</div>
            <div>&#160;</div>
            <div>Other</div>
            <div>&#160;</div>
            <div style="text-align: justify;">If "Other" has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow</div>
            <div>&#160;</div>
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="6" style="width: 100%; vertical-align: top;">
            <div style="text-align: right;">&#160;Item 17&#160; &#160;&#160; Item 18</div>
          </td>
        </tr>
        <tr>
          <td colspan="6" style="width: 100%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td colspan="6" style="width: 100%; vertical-align: top;">
            <div style="text-align: justify;">If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).</div>
          </td>
        </tr>
        <tr>
          <td colspan="6" style="width: 100%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-family: 'Segoe UI Symbol',sans-serif;">&#9746;</font> Yes&#160; &#160;&#160; &#160; &#9744;&#160;&#160; No</div>
          </td>
        </tr>
        <tr>
          <td colspan="6" style="width: 100%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td colspan="6" style="width: 100%; vertical-align: top;">
            <div>(APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS)</div>
          </td>
        </tr>
        <tr>
          <td colspan="6" style="width: 100%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td colspan="6" style="width: 100%; vertical-align: top;">
            <div style="text-align: justify;">Indicate by check mark whether the registrant has filed all documents and reports to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities
              under a plan confirmed by a court.</div>
          </td>
        </tr>
        <tr>
          <td colspan="6" style="width: 100%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-family: 'Segoe UI Symbol',sans-serif;">&#9746;</font> Yes&#160; &#160;&#160;&#160; &#9744;&#160;&#160; No</div>
          </td>
        </tr>
        <tr>
          <td colspan="6" style="width: 100%; vertical-align: top;">&#160;</td>
        </tr>

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    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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    </div>
    <div><br>
    </div>
    <div style="text-align: center;">TABLE OF CONTENTS</div>
    <div style="text-align: right; font-family: 'Times New Roman',Times,serif;"><u>Page</u></div>
    <div><br>
    </div>
    <div> </div>
    <br>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" id="z191c30586401423ba6b93a6b0100af8a">

        <tr>
          <td style="width: 15%; vertical-align: top;" rowspan="1"><font lang="EN-GB">Forward-Looking Statements</font> <br>
          </td>
          <td style="width: 79%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 5.73%; vertical-align: top; text-align: right;" rowspan="1">1 <br>
          </td>
        </tr>
        <tr>
          <td style="width: 15%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 79%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 5.73%; vertical-align: top;" rowspan="1">&#160;</td>
        </tr>
        <tr>
          <td style="width: 15%; vertical-align: top;" rowspan="1">
            <div>Part I</div>
            &#160;</td>
          <td style="width: 79%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 5.73%; vertical-align: top;" rowspan="1">&#160;</td>
        </tr>
        <tr>
          <td style="width: 15%; vertical-align: top;">
            <div style="margin-right: 3.75pt; font-weight: normal;">Item 1.</div>
          </td>
          <td style="width: 79%; vertical-align: top;">
            <div style="margin-right: 36pt; font-weight: normal;">Identity of Directors, Senior Management and Advisers</div>
          </td>
          <td style="width: 5.73%; vertical-align: top;">
            <div style="text-align: right; margin-right: 3.05pt; font-weight: normal;">2</div>
          </td>
        </tr>
        <tr>
          <td style="width: 15%; vertical-align: top;">
            <div style="margin-right: 3.75pt; font-weight: normal;">Item 2.</div>
          </td>
          <td style="width: 79%; vertical-align: top;">
            <div style="margin-right: 36pt; font-weight: normal;">Offer Statistics and Expected Timetable</div>
          </td>
          <td style="width: 5.73%; vertical-align: top;">
            <div style="text-align: right; margin-right: 3.05pt; font-weight: normal;">2</div>
          </td>
        </tr>
        <tr>
          <td style="width: 15%; vertical-align: top;">
            <div style="margin-right: 3.75pt; font-weight: normal;">Item 3.</div>
          </td>
          <td style="width: 79%; vertical-align: top;">
            <div style="margin-right: 36pt; font-weight: normal;">Key Information</div>
          </td>
          <td style="width: 5.73%; vertical-align: top;">
            <div style="text-align: right; margin-right: 3.05pt; font-weight: normal;">2</div>
          </td>
        </tr>
        <tr>
          <td style="width: 15%; vertical-align: top;">
            <div style="margin-right: 3.75pt; font-weight: normal;">Item 4.</div>
          </td>
          <td style="width: 79%; vertical-align: top;">
            <div style="margin-right: 36pt; font-weight: normal;">Information on the Company</div>
          </td>
          <td style="width: 5.73%; vertical-align: top;">
            <div style="text-align: right; margin-right: 3.05pt; font-weight: normal;">37</div>
          </td>
        </tr>
        <tr>
          <td style="width: 15%; vertical-align: top;">
            <div style="margin-right: 3.75pt; font-weight: normal;">Item 4A.</div>
          </td>
          <td style="width: 79%; vertical-align: top;">
            <div style="margin-right: 36pt; font-weight: normal;">Unresolved Staff Comments</div>
          </td>
          <td style="width: 5.73%; vertical-align: top;">
            <div style="text-align: right; margin-right: 3.05pt; font-weight: normal;">53</div>
          </td>
        </tr>
        <tr>
          <td style="width: 15%; vertical-align: top;">
            <div style="margin-right: 3.75pt; font-weight: normal;">Item 5.</div>
          </td>
          <td style="width: 79%; vertical-align: top;">
            <div style="margin-right: 36pt; font-weight: normal;">Operating and Financial Review and Prospects</div>
          </td>
          <td style="width: 5.73%; vertical-align: top;">
            <div style="text-align: right; margin-right: 3.05pt; font-weight: normal;">54</div>
          </td>
        </tr>
        <tr>
          <td style="width: 15%; vertical-align: top;">
            <div style="margin-right: 3.75pt; font-weight: normal;">Item 6.</div>
          </td>
          <td style="width: 79%; vertical-align: top;">
            <div style="margin-right: 36pt; font-weight: normal;">Directors, Senior Management and Employees</div>
          </td>
          <td style="width: 5.73%; vertical-align: top;">
            <div style="text-align: right; margin-right: 3.05pt; font-weight: normal;">65</div>
          </td>
        </tr>
        <tr>
          <td style="width: 15%; vertical-align: top;">
            <div style="margin-right: 3.75pt; font-weight: normal;">Item 7.</div>
          </td>
          <td style="width: 79%; vertical-align: top;">
            <div style="margin-right: 36pt; font-weight: normal;">Major Shareholders and Related Party Transactions</div>
          </td>
          <td style="width: 5.73%; vertical-align: top;">
            <div style="text-align: right; margin-right: 3.05pt; font-weight: normal;">70</div>
          </td>
        </tr>
        <tr>
          <td style="width: 15%; vertical-align: top;">
            <div style="margin-right: 3.75pt; font-weight: normal;">Item 8.</div>
          </td>
          <td style="width: 79%; vertical-align: top;">
            <div style="margin-right: 36pt; font-weight: normal;">Financial Information</div>
          </td>
          <td style="width: 5.73%; vertical-align: top;">
            <div style="text-align: right; margin-right: 3.05pt; font-weight: normal;">74</div>
          </td>
        </tr>
        <tr>
          <td style="width: 15%; vertical-align: top;">
            <div style="margin-right: 3.75pt; font-weight: normal;">Item 9.</div>
          </td>
          <td style="width: 79%; vertical-align: top;">
            <div style="margin-right: 36pt; font-weight: normal;">The Offer and Listing</div>
          </td>
          <td style="width: 5.73%; vertical-align: top;">
            <div style="text-align: right; margin-right: 3.05pt; font-weight: normal;">75</div>
          </td>
        </tr>
        <tr>
          <td style="width: 15%; vertical-align: top;">
            <div style="margin-right: 3.75pt; font-weight: normal;">Item 10.</div>
          </td>
          <td style="width: 79%; vertical-align: top;">
            <div style="margin-right: 36pt; font-weight: normal;">Additional Information</div>
          </td>
          <td style="width: 5.73%; vertical-align: top;">
            <div style="text-align: right; margin-right: 3.05pt; font-weight: normal;">76</div>
          </td>
        </tr>
        <tr>
          <td style="width: 15%; vertical-align: top;">
            <div style="margin-right: 3.75pt; font-weight: normal;">Item 11.</div>
          </td>
          <td style="width: 79%; vertical-align: top;">
            <div style="margin-right: 36pt; font-weight: normal;">Quantitative and Qualitative Disclosures About Market Risk</div>
          </td>
          <td style="width: 5.73%; vertical-align: top;">
            <div style="text-align: right; margin-right: 3.05pt; font-weight: normal;">88</div>
          </td>
        </tr>
        <tr>
          <td style="width: 15%; vertical-align: top;">
            <div style="margin-right: 3.75pt; font-weight: normal;">Item 12.</div>
          </td>
          <td style="width: 79%; vertical-align: top;">
            <div style="margin-right: 36pt; font-weight: normal;">Description of Securities Other than Equity Securities</div>
          </td>
          <td style="width: 5.73%; vertical-align: top;">
            <div style="text-align: right; margin-right: 3.05pt; font-weight: normal;">89</div>
          </td>
        </tr>

    </table>
    <div style="margin-top: 12pt;">Part II</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" id="z813100afe1a946edaa320deacd48ee95">

        <tr>
          <td style="width: 15%; vertical-align: top;">
            <div style="margin-right: 3pt; font-weight: normal;">Item 13.</div>
          </td>
          <td style="width: 79%; vertical-align: top;">
            <div style="margin-right: 36pt; font-weight: normal;">Defaults, Dividend Arrearages and Delinquencies</div>
          </td>
          <td style="width: 5.73%; vertical-align: top;">
            <div style="text-align: right; margin-right: 3.05pt; font-weight: normal;">89</div>
          </td>
        </tr>
        <tr>
          <td style="width: 15%; vertical-align: top;">
            <div style="margin-right: 3pt; font-weight: normal;">Item 14.</div>
          </td>
          <td style="width: 79%; vertical-align: top;">
            <div style="margin-right: 36pt; font-weight: normal;">Material Modifications to the Rights of Security Holders and Use of Proceeds</div>
          </td>
          <td style="width: 5.73%; vertical-align: top;">
            <div style="text-align: right; margin-right: 3.05pt; font-weight: normal;">89</div>
          </td>
        </tr>
        <tr>
          <td style="width: 15%; vertical-align: top;">
            <div style="margin-right: 3pt; font-weight: normal;">Item 15.</div>
          </td>
          <td style="width: 79%; vertical-align: top;">
            <div style="margin-right: 36pt; font-weight: normal;">Controls and Procedures</div>
          </td>
          <td style="width: 5.73%; vertical-align: top;">
            <div style="text-align: right; margin-right: 3.05pt; font-weight: normal;">89</div>
          </td>
        </tr>
        <tr>
          <td style="width: 15%; vertical-align: top;">
            <div style="margin-right: 3pt; font-weight: normal;">Item 16A.</div>
          </td>
          <td style="width: 79%; vertical-align: top;">
            <div style="margin-right: 36pt; font-weight: normal;">Audit Committee Financial Expert</div>
          </td>
          <td style="width: 5.73%; vertical-align: top;">
            <div style="text-align: right; margin-right: 3.05pt; font-weight: normal;">90</div>
          </td>
        </tr>
        <tr>
          <td style="width: 15%; vertical-align: top;">
            <div style="margin-right: 3pt; font-weight: normal;">Item 16B.</div>
          </td>
          <td style="width: 79%; vertical-align: top;">
            <div style="margin-right: 36pt; font-weight: normal;">Code of Ethics</div>
          </td>
          <td style="width: 5.73%; vertical-align: top;">
            <div style="text-align: right; margin-right: 3.05pt; font-weight: normal;">90</div>
          </td>
        </tr>
        <tr>
          <td style="width: 15%; vertical-align: top;">
            <div style="margin-right: 3pt; font-weight: normal;">Item 16C.</div>
          </td>
          <td style="width: 79%; vertical-align: top;">
            <div style="margin-right: 36pt; font-weight: normal;">Principal Accountant Fees and Services</div>
          </td>
          <td style="width: 5.73%; vertical-align: top;">
            <div style="text-align: right; margin-right: 3.05pt; font-weight: normal;">91</div>
          </td>
        </tr>
        <tr>
          <td style="width: 15%; vertical-align: top;">
            <div style="margin-right: 3pt; font-weight: normal;">Item 16D.</div>
          </td>
          <td style="width: 79%; vertical-align: top;">
            <div style="margin-right: 36pt; font-weight: normal;">Exemptions from the Listing Standards for Audit Committees</div>
          </td>
          <td style="width: 5.73%; vertical-align: top;">
            <div style="text-align: right; margin-right: 3.05pt; font-weight: normal;">91</div>
          </td>
        </tr>
        <tr>
          <td style="width: 15%; vertical-align: top;">
            <div style="margin-right: 3pt; font-weight: normal;">Item 16E.</div>
          </td>
          <td style="width: 79%; vertical-align: top;">
            <div style="margin-right: 36pt; font-weight: normal;">Purchases of Equity Securities by the Issuer and Affiliated Purchasers</div>
          </td>
          <td style="width: 5.73%; vertical-align: top;">
            <div style="text-align: right; margin-right: 3.05pt; font-weight: normal;">91</div>
          </td>
        </tr>
        <tr>
          <td style="width: 15%; vertical-align: top;">
            <div style="margin-right: 3pt; font-weight: normal;">Item 16F.</div>
          </td>
          <td style="width: 79%; vertical-align: top;">
            <div style="margin-right: 36pt; font-weight: normal;">Change in Registrant's Certifying Accountant</div>
          </td>
          <td style="width: 5.73%; vertical-align: top;">
            <div style="text-align: right; margin-right: 3.05pt; font-weight: normal;">91</div>
          </td>
        </tr>
        <tr>
          <td style="width: 15%; vertical-align: top;">
            <div style="margin-right: 3pt; font-weight: normal;">Item 16G.</div>
          </td>
          <td style="width: 79%; vertical-align: top;">
            <div style="margin-right: 36pt; font-weight: normal;">Corporate Governance</div>
          </td>
          <td style="width: 5.73%; vertical-align: top;">
            <div style="text-align: right; margin-right: 3.05pt; font-weight: normal;">91</div>
          </td>
        </tr>
        <tr>
          <td style="width: 15%; vertical-align: top;">
            <div style="margin-right: 3pt; font-weight: normal;">Item 16H.</div>
          </td>
          <td style="width: 79%; vertical-align: top;">
            <div style="margin-right: 36pt; font-weight: normal;">Mine Safety Disclosure</div>
          </td>
          <td style="width: 5.73%; vertical-align: top;">
            <div style="text-align: right; margin-right: 3.05pt; font-weight: normal;">91</div>
          </td>
        </tr>

    </table>
    <div style="margin-top: 12pt;">Part III</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" id="z7715cce8db1640888baa01e31b4c6c20">

        <tr>
          <td style="width: 15%; vertical-align: top;">
            <div style="margin-right: 1.5pt; font-weight: normal;">Item 17.</div>
          </td>
          <td style="width: 79%; vertical-align: top;">
            <div style="margin-right: 36pt; font-weight: normal;">Financial Statements</div>
          </td>
          <td style="width: 5.73%; vertical-align: top;">
            <div style="text-align: right; font-weight: normal;">91</div>
          </td>
        </tr>
        <tr>
          <td style="width: 15%; vertical-align: top;">
            <div style="margin-right: 1.5pt; font-weight: normal;">Item 18.</div>
          </td>
          <td style="width: 79%; vertical-align: top;">
            <div style="margin-right: 36pt; font-weight: normal;">Financial Statements</div>
          </td>
          <td style="width: 5.73%; vertical-align: top;">
            <div style="text-align: right; font-weight: normal;">92</div>
          </td>
        </tr>
        <tr>
          <td style="width: 15%; vertical-align: top;">
            <div style="margin-right: 1.5pt; font-weight: normal;">Item 19.</div>
          </td>
          <td style="width: 79%; vertical-align: top;">
            <div style="margin-right: 36pt; font-weight: normal;">Exhibits</div>
          </td>
          <td style="width: 5.73%; vertical-align: top;">
            <div style="text-align: right; font-weight: normal;">92</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;"><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin-top: 4px; margin-right: 0px; margin-bottom: 4px; width: 100%; border-width: 0px; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); clear: both;"></div>
    </div>
    <!--PROfilePageNumberReset%Num%1%%%-->
    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">FORWARD-LOOKING STATEMENTS</div>
    <div style="text-align: justify; margin-top: 8pt; margin-bottom: 12pt;">Euroseas Ltd. and its wholly owned subsidiaries, or the Company, desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and
      is including this cautionary statement in connection with this safe harbor legislation. This annual report contains forward-looking statements. These forward-looking statements include information about possible or assumed future results of our
      operations or our performance. Words such as "expects," "intends," "plans," "believes," "anticipates," "estimates," and variations of such words and similar expressions are intended to identify the forward-looking statements. Although we believe 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 which are inherently subject to significant uncertainties and contingencies, many of which are beyond our control. Actual results may differ materially from those expressed or implied by such forward-looking statements.
      Forward-looking statements include, but are not limited to, statements regarding:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="z64e4100850fd4b649acb4646d8605b44">

            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>our future operating or financial results;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="z897f575809864c1a935e22a1de9161c0">

            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>future, pending or recent acquisitions, joint ventures, business strategy, areas of possible expansion, and expected capital spending or operating expenses;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="z73e9e547a39644959a5bd07e1a13f26e">

            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>container shipping industry trends, including charter rates and factors affecting vessel supply and demand;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="zdff8dabcf8bb49d0b10fa8badfc0c261">

            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>our financial condition and liquidity, including our ability to obtain additional financing in the future to fund capital expenditures, acquisitions and other general corporate activities;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="zecd8528a4a544d65b690bdfa2398cb0a">

            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>availability of crew, number of off-hire days, drydocking requirements and insurance costs;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="zd8fd3189665947f39ec9967a6b9a50eb">

            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>our expectations about the availability of vessels to purchase or the useful lives of our vessels;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="z9c20697142194d3899754b799659fdb0">

            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>our expectations relating to dividend payments and our ability to make such payments;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="z626bd4cf855147ad989607f4056b8ed5">

            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>our ability to leverage to our advantage our manager's relationships and reputations in the container shipping industry;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="zfecc718f7d304af39fc75b6f212137b5">

            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>changes in seaborne and other transportation patterns;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="zac6f7f719e6c49fbbfd7db973131ba23">

            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>changes in governmental rules and regulations or actions taken by regulatory authorities;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="z39cc8c69e0e54a589a47faba1ad03a6d">

            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>potential liability from future litigation;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="z7724404f1c8b47c3ad3e8f2674e1a97a">

            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>global and regional political conditions;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="z29131f9dbed64500afbd948c5a79e955">

            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>acts of terrorism and other hostilities, including piracy;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="zdb8c6fe9b86541df9e71269c9fe140db">

            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>business disruptions due to natural disasters or other disasters outside our control, such as the recent novel Coronavirus COVID-19 ("Coronavirus") outbreak; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="z0d14d83678014bb8b7d7d5b83a380385">

            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>other factors discussed in the section titled "Risk Factors."</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-top: 8pt; font-weight: bold;">WE UNDERTAKE NO OBLIGATION TO PUBLICLY UPDATE OR REVISE ANY FORWARD-LOOKING STATEMENTS CONTAINED IN THIS ANNUAL REPORT, EXCEPT AS REQUIRED BY LAW, OR THE DOCUMENTS TO WHICH WE REFER
      YOU IN THIS ANNUAL REPORT, TO REFLECT ANY CHANGE IN OUR EXPECTATIONS WITH RESPECT TO SUCH STATEMENTS OR ANY CHANGE IN EVENTS, CONDITIONS OR CIRCUMSTANCES ON WHICH ANY STATEMENT IS BASED.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">1</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin-top: 4px; margin-right: 0px; margin-bottom: 4px; width: 100%; border-width: 0px; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">PART I</div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="zf4343b58b7c949b99c414c6137409320">

            <tr>
              <td style="width: 54pt; vertical-align: top; font-weight: bold;">Item 1.</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">Identity of Directors, Senior Management and Advisers</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">Not Applicable.</div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="z264a044f22d44e57993bc734c5ae90e0">

            <tr>
              <td style="width: 54pt; vertical-align: top; font-weight: bold;">Item 2.</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">Offer Statistics and Expected Timetable</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">Not Applicable.</div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="zd23a57ca9bf44595af51949b88d1e60b">

            <tr>
              <td style="width: 54pt; vertical-align: top; font-weight: bold;">Item 3.</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">Key Information</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-top: 5.4pt; margin-bottom: 18pt;">Please note:&#160; Throughout this report, all references to "we," "our," "us" and the "Company" refer to Euroseas Ltd. and its subsidiaries. We use the term deadweight ton, or dwt,
      in describing the size of vessels. Dwt, expressed in metric tons, each of which is equivalent to 1,000 kilograms, refers to the maximum weight of cargo and supplies that a vessel can carry. We use the term twenty-foot equivalent unit, or teu, in
      describing the size of our containerships in addition to dwt. Teu, expressed in number of containers, refers to the maximum number of twenty-foot long containers that can be placed on board. Unless otherwise indicated, all references to "dollars" and
      "$" in this report are to, and amounts are presented in, U.S. dollars. All share and per share amounts have been adjusted to account for the 1-for-8 reverse stock split, effective at the close of trading on December 18, 2019.</div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="z94438a07cb1741ba9e4fd87a46b37477">

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

        </table>
      </div>
    </div>
    <div style="text-align: center; margin-top: 18pt; font-weight: bold;">SELECTED CONSOLIDATED FINANCIAL DATA</div>
    <div><br>
    </div>
    <div style="text-align: justify;">The following table presents selected consolidated financial and other data of Euroseas Ltd. for each of the years in the five-year period ended December 31, 2019. The table should be read together with "Item 5.
      Operating and Financial Review and Prospects." Excluding fleet data, the selected consolidated financial data of Euroseas Ltd. is a summary of, is derived from, and is qualified by reference to, our audited consolidated financial statements and notes
      thereto, which have been prepared in accordance with U.S. generally accepted accounting principles, or "U.S. GAAP."</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Our audited consolidated statements of operations, shareholders' equity and cash flows for the years ended December 31, 2017, 2018 and 2019 and the consolidated balance sheets at December 31, 2018 and 2019, together
      with the notes thereto, are included in "Item 18. Financial Statements" and should be read in their entirety.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Following the close of trading on the Nasdaq Capital Market on May 30, 2018, the Company completed the spin-off of its drybulk fleet (excluding M/V Monica P, a handymax drybulk carrier, which was agreed to be sold) to
      EuroDry Ltd. ("EuroDry"). Shareholders of the Company received one EuroDry common share for every five common shares of the Company they owned as of May 23, 2018. Shares of EuroDry commenced trading on May 31, 2018 on the Nasdaq Capital Market under
      the symbol "EDRY." EuroDry operates in the dry cargo, drybulk shipping markets, owning and operating drybulk vessels previously owned and operated by Euroseas, and is now a separate publicly traded company. As a result of the spin-off and the
      subsequent sale of M/V Monica P, the Company has become a pure containership company and the only publicly listed company concentrating on the feeder and intermediate containership sector. Accordingly, the results of operations and financial
      condition of EuroDry have been presented in discontinued operations for all historical comparative periods presented. The summary financials below refer to Euroseas Ltd. "continuing operations" giving effect to the spin-off of drybulk vessels to
      EuroDry ("discontinued operations") unless otherwise noted; historical comparative periods have been adjusted accordingly.</div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="background-color: rgb(255, 255, 255);">As further described in Note 2 to our consolidated financial statements on January 1, 2018 we adopted the new accounting guidance for revenue from contracts with
        customers (ASC 606) and on January 1, 2019 we adopted the new accounting guidance for leases (ASC 842), in each case using the modified retrospective approach. As such, the information prior to adoption of such new guidance has not been restated
        and continues to be reported under the accounting standards in effect for such periods.</font></div>
    <div style="text-align: justify; margin-top: 5.4pt;">See next page for table of Euroseas Ltd. &#8211; Summary of Selected Historical Financials.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">2</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin-top: 4px; margin-right: 0px; margin-bottom: 4px; width: 100%; border-width: 0px; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); clear: both;"></div>
    </div>
    <table cellspacing="0" cellpadding="0" id="z07fae0bbb75047f8bb40009b62b9286a" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;">

        <tr>
          <td valign="bottom" colspan="20" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">Euroseas Ltd. &#8211; Summary of Selected Historical Financials</div>
            <div style="text-align: right; font-weight: bold;">(in U.S. Dollars except for Fleet Data and number of shares)</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" colspan="20" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;"> Year Ended December 31,</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;"> 2015</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">2016</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">2017</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">2018</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">2019</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom;">
            <div style="font-weight: bold;">Statement of Operations Data</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: top;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(204, 238, 255);">
            <div>Time charter revenue</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>35,509,971</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>21,409,236</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>24,278,048</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>36,062,202</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>41,769,278</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(255, 255, 255);">
            <div>Voyage charter revenue</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>-</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>47,979</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>559,319</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>206,682</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>-</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(204, 238, 255);">
            <div>Related party management fee income</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>240,000</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>240,000</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>240,000</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>-</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>-</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(255, 255, 255);">
            <div>Commissions</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>(1,965,466</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>(1,151,879</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>(1,318,248</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>(1,844,147</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>(1,745,599</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">Net revenue, continuing operations</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">33,784,505</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">20,545,336</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">23,759,119</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">34,424,737</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">40,023,679</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(255, 255, 255);">
            <div>Voyage expenses</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>(1,852,482</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>(1,209,085</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>(1,564,489</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>(1,261,088</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>(1,055,408</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(204, 238, 255);">
            <div>Vessel operating expenses</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>(21,833,674</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>(13,853,444</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>(15,019,342</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>(19,986,170</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>(23,983,282</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(255, 255, 255);">
            <div>Other operating income</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>-</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>-</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>499,103</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>-</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>-</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(204, 238, 255);">
            <div>Dry-docking expenses</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>(1,332,378</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>(2,204,784</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>(571,291</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>(2,774,924</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>(2,714,662</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(255, 255, 255);">
            <div>Vessel depreciation</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>(8,108,231</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>(4,959,487</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>(3,585,965</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>(3,305,951</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>(4,178,886</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(204, 238, 255);">
            <div>Related party management fees</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>(3,589,167</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>(2,399,461</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>(2,632,637</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>(3,536,094</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>(3,671,335</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(255, 255, 255);">
            <div>General and administrative expenses</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>(2,886,884</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>(2,673,594</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>(2,502,203</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>(2,565,502</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>(2,444,495</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(204, 238, 255);">
            <div>Net gain on sale of vessels</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>461,586</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>10,597</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>803,811</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>1,340,952</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>-</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(255, 255, 255);">
            <div>Loss on write-down of vessels held for sale</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>(1,641,885</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>(5,924,668</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>(4,595,819</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>-</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>-</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">Operating (loss) / income, continuing operations</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">(6,978,610</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">(12,668,590</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">(5,409,713</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">2,335,960</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">1,975,611</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(255, 255, 255);">
            <div>Interest and other financing costs</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>(1,398,553</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>(1,370,830</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>(1,554,695</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>(3,050,768</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>(3,424,969</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(204, 238, 255);">
            <div>(Loss)/gain on derivatives, net</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>(261,674</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>(119,154</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>12,389</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>(44,343</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>(2,885</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(255, 255, 255);">
            <div>Other investment income</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>1,212,938</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>1,024,714</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>-</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>-</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>-</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(204, 238, 255);">
            <div>Impairment of other investment</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>-</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>(4,421,452</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>-</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>-</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>-</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(255, 255, 255);">
            <div>Loss on debt extinguishment</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>-</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>-</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>-</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>-</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>(328,291</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(204, 238, 255);">
            <div>Foreign exchange gain / (loss)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>16,711</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>(31,033</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>(30,214</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>13,963</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>2,024</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(255, 255, 255);">
            <div>Interest income</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>26,445</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>22,277</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>37,972</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>81,792</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>95,839</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(204, 238, 255);">
            <div>Equity loss in joint venture</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>(2,158,393</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>(2,444,627</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>-</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>-</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>-</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(255, 255, 255);">
            <div>Impairment in joint venture</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>-</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>(14,071,075</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>-</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>-</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>-</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">Net loss, continuing operations</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">(9,541,136</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">(34,079,770</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">(6,944,261</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">(663,396</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">(1,682,671</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(255, 255, 255);">
            <div>Dividends to Series B preferred shares</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>(1,639,149</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>(1,725,699</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>(1,808,811</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>(1,335,733</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>(1,271,782</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(204, 238, 255);">
            <div>Preferred deemed dividend</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">-</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">-</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">-</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">-</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>(504,577</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(255, 255, 255);">
            <div style="font-weight: bold;">Net loss attributable to common shareholders, continuing operations</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div style="font-weight: bold;">(11,180,285</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div style="font-weight: bold;">)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div style="font-weight: bold;">(35,805,469</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div style="font-weight: bold;">)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div style="font-weight: bold;">(8,753,072</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div style="font-weight: bold;">)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div style="font-weight: bold;">(1,999,129</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div style="font-weight: bold;">)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div style="font-weight: bold;">(3,459,030</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div style="font-weight: bold;">)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(204, 238, 255);">
            <div>Loss per share attributable to common shareholders- basic and diluted, continuing operations (1)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">(13.95</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">(35.08</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">(6.33</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">(1.41</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">(1.21</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(255, 255, 255);">
            <div>Preferred stock dividends declared</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>1,639,149</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>1,725,699</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>1,808,811</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>1,335,733</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>1,271,782</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(204, 238, 255);">
            <div>Preferred dividends declared per preferred share outstanding at end of period</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>48.53</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>48.60</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>48.48</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>68.13</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>158.97</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(255, 255, 255);">
            <div>Weighted average number of shares outstanding during period, basic and diluted (1)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>801,349</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>1,020,713</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>1,383,440</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>1,414,775</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>2,861,928</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="margin-bottom: 12pt;">(1) In December 2019, the Company completed a 1-for-8 reverse stock split. The reverse stock split was undertaken with the objective of meeting the minimum $1.00 per share requirement for listing the Company's common
      stock on the Nasdaq Capital Market. The weighted average number of shares as well as the earnings / losses per share shown above have been adjusted retroactively to give effect to the shares associated with this reverse split.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">3</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin-top: 4px; margin-right: 0px; margin-bottom: 4px; width: 100%; border-width: 0px; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); clear: both;"></div>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="zdfdeb2f591c14d0ea5a8d0a162b20bc0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;">

        <tr>
          <td valign="bottom" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="18" style="vertical-align: top;">
            <div style="text-align: right; font-weight: bold;">Euroseas Ltd. &#8211; Summary of Selected Historical Financials (continued)</div>
            <div style="text-align: center; font-weight: bold;"> As of December 31,</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">
            <div style="font-weight: bold;">Balance Sheet Data</div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">2015</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">2016</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">2017</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">2018</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">2019</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(204, 238, 255);">
            <div>Current assets, continuing operations</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>20,872,484</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>8,285,054</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>12,168,251</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>11,994,168</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>6,297,092</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(255, 255, 255);">
            <div>Current assets of discontinued operations</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>711,815</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>2,159,029</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>3,914,117</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>-</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>-</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(204, 238, 255);">
            <div>Vessels, net</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>52,521,193</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>41,145,269</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>52,132,079</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>48,826,128</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>116,230,333</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(255, 255, 255);">
            <div>Deferred assets and other long term assets, continuing operations</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>51,185,084</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>33,459,098</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>28,919,785</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>6,134,267</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>4,334,267</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(204, 238, 255);">
            <div>Long-term assets of discontinued operations</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>47,116,387</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>58,645,054</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>65,195,329</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>-</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>-</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(255, 255, 255);">
            <div>Total assets</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>172,406,963</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>143,693,504</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>162,329,561</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>66,954,563</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>126,861,692</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(204, 238, 255);">
            <div>Total current liabilities, continuing operations</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>20,391,502</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>9,710,927</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>12,649,309</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>11,592,535</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>24,851,259</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(255, 255, 255);">
            <div>Current liabilities of discontinued operations</div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>(1,026,121</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>)</div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>1,463,708</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>5,883,288</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>-</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>-</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(204, 238, 255);">
            <div>Long term bank loans, including current portion</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>22,201,040</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>20,402,911</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>34,014,502</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>36,586,790</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>84,483,105</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(255, 255, 255);">
            <div>Related party loan, current</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>-</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>2,000,000</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>-</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>-</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>5,000,000</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(204, 238, 255);">
            <div>Vessel profit participation liability</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>-</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>-</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>1,297,100</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>1,067,500</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>-</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(255, 255, 255);">
            <div>Long-term liabilities of discontinued operations</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>16,440,000</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>28,243,478</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>30,364,035</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>-</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>-</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(204, 238, 255);">
            <div>Total liabilities</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>45,279,121</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>55,781,792</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>80,021,604</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>44,376,584</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>98,753,414</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(255, 255, 255);">
            <div>Preferred shares</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>32,079,249</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>33,804,948</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>35,613,759</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>18,757,361</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>7,654,577</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(204, 238, 255);">
            <div>Number of common shares outstanding (1)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>1,024,470</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>1,359,514</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>1,409,266</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>1,564,456</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>5,600,259</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(255, 255, 255);">
            <div>Common stock</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>30,734</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>40,785</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>42,279</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>46,934</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>168,008</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(204, 238, 255);">
            <div>Total shareholders' equity</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>95,048,593</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>54,106,764</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>46,694,198</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>3,820,618</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>20,453,701</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="font-weight: bold;">Cash Flow Data</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="14" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: center; font-weight: bold;">Year Ended December 31,</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 40%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">2015</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">2016</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">2017</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">2018</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">2019</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(255, 255, 255);">
            <div>Net cash (used in) / provided by operating activities of continuing operations</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>(905,910</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>(5,088,067</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>5,053,025</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>(1,474,830</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>3,240,429</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(204, 238, 255);">
            <div>Net cash provided by/(used in) investing activities of continuing operations</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>8,904,008</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>1,109,456</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>(16,511,220</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>6,253,868</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>(55,720,226</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: rgb(255, 255, 255);">
            <div>Net cash (used in)/ provided by financing activities of continuing operations</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>(20,058,980</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>(6,341,223</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>12,750,658</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>135,403</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>45,198,270</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div>(1) In December 2019, the Company completed a 1-for-8 reverse stock split. The reverse stock split was undertaken with the objective of meeting the minimum $1.00 per share requirement for listing the Company's common stock on the Nasdaq Capital
      Market. The weighted average number of shares as well as the earnings / losses per share shown above have been adjusted retroactively to give effect to the shares associated with this reverse split.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">4</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin-top: 4px; margin-right: 0px; margin-bottom: 4px; width: 100%; border-width: 0px; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); clear: both;"></div>
    </div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z4bdfbf7baf5c4e929082c30e9b0a3455" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;">

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            <div style="font-weight: bold;">Fleet Data <sup style="font-family: 'Times New Roman Bold','Times New Roman',serif; vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">2015</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
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            <div style="text-align: right; font-weight: bold;">2016</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">2017</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">2018</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">2019</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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        <tr>
          <td valign="bottom" colspan="1" style="vertical-align: top;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: top;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: top;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: top;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: top;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: top;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
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        <tr>
          <td valign="bottom" colspan="1" style="vertical-align: top; width: 40%; background-color: rgb(204, 238, 255);">
            <div>Number of vessels</div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>12.74</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>8.67</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>9.28</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>11.49</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>13.1</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" colspan="1" style="vertical-align: top; width: 40%; background-color: rgb(255, 255, 255);">
            <div>Calendar days</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>4,650</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>3,175</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>3,386</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>4,191</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>4,782</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" colspan="1" style="vertical-align: top; width: 40%; background-color: rgb(204, 238, 255);">
            <div>Available days</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>4,587</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>3,028</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>3,285</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>4,115</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>4,680</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" colspan="1" style="vertical-align: top; width: 40%; background-color: rgb(255, 255, 255);">
            <div>Voyage days</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>4,285</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>2,844</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>3,184</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>3,814</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>4,636</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" colspan="1" style="vertical-align: top; width: 40%; background-color: rgb(204, 238, 255);">
            <div>Utilization Rate (percent)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>93.0</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>%</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>93.9</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>%</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>96.9</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>%</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>92.7</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>%</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>99.1</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>%</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 40%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="14" style="vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; font-weight: bold;">(In U.S. Dollars per day per vessel)</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" colspan="1" style="vertical-align: top; width: 40%; background-color: rgb(255, 255, 255);">
            <div>Average TCE rate <sup style="font-family: 'Times New Roman Bold','Times New Roman',serif; vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>7,855</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>7,120</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>7,309</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>9,179</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>8,782</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" colspan="1" style="vertical-align: top; width: 40%; background-color: rgb(204, 238, 255);">
            <div>Vessel Operating Expenses</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>4,695</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>4,363</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>4,436</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>4,769</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>5,015</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" colspan="1" style="vertical-align: top; width: 40%; background-color: rgb(255, 255, 255);">
            <div>Management Fees</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>772</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>756</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>777</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>844</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>768</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" colspan="1" style="vertical-align: top; width: 40%; background-color: rgb(204, 238, 255);">
            <div>G&amp;A Expenses</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>621</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>842</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>739</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>612</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>511</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" colspan="1" style="vertical-align: top; width: 40%; background-color: rgb(255, 255, 255);">
            <div>Total Operating Expenses excluding drydocking expenses</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>6,088</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>5,961</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>5,952</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>6,225</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>6,294</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" colspan="1" style="vertical-align: top; width: 40%; background-color: rgb(204, 238, 255);">
            <div>Drydocking expenses</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>287</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>694</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>169</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>662</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>568</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; margin-top: 3.6pt;">&#160;(1) For the definition of calendar days, available days, voyage days and utilization rate, see "Item 5.A &#8211; Operating Results".</div>
    <div style="text-align: justify; margin-top: 3.6pt;">(2) Time charter equivalent rate, or TCE rate, is a measure of the average daily revenue performance of our vessels and is determined by dividing time charter revenue and voyage charter revenue less
      voyage expenses or time charter equivalent revenue, or TCE revenues, by the number of voyage days during the relevant time period. TCE revenues, a non-U.S. GAAP measure, provides additional meaningful information in conjunction with time charter
      revenue and voyage charter revenue, the most directly comparable U.S. GAAP measure, because it assists the Company's management in making decisions regarding the deployment and use of its vessels and because the Company believes that it provides
      useful information to investors regarding the Company's financial performance. TCE revenues and TCE rate are also standard shipping industry performance measures used primarily to compare period-to-period changes in a shipping company's performance
      despite changes in the mix of charter types (i.e., spot charters, time charters, pool agreements and bareboat charters) under which the vessels may be employed between the periods (see also "Item 5.A &#8211; Operating Results"). Our definition of TCE
      revenues and TCE rate may not be comparable to that used by other companies in the shipping industry.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">5</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin-top: 4px; margin-right: 0px; margin-bottom: 4px; width: 100%; border-width: 0px; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); clear: both;"></div>
    </div>
    <div style="margin-top: 3.6pt;"><br>
    </div>
    <div style="text-align: justify; margin-top: 3.6pt;">The following table reflects the reconciliation of TCE revenues to time charter revenue and voyage charter revenue as reflected in the consolidated statement of operations and our calculation of TCE
      rates for the periods presented.</div>
    <div style="margin-top: 3.6pt;"><br>
    </div>
    <div style="text-align: center; margin-top: 3.6pt; font-weight: bold;">Year Ended December 31,</div>
    <table cellspacing="0" cellpadding="0" id="z8ca27b62041946258a024666408133af" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;">

        <tr>
          <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;"> 2015</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">2016</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">2017</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">2018</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">2019</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" colspan="20" style="vertical-align: top;">
            <div> (In U.S. dollars, except for voyage days and TCE rates which are expressed in U.S. dollars per day)</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" colspan="1" style="vertical-align: top; width: 40%; background-color: rgb(204, 238, 255);">
            <div>Time charter revenue</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>35,509,971</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>21,409,236</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>24,278,048</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>36,062,202</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>41,769,278</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" colspan="1" style="vertical-align: top; width: 40%; background-color: rgb(255, 255, 255);">
            <div>Voyage charter revenue</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>-</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>47,979</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>559,319</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>206,682</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>-</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" colspan="1" style="vertical-align: top; width: 40%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div>Voyage expenses</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>(1,852,482</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>(1,209,085</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>(1,564,489</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>(1,261,088</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>(1,055,408</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" colspan="1" style="vertical-align: top; width: 40%; padding-bottom: 4px; background-color: rgb(255, 255, 255);">
            <div>Time Charter Equivalent or TCE Revenues</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>33,657,489</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>20,248,130</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>23,272,878</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>35,007,796</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>40,713,870</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" colspan="1" style="vertical-align: top; width: 40%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div>Voyage days</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>
              <div>4,285</div>
            </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>
              <div>2,844</div>
            </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>
              <div>3,184</div>
            </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>
              <div>3,814</div>
            </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>
              <div>4,636</div>
            </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" colspan="1" style="vertical-align: top; width: 40%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">
            <div>Average TCE rate</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>
              <div>7,855</div>
            </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>
              <div>7,120</div>
            </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>
              <div>7,309</div>
            </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>
              <div>9,179</div>
            </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>
              <div>8,782</div>
            </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>

    </table>
    <div style="margin-top: 3.6pt;"><br>
    </div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="z6eb01c6fed814b5fbd7ca4aed8046d7d">

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

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">Not Applicable.</div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="z4423fe36fdd2436680c3ea35ffb4fe8b">

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

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">Not Applicable.</div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="zf5d762effc194da7ac9e8a283ee5abef">

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

        </table>
      </div>
    </div>
    <div style="text-align: justify;">Any investment in our common stock involves a high degree of risk. You should consider carefully the following factors, as well as the other information set forth in this annual report, before making an investment in
      our common stock. Some of the following risks relate principally to the industry in which we operate and our business in general. Other risks relate to the securities market for, and ownership of, our common stock. Any of the described risks could
      significantly and negatively affect our business, financial condition, operating results and common stock price. The following risk factors describe the material risks that are presently known to us.</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-bottom: 6pt; font-weight: bold;">Industry Risk Factors</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-style: italic; font-weight: bold;">The cyclical nature of the shipping industry may lead to volatile changes in charter rates, which may reduce our revenues and negatively affect our results of
      operations.</div>
    <div style="text-align: justify;">We are an independent shipping company that operates in the container shipping industry. Our profitability is dependent upon the charter rates we are able to charge for our ships. The supply of, and demand for,
      shipping capacity strongly influence charter rates. The demand for shipping capacity is determined primarily by the demand for containerized goods trade and the distance that those goods must be moved by sea. The demand for trade is affected by,
      among other things, world and regional economic and political conditions (including developments in international trade, economic slowdowns caused by public health events such as the recent Coronavirus outbreak, fluctuations in industrial and
      agricultural production and armed conflicts), environmental concerns, weather patterns, and changes in seaborne and other transportation costs. The size of the existing fleet in a particular market, the number of new vessel deliveries, the scrapping
      of older vessels and the number of vessels out of active service (i.e., laid-up, drydocked, awaiting repairs or otherwise not available for hire) determine the supply of shipping capacity, which is measured by the amount of suitable tonnage available
      to carry cargo. The cyclical nature of the container shipping industry may lead to volatile changes in charter rates, which may reduce our revenues and net income.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">In addition to the prevailing and anticipated charter rates, factors that affect the rate of newbuilding, scrapping and laying-up include newbuilding prices, secondhand vessel values in relation to scrap prices, costs
      of bunkers and other operating costs, costs associated with classification society surveys, normal maintenance and insurance coverage, the efficiency and age profile of the existing fleet in the market and government and industry regulation of
      maritime transportation practices, particularly environmental protection laws and regulations. These factors influencing the supply of and demand for shipping capacity are outside of our control, and we may not be able to</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">6</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin-top: 4px; margin-right: 0px; margin-bottom: 4px; width: 100%; border-width: 0px; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">correctly assess the nature, timing and degree of changes in industry conditions. Some of these factors may have a negative impact on our revenues and net income.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; font-style: italic; font-weight: bold;">Our future profitability will be dependent on the level of charter rates in the international container shipping industry.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Containership rates ended 2013 at very depressed levels but increased gradually through the period to mid-2015 reaching levels comparable to those seen during the previous peak in mid-2011. However, the second half of
      the year 2015 saw a decline to the very low levels seen in 2013. In 2016, this declining trend continued, at a milder pace, reaching, or, for containerships greater than 2000 teu, falling below their 2013 levels, an all-time low. Beginning in early
      2017 containership rates started a recovery. In the second half of the year rates initially stabilized and then slightly eased. In 2018 rates initially increased through May to the levels last seen in the second half of 2015, but still remained below
      their historical average. Thereafter, a decline began which erased the entirety of the gains by year end. Containership rates started 2019 in a depressed mode but by March had gradually strengthened to levels that, although were below those achieved
      in the first half of 2018, were noticeably higher than the low rates seen in 2016. The remainder of the year experienced one of the slowest growth rates in the containerized trade, as global economic growth weakened and continued fears of a
      U.S.-China 'trade war' escalated. In January 2020, freight rates rose initially, only to decrease significantly as a result of the Coronavirus outbreak that originated in China. The Coronavirus pandemic has resulted in disruptions to industrial
      production and supply chains within China, which have caused uncertainty in the short-term outlook for the sector.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Rates in the containership market are influenced by the balance of demand for and supply of vessels and may remain depressed or decline again in the future.&#160; Because the factors affecting the supply of and demand for
      vessels are outside of our control and are unpredictable, the nature, timing, direction and degree of changes in industry conditions are unpredictable, and as a result so are the rates at which we can charter our vessels.&#160; In addition, we may not be
      able to successfully charter our vessels in the future or renew existing charters at rates sufficient to allow us to meet our obligations or to pay dividends to our shareholders.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify;">Some of the factors that influence demand for vessel capacity include:</div>
    <div style="text-align: justify;"> <br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" id="zc14a40cb05454d39a557ecf95aca91e4">

        <tr>
          <td style="width: 3.85%; vertical-align: top;">&#160;</td>
          <td style="width: 3.85%; vertical-align: top;">
            <div>&#8226;</div>
          </td>
          <td style="width: 92.31%; vertical-align: top;">
            <div>supply of, and demand for, containerized cargo;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.85%; vertical-align: top;">&#160;</td>
          <td style="width: 3.85%; vertical-align: top;">
            <div>&#8226;</div>
          </td>
          <td style="width: 92.31%; vertical-align: top;">
            <div>changes in the production of semi-finished and finished consumer and industrial products, and the resulting changes in the international pattern of trade;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.85%; vertical-align: top;">&#160;</td>
          <td style="width: 3.85%; vertical-align: top;">
            <div>&#8226;</div>
          </td>
          <td style="width: 92.31%; vertical-align: top;">
            <div>global and regional economic and political conditions, armed conflicts and terrorist activities;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.85%; vertical-align: top;">&#160;</td>
          <td style="width: 3.85%; vertical-align: top;">
            <div>&#8226;</div>
          </td>
          <td style="width: 92.31%; vertical-align: top;">
            <div>pandemics, such as the outbreak of Coronavirus in China in 2020;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.85%; vertical-align: top;">&#160;</td>
          <td style="width: 3.85%; vertical-align: top;">
            <div>&#8226;</div>
          </td>
          <td style="width: 92.31%; vertical-align: top;">
            <div>embargoes and strikes;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.85%; vertical-align: top;">&#160;</td>
          <td style="width: 3.85%; vertical-align: top;">
            <div>&#8226;</div>
          </td>
          <td style="width: 92.31%; vertical-align: top;">
            <div>the location of regional and global manufacturing facilities;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.85%; vertical-align: top;">&#160;</td>
          <td style="width: 3.85%; vertical-align: top;">
            <div>&#8226;</div>
          </td>
          <td style="width: 92.31%; vertical-align: top;">
            <div>availability of credit to finance international trade;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.85%; vertical-align: top;">&#160;</td>
          <td style="width: 3.85%; vertical-align: top;">
            <div>&#8226;</div>
          </td>
          <td style="width: 92.31%; vertical-align: top;">
            <div>the location of consuming regions for semi-finished and finished consumer and industrial products;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.85%; vertical-align: top;">&#160;</td>
          <td style="width: 3.85%; vertical-align: top;">
            <div>&#8226;</div>
          </td>
          <td style="width: 92.31%; vertical-align: top;">
            <div>the distance containerized commodities are to be moved by sea;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.85%; vertical-align: top;">&#160;</td>
          <td style="width: 3.85%; vertical-align: top;">
            <div>&#8226;</div>
          </td>
          <td style="width: 92.31%; vertical-align: top;">
            <div>environmental and other regulatory developments;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.85%; vertical-align: top;">&#160;</td>
          <td style="width: 3.85%; vertical-align: top;">
            <div>&#8226;</div>
          </td>
          <td style="width: 92.31%; vertical-align: top;">
            <div>currency exchange rates;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.85%; vertical-align: top;">&#160;</td>
          <td style="width: 3.85%; vertical-align: top;">
            <div>&#8226;</div>
          </td>
          <td style="width: 92.31%; vertical-align: top;">
            <div>changes in global production and manufacturing distribution patterns of finished goods that utilize containerized commodities;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.85%; vertical-align: top;">&#160;</td>
          <td style="width: 3.85%; vertical-align: top;">
            <div>&#8226;</div>
          </td>
          <td style="width: 92.31%; vertical-align: top;">
            <div>changes in seaborne and other transportation patterns; and</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.85%; vertical-align: top;">&#160;</td>
          <td style="width: 3.85%; vertical-align: top;">
            <div>&#8226;</div>
          </td>
          <td style="width: 92.31%; vertical-align: top;">
            <div>weather and other natural phenomena.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div>Some of the factors that influence the supply of vessel capacity include:</div>
    <div> <br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" id="zee5debf918394d51bc9cffecfd956ef4">

        <tr>
          <td style="width: 3.85%; vertical-align: top;">&#160;</td>
          <td style="width: 3.85%; vertical-align: top;">
            <div>&#8226;</div>
          </td>
          <td style="width: 92.31%; vertical-align: top;">
            <div>the number of newbuilding orders and deliveries including slippage in deliveries;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.85%; vertical-align: top;">&#160;</td>
          <td style="width: 3.85%; vertical-align: top;">
            <div>&#8226;</div>
          </td>
          <td style="width: 92.31%; vertical-align: top;">
            <div>the scrapping rate of older vessels;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.85%; vertical-align: top;">&#160;</td>
          <td style="width: 3.85%; vertical-align: top;">
            <div>&#8226;</div>
          </td>
          <td style="width: 92.31%; vertical-align: top;">
            <div>the price of steel and other materials;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.85%; vertical-align: top;">&#160;</td>
          <td style="width: 3.85%; vertical-align: top;">
            <div>&#8226;</div>
          </td>
          <td style="width: 92.31%; vertical-align: top;">
            <div>port and canal congestion;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.85%; vertical-align: top;">&#160;</td>
          <td style="width: 3.85%; vertical-align: top;">
            <div>&#8226;</div>
          </td>
          <td style="width: 92.31%; vertical-align: top;">
            <div>changes in environmental and other regulations that may limit the useful life of vessels;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.85%; vertical-align: top;">&#160;</td>
          <td style="width: 3.85%; vertical-align: top;">
            <div>&#8226;</div>
          </td>
          <td style="width: 92.31%; vertical-align: top;">
            <div>vessel casualties;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.85%; vertical-align: top;">&#160;</td>
          <td style="width: 3.85%; vertical-align: top;">
            <div>&#8226;</div>
          </td>
          <td style="width: 92.31%; vertical-align: top;">
            <div>the number of vessels that are out of service; and</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">7</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin-top: 4px; margin-right: 0px; margin-bottom: 4px; width: 100%; border-width: 0px; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); clear: both;"></div>
    </div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" id="z8717c65ed59b4983a9ed54a063220686">

        <tr>
          <td style="width: 3.85%; vertical-align: top;">&#160;</td>
          <td style="width: 3.85%; vertical-align: top;">
            <div>&#8226;</div>
          </td>
          <td style="width: 92.31%; vertical-align: top;">
            <div>changes in global commodity production.</div>
          </td>
        </tr>

    </table>
    <div> <br>
    </div>
    <div style="text-align: justify;">We anticipate that the future demand for our container vessels and the charter rates of the corresponding markets will be dependent upon economic recovery and growth in the United States, Europe, Japan, China and India
      and the overall world economy as well as seasonal and regional changes in demand and changes to the capacity of the world fleet. The capacity of the world fleet may increase and economic growth may not continue. Adverse economic, political, social or
      other developments could also have a material adverse effect on our business and results of operations.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-style: italic; font-weight: bold;">An over-supply of containership capacity may lead to a reduction in charter rates and profitability&#160;and may require us to raise additional capital in order to remain compliant
      with our loan covenants and affect our ability to pay dividends or redeem preferred stock in the future.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">The market supply of containerships has been increasing, and the number of containerships on order reached historic highs in 2014. The orderbook has gradually declined and in 2019 neared its lowest level of the last
      twenty years. Growth of the fleet is also affected by the scrapping rate. If the number of new ships delivered exceeds the number of vessels being scrapped and lost, vessel capacity will increase. An over-supply of containership capacity may result
      in a further reduction of charter rates. As reported by industry sources, the containership fleet increased by 3.2% in 2016, 2.9% in 2017, 5.6% in 2018 and 4.0% in 2019. As of April 15, 2020, containership volumes have decreased by 0.6%.
      Specifically, as reported by industry sources, the capacity of the fully cellular worldwide container vessel fleet, as of April 15, 2020, was approximately 23.0 million teu with approximately another 2.35 million teu, or about 10.22% of the fleet
      capacity on order. If the supply of vessel capacity increases but the demand for vessel capacity does not increase correspondingly, charter rates and vessel values could materially decline.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">If such a rate decline occurs upon the expiration or termination of our current charters, we may only be able to re-charter those vessels at reduced rates or we may not be able to charter these vessels at all. Many
      containership charters we renewed or concluded during 2016 and 2017 were at unprofitable rates and were entered into because they resulted in lower losses than would have resulted had we put the vessels in lay-up. Charter rates have improved since
      and reached marginally profitable levels during 2018 and into 2019, but remained volatile and fluctuated during 2018, which continued into 2019. Charters renewed or entered into around the end of 2019 were at rates that were profitable in some cases,
      but could decrease again, depending on changes of demand for and supply of shipping capacity. Any inability to enter into more profitable charters may require us to raise additional capital in order to remain compliant with our loan covenants and may
      also affect our ability to pay dividends in the future.</div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-weight: bold; font-style: italic;">The market value of our vessels can fluctuate significantly,</font>&#160;<font style="font-weight: bold; font-style: italic;">which may adversely affect our financial
        condition, cause us to breach financial covenants, result in the incurrence of a loss upon disposal of a vessel or increase the cost of acquiring additional vessels.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;">The value of our vessels may fluctuate, adversely affecting our earnings and liquidity and causing us to breach our secured credit agreements.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">The fair market values of our vessels are related to prevailing charter rates. While the fair market value of vessels and the freight charter market have a very close relationship as the charter market moves from
      trough to peak, the time lag between the effect of charter rates on market values of ships can vary. A decrease in the market values of our vessels could limit the amount of funds that we can borrow or trigger certain financial covenants under our
      current or future credit facilities, and we may incur a loss if we sell vessels following a decline in their market value.&#160; Furthermore, a decrease in the market value of our vessels could require us to raise additional capital in order to remain
      compliant with our loan covenants, and could result in the foreclosure of our vessels and adversely affect our earnings and financial condition.</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">The market value of our vessels may increase or decrease depending on the following factors:</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" id="zebcf91b8207745908282bdf6fd133f58">

        <tr>
          <td style="width: 3.85%; vertical-align: top;">&#160;</td>
          <td style="width: 3.85%; vertical-align: top;">
            <div>&#8226;</div>
          </td>
          <td style="width: 92.31%; vertical-align: top;">
            <div>general economic and market conditions affecting the shipping industry in general;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.85%; vertical-align: top;">&#160;</td>
          <td style="width: 3.85%; vertical-align: top;">
            <div>&#8226;</div>
          </td>
          <td style="width: 92.31%; vertical-align: top;">
            <div>supply of container vessels, including newbuildings;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.85%; vertical-align: top;">&#160;</td>
          <td style="width: 3.85%; vertical-align: top;">
            <div>&#8226;</div>
          </td>
          <td style="width: 92.31%; vertical-align: top;">
            <div>demand for container vessels;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.85%; vertical-align: top;">&#160;</td>
          <td style="width: 3.85%; vertical-align: top;">
            <div>&#8226;</div>
          </td>
          <td style="width: 92.31%; vertical-align: top;">
            <div>types and sizes of vessels;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.85%; vertical-align: top;">&#160;</td>
          <td style="width: 3.85%; vertical-align: top;">
            <div>&#8226;</div>
          </td>
          <td style="width: 92.31%; vertical-align: top;">
            <div>scrap values;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.85%; vertical-align: top;">&#160;</td>
          <td style="width: 3.85%; vertical-align: top;">
            <div>&#8226;</div>
          </td>
          <td style="width: 92.31%; vertical-align: top;">
            <div>other modes of transportation;</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">8</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin-top: 4px; margin-right: 0px; margin-bottom: 4px; width: 100%; border-width: 0px; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); clear: both;"></div>
    </div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" id="z8139a20388504e779ee2909d5b9ff9ad">

        <tr>
          <td style="width: 3.85%; vertical-align: top;">&#160;</td>
          <td style="width: 3.85%; vertical-align: top;">
            <div>&#8226;</div>
          </td>
          <td style="width: 92.31%; vertical-align: top;">
            <div>cost of newbuildings;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.85%; vertical-align: top;">&#160;</td>
          <td style="width: 3.85%; vertical-align: top;">
            <div>&#8226;</div>
          </td>
          <td style="width: 92.31%; vertical-align: top;">
            <div>technological advances;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.85%; vertical-align: top;">&#160;</td>
          <td style="width: 3.85%; vertical-align: top;">
            <div>&#8226;</div>
          </td>
          <td style="width: 92.31%; vertical-align: top;">
            <div>new regulatory requirements from governments or self-regulated organizations;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.85%; vertical-align: top;">&#160;</td>
          <td style="width: 3.85%; vertical-align: top;">
            <div>&#8226;</div>
          </td>
          <td style="width: 92.31%; vertical-align: top;">
            <div>competition from other shipping companies; and</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.85%; vertical-align: top;">&#160;</td>
          <td style="width: 3.85%; vertical-align: top;">
            <div>&#8226;</div>
          </td>
          <td style="width: 92.31%; vertical-align: top;">
            <div>prevailing level of charter rates.</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify;">As vessels grow older, they generally decline in value. Due to the cyclical nature of the container shipping industry, if for any reason we sell vessels at a time when prices have fallen, we could incur a loss and our
      business, results of operations, cash flow, financial condition and ability to pay dividends could be adversely affected.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">In addition, we periodically re-evaluate the carrying amount and period over which vessels are depreciated to determine if events have occurred that would require modification to such assets' carrying values or their
      useful lives. A determination that a vessel's estimated remaining useful life or fair value has declined below its carrying amount could result in an impairment charge against our earnings and a reduction in our shareholders' equity.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Our secured loan agreements, which are secured by mortgages on our vessels, contain various financial covenants. Any change in the assessed market value of any of our vessels might also cause a violation of the
      covenants of each secured credit agreement, which, in turn, might restrict our cash and affect our liquidity. Among those covenants are requirements that relate to our net worth, operating performance and liquidity. For example, there is a maximum
      fleet leverage covenant that is based, in part, upon the market value of the vessels securing the loans, as well as requirements to maintain a minimum ratio of the market value of our vessels mortgaged thereunder to our aggregate outstanding balance
      under each respective loan agreement. If the assessed market value of our vessels declines below certain thresholds, we may violate these covenants and may incur penalties for breach of our credit agreements. For example, these penalties could
      require us to prepay the shortfall between the assessed market value of our vessels and the value of such vessels required to be maintained pursuant to the secured credit agreement, or to provide additional security acceptable to the lenders in an
      amount at least equal to the amount of any shortfall. If we are unable to pledge additional collateral, our lenders could accelerate our debt and foreclose on our fleet. Furthermore, we may enter into future loans, which may include various other
      covenants, in addition to the vessel-related ones, that may ultimately depend on the assessed values of our vessels. Such covenants could include, but are not limited to, maximum fleet leverage covenants and minimum fair net worth covenants.</div>
    <div style="background-color: rgb(255, 255, 255);">
      <div><br>
      </div>
      <div style="text-align: justify; font-style: italic; font-weight: bold;">Adverse economic conditions, especially in the Asia Pacific region, the European Union or the United States, could harm our business, results of operations and financial
        condition.</div>
    </div>
    <div style="background-color: rgb(255, 255, 255);">
      <div><br>
      </div>
      <div style="text-align: justify; margin-top: 4pt;">Because a significant number of the port calls made by our vessels involves the loading or discharging of containerships in ports in the Asia Pacific region, economic turmoil in that region may
        exacerbate the effect of any economic slowdown on us. China has been one of the world's fastest growing economies and a major manufacturing hub for the production and export of finished goods which are predominantly shipped in containerships.
        However, China's growth rate of real gross domestic product, or "GDP", has been declining and is forecasted to further decline in 2020, especially due to the recent impact of the Coronavirus, and, the United States, a major trading partner of
        China, has indicated that it may seek to implement more protectionist trade measures, in order to protect its domestic economy, which might further affect the growth rate of the Chinese economy, in particular, and the Asia Pacific region in
        general. Additionally, the European Union, or the EU, and certain of its member states are facing significant economic and political challenges, including a risk of increased protectionist policies. Our business, results of operations and financial
        condition will likely be harmed by any significant economic downturn and economic instability in the Asia Pacific region, including China, or in the EU or the United States.</div>
      <div style="margin-top: 4pt;"><br>
      </div>
    </div>
    <div style="text-align: justify; font-style: italic; font-weight: bold;">Outbreaks of epidemic and pandemic of diseases and governmental responses thereto could adversely affect our business.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Our operations are subject to risks related to outbreaks of infectious diseases.&#160; For example, the recent outbreak of Coronavirus, a virus causing potentially deadly respiratory tract infections originating in China,
      may negatively affect economic conditions and the demand for our shipping regionally as well as globally and otherwise impact our operations and the operations of our customers and suppliers. Governments in affected countries are imposing travel
      bans, quarantines and other emergency public health measures. <font style="background-color: rgb(255, 255, 255);">In response to the Coronavirus outbreak, countries such as China, Italy, Spain and France have implemented lockdown measures, and other
        countries and local governments may enact similar policies. </font>As of March 15, 2020, the United States has temporarily restricted travel by foreign nationals into the country from a number of areas, including China and Europe. In addition, on
      March 18, 2020, the U.S. and Canada agreed to restrict all nonessential travel across the border. Companies are also taking precautions, such as requiring employees to work remotely, imposing travel restrictions and temporarily closing</div>
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    <div style="text-align: justify;">businesses. These restrictions, though temporary in nature, including future prevention and mitigation measures, may continue and increase depending on developments in the Coronavirus outbreak and are likely to have an
      adverse impact on global economic conditions, which could materially adversely affect our future operations. As a result of these measures, our vessels may not be able to call on ports, or may be restricted from disembarking from ports, located in
      regions affected by Coronavirus. The ultimate severity of the Coronavirus outbreak is uncertain at this time and therefore we cannot predict the impact it may have on our future operations, which could be material and adverse.</div>
    <div><br>
    </div>
    <div style="font-style: italic; font-weight: bold;">Eurozone's potential inability to deal with the sovereign debt issues of some of its members could have a material adverse effect on the profitability of our business, financial condition and results
      of operations.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Despite the efforts of the European Council since 2011 to implement a structured financial support mechanism for Eurozone countries experiencing financial difficulties, questions remain about the capability of a number
      of member countries to refinance their sovereign debt and meet their debt obligations. In March 2011, the European Council agreed on the need for Eurozone countries to establish a permanent stability mechanism, the European Stability Mechanism (or
      "the ESM"), which will be activated by mutual agreement to provide external financial assistance to Eurozone countries. Despite these measures, concerns persist regarding the debt burden of certain Eurozone countries and their ability to meet future
      financial obligations and the overall stability of the euro.&#160; An extended period of adverse development in the outlook for European countries could reduce the overall demand for our services. These potential developments, or market perceptions
      concerning these and related issues, could have a material adverse effect on our financial position, results of operations and cash flow.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-style: italic; font-weight: bold;">Liner companies, which comprise the largest contingent of charterers of containerships, have been placed under significant financial pressure, thereby increasing our charter
      counterparty risk which may have a material adverse effect on our business, financial condition and results of operations.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">The decline in global trade after the financial crisis of 2008 and the subsequent economic slowdown has resulted in a significant decline in demand for the seaborne transportation of products in containers, including
      for exports from China to Europe and the United States. Consequently, the cargo volumes and, especially, freight rates (i.e., the rates that liner companies charge to their clients) achieved by liner companies, which charter containerships from ship
      owners like us, declined sharply in the second half of 2011. They stabilized toward the end of 2012, remained at similar levels in 2013, but declined in 2014 and 2016 also due to a growing oversupply of containerships despite a short-lived recovery
      in the middle of 2015. In 2017, a rate recovery began, which was maintained throughout the year and the first half of 2018. The second half of 2018 and the beginning of 2019 saw a decline in containership charter rates mainly due to measured demand
      for goods because of the uncertainty surrounding the possibility of increased protectionist policies by governments worldwide. Rates made progress throughout 2019, although improvements were mostly weighted towards the larger size container segments.
      Current containership rates still remain below historical averages, affecting their profitability. The recent Coronavirus pandemic has also had a major impact on containership rates, causing prolonged uncertainty in the markets. The financial
      challenges faced by liner companies, some of which have announced efforts to obtain third party aid and restructure their obligations, including our charterers, have reduced demand for containership charters and may increase the likelihood of our
      customers being unable or unwilling to pay us contracted charter rates. The combination of the current surplus of containership capacity and the expected increase in the size of the world containership fleet over the next several years may make it
      difficult to secure substitute employment for our containerships if our counterparties fail to perform their obligations under the currently arranged time charters, and any new charter arrangements we are able to secure may be at lower rates.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-style: italic; font-weight: bold;">The containership industry is highly competitive, and we may be unable to compete successfully for charters with established companies or new entrants that may have greater
      resources and access to capital, which may have a material adverse effect on our business, prospects, financial condition, liquidity and results of operations.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">The containership industry is highly competitive and capital intensive. Competition arises primarily from other vessel owners, some of whom may have greater resources and access to capital than we have. Competition
      among vessel owners for the seaborne transportation of semi-finished and finished consumer and industrial products can be intense and depends on the charter rate, location, size, age, condition and the acceptability of the vessel and its operators to
      the charterers. Due in part to the highly fragmented market, many of our competitors with greater resources and access to capital than we have could operate larger fleets than we may operate and thus be able to offer lower charter rates or higher
      quality vessels than we are able to offer. If this were to occur, we may be unable to retain or attract new charterers on attractive terms or at all, which may have a material adverse effect on our business, prospects, financial condition, liquidity
      and results of operations.</div>
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    </div>
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    </div>
    <div style="text-align: justify; font-style: italic; font-weight: bold;">Changes in the economic and political environment in China and policies adopted by the Chinese government to regulate China's economy may have a material adverse effect on our
      business, financial condition and results of operations.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">The Chinese economy differs from the economies of most countries belonging to the Organization for Economic Cooperation and Development, (or "OECD"), in such respects as structure, government involvement, level of
      development, growth rate, capital reinvestment, allocation of resources, rate of inflation and balance of payments position. Prior to 1978, the Chinese economy was a planned economy. Since 1978, increasing emphasis has been placed on the utilization
      of market forces in the development of the Chinese economy. Annual and five-year State Plans are adopted by the Chinese government in connection with the development of the economy. Although state-owned enterprises still account for a substantial
      portion of the Chinese industrial output, in general, the Chinese government is reducing the level of direct control that it exercises over the economy through State Plans and other measures. There is an increasing level of freedom and autonomy in
      areas such as allocation of resources, production, pricing and management and a gradual shift in emphasis to a "market economy" and enterprise reform. Limited price reforms were undertaken, with the result that prices for certain commodities are
      principally determined by market forces. Many of the reforms are unprecedented or experimental and may be subject to revision, change or abolition based upon the outcome of such experiments. The Chinese government may not continue to pursue a policy
      of economic reform. The level of imports to and exports from China could be adversely affected by the nature of the economic reforms pursued by the Chinese government, as well as by changes in political, economic and social conditions or other
      relevant policies of the Chinese government, such as changes in laws, regulations or export and import restrictions, all of which could adversely affect our business, operating results, financial condition and cash flows.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-style: italic; font-weight: bold;">We conduct business in China, where the legal system is not fully developed and has inherent uncertainties that could limit the legal protections available to us.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Some of our vessels may be chartered to Chinese customers and from time to time on our charterers' instructions, our vessels may call on Chinese ports. Such charters and voyages may be subject to regulations in China
      that may require us to incur new or additional compliance or other administrative costs and may require that we pay to the Chinese government new taxes or other fees. Applicable laws and regulations in China may not be well publicized and may not be
      known to us or to our charterers in advance of us or our charterers becoming subject to them, and the implementation of such laws and regulations may be inconsistent. Changes in Chinese laws and regulations, including with regards to tax matters, or
      changes in their implementation by local authorities could affect our vessels if chartered to Chinese customers as well as our vessels calling to Chinese ports and could have a material adverse impact on our business, financial condition and results
      of operations.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-style: italic; font-weight: bold;">The current state of global financial markets and current economic conditions may adversely impact our ability to obtain additional financing on acceptable terms or at all, which
      may hinder or prevent us from expanding our business.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Global financial markets and economic conditions have been, and continue to be, volatile. Beginning in February 2020, partially due to fears associated with the spread of the Coronavirus, global financial markets, and
      starting in late February, financial markets in the U.S., experienced even greater relative volatility and a steep and abrupt downturn, which volatility and downturn may continue as the Coronavirus continues to spread. On March 11, 2020, the World
      Health Organization declared the Coronavirus outbreak a pandemic. In response to the Coronavirus outbreak, many countries, ports and organizations, including those where we conduct a large part of our operations, have implemented measures to combat
      the outbreak, such as quarantines and travel restrictions. Such measures have and will likely continue to cause severe trade disruptions. This continuing volatility may negatively affect the general willingness of banks and other financial
      institutions to extend credit, particularly in the shipping industry, due to the historically volatile, and currently below historical average, asset values of vessels. As the shipping industry is highly dependent on the availability of credit to
      finance and expand operations, it has been and may continue to be negatively affected by this decline in lending. In addition, the current state of global financial markets and current economic conditions might adversely impact our ability to issue
      additional equity at prices which will not be dilutive to our existing shareholders or preclude us from issuing equity at all.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Also, as a result of concerns about the stability of financial markets generally and the solvency of counterparties specifically, the cost of obtaining money from the credit markets has increased as many lenders have
      increased interest rates, enacted tighter lending standards, refused to refinance existing debt at all or on terms similar to current debt and reduced, and in some cases ceased, to provide funding to borrowers. Due to these factors, we cannot be
      certain that additional financing will be available, if needed, and to the extent required, on acceptable terms</div>
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    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">or at all. If additional financing is not available when needed, or is available only on unfavorable terms, we may be unable to meet our obligations as they come due or we may be unable to enhance our existing
      business, complete additional vessel acquisitions or otherwise take advantage of business opportunities as they arise.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-style: italic; font-weight: bold;">We are subject to complex laws and regulations, including environmental regulations that can adversely affect the cost, manner or feasibility of doing business.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Our operations are subject to numerous laws and regulations in the form of international conventions and treaties, national, state and local laws and national and international regulations in force in the jurisdictions
      in which our vessels operate or are registered, which can significantly affect the ownership and operation of our vessels. These requirements include, but are not limited to, the International Convention for the Prevention of Pollution from Ships of
      1973, as modified by the Protocol of 1978 relating thereto, collectively referred to as MARPOL 73/78 and herein as MARPOL, including the designation of emission control areas, ECAs, thereunder, the International Convention on Load Lines of 1966, or
      the LL Convention, the International Convention on Civil Liability for Oil Pollution Damage of 1969, as amended by different Protocol in 1976, 1984 and 1992, and amended in 2000, and generally referred to as the CLC, the International Convention on
      Civil Liability for Bunker Oil Pollution Damage, or Bunker Convention, the International Convention for the Safety of Life at Sea of 1974, or SOLAS, the International Safety Management Code for the Safe Operation of Ships and for Pollution
      Prevention, or ISM Code, the International Convention for the Control and Management of Ships' Ballast Water and Sediments, or the BWM Convention, the U.S. Oil Pollution Act of 1990, or OPA, the Comprehensive Environmental Response, Compensation and
      Liability Act, or CERCLA, the U.S. Clean Water Act, or the CWA, the U.S. Clean Air Act, or the CAA, the U.S. Outer Continental Shelf Lands Act, the U.S. Maritime Transportation Security Act of 2002, or the MTSA, and European Union regulations.
      Compliance with such laws, regulations and standards, where applicable, may require installation of costly equipment or operational changes and may affect the resale value or useful lives of our vessels. Furthermore, events like the explosion of the
      <font style="font-style: italic;">Deepwater Horizon </font>and the subsequent release of oil into the Gulf of Mexico, or other events, may result in further regulation of the shipping industry, and modifications to statutory liability schemes.
      Thus,&#160;we may also incur additional costs in order to comply with other existing and future regulatory obligations, including, but not limited to, costs relating to air emissions including greenhouse gases, the management of ballast waters,
      maintenance and inspection, development and implementation of emergency procedures and insurance coverage or other financial assurance of our ability to address pollution incidents. These costs could have a material adverse effect on our business,
      results of operations, cash flows and financial condition. A failure to comply with applicable laws and regulations may result in administrative and civil penalties, criminal sanctions or the suspension or termination of our operations.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Environmental laws often impose strict liability for remediation of spills and releases of oil and hazardous substances, which could subject us to liability without regard to whether we were negligent or at fault.
      Because such conventions, laws and regulations are often revised, we cannot predict the ultimate cost of complying with such conventions, laws and regulations or the impact thereof on the resale price or useful life of our vessels. Additional
      conventions, laws and regulations may be adopted which could limit our ability to do business or increase the cost of our doing business and which may materially adversely affect our operations. We are required by various governmental and
      quasi-governmental agencies to obtain certain permits, licenses and certificates with respect to our operations.&#160;Under OPA, for example, owners, operators and bareboat charterers are jointly and severally strictly liable for the discharge of oil
      within the 200-mile exclusive economic zone around the United States. An oil spill could result in significant liability, including fines, penalties and criminal liability and remediation costs for natural resource damages under other federal, state
      and local laws, as well as third-party damages. We are required to satisfy insurance and financial responsibility requirements for potential oil (including marine fuel) spills and other pollution incidents. There can be no assurance that any such
      insurance we have arranged to cover certain environmental risks will be sufficient to cover all such risks or that any claims will not have a material adverse effect on our business, results of operations, cash flows and financial condition and our
      ability to pay dividends. We currently maintain, for each of our vessels, pollution liability coverage insurance of $1.0 billion per incident. If the damages from a catastrophic spill exceeded our insurance coverage, it would severely and adversely
      affect our business, results of operations, cash flows, financial condition and ability to pay dividends.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Environmental requirements can also require a reduction in cargo capacity, ship modifications or operational changes or restrictions, lead to decreased availability of insurance coverage for environmental matters or
      result in the denial of access to certain jurisdictional waters or ports, or detention in certain ports.&#160; Under local, national and foreign laws, as well as international treaties and conventions, we could incur material liabilities, including clean
      up obligations and natural resource damages in the event that there is a release of bunkers or hazardous substances from our vessels or otherwise in connection with our operations.&#160; We could also become subject to personal injury or property damage
      claims relating to the release of hazardous substances associated with our existing or historic</div>
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    <div style="text-align: justify;">operations.&#160; Violations of, or liabilities under, environmental requirements can result in substantial penalties, fines and other sanctions, including in certain instances, seizure or detention of our vessels.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-style: italic; font-weight: bold;">We are subject to international safety regulations and the failure to comply with these regulations may subject us to increased liability, may adversely affect our insurance
      coverage and may result in a denial of access to, or detention in, certain ports.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">The operation of our vessels is affected by the requirements set forth in the ISM Code set forth in Chapter IX of SOLAS. The ISM Code requires shipowners, ship managers and bareboat charterers to develop and maintain
      an extensive "Safety Management System" that includes the adoption of a safety and environmental protection policy setting forth instructions and procedures for safe operation and describing procedures for dealing with emergencies. We rely upon the
      safety management system that we and our technical managers have developed for compliance with the ISM Code. The failure of a shipowner or bareboat charterer to comply with the ISM Code may subject it to increased liability, may invalidate existing
      insurance or decrease available insurance coverage for the affected vessels and may result in a denial of access to, or detention in, certain ports.&#160; Currently, each of our vessels and&#160;Eurobulk Ltd. ("Eurobulk"), our affiliated ship management
      company (the "Manager"), are ISM Code-certified, but we may not be able to maintain such certification indefinitely.</div>
    <div style="text-align: justify; margin-top: 8pt;">The ISM Code requires that vessel operators obtain a safety management certificate for each vessel they operate. This certificate evidences compliance by a vessel's management with the ISM Code
      requirements for a safety management system. No vessel can obtain a safety management certificate unless its manager has been awarded a document of compliance, issued by each flag state, under the ISM Code. We have obtained documents of compliance
      for our offices and safety management certificates for all of our vessels for which the certificates are required by the United Nations' International Maritime Organization (the "IMO"). The document of compliance (the "DOC"), and the safety
      management certificate (the "SMC"), are renewed as required.</div>
    <div style="text-align: justify; margin-top: 8pt;">In addition, vessel classification societies also impose significant safety and other requirements on our vessels. In complying with current and future environmental requirements, vessel-owners and
      operators may also incur significant additional costs in meeting new maintenance and inspection requirements, in developing contingency arrangements for potential spills and in obtaining insurance coverage. Government regulation of vessels,
      particularly in the areas of safety and environmental requirements, can be expected to become stricter in the future and require us to incur significant capital expenditures on our vessels to keep them in compliance.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">The operation of our vessels is also affected by other government regulation in the form of international conventions, national, state and local laws and regulations in force in the jurisdictions in which the vessels
      operate, as well as in the country or countries of their registration. Because such conventions, laws, and regulations are often revised, we may not be able to predict the ultimate cost of complying with such conventions, laws and regulations or the
      impact thereof on the resale prices or useful lives of our vessels. Additional conventions, laws and regulations may be adopted which could limit our ability to do business or increase the cost of our doing business and which may materially adversely
      affect our operations. We are required by various governmental and quasi-governmental agencies to obtain certain permits, licenses, certificates and financial assurances with respect to our operations. See Item 4: "Information on the Company &#8211;
      Business Overview &#8211; Environmental and Other Regulations in the Shipping Industry" for more information.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; font-style: italic; font-weight: bold;">Regulations relating to ballast water discharge may adversely affect our revenues and profitability.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">The IMO has imposed updated guidelines for ballast water management systems specifying the maximum amount of viable organisms allowed to be discharged from a vessel's ballast water.&#160; Depending on the date of the IOPP
      renewal survey, existing vessels constructed before September 8, 2017 must comply with the updated D-2 standard on or after September 8, 2019.&#160; For most vessels, compliance with the D-2 standard will involve installing on-board systems to treat
      ballast water and eliminate unwanted organisms.&#160; Ships constructed on or after September 8, 2017 are to comply with the D-2 standards on or after September 8, 2017. We currently have 13 vessels that do not comply with the updated guideline and costs
      of compliance may be substantial and adversely affect our revenues and profitability.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Furthermore, United States regulations are currently changing. Although the 2013 Vessel General Permit ("VGP") program and U.S. National Invasive Species Act ("NISA") are currently in effect to regulate ballast
      discharge, exchange and installation, the Vessel Incidental Discharge Act ("VIDA"), which was signed into law on December 4, 2018, requires that the U.S. Environmental Protection Agency ("EPA") develop national standards of performance for
      approximately 30 discharges, similar to those found in the VGP within two years. By approximately 2022, the U.S. Coast Guard must develop corresponding implementation, compliance and enforcement regulations</div>
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    <div style="text-align: justify;">regarding ballast water. The new regulations could require the installation of new equipment, which may cause us to incur substantial costs.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-style: italic; font-weight: bold;">Regulations relating to low sulfur emissions that came into effect on January 1, 2020 may adversely affect our revenues and profitability.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Under maritime regulations that came into effect on January 1, 2020, ships will have to reduce sulfur emissions, for which the principal solutions are the use of scrubbers or buying fuel with low sulfur content which
      is more expensive than standard marine fuel.&#160; We do not currently intend to install scrubbers on our fleet. Our fuel costs and fuel inventories have increased as a result of these sulfur emission regulations, but the effect is limited by the fact
      that our vessels are under time charter agreements and these costs are paid by the charterer. However, fuel costs are taken into account by the charterer in determining the amount of time charter hire and, therefore, fuel costs also indirectly affect
      time charter rates. Low sulfur fuel is more expensive than standard marine fuel containing 3.5% sulfur content and may become more expensive or difficult to obtain as a result of increased demand, which may have a material adverse effect on our
      business, results of operations, cash flows and financial condition.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-style: italic; font-weight: bold;">Increased inspection procedures and tighter import and export controls and new security regulations could increase costs and disrupt our business.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">International container shipping is subject to various security and customs inspection and related procedures in countries of origin and destination. Inspection procedures may result in the seizure of contents of our
      vessels, delays in the loading, offloading or delivery and the levying of customs duties, fines or other penalties against us.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">It is possible that changes to existing procedures will be proposed or implemented. Any such changes may affect the container shipping industry and have the potential to impose additional financial and legal
      obligations on carriers and, in certain cases, to render the shipment of certain types of goods by container uneconomical or impractical. These additional costs could reduce the volume of goods shipped in containers, resulting in a decreased demand
      for container vessels. In addition, it is unclear what financial costs any new security procedures might create for container vessel owners, or whether companies responsible for the global traffic of containers at sea, referred to as container line
      operators, may seek to pass on certain of the costs associated with any new security procedures to vessel owners.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-style: italic; font-weight: bold;">If our vessels fail to maintain their class certification and/or fail any annual survey, intermediate survey, drydocking or special survey, those vessels would be unable to carry
      cargo, thereby reducing our revenues and profitability and violating certain covenants in our loan agreements.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">The hull and machinery of every commercial vessel must be classed by a classification society authorized by its country of registry. The classification society certifies that a vessel is safe and seaworthy in
      accordance with the applicable rules and regulations of the country of registry of the vessel and SOLAS. Our vessels are currently classed with Det Norske Veritas ("DNV"), Bureau Veritas and Nippon Kaiji Kyokai. ISM and International Ship and Port
      Facilities Security ("ISPS") certifications have been awarded to the vessels by Bureau Veritas or Liberian Flag Administration and to the Manager by Bureau Veritas.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify;">A vessel must undergo annual surveys, intermediate surveys, drydockings and special surveys. In lieu of a special survey, a vessel's machinery may be on a continuous survey cycle, under which the machinery would be
      surveyed periodically over a five-year period. Every vessel is also required to be drydocked every 30 to 36 months for inspection of the underwater parts of such vessel.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">If any vessel does not maintain its class and/or fails any annual survey, intermediate survey, drydocking or special survey, the vessel will be unable to carry cargo between ports and will be unemployable and
      uninsurable. That status could cause us to be in violation of certain covenants in our loan agreements.<font style="font-size: 8pt;">&#160;</font>Any such inability to carry cargo or be employed, or any such violation of covenants, could have a material
      adverse impact on our financial condition and results of operations.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Most insurance underwriters make it a condition for insurance coverage that a vessel be certified as "in class" by a classification society that is a member of the International Association of Classification Societies
      ("IACS"). All of our vessels that we have purchased, and may agree to purchase in the future, must be certified as being "in class" prior to their delivery under our standard purchase contracts and memorandum of agreement. If the vessel is not
      certified on the date of closing, we have no obligation to take delivery of the vessel. We have all of our vessels, and intend to have all vessels that we acquire in the future, classed by IACS members. See Item 4: "Information on the</div>
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    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">Company &#8211; Business Overview &#8211; Environmental and Other Regulations in the Shipping Industry" for more information.</div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-weight: bold; font-style: italic;">Rising fuel prices may adversely affect our results of operations</font>&#160;<font style="font-weight: bold; font-style: italic;">and the marketability of our vessels.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;">Fuel (bunkers) is a significant, if not the largest, operating expense for many of our shipping operations when our vessels are under voyage charter. When a vessel is operating under a time charter, these costs are
      paid by the charterer. However, fuel costs are taken into account by the charterer in determining the amount of time charter hire and, therefore, fuel costs also indirectly affect time charter rates. While the price of fuel is currently at relatively
      low levels due to the price of oil, the price and supply of fuel is unpredictable and fluctuates based on events outside our control, including geopolitical developments, supply and demand for oil and gas, actions by the Organization of the Petroleum
      Exporting Countries ("OPEC") and other oil and gas producers, war and unrest in oil producing countries and regions, regional production patterns and environmental concerns. Fuel prices had been at historically high levels through mid-2014, but by
      the first quarter of 2016 fuel prices had fallen by more than 50%. Oil prices began rising in February 2016 until June 2016, due to, among other reasons, the war in Syria, oscillated until November 2016, due to movements in the U.S. dollar exchange
      rate and various geopolitical events, surging again since end-November 2016, due to the announcement by OPEC of future production cuts. In the two-year period 2017-2018, oil prices fluctuated between about $45/bbl (for West Texas Intermediate, "WTI")
      and about $75/bbl, before reaching $76.41/bbl in October 2018 and then falling to $42.53/bbl by December 24, 2018. Thereafter, oil prices rebounded responding, at least partly, to a 90-day trade-war truce agreed between the United States and China.
      By April 1, 2019 the WTI rose by 49.1% to $63.43/bbl. Oil markets faced a steep one-day loss on August 7, 2019 with the WTI closing at $51.09/bbl, after the United States threatened to impose more tariffs on China, then soared to $62.90/bbl in
      September when key oil facilities in Saudi Arabia were disabled in a missile attack.&#160; Prices dropped to around $55.0/bbl in October 2019, and then began rising until the end of the year to approximately $61.0/bbl. In the first week of January 2020,
      following turmoil in the Persian Gulf, the price of oil increased to $62.70/bbl, only to drop once again to $57.86/bbl by mid-January as disruptions eventually eased. However, by <font style="background-color: rgb(255, 255, 255);">February 1, 2020
        the price dropped to $52.10/bbl, as concerns over the Coronavirus pandemic started emerging, and further dropped starting on March 9, 2020 to $23.43/bbl, and $20.31/bbl by April 1, 2020, after OPEC and Russia failed to agree on maintaining
        production cuts, and Saudi Arabia increased its own production</font>. The lowest price seen thus far in 2020 was on April 21, 2020 at $11.61/bbl, which slightly picked up to $16.94/bbl by April 24, 2020.&#160; Oil prices are significantly below their
      10-year average of $70/bbl (for WTI). Any increases in the price of fuel, especially if exceeding its 10-year average, may adversely affect our operations, especially if such increases are combined with lower containership rates.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Upon redelivery of vessels at the end of a period time or trip time charter, we may be obligated to repurchase bunkers on board at prevailing market prices, which could be materially higher than fuel prices at the
      inception of the charter period. We may also be obligated to value our bunkers, inventories, on board at the end of a period time or trip time charter, at a lower value than the acquisition value, if prevailing market prices are significantly lower
      at the time of the vessel redelivery from the charterer.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-style: italic; font-weight: bold;">Rising crew costs may adversely affect our profits.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Crew costs are a significant expense for us under our charters. There is a limited supply of well-qualified crew. We generally bear crewing costs under our charters. An increase in the world vessel operating fleet will
      likely result in higher demand for crews which, in turn, might drive crew costs further up. Any increase in crew costs may adversely affect our profitability especially if such increase is combined with lower containership rates.</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; font-style: italic; font-weight: bold;">Maritime claimants could arrest or attach our vessels, which would interrupt our business or have a negative effect on our cash flows.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Crew members, suppliers of goods and services to a vessel, shippers of cargo, lenders and other parties may be entitled to a maritime lien against that vessel for unsatisfied debts, claims or damages. In many
      jurisdictions, a maritime lien holder may enforce its lien by arresting or attaching a vessel through foreclosure proceedings. The arresting or attachment of one or more of our vessels could interrupt our cash flow and require us to pay large sums to
      have the arrest or attachment lifted which would have a material adverse effect on our financial condition and results of operations.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">In addition, in some jurisdictions, such as South Africa, under the "sister ship" theory of liability, a claimant may arrest both the vessel that is subject to the claimant's maritime lien, and any "associated" vessel,
      which is any</div>
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    <div style="text-align: justify;">vessel owned or controlled by the same owner. Claimants could try to assert "sister ship" liability against one of our vessels for claims relating to another of our vessels.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-style: italic; font-weight: bold;">The smuggling of drugs or other contraband onto our vessels may lead to governmental claims against us.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">We expect that our vessels will call in ports in South America and other areas where smugglers attempt to hide drugs and other contraband on vessels, with or without the knowledge of crew members. To the extent our
      vessels are found with contraband, whether inside or attached to the hull of our vessel and whether with or without the knowledge of any of our crew, we may face governmental or other regulatory claims, which could have an adverse effect on our
      business, results of operations, cash flows, financial condition and ability to pay dividends.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-style: italic; font-weight: bold;">Governments could requisition our vessels during a period of war or emergency, resulting in loss of earnings.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">A government could requisition for title or seize one or more of our vessels. Requisition for title occurs when a government takes control of a vessel and becomes the owner. Also, a government could requisition one or
      more of our vessels for hire. Requisition for hire occurs when a government takes control of a vessel and effectively becomes the charterer at dictated charter rates. Generally, requisitions occur during a period of war or emergency. Even if we would
      be entitled to compensation in the event of a requisition of one or more of our vessels, the amount and timing of the payment would be uncertain. Government requisition of one or more of our vessels could have a material adverse effect on our
      financial condition and results of operations.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-style: italic; font-weight: bold;">World events outside our control may negatively affect our ability to operate, thereby reducing our revenues and results of operations or our ability to obtain additional
      financing, thereby restricting the implementation of our business strategy.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">We operate in a sector of the economy that is likely to be adversely impacted by the effects of political conflicts, including the current political instability in the Middle East, terrorist or other attacks, war or
      international hostilities. Terrorist attacks such as the attacks on the United States on September 11, 2001 and similar attacks that followed, the continuing response to these attacks, as well as the threat of future terrorist attacks, continue to
      cause uncertainty in the world financial markets and may affect our business, results of operations and financial condition.&#160; The continuing conflicts in Iraq, Iran, Afghanistan, Libya, Egypt, Ukraine, Syria, amongst other countries, may lead to
      additional acts of terrorism and armed conflict around the world, which may contribute to further economic instability in the global financial markets. These uncertainties could also have a material adverse effect on our ability to obtain additional
      financing on terms acceptable to us or at all. Terrorist attacks on vessels may in the future also negatively affect our operations and financial condition and directly impact our vessels or our customers. Future terrorist attacks could result in
      increased volatility and turmoil of the financial markets in the United States of America and globally and could result in an economic recession in the United States of America or the world. Any of these occurrences could have a material adverse
      impact on our financial condition, costs and operating cash flows.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-style: italic; font-weight: bold;">Disruptions in world financial markets and the resulting governmental action could have a material adverse impact on our ability to obtain financing, our results of operations,
      financial condition and cash flows, and could cause the market price of our common stock to further decline.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Europe, the United States and other parts of the world have exhibited weak economic conditions, are exhibiting volatile economic trends or have been in a recession. For example, during the 2008-2009 crisis, the credit
      markets in the United States experienced sudden and significant contraction, deleveraging and reduced liquidity, and the United States federal government and state governments have since implemented a broad variety of governmental action and/or new
      regulation of the financial markets. Securities and futures markets and the credit markets are subject to comprehensive statutes, regulations and other requirements. The Securities and Exchange Commission ("SEC"), other regulators, self-regulatory
      organizations and exchanges are authorized to take extraordinary actions in the event of market emergencies, and may effect changes in law or interpretations of existing laws. A number of financial institutions and especially banks that traditionally
      provide debt to shipping companies like ours have experienced serious financial difficulties and, in some cases, have entered bankruptcy proceedings or are in regulatory enforcement actions. As a result, access to credit markets around the world has
      been reduced. The extension of Quantitative Easing ("QE") and more recently the reversal of it, high levels of Non-Performing Loans ("NPLs") in Europe and stricter lending requirements may reduce bank lending capacity and/or make the terms of any
      lending more onerous.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">We face risks related to changes in economic environments, changes in interest rates, and instability in the banking and securities markets around the world, among other factors. Major market disruptions and the
      changes in market conditions and regulatory changes worldwide may adversely affect our business or impair our ability to borrow</div>
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    </div>
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    </div>
    <div style="text-align: justify;">amounts under our credit facilities or any future financial arrangements. We cannot predict how long the current market conditions will last. However, these recent and developing economic and governmental factors,
      including proposals to reform the financial system, together with the concurrent decline in charter rates and vessel values, may have a material adverse effect on our results of operations, financial condition or cash flows, and might cause the price
      of our common stock on the Nasdaq Capital Market to decline.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">In addition, public health threats, such as Coronavirus, influenza and other highly communicable diseases or viruses, outbreaks of which have from time to time occurred in various parts of the world in which we
      operate, including China, could adversely impact our operations, and the operations of our customers.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">We may require substantial additional financing to fund acquisitions of additional vessels and to implement our business plans. Sufficient financing may not be available on terms that are acceptable to us or at all. If
      we cannot raise the financing we need in a timely manner and on acceptable terms, we may not be able to acquire the vessels necessary to implement our business plans and consequently we may not be able to pay dividends.</div>
    <div style="text-align: justify;"><br>
    </div>
    <div style="font-style: italic; font-weight: bold;">Effects and events related to the Greek sovereign debt and economic crisis may adversely affect our operating results.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Greece has experienced a macroeconomic downturn in recent years, which has been slowly recovering, partially as a result of the sovereign debt crisis and the related austerity measures implemented by the Greek
      government. Eurobulk's operations in Greece may be subjected to new regulations or regulatory action that may require us to incur new or additional compliance or other administrative costs and may require that we or Eurobulk pay to the Greek
      government new taxes or other fees. We and Eurobulk also face the risk that strikes, work stoppages, civil unrest and violence within Greece may disrupt our and Eurobulk's shore-side operations located in Greece. The Greek government's taxation
      authorities have increased their scrutiny of individuals and companies to secure tax law compliance. If economic and financial market conditions remain uncertain, persist or deteriorate further, the Greek government may impose further changes to tax
      and other laws to which we and Eurobulk may be subject or change the ways they are enforced, which may adversely affect our business, operating results, and financial condition.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-style: italic; font-weight: bold;">We rely on information technology, and if we are unable to protect against service interruptions, data corruption, cyber-based attacks or network security breaches, our operations
      could be disrupted and our business could be negatively affected.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">We rely on information technology networks and systems to process, transmit and store electronic and financial information; to capture knowledge of our business; to coordinate our business across our operation bases;
      and to communicate internally and with customers, suppliers, partners and other third-parties. These information technology systems, some of which are managed by third parties, may be susceptible to damage, disruptions or shutdowns, hardware or
      software failures, power outages, computer viruses, cyberattacks, telecommunication failures, user errors or catastrophic events. Our information technology systems are becoming increasingly integrated, so damage, disruption or shutdown to the system
      could result in a more widespread impact. Our business operations could be targeted by individuals or groups seeking to sabotage or disrupt our information technology systems and networks, or to steal data. A successful cyber-attack could materially
      disrupt our operations, including the safety of our operations, or lead to unauthorized release of information or alteration of information in our systems. Any such attack or other breach of our information technology systems could have a material
      adverse effect on our business and results of operations. If our information technology systems suffer severe damage, disruption or shutdown, and our business continuity plans do not effectively resolve the issues in a timely manner, our operations
      could be disrupted and our business could be negatively affected. In addition, cyber-attacks could lead to potential unauthorized access and disclosure of confidential information and data loss and corruption. There is no assurance that we will not
      experience these service interruptions or cyber-attacks in the future. Further, as the methods of cyber-attacks continue to evolve, we may be required to expend additional resources to continue to modify or enhance our protective measures or to
      investigate and remediate any vulnerabilities to cyber-attacks.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-style: italic; font-weight: bold;">The withdrawal of the United Kingdom from the European Union could adversely affect us.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">The United Kingdom ("U.K.") referendum on its membership in the EU resulted in the U.K. withdrawing from the EU on January 31, 2020 ("Brexit"). We have operations in the EU, and as a result, we face risks associated
      with the potential uncertainty and disruptions that may follow Brexit, including volatility in exchange rates and interest rates and potential material changes to the regulatory regime applicable to our business or global trading parties. While the
      framework for the U.K. and Europe's future relationship has been laid out in a Withdrawal Agreement, negotiations are ongoing and final terms of the withdrawal remain uncertain. Brexit could adversely affect European or worldwide</div>
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    </div>
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    </div>
    <div style="text-align: justify;">political, regulatory, economic or market conditions and could contribute to instability in global political institutions, regulatory agencies and financial markets generally and in the U.K., specifically. While we
      have limited exposure to the U.K. or the Pound sterling ("GBP"), any of these effects of Brexit, and others we cannot anticipate or that may evolve over time, could have a material adverse effect on our business, financial condition, results of
      operations and cash flows.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-style: italic; font-weight: bold;">Seasonal fluctuations could affect our operating results and the amount of available cash with which we service our debt or could pay dividends.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">We operate our vessels in markets that have historically exhibited seasonal variations in demand and, as a result, in charter rates. To the extent we operate vessels in the spot market, this seasonality may result in
      quarter-to-quarter volatility in our operating results which could affect our ability to reinstate payment of dividends to our common shareholders. For example, the containership market is typically stronger in the spring and fall months following
      the celebration of Chinese New Year in the first quarter of each year and in anticipation of the increased demand during the year-end holiday season. In addition, unpredictable weather patterns in these months tend to disrupt vessel scheduling and
      supplies of certain commodities. This seasonality has not materially affected our operating results and the amount of available cash with which we service our debt or could pay dividends, because our fleet is currently employed on period time
      charters, but this seasonality may materially affect our operating results if our vessels are employed in the spot market in the future.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-style: italic; font-weight: bold;">We may have difficulty securing profitable employment for our vessels if their charters expire in a depressed market.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">As of April 15, 2020, 17 of our vessels are employed on time charter contracts, while one vessel is idle, and on February 24, 2020, we signed an agreement to sell another vessel for scrap, which has not been delivered
      to the buyers yet due to Coronavirus restrictions. 15 of our vessels are under time charters scheduled to expire during 2020 and two of our vessels' time charters are scheduled to expire in 2021. As April 15, 2020, the containership charter rates for
      vessels like ours remain below historical averages. When the current charters of our vessels are due for renewal, we may be unable to re-charter these vessels at similar or better rates or we might not be able to charter them at all. Although we do
      not receive any revenues from our vessels while not employed, we are required to pay expenses necessary to maintain the vessel in proper operating condition, insure it and service any indebtedness secured by such vessel. If we cannot re-charter our
      vessels on time charters or trade them in the spot market profitably, our results of operations and operating cash flow will be adversely affected.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-style: italic; font-weight: bold;">Reliance on suppliers may limit our ability to obtain supplies and services when needed.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">We rely on a significant number of third party suppliers of consumables, spare parts and equipment to operate, maintain, repair and upgrade our fleet of ships. Delays in delivery or unavailability or poor quality of
      supplies could result in off-hire days due to consequent delays in the repair and maintenance of our fleet or lead to our time charters being terminated. This would negatively impact our revenues and cash flows. Cost increases could also negatively
      impact our future operations.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-style: italic; font-weight: bold;">The derivative contracts we enter into to hedge our exposure to fluctuations in interest rates can result in higher than market rates and reductions in our stockholders' equity as
      well as charges against our income, while there is no assurance of the credit worthiness of our counterparties.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">We enter into interest rate swaps generally for purposes of managing our exposure to fluctuations in interest rates applicable to indebtedness under our credit facilities which were advanced at floating rates based on
      the London Interbank Offered Rate ("LIBOR"). Interest rates and currency hedging may result in us paying higher than market rates. As of December 31, 2018, the aggregate notional amount of interest rate swaps relating to our fleet as of such date was
      $10 million. As of December 31, 2019, all previous swap contracts had matured and the Company had no open position in interest rate swaps. In April 2020, we entered into a new interest rate swap agreement for a notional amount of $30 million. There
      is no assurance that our derivative contracts or any that we enter into in the future will provide adequate protection against adverse changes in interest rates or that our bank counterparties will be able to perform their obligations. In addition,
      as a result of the implementation of new regulation of the swaps markets in the United States, the European Union and elsewhere over the next few years, the cost of interest rate may increase or suitable hedges may not be available. While we monitor
      the credit risks associated with our bank counterparties, there can be no assurance that these counterparties would be able to meet their commitments under our derivative contracts or any future derivative contract. Our bank counterparties include
      financial institutions that are based in European Union countries that have faced and might face again financial stress. The potential for our bank counterparties to</div>
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    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">default on their obligations under our derivative contracts may be highest when we are most exposed to the fluctuations in interest and currency rates such contracts are designed to hedge, and several or all of our
      bank counterparties may simultaneously be unable to perform their obligations due to the same events or occurrences in global financial markets.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">To the extent our existing interest rate swaps do not, and future derivative contracts may not, qualify for treatment as hedges for accounting purposes we would recognize fluctuations in the fair value of such
      contracts in our income statement. In addition, to the extent any future derivative contracts qualify for treatment as hedges for accounting purposes, changes in the fair value of our derivative contracts would be recognized in "Accumulated Other
      Comprehensive Loss" affecting our accumulated deficit, and may affect compliance with the net worth covenant requirements in our credit facilities. Changes in the fair value of our derivative contracts that do not qualify for treatment as hedges for
      accounting and financial reporting purposes affect, among other things, our net income and our earnings per share. For additional information see "Item 5. Operating and Financial Review and Prospects" and "Item 11. Quantitative and Qualitative
      Disclosures about Market Risk".</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-style: italic; font-weight: bold;">We may be subject to litigation that, if not resolved in our favor and not sufficiently insured against, could have a material adverse effect on us.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">We may be involved in various litigation matters from time to time. These matters may include, among other things, contract disputes, personal injury claims, environmental claims or proceedings, asbestos and other
      toxic tort claims, employment matters, governmental claims for taxes or duties, and other litigation that arises in the ordinary course of our business. Although we intend to defend these matters vigorously, we cannot predict with certainty the
      outcome or effect of any claim or other litigation matter, and the ultimate outcome of any litigation or the potential costs to resolve them may have a material adverse effect on us. Insurance may not be applicable or sufficient in all cases and/or
      insurers may not remain solvent which may have a material adverse effect on our financial condition and operating cash flows.</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Company Risk Factors</div>
    <div style="text-align: justify; font-style: italic; font-weight: bold;">We depend entirely on Eurobulk to manage and charter our fleet, which may adversely affect our operations if Eurobulk fails to perform its obligations.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">We have no employees and we currently contract the commercial and technical management of our fleet, including crewing, maintenance and repair, to Eurobulk, our affiliated ship management company. We may lose the
      Manager's services or the Manager may fail to perform its obligations to us which could have a material adverse effect on our financial condition and results of our operations. Although we may have rights against our Manager if it defaults on its
      obligations to us, you will have no recourse against our Manager. Further, we will need to seek approval from our lenders to change the Manager as our ship manager.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-style: italic; font-weight: bold;">Because the Manager is a privately held company, there is little or no publicly available information about it and there may be very little advance warning of operational or
      financial problems experienced by the Manager that may adversely affect us.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">The ability of the Manager to continue providing services for our benefit will depend in part on its own financial strength. Circumstances beyond our control could impair the Manager's financial strength, and because
      the Manager is privately held it is unlikely that information about its financial strength would become public unless the Manager began to default on its obligations. As a result, there may be little advance warning of problems affecting the Manager,
      even though these problems could have a material adverse effect on us.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-style: italic; font-weight: bold;">We may have difficulty properly managing our growth through acquisitions of new or secondhand vessels and we may not realize expected benefits from these acquisitions, which may
      negatively impact our cash flows, liquidity and our ability to pay dividends to our stockholders.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">We intend to grow our business by ordering newbuild vessels and through selective acquisitions of high-quality secondhand vessels to the extent that they are available. Our future growth will primarily depend on:</div>
    <div><br>
    </div>
    <div style="text-align: justify;">&#8226; the operations of the shipyards that build any newbuild vessels we may order;</div>
    <div><br>
    </div>
    <div style="text-align: justify;">&#8226; the availability of employment for our vessels;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">19</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin-top: 4px; margin-right: 0px; margin-bottom: 4px; width: 100%; border-width: 0px; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">&#8226; locating and identifying suitable high-quality secondhand vessels;</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify;">&#8226; obtaining newbuild contracts at acceptable prices;</div>
    <div><br>
    </div>
    <div style="text-align: justify;">&#8226; obtaining required financing on acceptable terms;</div>
    <div><br>
    </div>
    <div style="text-align: justify;">&#8226; consummating vessel acquisitions;</div>
    <div><br>
    </div>
    <div style="text-align: justify;">&#8226; enlarging our customer base;</div>
    <div><br>
    </div>
    <div style="text-align: justify;">&#8226; hiring additional shore-based employees and seafarers;</div>
    <div><br>
    </div>
    <div style="text-align: justify;">&#8226; continuing to meet technical and safety performance standards; and</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify;">&#8226; managing joint ventures or significant acquisitions and integrating the new ships into our fleet.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Ship values are correlated with charter rates. During periods in which charter rates are high, ship values are generally high as well, and it may be difficult to consummate ship acquisitions or enter into shipbuilding
      contracts at favorable prices. During periods in which charter rates are low and employment is scarce, ship values are low and any vessel acquired without an attached time charter will automatically incur additional expenses to operate, insure,
      maintain and finance the ship, thereby significantly increasing the acquisition cost. In addition, any vessel acquisition may not be profitable at or after the time of acquisition and may not generate cash flows sufficient to justify the investment.
      We may not be successful in executing any future growth plans and we cannot give any assurance that we will not incur significant expenses and losses in connection with such growth efforts. Other risks associated with vessel acquisitions that may
      harm our business, financial condition and operating results include the risks that we may:</div>
    <div><br>
    </div>
    <div style="text-align: justify;">&#8226; fail to realize anticipated benefits, such as new customer relationships, cost-savings or cash flow enhancements;</div>
    <div><br>
    </div>
    <div style="text-align: justify;">&#8226; be unable to hire, train or retain qualified shore-based and seafaring personnel to manage and operate our growing business and fleet;</div>
    <div><br>
    </div>
    <div style="text-align: justify;">&#8226; decrease our liquidity by using a significant portion of available cash or borrowing capacity to finance acquisitions;</div>
    <div><br>
    </div>
    <div style="text-align: justify;">&#8226; significantly increase our interest expense or financial leverage if we incur additional debt to finance acquisitions;</div>
    <div><br>
    </div>
    <div style="text-align: justify;">&#8226; incur or assume unanticipated liabilities, losses or costs associated with any vessels or businesses acquired; or</div>
    <div><br>
    </div>
    <div style="text-align: justify;">&#8226; incur other significant charges, such as impairment of goodwill or other intangible assets, asset devaluation or restructuring charges.</div>
    <div style="text-align: justify; margin-top: 8pt;">Furthermore, a delay in the delivery to us of any such vessel acquired, or the failure of the shipyard to deliver a vessel at all, could cause us to breach our obligations under a related charter and
      could adversely affect our earnings. In addition, the delivery of any of these vessels with substantial defects could have similar consequences.</div>
    <div style="text-align: justify; margin-top: 8pt;">A shipyard could fail to deliver a newbuild on time or at all because of:</div>
    <div style="text-align: justify; margin-top: 8pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="z6387c9dda946473f89707651440121dc">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>work stoppages or other hostilities, political or economic disturbances that disrupt the operations of the shipyard;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-top: 8pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="z8ea514c4a9cd4656a9cbe9b413598528">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>quality or engineering problems;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-top: 8pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="z03fda5653cf741c89256e4bec3a8ab88">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>bankruptcy or other financial crisis of the shipyard;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-top: 8pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="zaff8303e5b9447b882220a6c3a5b55b3">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>a backlog of orders at the shipyard;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-top: 8pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="z33c6ae1cd083405f83e8956539ca28dd">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>disputes between us and the shipyard regarding contractual obligations;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-top: 8pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="ze40bb15f908a4326bf678bd2ae312327">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>weather interference or catastrophic events, such as major earthquakes or fires;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">20</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin-top: 4px; margin-right: 0px; margin-bottom: 4px; width: 100%; border-width: 0px; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-top: 8pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="z99c1717591a5493e9819e1c2c7d7e8f0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>our requests for changes to the original vessel specifications or disputes with the shipyard; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-top: 8pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="ze28e273545f14e35a807d30136ca3c6a">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>shortages of or delays in the receipt of necessary construction materials, such as steel, or equipment, such as main engines, electricity generators and propellers.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">If we fail to properly manage our growth through acquisitions of newbuild or secondhand vessels we may not realize the expected benefits from these acquisitions, which may negatively impact our cash flows, liquidity
      and our ability to pay dividends to our stockholders. Unlike newbuild vessels, secondhand vessels typically do not carry warranties as to their condition. While we generally inspect existing vessels prior to purchase, such an inspection would
      normally not provide us with as much knowledge of a vessel's condition as we would possess if it had been built for us and operated by us during its life. Repairs and maintenance costs for secondhand vessels are difficult to predict and may be
      substantially higher than for vessels we have operated since they were built. These costs could decrease our cash flows, liquidity and our ability to pay dividends to our stockholders.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-style: italic; font-weight: bold;">Our business depends upon certain members of our senior management who may not necessarily continue to work for us.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Our future success depends to a significant extent upon our chairman and chief executive officer, Aristides J. Pittas, certain members of our senior management and our Manager. Mr. Pittas has substantial experience in
      the container shipping industry and has worked with us and our Manager for many years. He, our Manager and certain members of our senior management team are crucial to the execution of our business strategies and to the growth and development of our
      business. If these individuals were no longer to be affiliated with us or our Manager, or if we were to otherwise cease to receive services from them, we may be unable to recruit other employees with equivalent talent and experience, which could have
      a material adverse effect on our financial condition and results of operations.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-style: italic; font-weight: bold;">Certain of our shareholders hold shares of Euroseas in amounts to give them a significant percentage of the total outstanding voting power represented by our outstanding shares.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">As of April 15, 2020, Friends Investment Company Inc., (or "Friends"), Containers Shareholders Trinity Ltd., Eurobulk Marine Holdings Inc. and Diamantis Shareholders Ltd., all affiliates of the Company controlled by
      the Pittas family and partly owned by our Chairman and CEO, Vice Chairman and people affiliated or working with Eurobulk amongst others, own approximately 62.0% of the outstanding shares of our common stock and unvested incentive award shares,
      representing 59.3% of total voting power (after accounting for the certain voting rights of our Series B Preferred Shares before conversion and 56.8% of total voting power on an as converted basis). As a result of this share ownership and for as long
      as Friends owns a significant percentage of our outstanding common stock, Friends will be able to influence the outcome of any shareholder vote, including the election of directors, the adoption or amendment of provisions in our amended and restated
      articles of incorporation or bylaws, as amended, and possible mergers, corporate control contests and other significant corporate transactions. In addition, as of April 15, 2020, funds advised by Tennenbaum Capital Partners LLC ("TCP") and Preferred
      Friends Investment Company Inc., an affiliate of the Company partly owned by our Chairman and CEO, Vice Chairman and people affiliated or working with Eurobulk amongst others, owned shares of our Series B Convertible Perpetual Preferred Shares, to
      which we will refer as the Series B Preferred Shares, that are convertible into 4.6% and 3.8%, respectively, of our common shares and unvested incentive award shares on an as-converted basis.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-style: italic; font-weight: bold;">Our corporate governance practices are in compliance with, and are not prohibited by, the laws of the Republic of the Marshall Islands, and as such we are entitled to exemption
      from certain Nasdaq corporate governance standards. As a result, you may not have the same protections afforded to stockholders of companies that are subject to all of the Nasdaq corporate governance requirements.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Our Company's corporate governance practices are in compliance with, and are not prohibited by, the laws of the Republic of the Marshall Islands. Therefore, we are exempt from many of Nasdaq's corporate governance
      practices other than the requirements regarding the disclosure of a going concern audit opinion, submission of a listing agreement, notification of material non-compliance with Nasdaq corporate governance practices, and the establishment and
      composition of an audit committee and a formal written audit committee charter. For a list of the practices followed by us in lieu of Nasdaq's corporate governance rules, we refer you to the section of this annual report entitled "Board
      Practices&#8212;Corporate Governance" under Item 6.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">21</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin-top: 4px; margin-right: 0px; margin-bottom: 4px; width: 100%; border-width: 0px; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; font-style: italic; font-weight: bold;">We and our principal officers have affiliations with the Manager that could create conflicts of interest detrimental to us.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Our principal officers are also principals, officers and employees of the Manager, which is our ship management company. These responsibilities and relationships could create conflicts of interest between us and the
      Manager. Conflicts may also arise in connection with the chartering, purchase, sale and operations of the vessels in our fleet versus other vessels that are or may be managed in the future by the Manager. Circumstances in any of these instances may
      make one decision advantageous to us but detrimental to the Manager and vice versa. Further, it is possible that in the future Eurobulk may manage additional vessels which will not belong to Euroseas and in which the Pittas family may have
      non-controlling, little or even no power or participation, and Eurobulk may not be able to resolve all conflicts of interest in a manner beneficial to us and our shareholders.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-style: italic; font-weight: bold;">Companies affiliated with Eurobulk or our officers and directors may acquire vessels that compete with our fleet.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Companies affiliated with Eurobulk or our officers and directors own container carriers and may acquire additional containership vessels in the future. These vessels could be in competition with our fleet and other
      companies affiliated with Eurobulk might be faced with conflicts of interest with respect to their own interests and their obligations to us. Eurobulk, Friends and Aristides J. Pittas, our Chairman and Chief Executive Officer, have granted us a right
      of first refusal to acquire any containership that any of them may consider for acquisition in the future. In addition, Aristides J. Pittas will use his best efforts to cause any entity with respect to which he directly or indirectly controls to
      grant us this right of first refusal. Were we, however, to decline any such opportunity offered to us or if we did not have the resources or desire to accept any such opportunity, Eurobulk, Friends and Aristides J. Pittas, and any of their respective
      affiliates, could acquire such vessels.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-style: italic; font-weight: bold;">Our officers do not devote all of their time to our business.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Our officers are involved in other business activities that may result in their spending less time than is appropriate or necessary in order to manage our business successfully. Our Chief Executive Officer, Chief
      Financial Officer, Chief Administrative Officer, Internal Auditor and Secretary are not employed directly by us, but rather their services are provided pursuant to our Master Management Agreement with Eurobulk. All our corporate officers hold similar
      positions with EuroDry Ltd. ("EuroDry"), a publicly listed company spun-off from Euroseas in May 2018, and our CEO is also President of Eurobulk and involved in the management of other affiliates and is a member of the board of other companies.
      Therefore, our officers may spend a material portion of their time providing services to other companies.&#160; They may also spend a material portion of their time providing services to Eurobulk and its affiliates on matters unrelated to us.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-style: italic; font-weight: bold;">We are a holding company, and we depend on the ability of our subsidiaries to distribute funds to us in order to satisfy our financial obligations or to make dividend payments.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">We are a holding company and our subsidiaries, which are all wholly-owned by us, conduct all of our operations and own all of our operating assets. We have no significant assets other than the equity interests in our
      wholly-owned subsidiaries. As a result, our ability to make dividend payments to you depends on our subsidiaries and their ability to distribute funds to us. If we are unable to obtain funds from our subsidiaries, we may be unable or our Board of
      Directors may exercise its discretion not to pay dividends.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-style: italic; font-weight: bold;">We may not be able to pay dividends.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Our Board of Directors decided to suspend the quarterly dividend in the fourth quarter of 2013 in order to focus every resource available in exploiting investment opportunities in the market. Our last dividend of $0.15
      per share was declared in August 2013 and was paid in September 2013. This was the thirty-second consecutive quarterly dividend declared and paid. We have not declared any dividends on our common stock since then, and we may not resume dividend
      payments as we may not earn sufficient revenues or we may incur expenses or liabilities that would reduce or eliminate the cash available for distribution as dividends. Our loan agreements may also limit the amount of dividends we can pay under some
      circumstances based on certain covenants included in the loan agreements.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">The declaration and payment of any dividends will be subject at all times to the discretion of our Board of Directors. Our Series B Preferred Shares provide that we must pay a cash dividend to holders of the Series B
      Preferred Shares in an amount equal to 40% of any dividend we pay on our common shares on an as-converted-basis in addition to the dividend of the Series B Preferred Shares that is payable at the time.&#160; This provision may be an important factor when
      our Board of Directors determines whether to declare dividends on our common shares. The timing and amount</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">22</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin-top: 4px; margin-right: 0px; margin-bottom: 4px; width: 100%; border-width: 0px; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">of dividends will depend on our earnings, financial condition, cash requirements and availability, restrictions in our loan agreements, growth strategy, charter rates in the container shipping industry, the provisions
      of Marshall Islands law affecting the payment of dividends and other factors. Marshall Islands law generally prohibits the payment of dividends other than from surplus (retained earnings and the excess of consideration received for the sale of shares
      above the par value of the shares), but, if there is no surplus, dividends may be declared out of the net profits (basically, the excess of our revenue over our expenses) for the fiscal year in which the dividend is declared or the preceding fiscal
      year. Marshall Islands law also prohibits the payment of dividends while a company is insolvent or if it would be rendered insolvent upon the payment of a dividend. As a result, we may not be able to pay dividends.</div>
    <div><br>
    </div>
    <div style="margin-bottom: 12pt; font-style: italic; font-weight: bold;">If we do not have sufficient cash to pay dividends on our Series B Preferred Shares when due, we may suffer adverse consequences.</div>
    <div style="text-align: justify;"><font style="background-color: rgb(255, 255, 255);">The Series B Preferred Shares paid dividends in-kind until January 29, 2019 (rather than in cash)</font>. After that date, dividends to holders of the Series B
      Preferred Shares are paid in cash. If we do not have sufficient cash to pay dividends to holders of the Series B Preferred Shares, then our failure to pay such dividends would be a dividend payment default and would therefore cause the dividend rate
      to increase, pursuant to the terms of the Statement of Designations of the Series B Preferred Shares. In addition, failure to pay dividends on our Series B Preferred Shares when due will adversely affect our ability to utilize shelf registration
      statements to sell our securities, which has been an important fund-raising avenue for us in the past.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-style: italic; font-weight: bold;">If we are unable to fund our capital expenditures, we may not be able to continue to operate some of our vessels, which would have a material adverse effect on our business and
      our ability to pay dividends.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">In order to fund our capital expenditures, we may be required to incur borrowings or raise capital through the sale of debt or equity securities. Our ability to access the capital markets through future offerings may
      be limited by our financial condition at the time of any such offering as well as by adverse market conditions resulting from, among other things, general economic conditions and contingencies and uncertainties that are beyond our control. Our
      failure to obtain the funds for necessary future capital expenditures,&#160;including for our vessel under construction, would limit our ability to continue to operate some of our vessels and could have a material adverse effect on our business, results
      of operations and financial condition and our ability to pay dividends. Even if we are successful in obtaining such funds through financings, the terms of such financings could further limit our ability to pay dividends.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-style: italic; font-weight: bold;">Our existing loan agreements contain restrictive covenants that may limit our liquidity and corporate activities.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Our existing loan agreements impose operating and financial restrictions on us. These restrictions may limit our ability to:</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" id="z3f78ff988859447c9a2611b0f2162fb0">

        <tr>
          <td style="width: 3.85%; vertical-align: top;">&#160;</td>
          <td style="width: 3.85%; vertical-align: top;">
            <div>&#8226;</div>
          </td>
          <td style="width: 92.31%; vertical-align: top;">
            <div>incur additional indebtedness;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.85%; vertical-align: top;">&#160;</td>
          <td style="width: 3.85%; vertical-align: top;">
            <div>&#8226;</div>
          </td>
          <td style="width: 92.31%; vertical-align: top;">
            <div>create liens on our assets;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.85%; vertical-align: top;">&#160;</td>
          <td style="width: 3.85%; vertical-align: top;">
            <div>&#8226;</div>
          </td>
          <td style="width: 92.31%; vertical-align: top;">
            <div>sell capital stock of our subsidiaries;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.85%; vertical-align: top;">&#160;</td>
          <td style="width: 3.85%; vertical-align: top;">
            <div>&#8226;</div>
          </td>
          <td style="width: 92.31%; vertical-align: top;">
            <div>make investments;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.85%; vertical-align: top;">&#160;</td>
          <td style="width: 3.85%; vertical-align: top;">
            <div>&#8226;</div>
          </td>
          <td style="width: 92.31%; vertical-align: top;">
            <div>engage in mergers or acquisitions;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.85%; vertical-align: top;">&#160;</td>
          <td style="width: 3.85%; vertical-align: top;">
            <div>&#8226;</div>
          </td>
          <td style="width: 92.31%; vertical-align: top;">
            <div>pay dividends;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.85%; vertical-align: top;">&#160;</td>
          <td style="width: 3.85%; vertical-align: top;">
            <div>&#8226;</div>
          </td>
          <td style="width: 92.31%; vertical-align: top;">
            <div>make capital expenditures;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.85%; vertical-align: top;">&#160;</td>
          <td style="width: 3.85%; vertical-align: top;">
            <div>&#8226;</div>
          </td>
          <td style="width: 92.31%; vertical-align: top;">
            <div>change the management of our vessels or terminate or materially amend the management agreement relating to each vessel; and</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.85%; vertical-align: top;">&#160;</td>
          <td style="width: 3.85%; vertical-align: top;">
            <div>&#8226;</div>
          </td>
          <td style="width: 92.31%; vertical-align: top;">
            <div>sell our vessels.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify;">Therefore, we may need to seek permission from our lenders in order to engage in some corporate actions. The lenders' interests may be different from our interests, and we may not be able to obtain the lenders'
      permission when needed. This may prevent us from taking actions that are in our best interest.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-style: italic; font-weight: bold;">Servicing future debt would limit funds available for other purposes.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">To finance our fleet, we have incurred secured debt under loan agreements for our vessels. We also currently expect to incur additional secured debt to finance the acquisition of additional vessels we may decide to
      acquire in the future. We must dedicate a portion of our cash flow from operations to pay the principal and interest on our debt. These payments limit funds otherwise available for working capital expenditures and other purposes. As of December</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">23</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
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    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">31, 2019, we had total bank debt of approximately $85.2 million. Our bank debt repayment schedule as of December 31, 2019 required us to repay $42.5 million of bank debt during the next two years and all remaining bank
      debt in the third and fourth year. As of April 1, 2020, we repaid $3.3 million of our total bank debt decreasing our outstanding bank debt to $81.9 million. If we are unable to service our debt, it could have a material adverse effect on our
      financial condition, results of operations and cash flows.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">A further rise in interest rates could cause an increase in our costs and have a material adverse effect on our financial condition and results of operations. To finance vessel purchases, we have borrowed, and may
      continue to borrow, under loan agreements that provide for periodic interest rate adjustments based on indices that fluctuate with changes in market interest rates. If interest rates increase significantly, it would increase our costs of financing
      our acquisition of vessels, which could have a material adverse effect on our financial condition and results of operations. Any increase in debt service would also reduce the funds available to us to purchase other vessels.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-style: italic; font-weight: bold;">Our ability to obtain additional debt financing may be dependent on the performance of our then existing charters and the creditworthiness of our charterers.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">The actual or perceived credit quality of our charterers, and any defaults by them, may be one of the factors that materially affect our ability to obtain the additional debt financing that we will require to purchase
      additional vessels or may significantly increase our costs of obtaining such financing. We may be unable to obtain additional financing, or may be able to obtain additional financing only at a higher-than-anticipated cost, which may materially affect
      our results of operations, cash flows and our ability to implement our business strategy.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-style: italic; font-weight: bold;">Credit market volatility may affect our ability to refinance our existing debt or incur additional debt.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">The credit markets have recently experienced extreme volatility and disruption, which has limited credit capacity for certain issuers, and lenders have requested shorter terms and lower leverage ratios. The market for
      new debt financing is extremely limited and in some cases not available at all. If current levels of market disruption and volatility continue or worsen, we may not be able to refinance our existing debt or incur additional debt, which may require us
      to seek other funding sources to meet our liquidity needs or to fund planned expansion.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-style: italic; font-weight: bold;">We are exposed to volatility in LIBOR, and we may enter into derivative contracts, which can result in higher than market interest rates and charges against our income. If
      volatility in LIBOR occurs, it could affect our profitability, earnings and cash flow.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">LIBOR is the subject of recent national, international and other regulatory guidance and proposals for reform. These reforms and other pressures may cause LIBOR to be eliminated or to perform differently than in the
      past. The consequences of these developments cannot be entirely predicted, but could include an increase in the cost of our variable rate indebtedness and obligations. The amount outstanding under our senior secured credit facility has been, and
      amounts under additional credit facilities that we may enter in the future, will generally be, advanced at a floating rate based on LIBOR, which has been volatile in prior years, which can affect the amount of interest payable on our debt, and which,
      in turn, could have an adverse effect on our earnings and cash flow. In addition, in recent years, LIBOR has been at relatively low levels, but may rise in the future as the current low interest rate environment comes to an end. Our financial
      condition could be materially adversely affected at any time that we have not entered into interest rate hedging arrangements to hedge our exposure to the interest rates applicable to our credit facilities and any other financing arrangements we may
      enter into in the future. Even if we enter into interest rate swaps or other derivative instruments for purposes of managing our interest rate exposure, our hedging strategies may not be effective and we may incur substantial losses.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">LIBOR has historically been volatile, with the spread between LIBOR and the prime lending rate widening significantly at times. These conditions are the result of the disruptions in the international credit markets.
      Because the interest rates borne by our outstanding indebtedness fluctuate with changes in LIBOR, if this volatility were to occur, it would affect the amount of interest payable on our debt, which in turn, could have an adverse effect on our
      profitability, earnings and cash flow.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Furthermore, the calculation of interest in most financing agreements in our industry has been based on published LIBOR rates. Due in part to uncertainty relating to the LIBOR calculation process in recent years, it is
      likely that LIBOR will be phased out in the future. As a result, our loan agreements contain provisions that entitle the lenders, in their discretion, to replace published LIBOR as the base for the interest calculation with their cost-of-funds rate.
      Since some of our loans have such clauses, our borrowing costs could increase significantly, which would have an adverse effect on our profitability, earnings and cash flow.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">24</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
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    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">In addition, the banks currently reporting information used to set LIBOR will likely stop such reporting after 2021, when their commitment to reporting information ends.&#160; The Alternative Reference Rate Committee, a
      committee convened by the Federal Reserve that includes major market participants, has proposed an alternative rate to replace U.S. Dollar LIBOR: the Secured Overnight Financing Rate, or "SOFR." The impact of such a transition from LIBOR to SOFR
      could be significant for us.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">In order to manage our exposure to interest rate fluctuations, we may from time to time use interest rate derivatives to effectively fix some of our floating rate debt obligations. No assurance can however be given
      that the use of these derivative instruments, if any, may effectively protect us from adverse interest rate movements. The use of interest rate derivatives may affect our results through mark to market valuation of these derivatives. Also, adverse
      movements in interest rate derivatives may require us to post cash as collateral, which may impact our free cash position. Interest rate derivatives may also be impacted by the transition from LIBOR to SOFR or other alternative rates. Entering into
      swaps and derivatives transactions is inherently risky and presents various possibilities for incurring significant expenses. Such risk may have an adverse effect on our financial condition and results of operations.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-style: italic; font-weight: bold;">As we expand our business, we may need to upgrade our operations and financial systems, and add more staff and crew. If we cannot upgrade these systems or recruit suitable
      employees, our performance may be adversely affected.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Our Manager's current operating and financial systems may not be adequate if we expand the size of our fleet, and our attempts to improve those systems may be ineffective. In addition, if we expand our fleet, we will
      have to rely on our Manager to recruit suitable additional seafarers and shore-side administrative and management personnel. Our Manager may not be able to continue to hire suitable employees as we expand our fleet. If our Manager's affiliated
      crewing agent encounters business or financial difficulties, we can make satisfactory arrangements with unaffiliated crewing agents or else we may not be able to adequately staff our vessels. If we are unable to operate our financial and operations
      systems effectively or to recruit suitable employees, our performance may be materially adversely affected.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-style: italic; font-weight: bold;">If we acquire additional ships, whether on the secondhand market or newbuildings, and those vessels are not delivered on time or are delivered with significant defects, our
      earnings and financial condition could be adversely affected.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">We expect to acquire additional vessels in the future either from the secondhand markets or by placing newbuilding orders. A delay in the delivery of any of these vessels to us or the failure of the contract
      counterparty to deliver a vessel at all could cause us to breach our obligations under a related time charter and could adversely affect our earnings, our financial condition and the amount of dividends, if any, that we pay in the future. The
      delivery of any vessels we might decide to acquire, whether newbuildings or secondhand vessels, could be delayed or certain events may arise which could result in us not taking delivery of a vessel, such as a total loss of a vessel, a constructive
      loss of a vessel, substantial damage to a vessel prior to delivery or construction not in accordance with agreed upon specification or with substantial defects.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-style: italic; font-weight: bold;">Labor interruptions could disrupt our business.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Our vessels are manned by masters, officers and crews that are employed by third parties. If not resolved in a timely and cost-effective manner, industrial action or other labor unrest could prevent or hinder our
      operations from being carried out normally and could have a material adverse effect on our business, results of operations, cash flows, financial condition and ability to pay dividends.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; font-style: italic; font-weight: bold;">We will not be able to take advantage of potentially favorable opportunities in the current market with respect to vessels employed on time charters.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">As of April 15, 2020, 17 of our vessels are employed under time charters with remaining terms ranging from less than one month to 10 months based on the minimum duration of the charter contracts, with options to extend
      for an additional seven to 22 months.&#160; The percentage of our fleet that is under time charter contracts represents approximately 47% of our vessel capacity for the remainder of 2020 and 5% of our capacity in 2021. Although time charters provide
      relatively steady streams of revenue, vessels committed to time charters may not be available for chartering during periods of increasing charter rates. If we cannot re-charter these vessels on time charters or trade them profitably, our results of
      operations and operating cash flow may suffer. We may not be able to secure charter rates in the future that will enable us to operate our vessels profitably. Although we do not receive any revenues from certain of our vessels while such vessels are
      unemployed, we are required to pay expenses necessary to maintain the</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">25</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
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    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">vessel in proper operating condition, insure it and service any indebtedness secured by such vessel.&#160;Despite the fact that 17 of our 19 vessels are employed, we may be forced to lay up vessels if rates drop to levels
      below daily running expenses or if we are unable to find employment for the vessels for prolonged periods of time.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-style: italic; font-weight: bold;">We or our Manager may be unable to attract and retain key management personnel and other employees in the shipping industry, which may negatively affect the effectiveness of our
      management and our results of operations.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Our success depends to a significant extent upon the abilities and efforts of our management team. Our success will depend upon our and our Manager's ability to hire additional employees and to retain key members of
      our management team. The loss of any of these individuals could adversely affect our business prospects and financial condition and operating cash flows. Difficulty in hiring and retaining personnel could adversely affect our results of operations.
      We do not currently intend to maintain "key man" life insurance on any of our officers.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-style: italic; font-weight: bold;">Risks involved with operating ocean-going vessels could affect our business and reputation, which may reduce our revenues.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">The operation of an ocean-going vessel carries inherent risks. These risks include, among others, the possibility of:</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" id="z589ec4ff8c13407488fe49b117056f6d">

        <tr>
          <td style="width: 3.85%; vertical-align: top;">&#160;</td>
          <td style="width: 3.85%; vertical-align: top;">
            <div>&#8226;</div>
          </td>
          <td style="width: 92.31%; vertical-align: top;">
            <div>marine disaster;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.85%; vertical-align: top;">&#160;</td>
          <td style="width: 3.85%; vertical-align: top;">
            <div>&#8226;</div>
          </td>
          <td style="width: 92.31%; vertical-align: top;">
            <div>piracy;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.85%; vertical-align: top;">&#160;</td>
          <td style="width: 3.85%; vertical-align: top;">
            <div>&#8226;</div>
          </td>
          <td style="width: 92.31%; vertical-align: top;">
            <div>environmental accidents;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.85%; vertical-align: top;">&#160;</td>
          <td style="width: 3.85%; vertical-align: top;">
            <div>&#8226;</div>
          </td>
          <td style="width: 92.31%; vertical-align: top;">
            <div>grounding, fire, explosions and collisions;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.85%; vertical-align: top;">&#160;</td>
          <td style="width: 3.85%; vertical-align: top;">
            <div>&#8226;</div>
          </td>
          <td style="width: 92.31%; vertical-align: top;">
            <div>cargo and property losses or damage;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.85%; vertical-align: top;">&#160;</td>
          <td style="width: 3.85%; vertical-align: top;">
            <div>&#8226;</div>
          </td>
          <td style="width: 92.31%; vertical-align: top;">
            <div>business interruptions caused by mechanical failure, human error, war, terrorism, political action in various countries, labor strikes, adverse weather conditions, natural disasters or other disasters outside our control, such as the
              recent Coronavirus outbreak; and</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.85%; vertical-align: top;">&#160;</td>
          <td style="width: 3.85%; vertical-align: top;">
            <div>&#8226;</div>
          </td>
          <td style="width: 92.31%; vertical-align: top;">
            <div>work stoppages or other labor problems with crew members serving on our vessels including crew strikes and/or boycotts.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify;">Such occurrences could result in death or injury to persons, loss of property or environmental damage, delays in the delivery of cargo, loss of revenues from or termination of charter contracts, governmental fines,
      penalties or restrictions on conducting business, higher insurance rates, and damage to our reputation and customer relationships generally. Any of these circumstances or events could increase our costs or lower our revenues, which could result in
      reduction in the market price of our shares of common stock. The involvement of our vessels in an environmental disaster may harm our reputation as a safe and reliable vessel owner and operator.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-style: italic; font-weight: bold;">The operation of containerships has certain unique operational risks which could affect our business, financial condition, results of operations and ability to pay dividends.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">The operation of certain ship types, such as containerships, has certain unique risks. Containerships operate at higher speeds as compared to other ocean-going vessels in order to move cargoes around the world quickly
      and minimize delivery delays. These high speeds can result in greater impact in collisions and groundings resulting in more damage to the vessel when compared to vessels operating at lower speeds. In addition, due to the placement of the containers
      on a containership, there is a greater risk that containers carried on deck will be lost overboard if an accident does occur. Furthermore, with the highly varied cargo that can be carried on a single containership, there can be additional
      difficulties with any clean-up operation following an accident. Also, we may not be able to correctly control the contents and condition of cargoes within the containers which may give rise to events such as customer complaints, accidents on-board
      the ships or problems with authorities due to carriage of illegal cargoes. Any of these circumstances or events could negatively impact our business, financial condition, results of operations and ability to pay dividends. In addition, the loss of
      any of our vessels could harm our reputation as a safe and reliable vessel owner and operator.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-style: italic; font-weight: bold;">Our vessels may suffer damage and may face unexpected drydocking costs, which could affect our cash flows and financial condition.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">If our vessels suffer damage, they may need to be repaired at a drydocking facility. The costs of drydock repairs are unpredictable and may be substantial. We may have to pay drydocking costs that our insurance does
      not cover. The loss of earnings while these vessels are being repaired and reconditioned, as well as the actual cost of these</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">26</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin-top: 4px; margin-right: 0px; margin-bottom: 4px; width: 100%; border-width: 0px; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">repairs, would decrease our earnings. In addition, space at drydocking facilities is sometimes limited and not all drydocking facilities are conveniently located.&#160; We may be unable to find space at a suitable
      drydocking facility or our vessels may be forced to travel to a drydocking facility that is not conveniently located near our vessels' positions.&#160; The loss of earnings and any costs incurred while these vessels are forced to wait for space or to
      steam to more distant drydocking facilities would decrease our earnings.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-style: italic; font-weight: bold;">Purchasing and operating previously owned vessels may result in increased operating costs and vessels off-hire, which could adversely affect our earnings. The aging of our fleet
      may result in increased operating costs in the future, which could adversely affect our results of operations.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Although we inspect the secondhand vessels prior to purchase, this inspection does not provide us with the same knowledge about their condition and cost of any required (or anticipated) repairs that it would have had
      if these vessels had been built for and operated exclusively by us. Generally, we do not receive the benefit of warranties on secondhand vessels.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">In general, the costs to maintain a vessel in good operating condition increase with the age of the vessel. As of April 15, 2020, the vessels in our fleet had an average age of approximately 17.7 years.&#160; As our vessels
      age, they may become less fuel efficient and more costly to maintain and will not be as advanced as more recently constructed vessels due to improvements in design and engine technology. Rates for cargo insurance, paid by charterers, also increase
      with the age of a vessel, making older vessels less desirable to charterers. Governmental regulations, safety or other equipment standards related to the age of vessels may require expenditures for alterations, or the addition of new equipment, to
      our vessels and may restrict the type of activities in which our vessels may engage. As our vessels age, market conditions may not justify those expenditures or enable us to operate our vessels profitably during the remainder of their useful lives.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">If we sell vessels, we are not certain that the price for which we sell them will equal their carrying amount at that time.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-style: italic; font-weight: bold;">Unless we set aside reserves for vessel replacement, at the end of a vessel's useful life, our revenue will decline, which would adversely affect our cash flows and income.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">As of April 15, 2020, the vessels in our fleet had an average age of approximately 17.7 years. Unless we maintain cash reserves for vessel replacement, we may be unable to replace the vessels in our fleet upon the
      expiration of their useful lives. We estimate the useful life of our vessels to be 25 years from the completion of their construction. Our cash flows and income are dependent on the revenues we earn by chartering our vessels to customers. If we are
      unable to replace the vessels in our fleet upon the expiration of their useful lives, our business, financial condition and results of operations may be materially adversely affected. Any reserves set aside for vessel replacement would not be
      available for other cash needs or dividends.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-style: italic; font-weight: bold;">Technological innovation could reduce our charter income and the value of our vessels.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">The charter rates and the value and operational life of a vessel are determined by a number of factors including the vessel's efficiency, operational flexibility and physical life. Efficiency includes speed, fuel
      economy and the ability to load and discharge cargo quickly. Flexibility includes the ability to enter harbors, utilize related docking facilities and pass through canals and straits. The length of a vessel's physical life is related to its original
      design and construction, its maintenance and the impact of the stress of operations. If new vessels are built that are more efficient or more flexible or have longer physical lives than our vessels, competition from these more technologically
      advanced vessels could adversely affect the amount of charter hire payments we receive for our vessels and the resale value of our vessels could significantly decrease. As a result, our available cash could be adversely affected.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-style: italic; font-weight: bold;">We are subject to certain risks with respect to our counterparties on contracts, and failure of such counterparties to meet their obligations could cause us to suffer losses or
      otherwise adversely affect our business.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">We enter into, among other things, charter-party agreements. Such agreements subject us to counterparty risks. The ability and willingness of each of our counterparties to perform its obligations under a contract with
      us will depend on a number of factors that are beyond our control and may include, among other things, general economic conditions, the condition of the maritime and offshore industries, the overall financial condition of the counterparty, charter
      rates received for specific types of vessels, and various expenses. In addition, in depressed market conditions, our charterers may no longer need a vessel that is currently under charter or may be able to obtain a comparable vessel at lower rates.
      As a result, charterers may seek to renegotiate the terms of their existing charter parties or avoid their</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">27</font></div>
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    <div style="text-align: justify;">obligations under those contracts, especially when the contracted charter rates are significantly above market levels. Should a counterparty fail to honor its obligations under agreements with us, it may be difficult
      to secure substitute employment for such vessel, and any new charter arrangements we secure in the spot market or on time charters would be at lower rates given currently decreased charter rate levels. If our charterers fail to meet their obligations
      to us or attempt to renegotiate our charter agreements, it may be difficult to secure substitute employment for such vessel, and any new charter arrangements we secure in the spot market or on time charters may be at lower rates given currently
      decreased charter rate levels. As a result, we could sustain significant losses which could have a material adverse effect on our business, financial condition, results of operations and cash flows, as well as our ability to pay dividends in the
      future and compliance with covenants in our credit facilities.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-style: italic; font-weight: bold;">A decrease in spot charter rates may provide an incentive for some charterers to default on their charters.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">When we enter into a time charter, charter rates under that charter are fixed for the term of the charter. If the spot charter rates or short-term time charter rates in the containership shipping industry remain
      significantly lower than the time charter equivalent rates that some of our charterers are obligated to pay us under our existing charters, the charterers may have incentive to default under that charter or attempt to renegotiate the charter. If our
      charterers fail to pay their obligations, we would have to attempt to re-charter our vessels at lower charter rates, which would affect our ability to operate our vessels profitably and may affect our ability to comply with covenants contained in our
      current or future credit facilities and financing agreements.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-style: italic; font-weight: bold;">We may not have adequate insurance to compensate us adequately for damage to, or loss of, our vessels.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">We procure insurance for our fleet against risks commonly insured against by vessel owners and operators which includes hull and machinery insurance, protection and indemnity insurance (which, in turn, includes
      environmental damage and pollution insurance) and war risk insurance and freight, demurrage and defense insurance for our fleet. We generally do not maintain insurance against loss of hire which covers business interruptions that result in the loss
      of use of a vessel except in cases we consider such protection appropriate. We may not be adequately insured against all risks and we may not be able to obtain adequate insurance coverage for our fleet in the future. The insurers may not pay
      particular claims. Even if our insurance coverage is adequate to cover our losses, we may not be able to timely obtain a replacement vessel in the event of a loss. Our insurance policies contain deductibles for which we will be responsible and
      limitations and exclusions which may increase our costs. Since it is possible that a large number of claims may be brought, the aggregate amount of these deductibles could be material. Moreover, the insurers may default on any claims they are
      required to pay. If our insurance is not enough to cover claims that may arise, it may have a material adverse effect on our financial condition, results of operations and cash flows.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-style: italic; font-weight: bold;">Because we obtain some of our insurance through protection and indemnity associations ("P&amp;I Associations"), we may also be subject to calls in amounts based not only on our
      own claim records, but also the claim records of other members of the P&amp;I Associations.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">We are indemnified for legal liabilities incurred while operating our vessels through membership in P&amp;I Associations or clubs.&#160; P&amp;I Associations are mutual insurance associations whose members must contribute
      to cover losses sustained by other association members.&#160; The objective of a P&amp;I Association is to provide mutual insurance based on the aggregate tonnage of a member's vessels entered into the association.&#160; Claims are paid through the aggregate
      premiums of all members of the association, although members remain subject to calls for additional funds if the aggregate premiums are insufficient to cover claims submitted to the association.&#160; We cannot assure you that the P&amp;I Association to
      which we belong will remain viable or that we will not become subject to additional funding calls which could adversely affect us.&#160; Claims submitted to the association may include those incurred by members of the association as well as claims
      submitted to the association from other P&amp;I Associations with which our P&amp;I Association has entered into inter-association agreements.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">We may be subject to calls in amounts based not only on our claim records but also the claim records of other members of the protection and indemnity associations through which we receive insurance coverage for tort
      liability, including pollution-related liability. Our payment of these calls could result in significant expense to us, which could have a material adverse effect on our business, results of operations, cash flows, financial condition and ability to
      pay dividends.</div>
    <div><br>
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    <div style="text-align: justify; font-style: italic; font-weight: bold;">Our vessels are exposed to operational risks, including terrorism, cyber-terrorism and piracy that may not be adequately covered by our insurance.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">The operation of any vessel includes risks such as weather conditions, mechanical failure, collision, fire, contact with floating objects, cargo or property loss or damage and business interruption due to political
      circumstances in countries, piracy, terrorist and cyber-terrorist attacks, armed hostilities and labor strikes. Such occurrences could result in death or injury to persons, loss, damage or destruction of property or environmental damage, delays in
      the delivery of cargo, loss of revenues from or termination of charter contracts, governmental fines, penalties or restrictions on conducting business, higher insurance rates and damage to our reputation and customer relationships generally.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Acts of piracy have historically affected ocean-going vessels trading in regions of the world such as the South China Sea, the Indian Ocean and in the Gulf of Aden off the coast of Somalia. Although the frequency of
      sea piracy worldwide has generally decreased since 2013, sea piracy incidents continue to occur, particularly in the Gulf of Aden off the coast of Somalia and increasingly in the Sulu Sea and the Gulf of Guinea, with dry bulk vessels and tankers
      particularly vulnerable to such attacks. Acts of piracy could result in harm or danger to the crews that man our vessels.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">If these piracy attacks occur in regions in which our vessels are deployed that insurers characterized as "war risk" zones or Joint War Committee "war and strikes" listed areas, premiums payable for such coverage could
      increase significantly and such insurance coverage may be more difficult to obtain. In addition, crew costs, including the employment of onboard security guards, could increase in such circumstances. Furthermore, while we believe the charterer
      remains liable for charter payments when a vessel is seized by pirates, the charterer may dispute this and withhold charter-hire until the vessel is released. A charterer may also claim that a vessel seized by pirates was not "on-hire" for a certain
      number of days and is therefore entitled to cancel the charter party, a claim that we would dispute. We may not be adequately insured to cover losses from these incidents, which could have a material adverse effect on us. In addition, any detention
      hijacking as a result of an act of piracy against our vessels, or an increase in cost, or unavailability, of insurance for our vessels, could have a material adverse impact on our business, financial condition and earnings.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">We may not be adequately insured against all risks, and our insurers may not pay particular claims. With respect to war risks insurance, which we usually obtain for certain of our vessels making port calls in
      designated war zone areas, such insurance may not be obtained prior to one of our vessels entering into an actual war zone, which could result in that vessel not being insured. Even if our insurance coverage is adequate to cover our losses, we may
      not be able to timely obtain a replacement vessel in the event of a loss. Under the terms of our credit facilities, we will be subject to restrictions on the use of any proceeds we may receive from claims under our insurance policies. Furthermore, in
      the future, we may not be able to maintain or obtain adequate insurance coverage at reasonable rates for our fleet. We may also be subject to calls, or premiums, in amounts based not only on our own claim records but also the claim records of all
      other members of the protection and indemnity associations through which we receive indemnity insurance coverage for tort liability. Our insurance policies also contain deductibles, limitations and exclusions which, although we believe are standard
      in the shipping industry, may nevertheless increase our costs in the event of a claim or decrease any recovery in the event of a loss. If the damages from a catastrophic oil spill or other marine disaster exceeded our insurance coverage, the payment
      of those damages could have a material adverse effect on our business and could possibly result in our insolvency.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Recent action by the IMO's Maritime Safety Committee and U.S. agencies indicate that cybersecurity regulations for the maritime industry are likely to be further developed in the near future in an attempt to combat
      cybersecurity threats.&#160; This might cause companies to cultivate additional procedures for monitoring cybersecurity, which could require additional expenses and/or capital expenditures. However, the impact of such regulations is hard to predict at
      this time. We do not carry cyber-attack insurance, which could have a material adverse effect on our business, financial condition and results of operations.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">In general, we do not carry loss of hire insurance. Occasionally, we may decide to carry loss of hire insurance when our vessels are trading in areas where a history of piracy has been reported. Loss of hire insurance
      covers the loss of revenue during extended vessel off-hire periods, such as those that occur during an unscheduled drydocking or unscheduled repairs due to damage to the vessel. Accordingly, any loss of a vessel or any extended period of vessel
      off-hire, due to an accident or otherwise, could have a material adverse effect on our business, financial condition and results of operations.</div>
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    <div style="text-align: justify; font-style: italic; font-weight: bold;">If our vessels call on ports located in countries or territories that are subject to sanctions or embargoes imposed by the U.S. government, the European Union, the United Nations,
      or other governments it could lead to monetary fines or penalties and/or adversely affect our reputation and the market for our shares of common stock and its trading price.</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">Although we do not expect that our vessels will call on ports located in countries or territories subject to country-wide or territory-wide sanctions and/or embargoes imposed by the U.S. government
      or other authorities or countries identified by the U.S. government or other authorities as state sponsors of terrorism ("Sanctioned Jurisdictions"), and we endeavor to take precautions reasonably designed to mitigate such activities, including
      relevant trade exclusion clauses in our charter contracts forbidding the use of our vessels in trade that would violation economic sanctions, it is possible that, from time to time, vessels in our fleet on charterers' instructions, and without our
      knowledge or consent, may call on ports located in such countries or territories in the future. If such activities result in a sanctions violation, we could be subject to monetary fines, penalties, or other sanctions, and our reputation and the
      market for our common stock could be adversely affected.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">Sanctions and embargo laws and regulations vary in their application, as they do not all apply to the same covered persons or proscribe the same activities, and such sanctions and embargo laws and
      regulations may be amended or strengthened over time.&#160; Current or future counterparties of ours may be affiliated with persons or entities that are or may be in the future the subject of sanctions imposed by the U.S. administration, the EU, and/or
      other international bodies. If we determine that such sanctions require us to terminate existing or future contracts to which we or our subsidiaries are party or if we are found to be in violation of such applicable sanctions, our results of
      operations may be adversely affected, we could face monetary fines or penalties, or we may suffer reputational harm.</div>
    <div style="text-align: justify;">All of the Company's revenues are from chartering-out its vessels on voyage or time charter contracts. The Company's vessels can also enter into pooling arrangements under which an international company and trading
      house involved in the use and/or transportation of commodities directs the Company's vessel to carry cargoes on its behalf. In time charters and pooling arrangements, the Company has no contractual relationship with the owner of the cargo. The vessel
      is directed to a load port to load the cargo, and to a discharge port to offload the cargo, based solely on the instructions of the charterer. As of April 15, 2020, none of our vessels have called on ports in Sanctioned Jurisdictions in the past or
      are arranged to call such ports in the future.&#160; The vessels' shipowning companies do not presently have, and have not in the past had, any agreements, arrangements or contracts with the governments of Iran, North Korea, Sudan, Syria or Cuba or
      entities that these countries control.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Although we believe that we have been in compliance with all applicable sanctions and embargo laws and regulations, and intend to maintain such compliance, there can be no assurance that we will be in compliance with
      all applicable sanctions and embargo laws and regulations in the future, particularly as the scope of certain laws may be unclear and may be subject to changing interpretations. Any such violation could result in fines, penalties or other sanctions
      that could severely impact our ability to access U.S. capital markets and conduct our business, and could result in some investors deciding, or being required, to divest their interest, or not to invest, in us. In addition, certain institutional
      investors may have investment policies or restrictions that prevent them from holding securities of companies that have contracts with countries or territories identified by the U.S. government as state sponsors of terrorism. The determination by
      these investors not to invest in, or to divest from, our common stock may adversely affect the price at which our common stock trades. Moreover, our charterers may violate applicable sanctions and embargo laws and regulations as a result of actions
      that do not involve us or our vessels, and those violations could in turn negatively affect our reputation. In addition, our reputation and the market for our securities may be adversely affected if we engage in certain other activities, such as
      entering into charters with individuals or entities in countries or territories subject to U.S. sanctions and embargo laws that are not controlled by the governments of those countries or territories, or engaging in operations associated with those
      countries or territories pursuant to contracts with third parties that are unrelated to those countries or territories or entities controlled by their governments. Investor perception of the value of our common stock may be adversely affected by the
      consequences of war, the effects of terrorism, civil unrest and governmental actions in these and surrounding countries or territories.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-style: italic; font-weight: bold;">We expect to operate substantially outside the United States, which will expose us to political and governmental instability, which could harm our operations.</div>
    <div style="text-align: justify; margin-top: 4.5pt;">We expect that our operations will be primarily conducted outside the United States and may be adversely affected by changing or adverse political and governmental conditions in the countries where
      our vessels are flagged or registered and in the regions where we otherwise engage in business. Any disruption caused by these factors may interfere with the operation of our vessels, which could harm our business, financial condition and results of
      operations. Past political efforts to disrupt shipping in these regions, particularly in the Arabian Gulf, have included attacks on ships and mining of waterways. In addition, terrorist attacks outside this region, such as the attacks that</div>
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    <br>
    <div style="text-align: justify;"><br>
      <div style="margin-bottom: 12pt; font-family: 'Times New Roman',serif;"><a name="z_GoBack"></a>occurred against targets in the United States on September 11, 2001 and on a number of occasions in other countries following that, as well as continuing
        or new unrest and hostilities in Iraq, Iran, Afghanistan, Libya, Egypt, Ukraine, Syria and elsewhere in the world, may lead to additional armed conflicts or to further acts of terrorism and civil disturbance. Any such attacks or disturbances may
        disrupt our business, increase vessel operating costs, including insurance costs, and adversely affect our financial condition and results of operations. Our operations may also be adversely affected by expropriation of vessels, taxes, regulation,
        economic sanctions or other adverse events or circumstances in or affecting the countries and regions where we operate or where we may operate in the future.</div>
      <div style="margin-bottom: 12pt; font-family: 'Times New Roman',serif;">Further, governments may turn to trade barriers to protect their domestic industries against foreign imports, thereby depressing shipping demand. In particular, leaders in the
        United States have indicated the United States may seek to implement more protective trade measures. President Donald Trump was elected on a platform promoting trade protectionism. The results of the presidential election have thus created
        significant uncertainty concerning the future relationship between the United States, China and other exporting countries, including with respect to trade policies, treaties, government regulations and tariffs. For example, on January 23, 2017,
        President Trump signed an executive order withdrawing the United States from the Trans-Pacific Partnership, a global trade agreement intended to include the United States, Canada, Mexico, Peru and a number of Asian countries. In March 2018,
        President Trump announced tariffs on imported steel and aluminum into the United States that could have a negative impact on international trade generally. In 2019, the United States announced additional sanctions relating to Venezuela, including
        those against the Government of Venezuela and Petr&#243;leos de Venezuela (PdVSA), which may impact Venezuela&#8217;s oil output, and in turn, affect global oil supply. Protectionist developments, or the perception they may occur, may have a material adverse
        effect on global economic conditions, and may significantly reduce global trade. Moreover, increasing trade protectionism may cause an increase in:</div>
      <div style="margin-bottom: 12pt; font-family: 'Times New Roman',serif;">(a) the cost of goods exported from regions globally,</div>
      <div style="margin-bottom: 12pt; font-family: 'Times New Roman',serif;">(b) the length of time required to transport goods and</div>
      <div style="margin-bottom: 12pt; font-family: 'Times New Roman',serif;">(c) the risks associated with exporting goods.</div>
      <div style="margin-bottom: 12pt; font-family: 'Times New Roman',serif;">Such increases may significantly affect the quantity of goods to be shipped, shipping time schedules, voyage costs and other associated costs, which could have an adverse impact
        on our charterers' business, operating results and financial condition and could thereby affect their ability to make timely charter hire payments to us and to renew and increase the number of their time charters with us. This could have a material
        adverse effect on our business, results of operations, financial condition and our ability to pay any cash distributions to our stockholders.</div>
      <div style="margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-style: italic; font-weight: bold;">The international nature of our operations may make the outcome of any bankruptcy proceedings difficult to predict.</div>
      <div style="margin-bottom: 12pt; font-family: 'Times New Roman',serif;">We are incorporated under the laws of the Republic of the Marshall Islands and we conduct operations in countries around the world. Consequently, in the event of any bankruptcy,
        insolvency, liquidation, dissolution, reorganization or similar proceeding involving us or any of our subsidiaries, bankruptcy laws other than those of the United States could apply. If we become a debtor under U.S. bankruptcy law, bankruptcy
        courts in the United States may seek to assert jurisdiction over all of our assets, wherever located, including property situated in other countries. There can be no assurance, however, that we would become a debtor in the United States, or that a
        U.S. bankruptcy court would be entitled to, or accept, jurisdiction over such a bankruptcy case, or that courts in other countries that have jurisdiction over us and our operations would recognize a U.S. bankruptcy court's jurisdiction if any other
        bankruptcy court would determine it had jurisdiction.</div>
      <div style="margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-style: italic; font-weight: bold;">Obligations associated with being a public company require significant company resources and management attention.</div>
      <div style="margin-bottom: 12pt; font-family: 'Times New Roman',serif;">We are subject to the reporting requirements of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and the other rules and regulations of the SEC, including
        the Sarbanes-Oxley Act of 2002 ("Sarbanes-Oxley"). Section 404 of Sarbanes-Oxley requires that we evaluate and determine the effectiveness of our internal control over financial reporting.</div>
      <div style="margin-bottom: 12pt; font-family: 'Times New Roman',serif;">We work with our legal, accounting and financial advisors to identify any areas in which changes should be made to our financial and management control systems to manage our
        growth and our obligations as a public company. We evaluate areas such as corporate governance, corporate control, internal audit, disclosure controls and procedures and financial reporting and accounting systems. We will make changes in any of
        these and other areas, including our internal control over financial reporting, which we believe are necessary. However, these and other measures we may take may not be sufficient to allow us to satisfy our obligations as a public company on a
        timely and reliable basis. In addition, compliance with reporting and other requirements applicable to public companies do create additional costs for us and will require the time and attention of management. Our limited management resources may
        exacerbate the</div>
      <br>
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    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify;"> </div>
    <div style="text-align: justify;"> <br>
    </div>
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    <div style="text-align: justify;">difficulties in complying with these reporting and other requirements while focusing on executing our business strategy. We may not be able to predict or estimate the amount of the additional costs we may incur, the
      timing of such costs or the degree of impact that our management's attention to these matters will have on our business.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-style: italic; font-weight: bold;">Exposure to currency exchange rate fluctuations will result in fluctuations in our cash flows and operating results.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">We generate all our revenues in U.S. dollars, but we incur approximately 25% of our vessel operating expenses and drydocking expenses, all of our vessel management fees, and approximately 6% in 2019 of our general and
      administrative expenses in currencies other than the U.S. dollar. This could lead to fluctuations in our operating expenses, which would affect our financial results. Expenses incurred in foreign currencies increase when the value of the U.S. dollar
      falls, which would reduce our profitability and cash flows. In 2019, we had no exposure to the GBP.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-style: italic; font-weight: bold;">We depend upon a few significant customers for a large part of our revenues and the loss of one or more of these customers could adversely affect our financial performance.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">We have historically derived a significant part of our revenues from a small number of charterers. During 2019, 2018, and 2017, approximately 86%, 97% and 91%, respectively, of our revenues derived from our top five
      charterers. If one or more of our charterers chooses not to charter our vessels or is unable to perform under one or more charters with us and we are not able to find a replacement charter, we could suffer a loss of revenues that could adversely
      affect our financial condition and results of operations.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-style: italic; font-weight: bold;">United States tax authorities could treat us as a "passive foreign investment company," which could have adverse United States federal income tax consequences to United States
      holders.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">A foreign corporation will be treated as a "passive foreign investment company," or PFIC, for United States federal income tax purposes if either (1) at least 75% of its gross income for any taxable year consists of
      certain types of "passive income" or (2) at least 50% of the average value of the corporation's assets produce or are held for the production of those types of "passive income." For purposes of these tests, "passive income" includes dividends,
      interest, and gains from the sale or exchange of investment property and rents and royalties other than rents and royalties which are received from unrelated parties in connection with the active conduct of a trade or business. For purposes of these
      tests, income derived from the performance of services does not constitute "passive income." United States shareholders of a PFIC are subject to a disadvantageous United States federal income tax regime with respect to the income derived by the PFIC,
      the distributions they receive from the PFIC and the gain, if any, they derive from the sale or other disposition of their shares in the PFIC. In addition, United States shareholders of a PFIC are required to file annual information returns with the
      United States Internal Revenue Service, or IRS.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Based on our current method of operation, we do not believe that we have been, are or will be a PFIC with respect to any taxable year. In this regard, we treat the gross income we derive or are deemed to derive from
      our time chartering activities as services income, rather than rental income. Accordingly, we believe that our income from our time chartering activities should not constitute "passive income," and the assets that we own and operate in connection
      with the production of that income should not constitute passive assets.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">There is substantial legal authority supporting this position consisting of case law and IRS pronouncements concerning the characterization of income derived from time charters and voyage charters as services income
      for other tax purposes.&#160; However, it should be noted that there is also authority which characterizes time charter income as rental income rather than services income for other tax purposes.&#160; Accordingly, in the absence of legal authority directly
      relating to PFIC rules, no assurance can be given that the IRS or a court of law will accept this position, and there is a risk that the IRS or a court of law could determine that we are a PFIC. Moreover, no assurance can be given that we would not
      constitute a PFIC for any future taxable year if the nature and extent of our operations changed.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">If the IRS were to find that we are or have been a PFIC for any taxable year, our United States shareholders will face adverse United States federal income tax consequences. Under the PFIC rules, unless those
      shareholders make an election available under the United States Internal Revenue Code of 1986, as amended, (which election could itself have adverse consequences for such shareholders, as discussed in Item 10 of this Annual Report under "Taxation &#8212;
      United States Federal Income Taxation of U.S. Holders"), such shareholders would be subject to United States federal income tax at the then prevailing income tax rates on ordinary income plus interest upon excess distributions and upon any gain from
      the disposition of our shares, as if the excess distribution or gain had been recognized ratably over the United States shareholder's holding period of our shares. See "Taxation &#8212; United States Federal Income Taxation of U.S. Holders" in this Annual
      Report under Item 10 for a more comprehensive discussion of the United States federal income tax consequences to United States shareholders if we are treated as a PFIC.</div>
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    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">Based on the current and expected composition of our and our subsidiaries' assets and income, it is not anticipated that we will be treated as a PFIC. Our actual PFIC status for any taxable year,
      however, will not be determinable until after the end of such taxable year. Accordingly, there can be no assurances regarding our status as a PFIC for the current taxable year or any future taxable year. See the discussion in the section entitled
      "Item 10.E. Taxation &#8212; Passive Foreign Investment Company Status and Significant Tax Consequences". We urge U.S. Holders to consult with their own tax advisors regarding the possible application of the PFIC rules.</div>
    <div style="text-align: justify; font-style: italic; font-weight: bold;">If management is unable to provide reports as to the effectiveness of our internal control over financial reporting, investors could lose confidence in the reliability of our
      financial statements, which could result in a decrease in the value of our common stock.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Under Section 404 of Sarbanes-Oxley, we are required to include in each of our annual reports on Form 20-F a report containing our management's assessment of the effectiveness of our internal control over financial
      reporting. If, in such annual reports on Form 20-F, our management cannot provide a report as to the effectiveness of our internal control over financial reporting as required by Section 404, investors could lose confidence in the reliability of our
      financial statements, which could result in a decrease in the value of our common stock.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-style: italic; font-weight: bold;">We may have to pay tax on United States source income, which would reduce our earnings.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Under the United States Internal Revenue Code of 1986, or the Code, 50% of the gross shipping income of a vessel owning or chartering corporation, such as us and our subsidiaries, that is attributable to transportation
      that begins or ends, but that does not both begin and end, in the United States may be subject to a 4% United States federal income tax without allowance for deduction, unless that corporation qualifies for exemption from tax under Section 883 of the
      Code, or Section 883, and the applicable Treasury Regulations promulgated thereunder.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">We intend to take the position that we qualified for this statutory tax exemption for United States federal income tax return reporting purposes for our 2019 taxable year and we intend to so qualify for future taxable
      years. However, there are factual circumstances beyond our control that could cause us to lose the benefit of this tax exemption for any future taxable year and thereby become subject to United States federal income tax on our U.S.-source shipping
      income. For example, in certain circumstances we may no longer qualify for exemption under Section 883 for a particular taxable year if shareholders, other than "qualified shareholders", with a five percent or greater interest in our common shares
      owned, in the aggregate, 50% or more of our outstanding common shares for more than half the days during the taxable year. Due to the factual nature of the issues involved, there can be no assurances on our tax-exempt status.&#160; In addition, we may
      fail to qualify if our common stock comes to represent 50% or less of the value or outstanding voting power of our stock.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">If we are not entitled to exemption under Section 883 for any taxable year, we would be subject for those years to an effective 2% United States federal income tax on the shipping income we derive during the year which
      is attributable to the transport of cargoes to or from the United States. The imposition of this taxation would have a negative effect on our business and would result in decreased earnings available for distribution to our shareholders<font style="font-weight: bold; font-style: italic;">.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; font-style: italic; font-weight: bold;">Failure to comply with the U.S. Foreign Corrupt Practices Act could result in fines, criminal penalties, and an adverse effect on our business.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">We operate in a number of countries throughout the world, including countries known to have a reputation for corruption. We are committed to doing business in accordance with applicable anti-corruption laws and have
      adopted a code of business conduct and ethics which is consistent and in full compliance with the U.S. Foreign Corrupt Practices Act of 1977. We are subject, however, to the risk that we, our affiliated entities or our or their respective officers,
      directors, employees and agents may take action determined to be in violation of such anti-corruption laws, including the U.S. Foreign Corrupt Practices Act of 1977. Any such violation could result in substantial fines, sanctions, civil and/or
      criminal penalties, curtailment of operations in certain jurisdictions, and might adversely affect our business, results of operations or financial condition. In addition, actual or alleged violations could damage our reputation and ability to do
      business. Furthermore, detecting, investigating, and resolving actual or alleged violations is expensive and can consume significant time and attention of our senior management.</div>
    <div><br>
    </div>
    <div style="font-style: italic; font-weight: bold;">It may be difficult to enforce service of process and enforcement of judgments against us and our officers and directors.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">We are a Marshall Islands corporation, and our subsidiaries are incorporated in jurisdictions outside of the United States. Our executive offices are located outside of the United States in Maroussi, Greece. A majority
      of our</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">33</font></div>
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    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">directors and officers reside outside of the United States, and a substantial portion of our assets and the assets of our officers and directors are located outside of the United States. As a result, you may have
      difficulty serving legal process within the United States upon us or any of these persons. You may also have difficulty enforcing, both in and outside of the United States, judgments you may obtain in the U.S. courts against us or these persons in
      any action, including actions based upon the civil liability provisions of U.S. federal or state securities laws.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">There is also substantial doubt that the courts of the Marshall Islands, Greece or jurisdictions in which our subsidiaries are organized would enter judgments in original actions brought in those courts predicated on
      U.S. federal or state securities laws. In addition, the protection afforded minority shareholders in the Marshall Islands is different than those offered in the United States.</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Risk Factors Relating To Our Common Stock</div>
    <div style="text-align: justify; font-style: italic; font-weight: bold;">The trading volume for our common stock has been low, which may cause our common stock to trade at lower prices and make it difficult for you to sell your common stock.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Although our shares of common stock have traded on the Nasdaq Global Market since January 31, 2007, on the Nasdaq Global Select Market since January 1, 2008, and on the Nasdaq Capital Market since June 26, 2015, the
      trading volume has been lower over the last couple of years. Our shares may not actively trade in the public market and any such limited liquidity may cause our common stock to trade at lower prices and make it difficult to sell your common stock.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-style: italic; font-weight: bold;">The market price of our common stock has been and may in the future be subject to significant fluctuations.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">The market price of our common stock has been and may in the future be subject to significant fluctuations as a result of many factors, some of which are beyond our control. Among the factors that have in the past and
      could in the future affect our stock price are:</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" id="zd16e902a25874784b9842402d7f5f198">

        <tr>
          <td style="width: 3.85%; vertical-align: top;">&#160;</td>
          <td style="width: 3.85%; vertical-align: top;">
            <div>&#8226;</div>
          </td>
          <td style="width: 92.31%; vertical-align: top;">
            <div>actual or anticipated fluctuations in our quarterly and annual results and those of other public companies in our industry;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.85%; vertical-align: top;">&#160;</td>
          <td style="width: 3.85%; vertical-align: top;">
            <div>&#8226;</div>
          </td>
          <td style="width: 92.31%; vertical-align: top;">
            <div>changes in market valuations or sales or earnings estimates or publication of research reports by analysts;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.85%; vertical-align: top;">&#160;</td>
          <td style="width: 3.85%; vertical-align: top;">
            <div>&#8226;</div>
          </td>
          <td style="width: 92.31%; vertical-align: top;">
            <div>changes in earnings estimates or shortfalls in our operating results from levels forecasted by securities analysts;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.85%; vertical-align: top;">&#160;</td>
          <td style="width: 3.85%; vertical-align: top;">
            <div>&#8226;</div>
          </td>
          <td style="width: 92.31%; vertical-align: top;">
            <div>speculation in the press or investment community about our business or the shipping industry;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.85%; vertical-align: top;">&#160;</td>
          <td style="width: 3.85%; vertical-align: top;">
            <div>&#8226;</div>
          </td>
          <td style="width: 92.31%; vertical-align: top;">
            <div>changes in market valuations of similar companies and stock market price and volume fluctuations generally;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.85%; vertical-align: top;">&#160;</td>
          <td style="width: 3.85%; vertical-align: top;">
            <div>&#8226;</div>
          </td>
          <td style="width: 92.31%; vertical-align: top;">
            <div>payment of dividends;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.85%; vertical-align: top;">&#160;</td>
          <td style="width: 3.85%; vertical-align: top;">
            <div>&#8226;</div>
          </td>
          <td style="width: 92.31%; vertical-align: top;">
            <div>strategic actions by us or our competitors such as mergers, acquisitions, joint ventures, strategic alliances or restructurings;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.85%; vertical-align: top;">&#160;</td>
          <td style="width: 3.85%; vertical-align: top;">
            <div>&#8226;</div>
          </td>
          <td style="width: 92.31%; vertical-align: top;">
            <div>changes in government and other regulatory developments;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.85%; vertical-align: top;">&#160;</td>
          <td style="width: 3.85%; vertical-align: top;">
            <div>&#8226;</div>
          </td>
          <td style="width: 92.31%; vertical-align: top;">
            <div>additions or departures of key personnel;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.85%; vertical-align: top;">&#160;</td>
          <td style="width: 3.85%; vertical-align: top;">
            <div>&#8226;</div>
          </td>
          <td style="width: 92.31%; vertical-align: top;">
            <div>general market conditions and the state of the securities markets; and</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.85%; vertical-align: top;">&#160;</td>
          <td style="width: 3.85%; vertical-align: top;">
            <div>&#8226;</div>
          </td>
          <td style="width: 92.31%; vertical-align: top;">
            <div>domestic and international economic, market and currency factors unrelated to our performance.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify;">The international container shipping industry has been highly unpredictable.&#160; In addition, the stock markets in general, and the markets for container shipping and shipping stocks in general, have experienced extreme
      volatility that has sometimes been unrelated to the operating performance of particular companies. These broad market fluctuations may adversely affect the trading price of our common stock.&#160; Our shares may trade at prices lower than you originally
      paid for such shares.</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt; font-style: italic; font-weight: bold;">If our common stock does not meet the Nasdaq Capital Market's minimum share price requirement, and if we cannot cure such deficiency within the prescribed
      timeframe, our common stock could be delisted.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">Under the rules of the Nasdaq Capital Market, listed companies are required to maintain a share price of at least $1.00 per share.&#160; If the share price declines below $1.00 for a period of 30
      consecutive business days, then the listed company has a cure period of at least 180 days to regain compliance with the $1.00 per share minimum. The company may regain compliance if the bid price of its common shares closes at $1.00 per share or more
      for a minimum of ten consecutive business days at any time during the 180-day cure period. If the price of our common stock closes</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">34</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
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    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">below $1.00 for 30 consecutive days, and if we cannot cure that deficiency within the 180-day timeframe, then our common stock could be delisted. On January 14, 2019, we received such a notice as
      our share price traded below $1.00 for 30 consecutive days, however Nasdaq determined that the Company was eligible for an additional 180-day period, or until January 13, 2020, to regain compliance. In December 2019, we effected a 1-for-8 reverse
      stock split to comply with the minimum share price requirement.</div>
    <div style="text-align: justify;">If the market price of our common stock remains below $5.00 per share, under stock exchange rules, our shareholders will not be able to use such shares as collateral for borrowing in margin accounts. This inability to
      continue to use our common stock as collateral may lead to sales of such shares creating downward pressure on and increased volatility in the market price of our common stock.</div>
    <div><br>
    </div>
    <div style="font-style: italic; font-weight: bold;">If securities or industry analysts do not publish research or reports about our business, or publish negative reports about our business, our share price and trading volume could decline.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">&#160;The trading market for our common shares will depend, in part, upon the research and reports that securities or industry analysts publish about us or our business. We do not have any control over analysts as to
      whether they will cover us, and if they do, whether such coverage will continue. If analysts do not commence coverage of the Company, or if one or more of these analysts cease coverage of the Company or fail to regularly publish reports on us, we
      could lose visibility in the financial markets, which could cause our share price or trading volume to decline. In addition, if one or more of the analysts who cover us downgrade our shares or change their opinion of our shares, our share price may
      likely decline.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-style: italic; font-weight: bold;">Our Amended and Restated Articles of Incorporation, Bylaws and Shareholders' Rights Plan contain anti-takeover provisions that may discourage, delay or prevent any (1) merger or
      acquisition, (2) the removal of incumbent directors and officers and (3) the ability of public shareholders to benefit from a change in control.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Our current amended and restated articles of incorporation and bylaws contain certain anti-takeover provisions. These provisions include blank check preferred stock, the prohibition of cumulative voting in the election
      of directors, a classified Board of Directors, advance written notice for shareholder nominations for directors, removal of directors only for cause, advance written notice of shareholder proposals for the removal of directors and limitations on
      action by shareholders. In addition, on May 10, 2019 we adopted a shareholders' rights plan, which replaced and is substantially similar to our prior shareholder rights agreement that expired on May 27, 2019, pursuant to which our Board of Directors
      may cause the substantial dilution of any person that attempted to acquire us without the approval of our Board of Directors.&#160; These anti-takeover provisions, either individually or in the aggregate, may discourage, delay or prevent (1) our merger or
      acquisition by means of a tender offer, a proxy contest or otherwise, that a shareholder may consider in its best interest, (2) the removal of incumbent directors and officers, and (3) the ability of public shareholders to benefit from a change in
      control. These anti-takeover provisions could substantially impede the ability of shareholders to benefit from a change in control and, as a result, may adversely affect the market price of our common stock and shareholders' ability to realize any
      potential change of control premium.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-style: italic; font-weight: bold;">Future sales of our common stock could cause the market price of our common stock to decline.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Sales of a substantial number of shares of our common stock in the public market, or the perception that these sales could occur, may depress the market price for our common stock. These sales could also impair our
      ability to raise additional capital through the sale of our equity securities in the future.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">We may issue additional shares of our stock in the future and our stockholders may elect to sell large numbers of shares held by them from time to time. Our amended and restated articles of incorporation authorize us
      to issue up to 200,000,000 shares of common stock and 20,000,000 shares of preferred stock.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">On January 27, 2014 we entered into an agreement to sell 25,000 of our Series B Preferred Shares to a fund managed by TCP and 5,700 shares to Preferred Friends Investment Company Inc., an affiliate of the Company.&#160; The
      Series B Preferred Shares are convertible into common shares.&#160; Pursuant to a registration rights agreement between us and TCP, we filed a registration statement registering for resale all of the common shares issuable upon conversion of the Series B
      Preferred Shares, which has resulted in these shares becoming freely tradable without restriction under the Securities Act of 1933, as amended (the "Securities Act"), if such shares are sold under the registration statement. On December 29, 2016 we
      sold 89,928 shares of our common stock to Friends for total proceeds of $1,000,000. Further, on December 23, 2016 we issued 112,500 shares of our common stock to two funds managed by TCP in order to purchase the M/V "RT Dagr". We entered into a
      registration obligation agreement requiring us to register under the Securities Act the 112,500 shares sold to the funds managed by TCP, and such shares will become freely tradable</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">35</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
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    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">without restriction under the Securities Act if they are sold under the registration statement that we intend to file. In June 2019, we redeemed $11.7 million of our Series B Preferred Shares, leaving an $8 million
      face value of our Series B Preferred Shares outstanding.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">In December 2016 and January 2017, we filed with the SEC two prospectus supplements to issue and sell, in an at-the-market ("ATM") offering, shares of our common stock having an aggregate offering price of up to $10
      million. From December 21, 2016 through January 26, 2017, we issued and sold 160,078 shares of our common stock through the ATM offering for net proceeds of approximately $2.7 million. In October 2018, we filed with the SEC a new prospectus
      supplement under which we may issue and sell, in an ATM offering, shares of our common stock having an aggregate offering price of up to $4.2 million; in October 2019, we issued and sold 144,727 shares of our common stock in this ATM offering for net
      proceeds of approximately $0.85 million. On March 12, 2020, we filed with the SEC a shelf registration statement on Form F-3 and filed an amendment thereto on March 27, 2020, which, if declared effective, will give us the ability to sell in one or
      more offerings, within a three-year period, up to 2,369,950 shares of our common stock that were previously acquired in private transactions or in the open market or which are issuable upon conversion of Series B Convertible Perpetual Preferred
      Shares (the "Series B Preferred Shares") or any convertible notes into which the Series B Preferred Shares may convert.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-style: italic; font-weight: bold;">Issuance of preferred stock may adversely affect the voting power of our shareholders and have the effect of discouraging, delaying or preventing a merger or acquisition, which
      could adversely affect the market price of our common stock.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Our Board of Directors approved the issuance of 30,700 shares of our Series B Preferred Shares in 2014 (of which 8,000 are outstanding as of April 15, 2020) and may decide in the future to issue preferred shares in one
      or more series and to determine the rights, preferences, privileges and restrictions with respect to, among other things, dividends, conversion, voting, redemption, liquidation and the number of shares constituting any series subject to prior
      shareholders' approval. If our Board determines to issue preferred shares, such issuance may discourage, delay or prevent a merger or acquisition that shareholders may consider favorable. The issuance of preferred shares with voting and conversion
      rights may also adversely affect the voting power of the holders of common shares. This could substantially impede the ability of public shareholders to benefit from a change in control and, as a result, may adversely affect the market price of our
      common stock and shareholders' ability to realize any potential change of control premium.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-style: italic; font-weight: bold;">Our Series B Preferred Shares are senior obligations of ours and rank prior to our common stock with respect to dividends, distributions and payments upon liquidation, which could
      have an adverse effect on the value of our common stock.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">The rights of the holders of our Series B Preferred Shares rank senior to the obligations to holders of our common shares. Upon our liquidation, the holders of Series B Preferred Shares will be entitled to receive a
      liquidation preference of $1,000 per share, plus all accrued but unpaid dividends, prior and in preference to any distribution to the holders of any other class of our equity securities, including our common shares. The existence of the Series B
      Preferred Shares could have an adverse effect on the value of our common shares.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-style: italic; font-weight: bold;">Because the Republic of the Marshall Islands, where we are incorporated, does not have a well-developed body of corporate law, shareholders may have fewer rights and protections
      than under typical state law in the United States, such as Delaware, and shareholders may have difficulty in protecting their interests with regard to actions taken by our Board of Directors.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Our corporate affairs are governed by our amended and restated articles of incorporation and bylaws, as amended, and by the Marshall Islands Business Corporations Act (the "BCA"). The provisions of the BCA resemble
      provisions of the corporation laws of a number of states in the United States. However, there have been few judicial cases in the Republic of the Marshall Islands interpreting the BCA. The rights and fiduciary responsibilities of directors under the
      law of the Republic of the Marshall Islands are not as clearly established as the rights and fiduciary responsibilities of directors under statutes or judicial precedent in existence in certain U.S. jurisdictions. Stockholder rights may differ as
      well. For example, under Marshall Islands law, a copy of the notice of any meeting of the shareholders must be given not less than 15 days before the meeting, whereas in Delaware such notice must be given not less than 10 days before the meeting.
      Therefore, if immediate shareholder action is required, a meeting may not be able to be convened as quickly as it can be convened under Delaware law. Also, under Marshall Islands law, any action required to be taken by a meeting of shareholders may
      only be taken without a meeting if consent is in writing and is signed by all of the shareholders entitled to vote, whereas under Delaware law action may be taken by consent if approved by the number of shareholders that would be required to approve
      such action at a meeting. Therefore,</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">36</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin-top: 4px; margin-right: 0px; margin-bottom: 4px; width: 100%; border-width: 0px; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">under Marshall Islands law, it may be more difficult for a company to take certain actions without a meeting even if a majority of the shareholders approve of such action. While the BCA does specifically incorporate
      the non-statutory law, or judicial case law, of Delaware and other states with substantially similar legislative provisions, public shareholders may have more difficulty in protecting their interests in the face of actions by the management,
      directors or controlling shareholders than would shareholders of a corporation incorporated in a U.S. jurisdiction.</div>
    <div style="margin-top: 12pt; margin-bottom: 18pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="zce36c8fd266d4b4ebbea36a4f2540151">

            <tr>
              <td style="width: 54pt; vertical-align: top; font-weight: bold;">Item 4.</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">Information on the Company</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="zfda438ba61fd434b80b6229b767011bb">

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

        </table>
      </div>
    </div>
    <div style="text-align: justify;">Euroseas Ltd. is a Marshall Islands company incorporated under the BCA on May 5, 2005. We are a provider of worldwide ocean-going transportation services. On May 30, 2018, the Company spun-off its drybulk fleet
      (excluding M/V Monica P, a handymax drybulk carrier, which was agreed to be sold at the time) into EuroDry Ltd., a separate publicly listed company also listed on Nasdaq Capital Market. Shareholders of the Company received one EuroDry Ltd. share for
      every five shares of the Company they held. As a result of the spin-off and the subsequent sale of M/V Monica P, the Company has become a pure containership company and the only publicly listed company concentrating on the feeder and intermediate
      containership sector.&#160; Our containerships transport dry and refrigerated containerized cargoes, mainly including manufactured products and perishables. As of April 15, 2020, our fleet consisted of 19 containerships. The total cargo carrying capacity
      of the 19 containerships is 660,940 dwt or 51,083 teu. Two of our vessels were acquired before January 1, 2004 and were controlled by the Pittas family interests. On June 29, 2005, the shareholders of the two vessels (and of five additional vessels
      that have since been sold) transferred their ownership in each of the vessels to Euroseas in exchange for shares in Friends, a 100% owner of Euroseas at that time.&#160; Since June 2005, the Company has purchased 28 vessels and ordered four newbuildings.
      Euroseas took delivery of three of the newbuildings in February 2016, January 2017 and May 2018, respectively, while one newbuilding vessel contract was cancelled. The Company sold 15 vessels and spun-off 6 of its vessels into EuroDry on May 30,
      2018.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">During 2019, we acquired eight containership vessels. In August 2019, we took delivery of four feeder containerships, owned by affiliates of the Pittas family including our CEO, for $28.2 million (comprising a cash
      consideration of $15 million and the issuance of 2,816,902 common shares), the M/V EM Hydra and M/V EM Spetses, both 1,740 teu feeder containerships built in 2005 and 2007, respectively, the M/V EM Kea, a 3,100 teu feeder containership built in 2007,
      and the M/V Diamantis P, a 2,008 teu feeder containership built in 1998. In November 2019, we took delivery of four intermediate 4,253 teu containerships, three built in 2009 and one in 2008, and also assumed the charters they were under. The vessels
      were acquired from companies controlled by Synergy Holdings Limited for approximately $40 million. On February 24, 2020, we signed an agreement to sell the M/V Manolis P, a 1,452 teu vessel, built in 1995 for scrap, for approximately $2.8 million.
      The vessel reached her destination port on April 7, 2020, but so far has not been delivered to the buyers due to Coronavirus restrictions and port lockdowns in the territory of arrival (Alang, India).&#160; The scrap price has dropped since the date of
      the agreement to sell the M/V Manolis P, and the buyers are now seeking to terminate the agreement on the basis that timely delivery did not occur.&#160; We are in the process of seeking a settlement with the buyers; however, if the agreement were to be
      terminated and we would sell the vessel at currently prevailing scrap prices, we would receive approximately $0.7 million less for the vessel than under the current agreement. &#160;</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Our common shares traded under the symbol ESEA on the Nasdaq Global Market beginning January 31, 2007 and on the Nasdaq Global Select Market beginning January 1, 2008, and since June 26, 2015 have traded on the Nasdaq
      Capital Market.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Our executive offices are located at 4 Messogiou &amp; Evropis Street, 151 24, Maroussi, Greece. Our telephone number is +30-211-1804005.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">The SEC maintains an Internet website at <font style="font-style: italic;"><u>www.sec.gov</u></font>, which contains reports, proxy and information statements, and other information regarding issuers that file
      electronically with the SEC. Our website address is <font style="font-style: italic;"><u>www.euroseas.gr</u></font>. The information contained on our website is not part of this annual report.</div>
    <div style="text-align: justify; margin-top: 6pt; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="z5b9d24ec27224e4588ce78cc1d483e07">

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

        </table>
      </div>
    </div>
    <div style="text-align: justify;">Our fleet consists of containerships that transport container boxes providing scheduled service between ports.&#160; Please see the information in the section titled "Our Fleet", below. During 2015, 2016, 2017, 2018 and
      2019, we had a fleet utilization of 93.0%, 93.9%, 96.9%, 92.7% and 99.1%, respectively, our vessels achieved daily time charter equivalent rates of $7,855, $7,120, $7,309, $9,179 and $8,782, respectively, and we generated voyage charter revenue</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">37</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin-top: 4px; margin-right: 0px; margin-bottom: 4px; width: 100%; border-width: 0px; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">and time charter revenue totalling $35.51 million, $21.46 million, $24.84 million, $36.27 million and $41.77 million respectively.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Our business strategy is focused on providing consistent shareholder returns by carefully selecting the timing and the structure of our investments in containership vessels and by reliably, safely and competitively
      operating the vessels we own, through our affiliate, Eurobulk. Representing a continuous ship-owning and management history that dates back to the 19th century, we believe that one of our advantages in the industry is our ability to select and safely
      operate containership vessels of any age.</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-bottom: 6pt; font-weight: bold;">Our Fleet</div>
    <div style="text-align: justify;">As of April 15, 2020, the profile and deployment of our fleet is the following:</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" id="z5a4f2d2d181a400394a5fa0409bec4b4">

        <tr>
          <td style="width: 23.01%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify;">Name</div>
          </td>
          <td style="width: 12.48%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify;">Type</div>
          </td>
          <td style="width: 9.68%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify;">Dwt</div>
          </td>
          <td style="width: 8.07%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify;">TEU</div>
          </td>
          <td style="width: 10.7%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify;">Year Built</div>
          </td>
          <td style="width: 18.73%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify;">Employment (*)</div>
          </td>
          <td style="width: 17.32%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify;">TCE Rate ($/day)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 23.01%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>&#160;</div>
            <div style="text-align: justify; font-weight: bold;">Container Carriers</div>
          </td>
          <td style="width: 12.48%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 9.68%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8.07%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 10.7%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 18.73%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 17.32%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 23.01%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>AKINADA BRIDGE</div>
          </td>
          <td style="width: 12.48%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>Intermediate</div>
          </td>
          <td style="width: 9.68%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">71,366</div>
          </td>
          <td style="width: 8.07%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">5,610</div>
          </td>
          <td style="width: 10.7%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">2001</div>
          </td>
          <td style="width: 18.73%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>TC until Oct-20</div>
          </td>
          <td style="width: 17.32%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">$16,000</div>
          </td>
        </tr>
        <tr>
          <td style="width: 23.01%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>SYNERGY BUSAN</div>
          </td>
          <td style="width: 12.48%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>Intermediate</div>
          </td>
          <td style="width: 9.68%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">50,726</div>
          </td>
          <td style="width: 8.07%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">4,253</div>
          </td>
          <td style="width: 10.7%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">2009</div>
          </td>
          <td style="width: 18.73%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>TC until Aug-20</div>
          </td>
          <td style="width: 17.32%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">$12,900</div>
          </td>
        </tr>
        <tr>
          <td style="width: 23.01%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>SYNERGY ANTWERP</div>
          </td>
          <td style="width: 12.48%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>Intermediate</div>
          </td>
          <td style="width: 9.68%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">50,726</div>
          </td>
          <td style="width: 8.07%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">4,253</div>
          </td>
          <td style="width: 10.7%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">2008</div>
          </td>
          <td style="width: 18.73%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>TC until May-20</div>
          </td>
          <td style="width: 17.32%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">CONTEX(**) 4250 less 6.25%; floor $8,000 / ceiling $16,000</div>
          </td>
        </tr>
        <tr>
          <td style="width: 23.01%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>SYNERGY OAKLAND</div>
          </td>
          <td style="width: 12.48%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>Intermediate</div>
          </td>
          <td style="width: 9.68%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">50,787</div>
          </td>
          <td style="width: 8.07%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">4,253</div>
          </td>
          <td style="width: 10.7%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">2009</div>
          </td>
          <td style="width: 18.73%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>TC until Oct-20 plus 8-12 months extension option</div>
          </td>
          <td style="width: 17.32%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">$9,000 until Feb-20; $10,000 until Oct-20; option CONTEX(**) 4250 less 10%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 23.01%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>SYNERGY KEELUNG <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(+)</sup></div>
          </td>
          <td style="width: 12.48%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>Intermediate</div>
          </td>
          <td style="width: 9.68%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">50,969</div>
          </td>
          <td style="width: 8.07%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">4,253</div>
          </td>
          <td style="width: 10.7%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">2009</div>
          </td>
          <td style="width: 18.73%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>TC until Dec-20/Jun-22 plus 8-12 months option</div>
          </td>
          <td style="width: 17.32%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">$10,000 until Jun-21; $11,750 until Jun-22; option $14,500</div>
          </td>
        </tr>
        <tr>
          <td style="width: 23.01%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>EM KEA</div>
          </td>
          <td style="width: 12.48%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>Feeder</div>
          </td>
          <td style="width: 9.68%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">42,165</div>
          </td>
          <td style="width: 8.07%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">3,100</div>
          </td>
          <td style="width: 10.7%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">2007</div>
          </td>
          <td style="width: 18.73%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>TC until Apr-20</div>
          </td>
          <td style="width: 17.32%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">$9,700</div>
          </td>
        </tr>
        <tr>
          <td style="width: 23.01%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>EM ASTORIA</div>
          </td>
          <td style="width: 12.48%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>Feeder</div>
          </td>
          <td style="width: 9.68%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">35,600</div>
          </td>
          <td style="width: 8.07%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">2,788</div>
          </td>
          <td style="width: 10.7%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">2004</div>
          </td>
          <td style="width: 18.73%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>TC until Sep-20</div>
          </td>
          <td style="width: 17.32%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">$8,500</div>
          </td>
        </tr>
        <tr>
          <td style="width: 23.01%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>EVRIDIKI G</div>
          </td>
          <td style="width: 12.48%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>Feeder</div>
          </td>
          <td style="width: 9.68%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">34,677</div>
          </td>
          <td style="width: 8.07%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">2,556</div>
          </td>
          <td style="width: 10.7%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">2001</div>
          </td>
          <td style="width: 18.73%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>TC until Sep-20</div>
          </td>
          <td style="width: 17.32%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">$10,250</div>
          </td>
        </tr>
        <tr>
          <td style="width: 23.01%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>EM CORFU</div>
          </td>
          <td style="width: 12.48%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>Feeder</div>
          </td>
          <td style="width: 9.68%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">34,654</div>
          </td>
          <td style="width: 8.07%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">2,556</div>
          </td>
          <td style="width: 10.7%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">2001</div>
          </td>
          <td style="width: 18.73%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>TC until Sep-21</div>
          </td>
          <td style="width: 17.32%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">$10,200</div>
          </td>
        </tr>
        <tr>
          <td style="width: 23.01%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>EM ATHENS</div>
          </td>
          <td style="width: 12.48%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>Feeder</div>
          </td>
          <td style="width: 9.68%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">32,350</div>
          </td>
          <td style="width: 8.07%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">2,506</div>
          </td>
          <td style="width: 10.7%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">2000</div>
          </td>
          <td style="width: 18.73%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>TC until Oct-20</div>
          </td>
          <td style="width: 17.32%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">$9,250</div>
          </td>
        </tr>
        <tr>
          <td style="width: 23.01%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>EM OINOUSSES</div>
          </td>
          <td style="width: 12.48%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>Feeder</div>
          </td>
          <td style="width: 9.68%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">32,350</div>
          </td>
          <td style="width: 8.07%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">2,506</div>
          </td>
          <td style="width: 10.7%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">2000</div>
          </td>
          <td style="width: 18.73%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>Idle</div>
          </td>
          <td style="width: 17.32%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">-</div>
          </td>
        </tr>
        <tr>
          <td style="width: 23.01%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>DIAMANTIS P</div>
          </td>
          <td style="width: 12.48%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>Feeder</div>
          </td>
          <td style="width: 9.68%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">30,360</div>
          </td>
          <td style="width: 8.07%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">2,008</div>
          </td>
          <td style="width: 10.7%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">1998</div>
          </td>
          <td style="width: 18.73%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>TC until Jul-20</div>
          </td>
          <td style="width: 17.32%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">$8,000</div>
          </td>
        </tr>
        <tr>
          <td style="width: 23.01%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>EM SPETSES</div>
          </td>
          <td style="width: 12.48%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>Feeder</div>
          </td>
          <td style="width: 9.68%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">23,224</div>
          </td>
          <td style="width: 8.07%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">1,740</div>
          </td>
          <td style="width: 10.7%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">2007</div>
          </td>
          <td style="width: 18.73%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>TC until Apr-20</div>
          </td>
          <td style="width: 17.32%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">$7,000</div>
          </td>
        </tr>
        <tr>
          <td style="width: 23.01%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>EM HYDRA</div>
          </td>
          <td style="width: 12.48%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>Feeder</div>
          </td>
          <td style="width: 9.68%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">23,351</div>
          </td>
          <td style="width: 8.07%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">1,740</div>
          </td>
          <td style="width: 10.7%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">2005</div>
          </td>
          <td style="width: 18.73%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>TC until May-20</div>
          </td>
          <td style="width: 17.32%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">$7,500</div>
          </td>
        </tr>
        <tr>
          <td style="width: 23.01%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>JOANNA</div>
          </td>
          <td style="width: 12.48%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>Feeder</div>
          </td>
          <td style="width: 9.68%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">22,301</div>
          </td>
          <td style="width: 8.07%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">1,732</div>
          </td>
          <td style="width: 10.7%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">1999</div>
          </td>
          <td style="width: 18.73%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>TC until Feb-21</div>
          </td>
          <td style="width: 17.32%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">$8,050</div>
          </td>
        </tr>
        <tr>
          <td style="width: 23.01%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>MANOLIS P</div>
          </td>
          <td style="width: 12.48%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>Feeder</div>
          </td>
          <td style="width: 9.68%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">20,346</div>
          </td>
          <td style="width: 8.07%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">1,452</div>
          </td>
          <td style="width: 10.7%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">1995</div>
          </td>
          <td style="width: 18.73%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>Sold Feb-20(***)</div>
          </td>
          <td style="width: 17.32%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">-</div>
          </td>
        </tr>
        <tr>
          <td style="width: 23.01%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>AEGEAN EXPRESS</div>
          </td>
          <td style="width: 12.48%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>Feeder</div>
          </td>
          <td style="width: 9.68%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">18,581</div>
          </td>
          <td style="width: 8.07%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">1,439</div>
          </td>
          <td style="width: 10.7%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">1997</div>
          </td>
          <td style="width: 18.73%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>TC until Jul-20</div>
          </td>
          <td style="width: 17.32%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">$7,500</div>
          </td>
        </tr>
        <tr>
          <td style="width: 23.01%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>NINOS</div>
          </td>
          <td style="width: 12.48%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>Feeder</div>
          </td>
          <td style="width: 9.68%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">18,253</div>
          </td>
          <td style="width: 8.07%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">1,169</div>
          </td>
          <td style="width: 10.7%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">1990</div>
          </td>
          <td style="width: 18.73%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>TC until May-20</div>
          </td>
          <td style="width: 17.32%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">$7,750</div>
          </td>
        </tr>
        <tr>
          <td style="width: 23.01%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>KUO HSIUNG</div>
          </td>
          <td style="width: 12.48%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>Feeder</div>
          </td>
          <td style="width: 9.68%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">18,154</div>
          </td>
          <td style="width: 8.07%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">1,169</div>
          </td>
          <td style="width: 10.7%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">1993</div>
          </td>
          <td style="width: 18.73%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>TC until May-20</div>
          </td>
          <td style="width: 17.32%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">$7,500</div>
          </td>
        </tr>
        <tr>
          <td style="width: 23.01%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: justify; font-weight: bold;">Total Container Carriers</div>
          </td>
          <td style="width: 12.48%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center; font-weight: bold;">19</div>
          </td>
          <td style="width: 9.68%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center; font-weight: bold;">660,940</div>
          </td>
          <td style="width: 8.07%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center; font-weight: bold;">51,083</div>
          </td>
          <td style="width: 10.7%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 18.73%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 17.32%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="zcae08e4352f840de8281ee7066ec2239">

            <tr>
              <td style="width: 36pt; vertical-align: top;">(*)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>TC denotes time charter. All dates listed are the earliest redelivery dates under each TC unless the contract rate is lower than the current market rate in which cases the latest redelivery date is assumed; vessels with the latest
                  redelivery date shown are marked by (+).</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="z329317e089e2446893f1fe3868c97c77">

            <tr>
              <td style="width: 36pt; vertical-align: top;">(**)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>The CONTEX (Container Ship Time Charter Assessment Index) has been published by the Hamburg and Bremen Shipbrokers' Association (VHBS) since October 2007. The CONTEX is a company-independent index of time charter rates for container
                  ships. It is based on assessments of the current day charter rates of six selected container ship types, which are representative of their size categories: Type 1,100 TEU and Type 1,700 TEU with a charter period of one year, and the Types
                  2,500, 2,700, 3,500 and 4,250 TEU all with a charter period of two years.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">38</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin-top: 4px; margin-right: 0px; margin-bottom: 4px; width: 100%; border-width: 0px; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="zff1dcf355f42443784f0b7683a7c85bb">

            <tr>
              <td style="width: 36pt; vertical-align: top;">(***)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>On February 24, 2020, we entered into an agreement to sell the M/V Manolis P for scrap. The vessel reached her destination port on April 7, 2020, but so far has not been delivered to the buyers due to Coronavirus restrictions and port
                  lockdowns in the territory of arrival (Alang, India). The scrap price has dropped since the date of the agreement to sell the M/V Manolis P, and the buyers are now seeking to terminate the agreement on the basis that timely delivery did
                  not occur.&#160; We are in the process of seeking a settlement with the buyers.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">We plan to expand our fleet by investing in vessels in the containership market under favorable market conditions. We also intend to take advantage of the cyclical nature of the market by buying
      and selling ships when we believe favorable opportunities exist.&#160; We employ our vessels in the spot and time charter market. As of April 15, 2020, 17 of our vessels are employed under time charter contracts, while one is undergoing repairs and one is
      currently under contract to be sold.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">As of April 15, 2020, approximately 47% of our ship capacity days for the remainder of 2020 and approximately 5% of our ship capacity days in 2021 are under contract.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">In "Critical Accounting Policies &#8211; Impairment of vessels" below, we discuss our policy for impairing the carrying values of our vessels. During the past few years, the market values of vessels have
      experienced extraordinarily high volatility, and substantial declines in many vessel classes.&#160; As a result, the charter-free market value, or basic market value, of certain of our vessels may have declined below those vessels' carrying value. We may
      not impair those vessels' carrying value under our accounting impairment policy, due to our belief that future undiscounted cash flows expected to be earned by such vessels over their operating lives would exceed such vessels' carrying amounts.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">The table set forth below indicates (i) the carrying value of each of our vessels as of December 31, 2018 and 2019, respectively, (ii) which of our vessels we believe has a basic market value below
      its carrying value, and (iii) the aggregate difference between carrying and market value represented by such vessels.&#160; This aggregate difference represents the approximate analysis of the amount by which we believe we would have to reduce our net
      income/ (loss) if we sold all of such vessels in the current environment, using industry-standard valuation methodologies, in cash, in arm's-length transactions.&#160; For purposes of this calculation, we have assumed that the vessels would be sold at a
      price that reflects our estimate of their current basic market values. However, we are not holding our vessels for sale, except as otherwise noted in this report.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">Our estimates of basic market value assume that our vessels are all in good and seaworthy condition without need for repair and if inspected would be certified in class without any notations.&#160; Our
      estimates are based on information available from various industry sources, including:</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" id="zf09efe6f9e5e416f82b55cfc11fdc08f">

        <tr>
          <td style="width: 3.85%; vertical-align: top;">&#160;</td>
          <td style="width: 3.85%; vertical-align: top;">
            <div>&#8226;</div>
          </td>
          <td style="width: 92.31%; vertical-align: top;">
            <div>reports by industry analysts and data providers that focus on our industry and related dynamics affecting vessel values;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.85%; vertical-align: top;">&#160;</td>
          <td style="width: 3.85%; vertical-align: top;">
            <div>&#8226;</div>
          </td>
          <td style="width: 92.31%; vertical-align: top;">
            <div>news and industry reports of similar vessel sales;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.85%; vertical-align: top;">&#160;</td>
          <td style="width: 3.85%; vertical-align: top;">
            <div>&#8226;</div>
          </td>
          <td style="width: 92.31%; vertical-align: top;">
            <div>news and industry reports of sales of vessels that are not similar to our vessels where we have made certain adjustments in an attempt to derive information that can be used as part of our estimates;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.85%; vertical-align: top;">&#160;</td>
          <td style="width: 3.85%; vertical-align: top;">
            <div>&#8226;</div>
          </td>
          <td style="width: 92.31%; vertical-align: top;">
            <div>approximate market values for our vessels or similar vessels that we have received from shipbrokers, whether solicited or unsolicited, or that shipbrokers have generally disseminated;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.85%; vertical-align: top;">&#160;</td>
          <td style="width: 3.85%; vertical-align: top;">
            <div>&#8226;</div>
          </td>
          <td style="width: 92.31%; vertical-align: top;">
            <div>offers that we may have received from potential purchasers of our vessels; and</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.85%; vertical-align: top;">&#160;</td>
          <td style="width: 3.85%; vertical-align: top;">
            <div>&#8226;</div>
          </td>
          <td style="width: 92.31%; vertical-align: top;">
            <div>vessel sale prices and values of which we are aware through both formal and informal communications with shipowners, shipbrokers, industry analysts and various other shipping industry participants and observers.</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-top: 6pt; margin-bottom: 12pt;">As we obtain information from various industry and other sources, our estimates of basic market value are inherently uncertain.&#160; In addition, vessel values are highly volatile; as
      such, our estimates may not be indicative of the current or future basic market value of our vessels or prices that we could achieve if we were to sell them.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">39</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin-top: 4px; margin-right: 0px; margin-bottom: 4px; width: 100%; border-width: 0px; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="margin-top: 6pt; margin-bottom: 12pt;"><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" id="z386a3082175e41e1b7a9f9aaa478c8c1">

        <tr>
          <td style="width: 25.98%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">Name</div>
          </td>
          <td style="width: 12.37%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Capacity</div>
          </td>
          <td style="width: 12.16%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Purchase Date</div>
          </td>
          <td style="width: 24.74%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Carrying Value as of December 31, 2018 (in millions)</div>
          </td>
          <td style="width: 24.74%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Carrying Value as of December 31, 2019 (in millions)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25.98%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;"><u>Container Carriers</u></div>
          </td>
          <td style="width: 12.37%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">(teu)</div>
          </td>
          <td style="width: 12.16%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 24.74%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 24.74%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 25.98%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>EVRIDIKI</div>
          </td>
          <td style="width: 12.37%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">2,556</div>
          </td>
          <td style="width: 12.16%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">May-2008</div>
          </td>
          <td style="width: 24.74%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">$8.88<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
          </td>
          <td style="width: 24.74%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">$8.06<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></div>
          </td>
        </tr>
        <tr>
          <td style="width: 25.98%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>MANOLIS P</div>
          </td>
          <td style="width: 12.37%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">1,452</div>
          </td>
          <td style="width: 12.16%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">Apr-2007</div>
          </td>
          <td style="width: 24.74%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">&#160;$2.11</div>
          </td>
          <td style="width: 24.74%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">$1.79</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25.98%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>NINOS</div>
          </td>
          <td style="width: 12.37%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">1,169</div>
          </td>
          <td style="width: 12.16%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">Feb-2001</div>
          </td>
          <td style="width: 24.74%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">$1.51</div>
          </td>
          <td style="width: 24.74%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">$1.51</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25.98%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>JOANNA</div>
          </td>
          <td style="width: 12.37%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">1,732</div>
          </td>
          <td style="width: 12.16%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">Jul-2013</div>
          </td>
          <td style="width: 24.74%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">&#160;$3.81</div>
          </td>
          <td style="width: 24.74%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">$3.40</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25.98%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>KUO HSIUNG</div>
          </td>
          <td style="width: 12.37%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">1,169</div>
          </td>
          <td style="width: 12.16%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">May-2002</div>
          </td>
          <td style="width: 24.74%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">&#160;$1.57</div>
          </td>
          <td style="width: 24.74%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">$1.57</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25.98%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>AEGEAN EXPRESS</div>
          </td>
          <td style="width: 12.37%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">1,439</div>
          </td>
          <td style="width: 12.16%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">Sep-2016</div>
          </td>
          <td style="width: 24.74%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">$2.51</div>
          </td>
          <td style="width: 24.74%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">$2.25</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25.98%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>AKINADA BRIDGE</div>
          </td>
          <td style="width: 12.37%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">5,610</div>
          </td>
          <td style="width: 12.16%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">Dec-2017</div>
          </td>
          <td style="width: 24.74%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">$10.54</div>
          </td>
          <td style="width: 24.74%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">$10.33</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25.98%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>EM ASTORIA</div>
          </td>
          <td style="width: 12.37%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">2,788</div>
          </td>
          <td style="width: 12.16%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">Jun-2017</div>
          </td>
          <td style="width: 24.74%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">$4.55</div>
          </td>
          <td style="width: 24.74%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">$4.42</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25.98%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>EM ATHENS</div>
          </td>
          <td style="width: 12.37%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">2,506</div>
          </td>
          <td style="width: 12.16%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">Sep-2017</div>
          </td>
          <td style="width: 24.74%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">$4.03</div>
          </td>
          <td style="width: 24.74%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">$3.87</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25.98%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>EM CORFU</div>
          </td>
          <td style="width: 12.37%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">2,556</div>
          </td>
          <td style="width: 12.16%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">Nov-2017</div>
          </td>
          <td style="width: 24.74%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">$5.28</div>
          </td>
          <td style="width: 24.74%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">$4.95</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25.98%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>EM OINOUSSES</div>
          </td>
          <td style="width: 12.37%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">2,506</div>
          </td>
          <td style="width: 12.16%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">Oct-2017</div>
          </td>
          <td style="width: 24.74%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">$4.04</div>
          </td>
          <td style="width: 24.74%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">$3.86</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25.98%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>EM KEA</div>
          </td>
          <td style="width: 12.37%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">3,100</div>
          </td>
          <td style="width: 12.16%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">Aug-2019</div>
          </td>
          <td style="width: 24.74%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">-</div>
          </td>
          <td style="width: 24.74%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">$9.31</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25.98%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>EM SPETSES</div>
          </td>
          <td style="width: 12.37%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">1,740</div>
          </td>
          <td style="width: 12.16%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">Aug-2019</div>
          </td>
          <td style="width: 24.74%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">-</div>
          </td>
          <td style="width: 24.74%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">$7.40</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25.98%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>EM HYDRA</div>
          </td>
          <td style="width: 12.37%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">1,740</div>
          </td>
          <td style="width: 12.16%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">Aug-2019</div>
          </td>
          <td style="width: 24.74%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">-</div>
          </td>
          <td style="width: 24.74%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">$6.57</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25.98%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>DIAMANTIS P</div>
          </td>
          <td style="width: 12.37%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">2,008</div>
          </td>
          <td style="width: 12.16%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">Aug-2019</div>
          </td>
          <td style="width: 24.74%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">-</div>
          </td>
          <td style="width: 24.74%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">$4.95<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></div>
          </td>
        </tr>
        <tr>
          <td style="width: 25.98%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>SYNERGY BUSAN</div>
          </td>
          <td style="width: 12.37%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">4,253</div>
          </td>
          <td style="width: 12.16%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">Nov-2019</div>
          </td>
          <td style="width: 24.74%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">-</div>
          </td>
          <td style="width: 24.74%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">$10.12</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25.98%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>SYNERGY ANTWERP</div>
          </td>
          <td style="width: 12.37%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">4,253</div>
          </td>
          <td style="width: 12.16%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">Nov-2019</div>
          </td>
          <td style="width: 24.74%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">-</div>
          </td>
          <td style="width: 24.74%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">$10.06</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25.98%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>SYNERGY OAKLAND</div>
          </td>
          <td style="width: 12.37%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">4,253</div>
          </td>
          <td style="width: 12.16%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">Nov-2019</div>
          </td>
          <td style="width: 24.74%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">-</div>
          </td>
          <td style="width: 24.74%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">$10.45</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25.98%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>SYNERGY KEELUNG</div>
          </td>
          <td style="width: 12.37%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">4,253</div>
          </td>
          <td style="width: 12.16%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">Nov-2019</div>
          </td>
          <td style="width: 24.74%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">-</div>
          </td>
          <td style="width: 24.74%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">$11.36</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25.98%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="font-weight: bold;">Total Container Carriers</div>
          </td>
          <td style="width: 12.37%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center; font-weight: bold;">51,083</div>
          </td>
          <td style="width: 12.16%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 24.74%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center; font-weight: bold;">$48.83</div>
          </td>
          <td style="width: 24.74%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center; font-weight: bold;">$116.23</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-top: 6pt; margin-bottom: 6pt;">(1) Indicates a container vessel for which we believe, as of December 31, 2018, the basic charter-free market value is lower than the vessel's carrying value as of December 31,
      2018.&#160; We believe that the carrying value of this vessel, assessed separately, of $8.88 million as of December 31, 2018 exceeds its basic charter-free market value of approximately $7.70 million by approximately $1.18 million.&#160; As further discussed
      in "Critical Accounting Policies &#8211; Impairment of vessels" below, we believe that the carrying values of our vessels as of December 31, 2018 were recoverable.</div>
    <div style="text-align: justify; margin-top: 6pt; margin-bottom: 6pt;">(2) Indicates container vessels for which we believe, as of December 31, 2019, the basic charter-free market value is lower than the vessel's carrying value as of December 31,
      2019.&#160; We believe that the aggregate carrying value of these vessels, assessed separately, of $13.01 million as of December 31, 2019 exceeds their aggregate basic charter-free market value of approximately $11.50 million by approximately $1.51
      million.&#160; As further discussed in "Critical Accounting Policies &#8211; Impairment of vessels" below, we believe that the carrying values of our vessels as of December 31, 2019 were recoverable.</div>
    <div style="text-align: justify; margin-top: 6pt; margin-bottom: 6pt;">We note that as of April 15, 2020, 17 of our container vessels are employed under time charter contracts of durations from less than one to 10 months until the earliest redelivery
      charter period.&#160; If we sell those vessels with the charters attached, the sale price may be affected by the relationship of the charter rate to the prevailing market rate for a comparable charter with the same terms.</div>
    <div style="text-align: justify; margin-bottom: 6pt;">We refer you to the risk factor entitled "<font style="font-weight: bold; font-style: italic;">The market value of our vessels can fluctuate significantly,</font><font style="font-weight: bold;">&#160;</font><font style="font-weight: bold; font-style: italic;">which may adversely affect our financial condition, cause us to breach financial covenants, result in the incurrence of a loss upon disposal of a vessel or increase the cost of acquiring additional
        vessels</font>" and the discussion in Item 3.D under "Industry Risk Factors."</div>
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    <div style="text-align: justify; margin-bottom: 6pt; font-weight: bold;">Management of Our Fleet</div>
    <div style="text-align: justify; margin-top: 6pt;">The operations of our vessels are managed by Eurobulk Ltd., or Eurobulk, an affiliated company. Eurobulk manages our fleet under a Master Management Agreement with us and separate management agreements
      with each shipowning company. Eurobulk was founded in 1994 by members of the Pittas family and is a reputable ship management company with strong industry relationships and experience in managing vessels. Under our Master Management Agreement,
      Eurobulk is responsible for providing us with: (i) executive services associated with us being a public company; (ii) other services to our subsidiaries and commercial management services, which include obtaining employment for our vessels and
      managing our relationships with charterers; and (iii) technical management services, which include managing day-to-day vessel operations, performing general vessel maintenance, ensuring regulatory and classification society compliance, supervising
      the maintenance and general efficiency of vessels, arranging our hire of qualified officers and crew, arranging and supervising drydocking and repairs, arranging insurance for vessels, purchasing stores, supplies, spares and new equipment for
      vessels, appointing supervisors and technical consultants and providing technical support and shoreside personnel who carry out the management functions described above and certain accounting services.</div>
    <div style="text-align: justify; margin-top: 6pt;">Our Master Management Agreement with Eurobulk compensates Eurobulk with an annual fee and a daily management fee per vessel managed. Our Master Management Agreement, which we initially entered into in
      2008, was amended and restated as of January 1, 2018, and its term was extended until January 1, 2023.&#160; It provided for a 5% discount of the daily vessel management fee for any period during which the number of the Euroseas-owned vessels (including
      vessels in which Euroseas is a part owner) managed by Eurobulk is greater than 20 ("volume discount"), which was&#160;permanently incorporated into the daily management fee effective January 1, 2018 (see below). The Master Management Agreement can be
      terminated by Eurobulk only for cause or under other limited circumstances, such as sale of the Company or Eurobulk or the bankruptcy of either party. This Master Management Agreement will automatically be extended after the initial period for an
      additional five-year period unless terminated on or before the 90th day preceding the initial termination date. Pursuant to the Master Management Agreement, vessels we might acquire in the future will enter into a separate management agreement with
      Eurobulk with a term and rate as specified in the Master Management Agreement.</div>
    <div style="text-align: justify; margin-top: 6pt; margin-bottom: 12pt;">During 2017, in exchange for providing us with the services described above, we paid Eurobulk an annual fee of $2,000,000 and a management fee of 685 Euros per vessel per day for
      any operating vessel and 50% (i.e. 342.5 Euro) of that amount for any vessel laid-up including the 5% volume discount. The management fee is adjusted annually for Eurozone inflation every January 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup>. There was no adjustment for inflation
      from January 1, 2017, to date and, hence, we continued to pay Eurobulk an annual fee of $2,000,000 and a fee of 685 Euros per vessel per day in operation and 342.5 Euros per vessel per day in lay-up. In the case of newbuilding vessel contracts, the
      same management fee of 685 Euros becomes effective when construction of the vessels actually begins. Under the amended and restated Master Management Agreement, as of January 1, 2018, the volume discount has been permanently incorporated into the
      daily management fee which remained unchanged at 685 Euros in 2018 and 2019, and will be adjusted annually for inflation in the Eurozone. On May 30, 2018, the Company signed an addendum with the Manager according to which daily management fees were
      kept at 685 Euros per day per vessel and, effective May 30, 2018, the fixed cost was adjusted to $1,250,000. As a result, for the year 2018, the fixed cost was calculated at $2,000,000 pro-rated for the period of January 1, 2018 until May 30, 2018
      and at $1,250,000 for the period of May 31, 2018 until December 31, 2018. On November 15, 2019, the Company signed an addendum adjusting the fixed annual cost to $2,000,000 to compensate Eurobulk Ltd. for the increase in the fleet and certain
      management services provided by Synergy Marine Ltd., a company controlled by Andreas Papathomas and which became affiliated with the Company post-acquisition, as a result of his appointment to the Board of Directors of the Company in November 2019.
      As a result, for the year 2019, the fixed cost was calculated at $1,250,000 pro-rated for the period of January 1, 2019 until November 15, 2019 and at $2,000,000 for the period of November 16, 2019 until December 31, 2019.</div>
    <div style="text-align: justify; margin-top: 6pt; margin-bottom: 12pt; font-weight: bold;">Our Competitive Strengths</div>
    <div style="text-align: justify; margin-top: 3.6pt;">We believe that we possess the following competitive strengths:</div>
    <div style="text-align: justify; margin-top: 6pt;">
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                <div><font style="font-style: italic;">Experienced Management Team</font>. Our management team has significant experience in all aspects of commercial, technical, operational and financial areas of our business. Aristides J. Pittas, our
                  Chairman and Chief Executive Officer, holds a dual graduate degree in Naval Architecture and Marine Engineering and Ocean Systems Management from the Massachusetts Institute of Technology. He has worked in various technical, shipyard and
                  ship management capacities and since 1991 has focused on the ownership and operation of vessels carrying dry cargoes. Dr. Anastasios Aslidis, our Chief Financial Officer, holds a Ph.D. in Ocean Systems Management also from Massachusetts
                  Institute of Technology and has over 20 years of experience, primarily as a partner at a Boston based international consulting firm focusing on investment and risk management in the maritime industry.</div>
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                <div><font style="font-style: italic;">Cost Efficient Vessel Operations</font>. We believe that because of the efficiencies afforded to us through Eurobulk, the strength of our management team and the quality of our fleet, we are, and will
                  continue to be, a reliable, low cost vessel operator, without compromising our high standards of performance, reliability and safety. Despite the average age of our fleet being approximately 17.7 years on April 15, 2020, our total vessel
                  operating expenses, including management fees and general and administrative expenses but excluding drydocking expenses were $6,294 per day for the year ended December 31, 2019. We consider this amount to be among the lowest of the
                  publicly listed containerships shipping companies in the United States. Our technical and operating expertise allows us to efficiently manage and transport a wide range of cargoes with a flexible trade route profile, which helps reduce
                  ballast time between voyages and minimize off-hire days. Our professional, well-trained masters, officers and onboard crews further help us to control costs and ensure consistent vessel operating performance. We actively manage our fleet
                  and strive to maximize utilization and minimize maintenance expenditures for operational and commercial utilization. For the year ended December 31, 2019, our operational fleet utilization was 99.9%, up from 96.0% in 2018, while our
                  commercial utilization rate was 99.2%, up from 96.7% in 2018. Our total fleet utilization rate in 2019 was 99.1%.</div>
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                <div><font style="font-style: italic;">Strong Relationships with Customers and Financial Institutions</font>. We believe ourselves, Eurobulk and the Pittas family to have developed strong industry relationships and to have gained acceptance
                  with charterers, lenders and insurers because of long-standing reputation for safe and reliable service and financial responsibility through various shipping cycles. Through Eurobulk, we offer reliable service and cargo carrying
                  flexibility that enables us to attract customers and obtain repeat business. We also believe that the established customer base and reputation of ourselves, Eurobulk and the Pittas family help us to secure favorable employment for our
                  vessels with well-known charterers.</div>
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    <div style="text-align: justify; margin-bottom: 6pt; font-weight: bold;">Our Business Strategy</div>
    <div style="text-align: justify; margin-top: 6pt; margin-bottom: 6pt;">Our business strategy is focused on providing consistent shareholder returns by carefully timing and structuring acquisitions of containerships and by reliably, safely and
      competitively operating our vessels through Eurobulk. We continuously evaluate purchase and sale opportunities, as well as long term employment opportunities for our vessels.&#160;Key elements of the above strategy are:</div>
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                <div><font style="font-style: italic;">Renew and Expand our Fleet</font>. We expect to grow our fleet in a disciplined manner through timely and selective acquisitions of quality vessels. We perform in-depth technical review and financial
                  analysis of each potential acquisition and only purchase vessels as market opportunities present themselves. We focus on purchasing well-maintained secondhand vessels, newbuildings or newbuilding resales based on the evaluation of each
                  investment option at the time it is made. In January 2017, we sold one containership. In June, September, October and December 2017, we took delivery of five secondhand containerships, and in December 2017, we sold one containership. On
                  May 30, 2018, we spun-off our drybulk fleet (excluding M/V Monica P, which was agreed to be sold) into EuroDry. As a result of the spin-off and subsequent sale of Monica P in June 2018, we became a pure containership company. In August
                  and November 2019, we acquired eight secondhand containerships, expanding our fleet to nineteen containership vessels.</div>
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                <div><font style="font-style: italic;">Maintain Balanced Employment</font>. We intend to employ our fleet on either longer term time charters, i.e. charters with duration of more than a year, or shorter term time/spot charters. We seek
                  longer term time charter employment to obtain adequate cash flow to cover as much as possible of our fleet's recurring costs, consisting of vessel operating expenses, management fees, general and administrative expenses, interest expense
                  and drydocking costs for the upcoming 12-month period. When we expect charter rates to improve we try to increase the percentage of our fleet employed in shorter term contracts (allowing us to take advantage of higher rates in the
                  future), while when we expect the market to weaken we try to increase the percentage of our fleet employed in longer term contracts (allowing us to take advantage of higher current rates). We believe this balanced employment strategy will
                  provide us with more predictable operating cash flows and sufficient downside protection, while allowing us to participate in the potential upside of the spot market during periods of rising charter rates. As of April 15, 2020, on the
                  basis of our existing time charters, approximately 47% of our vessel capacity for the remainder of 2020 and approximately 5% in 2020 are under time charter contracts, which will ensure employment of a portion of our fleet, partly protect
                  us from market fluctuations and increase our ability to make principal and interest payments on our debt and pay dividends to our shareholders.</div>
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                <div><font style="font-style: italic;">Optimize Use of Financial Leverage</font>. We intend to use bank debt to partly fund our vessel acquisitions and increase financial returns for our shareholders. We actively assess the level of debt we
                  incur in light of our ability to repay that debt based on the level of cash flow generated from our balanced chartering strategy and efficient operating cost structure. Our bank debt repayment schedule as of December 31, 2019 calls for a
                  reduction of approximately 14.7% of our debt by the end of 2020 and an additional reduction of about 41.2% by the end of 2021 for a total of 55.9% reduction over the next two years, excluding any new debt that we</div>
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    <div style="text-align: justify; margin-top: 6pt; margin-bottom: 12pt;">assumed or may assume. As our debt is being repaid we expect that our ability to raise or borrow additional funds more cheaply in order to grow our fleet and generate better
      returns for our shareholders will increase.</div>
    <div style="text-align: justify; margin-top: 7.2pt; font-weight: bold;">Our Customers</div>
    <div style="text-align: justify; margin-top: 7.2pt;">Our major charterer customers during the last three years include CMA-CGM ("CMA"), Golden Sea Shipping ("GSS"), Hapag Lloyd, MSC and Maersk Line amongst others. We are a relationship driven company,
      and our top five customers in 2019 include three of our top five customers from 2018 and three from 2017. Our top five customers accounted for approximately 87% of our revenues in 2019, 97% of our revenues in 2018 and 91% of our revenues in 2017. In
      2019, CMA, GSS, Hapag Lloyd, MSC and Maersk accounted for 24%, 21%, 16%, 15% and 11% of our revenues, respectively. In 2018, CMA, GSS and MSC accounted for 51%, 33% and 11%, of our revenues, respectively. In 2017, CMA, GSS and MSC accounted for 34%,
      31% and 17% of our revenues, respectively. Our dependence on our key charterer customers is moderate, as in the event of a charterer default our vessels can generally be re-chartered at the market rate, in the spot or charter market, although it is
      likely that such rate will be lower than the charter rate agreed with the charterer. In addition, as of the date of this report, none of our charterers have reported any inability to pay their obligations to us as a result of the Coronavirus
      outbreak.</div>
    <div style="text-align: justify; margin-top: 7.2pt; font-weight: bold;">The Containership Industry</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Containership shipping refers to the transport of containerized trade which encompasses mainly the carriage of finished goods, but an increasing number of other cargoes in container boxes. Containerized trade has been
      the fastest growing sector of seaborne trade, although in the last three years the rate of growth has slowed. Containerships are categorized by their size measured in terms of twelve-foot equivalent unit ("teu") capacity and whether they have their
      own gearing (cranes). The different categories of containerships are as follows: (i) Post-Panamax vessels are generally vessels with carrying capacity of more than 4,000 teu; (ii) Panamax vessels are vessels with carrying capacity from 3,000 to 4,000
      teu, and, in some designs, even up to 5,000 teu; these vessels are called such because the measurements of their beam and draft are the maximum allowable through the original Panama Canal; and (iii) Feeder containerships are vessels with carrying
      capacity from 500 to 3,000 teu and are usually equipped with cargo loading and unloading gear. Containerships are primarily employed in time charter contracts with liner companies, which in turn employ them as part of the scheduled liner operations.
      Feeder containerships are put in liner schedules feeding containers to and from central regional ports (hubs) where larger containerships provide cross ocean or longer haul service. The length of the time charter contract can range from several
      months to years.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;"><br>
      <br>
      Our Competitors</div>
    <div style="text-align: justify; margin-bottom: 12pt;">We operate in markets that are highly competitive and based primarily on supply and demand. We compete for charters on the basis of price, vessel location, size, age and vessel condition, as well
      as on reputation. Eurobulk arranges our charters (whether spot charters, time charters or shipping pools) through Eurochart S.A. ("Eurochart"), an affiliated brokering company which negotiates the terms of the charters based on market conditions. We
      compete primarily with other shipowners of carriers in the Feeder and Panamax containership sectors. Ownership of containerships is highly fragmented and is divided among state controlled and independent shipowners. Some of our publicly listed
      competitors include Danaos Corporation (NYSE: DAC), Costamare Inc. (NASDAQ: CMRE) and Performance Shipping Inc. (formerly Diana Containerships Inc.) (NYSE: DCIX).</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Seasonality</div>
    <div style="text-align: justify; margin-bottom: 12pt;">The containership shipping industry's seasonal trends are driven by the import patterns of manufactured goods and refrigerated cargoes by the major importers, such as the United States, Europe and
      Japan. The volume of containerized trade is usually higher in the fall in preparation for the holiday season. During this period, container shipping rates are higher and, as a result, so are charter rates.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Environmental and Other Regulations in the Shipping Industry</div>
    <div style="text-align: justify; margin-top: 8pt;">Government regulation and laws significantly affect the ownership and operation of our fleet. We are subject to international conventions and treaties, national, state and local laws and regulations in
      force in the countries in which our vessels may operate or are registered relating to safety and health and environmental protection including the storage, handling, emission, transportation and discharge of hazardous and non-hazardous materials, and
      the remediation of contamination and liability for damage to natural resources. Compliance with such laws, regulations and other requirements entails significant expense, including vessel modifications and implementation of certain operating
      procedures.</div>
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    <div style="text-align: justify; margin-top: 8pt;">A variety of government and private entities subject our vessels to both scheduled and unscheduled inspections. These entities include the local port authorities (applicable national authorities such
      as the United States Coast Guard ("USCG"), harbor master or equivalent), classification societies, flag state administrations (countries of registry) and charterers, particularly terminal operators. Certain of these entities require us to obtain
      permits, licenses, certificates and other authorizations for the operation of our vessels. Failure to maintain necessary permits or approvals could require us to incur substantial costs or result in the temporary suspension of the operation of one or
      more of our vessels.</div>
    <div style="text-align: justify; margin-top: 8pt; margin-bottom: 12pt;">Increasing environmental concerns have created a demand for vessels that conform to stricter environmental standards. We are required to maintain operating standards for all of our
      vessels that emphasize operational safety, quality maintenance, continuous training of our officers and crews and compliance with United States and international regulations. We believe that the operation of our vessels is in substantial compliance
      with applicable environmental laws and regulations and that our vessels have all material permits, licenses, certificates or other authorizations necessary for the conduct of our operations. However, because such laws and regulations frequently
      change and may impose increasingly stricter requirements, we cannot predict the ultimate cost of complying with these requirements, or the impact of these requirements on the resale value or useful lives of our vessels. In addition, a future serious
      marine incident that causes significant adverse environmental impact could result in additional legislation or regulation that could negatively affect our profitability.</div>
    <div style="text-align: justify; margin-top: 12pt; margin-bottom: 12pt;">While we do not carry oil as cargo, we do carry fuel oil (bunkers) in our containerships. We currently maintain, for each of our vessels, pollution liability insurance coverage of
      $1.0 billion per incident. If the damages from a catastrophic spill exceeded our insurance coverage, that would have a material adverse effect on our financial condition and operating cash flows.</div>
    <div style="text-align: justify; margin-top: 6pt; font-style: italic; font-weight: bold;">International Maritime Organization</div>
    <div style="text-align: justify; margin-top: 12pt;">&#160;The International Maritime Organization, the United Nations agency for maritime safety and the prevention of pollution by vessels (the "IMO"), has adopted the International Convention for the
      Prevention of Pollution from Ships, 1973, as modified by the Protocol of 1978 relating thereto, collectively referred to as MARPOL 73/78 and herein as "MARPOL," the International Convention for the Safety of Life at Sea of 1974 ("SOLAS Convention"),
      and the International Convention on Load Lines of 1966 (the "LL Convention"). MARPOL establishes environmental standards relating to oil leakage or spilling, garbage management, sewage, air emissions, handling and disposal of noxious liquids and the
      handling of harmful substances in packaged forms. MARPOL is applicable to drybulk, tanker and LNG carriers, among other vessels, and is broken into six Annexes, each of which regulates a different source of pollution. Annex I relates to oil leakage
      or spilling; Annexes II and III relate to harmful substances carried in bulk in liquid or in packaged form, respectively; Annexes IV and V relate to sewage and garbage management, respectively; and Annex VI, lastly, relates to air emissions. Annex VI
      was separately adopted by the IMO in September of 1997; new emissions standards, titled IMO-2020, took effect on January 1, 2020.</div>
    <div style="text-align: justify; margin-top: 8pt; font-style: italic;">Air Emissions</div>
    <div style="text-align: justify; margin-top: 8pt;">In September of 1997, the IMO adopted Annex VI to MARPOL to address air pollution from vessels.&#160; Effective May 2005, Annex VI sets limits on sulfur oxide and nitrogen oxide emissions from all
      commercial vessel exhausts and prohibits "deliberate emissions" of ozone depleting substances (such as halons and chlorofluorocarbons), emissions of volatile compounds from cargo tanks and the shipboard incineration of specific substances. Annex VI
      also includes a global cap on the sulfur content of fuel oil and allows for special areas to be established with more stringent controls on sulfur emissions, as explained below. Emissions of "volatile organic compounds" from certain vessels, and the
      shipboard incineration (from incinerators installed after January 1, 2000) of certain substances (such as polychlorinated biphenyls, or "PCBs") are also prohibited. We believe that all our vessels are currently compliant in all material respects with
      these regulations.</div>
    <div style="text-align: justify; margin-top: 8pt;">The Marine Environment Protection Committee, or "MEPC," adopted amendments to Annex VI regarding emissions of sulfur oxide, nitrogen oxide, particulate matter and ozone depleting substances, which
      entered into force on July 1, 2010.&#160; The amended Annex VI seeks to further reduce air pollution by, among other things, implementing a progressive reduction of the amount of sulfur contained in any fuel oil used on board ships.&#160; On October 27, 2016,
      at its 70<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> session, the MEPC agreed to implement a global 0.5% m/m sulfur oxide emissions limit (reduced from 3.50%) starting from January 1, 2020.&#160; This limitation can be met by using low-sulfur compliant fuel oil, alternative fuels or
      certain exhaust gas cleaning systems.&#160; Once the cap becomes effective, ships will be required to obtain bunker delivery notes and International Air Pollution Prevention ("IAPP") Certificates from their flag states that specify sulfur content.
      Additionally, at MEPC 73, amendments to Annex VI to prohibit the carriage of bunkers above 0.5% sulfur</div>
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    <div style="text-align: justify; margin-top: 8pt;">on ships were adopted and took effect on March 1, 2020.&#160; These regulations subject ocean-going vessels to stringent emissions controls, and may cause us to incur substantial costs.</div>
    <div style="text-align: justify; margin-top: 8pt;">Sulfur content standards are even stricter within certain "Emission Control Areas," or ("ECAs").&#160; As of January 1, 2015, ships operating within an ECA were not permitted to use fuel with sulfur content
      in excess of 0.1% m/m.&#160; Amended Annex VI establishes procedures for designating new ECAs.&#160; Currently, the IMO has designated four ECAs, including specified portions of the Baltic Sea area, North Sea area, North American area and United States
      Caribbean area. Ocean-going vessels in these areas will be subject to stringent emission controls and may cause us to incur additional costs. Other areas in China are subject to local regulations that impose stricter emission controls. If other ECAs
      are approved by the IMO, or other new or more stringent requirements relating to emissions from marine diesel engines or port operations by vessels are adopted by the U.S. Environmental Protection Agency ("EPA") or the states where we operate,
      compliance with these regulations could entail significant capital expenditures or otherwise increase the costs of our operations.</div>
    <div style="text-align: justify; margin-top: 12pt; margin-bottom: 12pt;">Amended Annex VI also establishes new tiers of stringent nitrogen oxide emissions standards for marine diesel engines, depending on their date of installation.&#160; At the MEPC
      meeting held from March to April 2014, amendments to Annex VI were adopted which address the date on which Tier III Nitrogen Oxide (NOx) standards in ECAs will go into effect.&#160; Under the amendments, Tier III NOx standards apply to ships that operate
      in the North American and U.S. Caribbean Sea ECAs designed for the control of NOx produced by vessels with a marine diesel engine installed and constructed on or after January 1, 2016.&#160; Tier III requirements could apply to areas that will be
      designated for Tier III NOx in the future.&#160; At MEPC 70 and MEPC 71, the MEPC approved the North Sea and Baltic Sea as ECAs for nitrogen oxide for ships built on or after January 1, 2021. The EPA promulgated equivalent (and in some senses stricter)
      emissions standards in 2010.&#160; As a result of these designations or similar future designations, we may be required to incur additional operating or other costs.</div>
    <div style="text-align: justify; margin-top: 12pt; margin-bottom: 12pt;">As determined at the MEPC 70, the new Regulation 22A of MARPOL Annex VI became effective as of March 1, 2018 and requires ships above 5,000 gross tonnage to collect and report
      annual data on fuel oil consumption to an IMO database, with the first year of data collection having commenced on January 1, 2019. The IMO intends to use such data as the first step in its roadmap (through 2023) for developing its strategy to reduce
      greenhouse gas emissions from ships, as discussed further below.</div>
    <div style="text-align: justify; margin-top: 12pt; margin-bottom: 12pt;">As of January 1, 2013, MARPOL made mandatory certain measures relating to energy efficiency for ships. All ships are now required to develop and implement Ship Energy Efficiency
      Management Plans ("SEEMPS"), and new ships must be designed in compliance with minimum energy efficiency levels per capacity mile as defined by the Energy Efficiency Design Index ("EEDI").&#160; Under these measures, by 2025, all new ships built will be
      30% more energy efficient than those built in 2014.</div>
    <div style="text-align: justify; margin-top: 8pt;">We may incur costs to comply with these revised standards. Additional or new conventions, laws and regulations may be adopted that could require the installation of expensive emission control systems
      and could adversely affect our business, results of operations, cash flows and financial condition.</div>
    <div style="text-align: justify; margin-top: 12pt; margin-bottom: 12pt; font-style: italic;">Safety Management System Requirements</div>
    <div style="text-align: justify; margin-top: 12pt; margin-bottom: 12pt;">The SOLAS Convention was amended to address the safe manning of vessels and emergency training drills.&#160; The Convention of Limitation of Liability for Maritime Claims (the "LLMC")
      sets limitations of liability for a loss of life or personal injury claim or a property claim against ship owners. We believe that our vessels are in substantial compliance with SOLAS and LLMC standards.</div>
    <div style="text-align: justify; margin-top: 12pt; margin-bottom: 12pt;">Under Chapter IX of the SOLAS Convention, or the International Safety Management Code for the Safe Operation of Ships and for Pollution Prevention (the "ISM Code"), our operations
      are also subject to environmental standards and requirements. The ISM Code requires the party with operational control of a vessel to develop an extensive safety management system that includes, among other things, the adoption of a safety and
      environmental protection policy setting forth instructions and procedures for operating its vessels safely and describing procedures for responding to emergencies. We rely upon the safety management system that we and our technical management team
      have developed for compliance with the ISM Code. The failure of a vessel owner or bareboat charterer to comply with the ISM Code may subject such party to increased liability, may decrease available insurance coverage for the affected vessels and may
      result in a denial of access to, or detention in, certain ports.</div>
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    <div style="text-align: justify; margin-top: 12pt; margin-bottom: 12pt;">The ISM Code requires that vessel operators obtain a safety management certificate for each vessel they operate. This certificate evidences compliance by a vessel's management
      with the ISM Code requirements for a safety management system. No vessel can obtain a safety management certificate unless its manager has been awarded a document of compliance, issued by each flag state, under the ISM Code. We have obtained
      applicable documents of compliance for our offices and safety management certificates for all of our vessels for which the certificates are required by the IMO. The documents of compliance and safety management certificates are renewed as required.</div>
    <div style="text-align: justify; margin-top: 12pt; margin-bottom: 12pt;">Although all our vessels are currently ISM Code-certified, such certification may not be maintained by all our vessels at all times. Non-compliance with the ISM Code may subject
      such party to increased liability, invalidate existing insurance or decrease available insurance coverage for the affected vessels and result in a denial of access to, or detention in, certain ports. For example, the U.S. Coast Guard and E.U.
      authorities have indicated that vessels not in compliance with the ISM Code will be prohibited from trading in U.S. and E.U. ports.</div>
    <div style="text-align: justify; margin-top: 12pt; margin-bottom: 12pt;">Amendments to the SOLAS Convention Chapter VII apply to vessels transporting dangerous goods and require those vessels be in compliance with the International Maritime Dangerous
      Goods Code ("IMDG Code"). Effective January 1, 2018, the IMDG Code includes (1) updates to the provisions for radioactive material, reflecting the latest provisions from the International Atomic Energy Agency, (2) new marking, packing and
      classification requirements for dangerous goods and (3) new mandatory training requirements. Amendments which took effect on January 1, 2020 also reflect the latest material from the UN Recommendations on the Transport of Dangerous Goods, including
      (1) new provisions regarding IMO type 9 tank, (2) new abbreviations for segregation groups, and (3) special provisions for carriage of lithium batteries and of vehicles powered by flammable liquid or gas.</div>
    <div style="text-align: justify; margin-top: 12pt; margin-bottom: 12pt;">The IMO has also adopted the International Convention on Standards of Training, Certification and Watchkeeping for Seafarers ("STCW").&#160; As of February 2017, all seafarers are
      required to meet the STCW standards and be in possession of a valid STCW certificate.&#160; Flag states that have ratified SOLAS and STCW generally employ the classification societies, which have incorporated SOLAS and STCW requirements into their class
      rules, to undertake surveys to confirm compliance.</div>
    <div style="text-align: justify; margin-top: 12pt; margin-bottom: 12pt;">The IMO's Maritime Safety Committee and MEPC, respectively, each adopted relevant parts of the International Code for Ships Operating in Polar Water (the "Polar Code"). The Polar
      Code, which entered into force on January 1, 2017, covers design, construction, equipment, operational, training, search and rescue as well as environmental protection matters relevant to ships operating in the waters surrounding the two poles.&#160; It
      also includes mandatory measures regarding safety and pollution prevention as well as recommendatory provisions.&#160; The Polar Code applies to new ships constructed after January 1, 2017, and after January 1, 2018, ships constructed before January 1,
      2017 are required to meet the relevant requirements by the earlier of their first intermediate or renewal survey.</div>
    <div style="text-align: justify; margin-top: 12pt; margin-bottom: 12pt;">Furthermore, recent action by the IMO's Maritime Safety Committee and United States agencies indicates that cybersecurity regulations for the maritime industry are likely to be
      further developed in the near future in an attempt to combat cybersecurity threats. For example, cyber-risk management systems must be incorporated by ship-owners and managers by 2021. This might cause companies to create additional procedures for
      monitoring cybersecurity, which could require additional expenses and/or capital expenditures. The impact of such regulations is hard to predict at this time.</div>
    <div style="text-align: justify; margin-top: 8pt; font-style: italic;">Pollution Control and Liability Requirements</div>
    <div style="text-align: justify; margin-top: 12pt; margin-bottom: 12pt;">The IMO has negotiated international conventions that impose liability for pollution in international waters and the territorial waters of the signatories to such conventions. For
      example, the IMO adopted an International Convention for the Control and Management of Ships' Ballast Water and Sediments (the "BWM Convention") in 2004. The BWM Convention entered into force on September 8, 2017.&#160; The BWM Convention requires ships
      to manage their ballast water to remove, render harmless or avoid the uptake or discharge of new or invasive aquatic organisms and pathogens within ballast water and sediments.&#160; The BWM Convention's implementing regulations call for a phased
      introduction of mandatory ballast water exchange requirements, to be replaced in time with mandatory concentration limits, and require all ships to carry a ballast water record book and an international ballast water management certificate.</div>
    <div style="text-align: justify; margin-top: 12pt; margin-bottom: 12pt;">On December 4, 2013, the IMO Assembly passed a resolution revising the application dates of the BWM Convention so that the dates are triggered by the entry into force date and not
      the dates originally in the BWM Convention.&#160; This, in effect, makes all vessels delivered before the entry into force date "existing vessels" and allows</div>
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    <div style="text-align: justify; margin-top: 12pt; margin-bottom: 12pt;">for the installation of ballast water management systems on such vessels at the first International Oil Pollution Prevention ("IOPP") renewal survey following entry into force of
      the convention. The MEPC adopted updated guidelines for approval of ballast water management systems (G8) at MEPC 70. At MEPC 71, the schedule regarding the BWM Convention's implementation dates was also discussed and amendments were introduced to
      extend the date existing vessels are subject to certain ballast water standards. Those changes were adopted at MEPC 72.&#160; Ships over 400 gross tons generally must comply with a "D-1 standard," requiring the exchange of ballast water only in open seas
      and away from coastal waters.&#160; The "D-2 standard" specifies the maximum amount of viable organisms allowed to be discharged, and compliance dates vary depending on the IOPP renewal dates. Depending on the date of the IOPP renewal survey, existing
      vessels must comply with the D-2 standard on or after September 8, 2019. For most ships, compliance with the D-2 standard will involve installing on-board systems to treat ballast water and eliminate unwanted organisms.&#160; Ballast water management
      systems, which include systems that make use of chemical, biocides, organisms or biological mechanisms, or which alter the chemical or physical characteristics of the ballast water, must be approved in accordance with IMO Guidelines (Regulation D-3).
      As of October 13, 2019, MEPC 72's amendments to the BWM Convention took effect, making the Code for Approval of Ballast Water Management Systems, which governs assessment of ballast water management systems, mandatory rather than permissive, and
      formalized an implementation schedule for the D-2 standard. Under these amendments, all ships must meet the D-2 standard by September 8, 2024. Costs of compliance with these regulations may be substantial.</div>
    <div style="text-align: justify; margin-top: 12pt; margin-bottom: 12pt;">Once mid-ocean ballast exchange or ballast water treatment requirements become mandatory under the BWM Convention, the cost of compliance could increase for ocean carriers and may
      have a material effect on our operations. However, many countries already regulate the discharge of ballast water carried by vessels from country to country to prevent the introduction of invasive and harmful species via such discharges. The U.S.,
      for example, requires vessels entering its waters from another country to conduct mid-ocean ballast exchange, or undertake some alternate measure, and to comply with certain reporting requirements.</div>
    <div style="text-align: justify; margin-top: 12pt; margin-bottom: 12pt;">The IMO also adopted the International Convention on Civil Liability for Bunker Oil Pollution Damage (the "Bunker Convention") to impose strict liability on ship owners (including
      the registered owner, bareboat charterer, manager or operator) for pollution damage in jurisdictional waters of ratifying states caused by discharges of bunker fuel. The Bunker Convention requires registered owners of ships over 1,000 gross tons to
      maintain insurance for pollution damage in an amount equal to the limits of liability under the applicable national or international limitation regime (but not exceeding the amount calculated in accordance with the LLMC).&#160; With respect to
      non-ratifying states, liability for spills or releases of oil carried as fuel in ship's bunkers typically is determined by the national or other domestic laws in the jurisdiction where the events or damages occur.</div>
    <div style="text-align: justify; margin-top: 12pt; margin-bottom: 12pt;">Ships are required to maintain a certificate attesting that they maintain adequate insurance to cover an incident. In jurisdictions, such as the United States where the Bunker
      Convention has not been adopted, various legislative schemes or common law govern, and liability is imposed either on the basis of fault or on a strict-liability basis.</div>
    <div style="text-align: justify; font-style: italic;">Anti&#8209;Fouling Requirements</div>
    <div style="text-align: justify; margin-top: 12pt; margin-bottom: 12pt;">In 2001, the IMO adopted the International Convention on the Control of Harmful Anti&#8209;fouling Systems on Ships, or the "Anti&#8209;fouling Convention." The Anti&#8209;fouling Convention, which
      entered into force on September 17, 2008, prohibits the use of organotin compound coatings to prevent the attachment of mollusks and other sea life to the hulls of vessels. Vessels of over 400 gross tons engaged in international voyages will also be
      required to undergo an initial survey before the vessel is put into service or before an International Anti&#8209;fouling System Certificate is issued for the first time; and subsequent surveys when the anti&#8209;fouling systems are altered or replaced. We have
      obtained Anti&#8209;fouling System Certificates for all of our vessels that are subject to the Anti&#8209;fouling Convention.</div>
    <div style="text-align: justify; margin-top: 12pt; margin-bottom: 12pt; font-style: italic;">Compliance Enforcement</div>
    <div style="text-align: justify; margin-top: 12pt; margin-bottom: 12pt;">Noncompliance with the ISM Code or other IMO regulations may subject the ship owner or bareboat charterer to increased liability, may lead to decreases in available insurance
      coverage for affected vessels and may result in the denial of access to, or detention in, some ports. The USCG and European Union authorities have indicated that vessels not in compliance with the ISM Code by applicable deadlines will be prohibited
      from trading in U.S. and European Union ports, respectively.&#160; As of the date of this report, each of our vessels is ISM Code certified. However, there can be no assurance that such certificates will be maintained in the future<font style="font-weight: bold;">.</font>&#160; The IMO continues to review and introduce new regulations. It is impossible to predict what additional regulations, if any, may be passed by the IMO and what effect, if any, such regulations might have on our
      operations.</div>
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    <div style="text-align: justify; margin-top: 12pt; margin-bottom: 12pt; font-style: italic; font-weight: bold;">United States Regulations</div>
    <div style="text-align: justify; margin-top: 12pt; font-style: italic; font-weight: bold;">The U.S. Oil Pollution Act of 1990 and the Comprehensive Environmental Response, Compensation and Liability Act</div>
    <div style="text-align: justify; margin-top: 8pt;">The U.S. Oil Pollution Act of 1990 ("OPA") established an extensive regulatory and liability regime for the protection and cleanup of the environment from oil spills. OPA affects all "owners and
      operators" whose vessels trade or operate within the U.S., its territories and possessions or whose vessels operate in U.S. waters, which includes the U.S.'s territorial sea and its 200-nautical mile exclusive economic zone around the U.S.&#160; The U.S.
      has also enacted the Comprehensive Environmental Response, Compensation and Liability Act ("CERCLA"), which applies to the discharge of hazardous substances other than oil, except in limited circumstances, whether on land or at sea. OPA and CERCLA
      both define "owner and operator" in the case of a vessel as any person owning, operating or chartering by demise, the vessel.&#160; Both OPA and CERCLA impact our operations.</div>
    <div style="text-align: justify; margin-top: 8pt;">Under OPA, vessel owners and operators are "responsible parties" and are jointly, severally and strictly liable (unless the spill results solely from the act or omission of a third party, an act of God
      or an act of war) for all containment and clean-up costs and other damages arising from discharges or threatened discharges of oil from their vessels, including bunkers (fuel).&#160; OPA defines these other damages broadly to include:</div>
    <div style="text-align: justify; margin-top: 8pt;"> </div>
    <div style="text-align: justify; margin-top: 8pt;">
      <div style="text-align: left; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z483035516cbf4b6a8c72745ebeae0a96" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman',serif;">(i)</td>
                <td style="width: auto; vertical-align: top;">
                  <div style="font-family: 'Times New Roman',serif;">injury to, destruction or loss of, or loss of use of, natural resources and related assessment costs;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: left; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z79698e28c21242c49575a8a95be903a9" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman',serif;">(ii)</td>
                <td style="width: auto; vertical-align: top;">
                  <div style="font-family: 'Times New Roman',serif;">injury to, or economic losses resulting from, the destruction of real and personal property;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: left; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z832c4355dedd4020887af8b45ea028b5" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman',serif;">(iii)</td>
                <td style="width: auto; vertical-align: top;">
                  <div style="font-family: 'Times New Roman',serif;">loss of subsistence use of natural resources that are injured, destroyed or lost;</div>
                </td>
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          </table>
        </div>
      </div>
      <div style="text-align: left; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z7b4afde999584ae0b5d3a9d08cbaf2d4" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman',serif;">(iv)</td>
                <td style="width: auto; vertical-align: top;">
                  <div style="font-family: 'Times New Roman',serif;">net loss of taxes, royalties, rents, fees or net profit revenues resulting from injury, destruction or loss of real or personal property, or natural resources;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: left; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="zfe822bf4bbec42d8987dabe1eaf02269" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman',serif;">(v)</td>
                <td style="width: auto; vertical-align: top;">
                  <div style="font-family: 'Times New Roman',serif;">lost profits or impairment of earning capacity due to injury, destruction or loss of real or personal property or natural resources; and</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: left; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z3ee8f54011944501a186a543728e9c4b" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

              <tr>
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                </td>
                <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman',serif;">(vi)</td>
                <td style="width: auto; vertical-align: top;">
                  <div style="font-family: 'Times New Roman',serif;">net cost of increased or additional public services necessitated by removal activities following a discharge of oil, such as protection from fire, safety or health hazards, and loss of
                    subsistence use of natural resources.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
    </div>
    <div style="text-align: justify; margin-top: 8pt;">OPA contains statutory caps on liability and damages; such caps do not apply to direct cleanup costs.&#160; Effective November 12, 2019, the USCG adjusted the limits of OPA liability for non-tank vessels,
      edible oil tank vessels, and any oil spill response vessels, to the greater of $1,200 per gross ton or $ 997,100 (subject to periodic adjustment for inflation). These limits of liability do not apply if an incident was proximately caused by the
      violation of an applicable U.S. federal safety, construction or operating regulation by a responsible party (or its agent, employee or a person acting pursuant to a contractual relationship) or a responsible party's gross negligence or willful
      misconduct.&#160; The limitation on liability similarly does not apply if the responsible party fails or refuses to (i) report the incident as required by law where the responsible party knows or has reason to know of the incident; (ii) reasonably
      cooperate and assist as requested in connection with oil removal activities; or (iii) without sufficient cause, comply with an order issued under the Federal Water Pollution Act (Section 311 (c), (e)) or the Intervention on the High Seas Act.</div>
    <div style="text-align: justify; margin-top: 8pt;">CERCLA contains a similar liability regime whereby owners and operators of vessels are liable for cleanup, removal and remedial costs, as well as damages for injury to, or destruction or loss of,
      natural resources, including the reasonable costs associated with assessing the same, and health assessments or health effects studies. There is no liability if the discharge of a hazardous substance results solely from the act or omission of a third
      party, an act of God or an act of war. Liability under CERCLA is limited to the greater of $300 per gross ton or $5.0 million for vessels carrying a hazardous substance as cargo and the greater of $300 per gross ton or $500,000 for any other vessel.
      These limits do not apply (rendering the responsible person liable for the total cost of response and damages) if the release or threat of release of a hazardous substance resulted from willful misconduct or negligence, or the primary cause of the
      release was a violation of applicable safety, construction or operating standards or regulations.&#160; The limitation on liability also does not apply if the responsible person fails or refused to provide all reasonable cooperation and assistance as
      requested in connection with response activities where the vessel is subject to OPA.</div>
    <div style="text-align: justify; margin-top: 8pt;">OPA and CERCLA each preserve the right to recover damages under existing law, including maritime tort law.&#160; OPA and CERCLA both require owners and operators of vessels to establish and maintain with
      the USCG evidence of financial responsibility sufficient to meet the maximum amount of liability to which the particular responsible person may be subject. Vessel owners and operators may satisfy their financial responsibility obligations by
      providing a proof of insurance, a surety bond, qualification as a self-insurer or a guarantee. We comply and plan</div>
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    <div style="text-align: justify; margin-top: 8pt;">to comply going forward with the USCG's financial responsibility regulations by providing applicable certificates of financial responsibility.</div>
    <div style="text-align: justify; margin-top: 8pt;">The 2010 <font style="font-style: italic;">Deepwater Horizon</font> oil spill in the Gulf of Mexico resulted in additional regulatory initiatives or statutes, including higher liability caps under
      OPA, new regulations regarding offshore oil and gas drilling and a pilot inspection program for offshore facilities. However, several of these initiatives and regulations have been or may be revised. For example, the U.S. Bureau of Safety and
      Environmental Enforcement's ("BSEE") revised Production Safety Systems Rule ("PSSR"), effective December 27, 2018, modified and relaxed certain environmental and safety protections under the 2016 PSSR. Additionally, the BSEE amended the Well Control
      Rule, effective July 15, 2019,&#160;which rolled back certain reforms regarding the safety of drilling operations, and the U.S. President has proposed leasing new sections of U.S. waters to oil and gas companies for offshore drilling.&#160; The effects of
      these proposals and changes are currently unknown. Compliance with any new requirements of OPA and future legislation or regulations applicable to the operation of our vessels could impact the cost of our operations and adversely affect our business.</div>
    <div style="text-align: justify; margin-top: 8pt;">OPA specifically permits individual states to impose their own liability regimes with regard to oil pollution incidents occurring within their boundaries, provided they accept, at a minimum, the levels
      of liability established under OPA and some states have enacted legislation providing for unlimited liability for oil spills. Many U.S. states that border a navigable waterway have enacted environmental pollution laws that impose strict liability on
      a person for removal costs and damages resulting from a discharge of oil or a release of a hazardous substance.&#160; These laws may be more stringent than U.S. federal law.&#160; Moreover, some states have enacted legislation providing for unlimited liability
      for discharge of pollutants within their waters, although in some cases, states which have enacted this type of legislation have not yet issued implementing regulations defining vessel owners' responsibilities under these laws. We intend to comply
      with all applicable state regulations in the ports where the Company's vessels call.</div>
    <div style="text-align: justify; margin-top: 8pt;">We currently maintain pollution liability coverage insurance in the amount of $1.0 billion per incident for each of our vessels. If the damages from a catastrophic spill were to exceed our insurance
      coverage, it could have an adverse effect on our business and results of operations.</div>
    <div><br>
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    <div style="text-align: justify; font-style: italic; font-weight: bold;">Other United States Environmental Initiatives</div>
    <div style="text-align: justify; margin-top: 12pt; margin-bottom: 12pt;">The U.S. Clean Air Act of 1970 (including its amendments of 1977 and 1990) ("CAA") requires the EPA to promulgate standards applicable to emissions of volatile organic compounds
      and other air contaminants.&#160; The CAA requires states to adopt State Implementation Plans, or "SIPs," some of which regulate emissions resulting from vessel loading and unloading operations which may affect our vessels.</div>
    <div style="text-align: justify;">The U.S. Clean Water Act ("CWA") prohibits the discharge of oil, hazardous substances and ballast water in U.S. navigable waters unless authorized by a duly-issued permit or exemption, and imposes strict liability in
      the form of penalties for any unauthorized discharges. The CWA also imposes substantial liability for the costs of removal, remediation and damages and complements the remedies available under OPA and CERCLA. In 2015, the EPA expanded the definition
      of "waters of the United States" ("WOTUS"), thereby expanding federal authority under the CWA. Following litigation on the revised WOTUS rule, in December 2018, the EPA and Department of the Army proposed a revised, limited definition of "waters of
      the United States." The proposed rule was published in the Federal Register on February 14, 2019 and was subject to public comment. On October 22, 2019, the agencies published a final rule repealing the 2015 Rule defining "waters of the United
      States" and recodified the regulatory text that existed prior to the 2015 Rule. The final rule became effective on December 23, 2019. On January 23, 2020, the EPA published the "Navigable Waters Protection Rule," which replaces the rule published on
      October 22, 2019, and redefines "waters of the United States." The effect of this rule is currently unknown.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">The EPA and the USCG have also enacted rules relating to ballast water discharge, compliance with which requires the installation of equipment on our vessels to treat ballast water before it is discharged or the
      implementation of other port facility disposal arrangements or procedures at potentially substantial costs, and/or otherwise restrict our vessels from entering U.S. Waters.&#160; The EPA will regulate these ballast water discharges and other discharges
      incidental to the normal operation of certain vessels within United States waters pursuant to the Vessel Incidental Discharge Act ("VIDA"), which was signed into law on December 4, 2018 and replaces the 2013 Vessel General Permit ("VGP") program
      (which authorizes discharges incidental to operations of commercial vessels and contains numeric ballast water discharge limits for most vessels to reduce the risk of invasive species in U.S. waters, stringent requirements for exhaust gas scrubbers,
      and requirements for the use of environmentally acceptable lubricants) and current Coast Guard ballast water management regulations adopted under the U.S. National Invasive Species Act ("NISA"), such as mid-ocean ballast exchange programs and
      installation of approved USCG technology for all vessels equipped with ballast water tanks bound for U.S. ports or entering U.S. waters. VIDA establishes a new framework for the regulation of vessel incidental discharges under Clean Water Act (CWA),
      requires the EPA to develop</div>
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    <div style="text-align: justify;">performance standards for those discharges within two years of enactment, and requires the U.S. Coast Guard to develop implementation, compliance, and enforcement regulations within two years of EPA's promulgation of
      standards. Under VIDA, all provisions of the 2013 VGP and USCG regulations regarding ballast water treatment remain in force and effect until the EPA and U.S. Coast Guard regulations are finalized. Non-military,&#160;non-recreational vessels greater than
      79 feet in length must continue to comply with the requirements of the VGP, including submission of a Notice of Intent ("NOI") or retention of a PARI form and submission of annual reports. We have submitted NOIs for our vessels where required.
      Compliance with the EPA, U.S. Coast Guard and state regulations could require the installation of ballast water treatment equipment on our vessels or the implementation of other port facility disposal procedures at potentially substantial cost, or
      may otherwise restrict our vessels from entering U.S. waters.</div>
    <div style="text-align: justify; margin-top: 12pt; font-style: italic; font-weight: bold;">European Union Regulations</div>
    <div style="text-align: justify; margin-top: 8pt;">In October 2009, the European Union amended a directive to impose criminal sanctions for illicit ship-source discharges of polluting substances, including minor discharges, if committed with intent,
      recklessly or with serious negligence and the discharges individually or in the aggregate result in deterioration of the quality of water.&#160; Aiding and abetting the discharge of a polluting substance may also lead to criminal penalties.&#160; The directive
      applies to all types of vessels, irrespective of their flag, but certain exceptions apply to warships or where human safety or that of the ship is in danger.&#160; Criminal liability for pollution may result in substantial penalties or fines and increased
      civil liability claims.</div>
    <div style="text-align: justify; margin-top: 12pt; margin-bottom: 12pt;">Regulation (EU) 2015/757 of the European Parliament and of the Council of 29 April 2015 (amending EU Directive 2009/16/EC) governs the monitoring, reporting and verification of
      carbon dioxide emissions from maritime transport, and, subject to some exclusions, requires companies with ships over 5,000 gross tonnage to monitor and report carbon dioxide emissions annually, which may cause us to incur additional expenses.</div>
    <div style="text-align: justify; margin-top: 12pt; margin-bottom: 12pt;">The European Union has adopted several regulations and directives requiring, among other things, more frequent inspections of high-risk ships, as determined by type, age and flag
      as well as the number of times the ship has been detained.&#160; The European Union also adopted and extended a ban on substandard ships and enacted a minimum ban period and a definitive ban for repeated offenses.&#160; The regulation also provided the
      European Union with greater authority and control over classification societies, by imposing more requirements on classification societies and providing for fines or penalty payments for organizations that failed to comply. Furthermore, the EU has
      implemented regulations requiring vessels to use reduced sulfur content fuel for their main and auxiliary engines. The EU Directive 2005/33/EC (amending Directive 1999/32/EC) introduced requirements parallel to those in Annex VI relating to the
      sulfur content of marine fuels. In addition, the EU imposed a 0.1% maximum sulfur requirement for fuel used by ships at berth in the Baltic, the North Sea and the English Channel (the so called "SOx-Emission Control Area").&#160; As of January 2020, EU
      member states must also ensure that ships in all EU waters, except the SOx-Emission Control Area, use fuels with a 0.5% maximum sulfur content.</div>
    <div style="text-align: justify; margin-top: 12pt; margin-bottom: 12pt; font-style: italic; font-weight: bold;">International Labour Organization</div>
    <div style="text-align: justify; margin-top: 12pt; margin-bottom: 12pt;">The International Labour Organization (the "ILO") is a specialized agency of the UN that has adopted the Maritime Labor Convention 2006 ("MLC 2006"). A Maritime Labor Certificate
      and a Declaration of Maritime Labor Compliance is required to ensure compliance with the MLC 2006 for all ships that are 500 gross tonnage or over and are either engaged in international voyages or flying the flag of a Member and operating from a
      port, or between ports, in another country.&#160; We believe that all our vessels are in substantial compliance with and are certified to meet MLC 2006.</div>
    <div style="text-align: justify; margin-top: 12pt; font-style: italic; font-weight: bold;">Greenhouse Gas Regulation</div>
    <div style="text-align: justify; margin-top: 8pt;">Currently, the emissions of greenhouse gases from international shipping are not subject to the Kyoto Protocol to the United Nations Framework Convention on Climate Change, which entered into force in
      2005 and pursuant to which adopting countries have been required to implement national programs to reduce greenhouse gas emissions with targets extended through 2020. International negotiations are continuing with respect to a successor to the Kyoto
      Protocol, and restrictions on shipping emissions may be included in any new treaty. In December 2009, more than 27 nations, including the U.S. and China, signed the Copenhagen Accord, which includes a non-binding commitment to reduce greenhouse gas
      emissions. The 2015 United Nations Climate Change Conference in Paris resulted in the Paris Agreement, which entered into force on November 4, 2016&#160;and does not directly limit greenhouse gas emissions from ships.&#160; The U.S. initially entered into the
      agreement, but on June 1, 2017, the U.S. President announced that the United States intends to withdraw from the Paris Agreement, which provides for a four-year exit</div>
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    <div style="text-align: justify; margin-top: 8pt;">process, meaning that the earliest possible effective withdrawal date cannot be before November 4, 2020. The timing and effect of such action has yet to be determined.</div>
    <div style="text-align: justify; margin-top: 12pt; margin-bottom: 12pt;">At MEPC 70 and MEPC 71, a draft outline of the structure of the initial strategy for developing a comprehensive IMO strategy on reduction of greenhouse gas emissions from ships
      was approved. In accordance with this roadmap, in April 2018, nations at the MEPC 72 adopted an initial strategy to reduce greenhouse gas emissions from ships.&#160; The initial strategy identifies "levels of ambition" to reducing greenhouse gas
      emissions, including (1) decreasing the carbon intensity from ships through implementation of further phases of the EEDI for new ships; (2) reducing carbon dioxide emissions per transport work, as an average across international shipping, by at least
      40% by 2030, pursuing efforts towards 70% by 2050, compared to 2008 emission levels; and (3) reducing the total annual greenhouse emissions by at least 50% by 2050 compared to 2008 while pursuing efforts towards phasing them out entirely. The initial
      strategy notes that technological innovation, alternative fuels and/or energy sources for international shipping will be integral to achieve the overall ambition. These regulations could cause us to incur additional substantial expenses.</div>
    <div style="text-align: justify; margin-top: 8pt;">The EU made a unilateral commitment to reduce overall greenhouse gas emissions from its member states from 20% of 1990 levels by 2020. The EU also committed to reduce its emissions by 20% under the
      Kyoto Protocol's second period from 2013 to 2020.&#160; Starting in January 2018, large ships over 5,000 gross tonnage calling at EU ports are required to collect and publish data on carbon dioxide emissions and other information.</div>
    <div style="text-align: justify; margin-top: 8pt;">In the United States, the EPA issued a finding that greenhouse gases endanger the public health and safety, adopted regulations to limit greenhouse gas emissions from certain mobile sources and
      proposed regulations to limit greenhouse gas emissions from large stationary sources. However, in March 2017, the U.S. President signed an executive order to review and possibly eliminate the EPA's plan to cut greenhouse gas emissions, and in August
      2019, the Administration announced plans to weaken regulations for methane emissions. The EPA or individual U.S. states could enact environmental regulations that would affect our operations.</div>
    <div style="text-align: justify; margin-top: 8pt;">Any passage of climate control legislation or other regulatory initiatives by the IMO, the EU, the U.S. or other countries where we operate, or any treaty adopted at the international level to succeed
      the Kyoto Protocol or Paris Agreement, that restricts emissions of greenhouse gases could require us to make significant financial expenditures which we cannot predict with certainty at this time. Even in the absence of climate control legislation,
      our business may be indirectly affected to the extent that climate change may result in sea level changes or certain weather events.</div>
    <div style="text-align: justify; margin-top: 12pt; font-style: italic; font-weight: bold;">Vessel Security Regulations</div>
    <div style="text-align: justify; margin-top: 8pt;">Since the terrorist attacks of September 11, 2001 in the United States, there have been a variety of initiatives intended to enhance vessel security such as the U.S. Maritime Transportation Security
      Act of 2002 ("MTSA"). To implement certain portions of the MTSA, the USCG issued regulations requiring the implementation of certain security requirements aboard vessels operating in waters subject to the jurisdiction of the United States and at
      certain ports and facilities, some of which are regulated by the EPA.</div>
    <div style="text-align: justify; margin-top: 8pt;">Similarly, Chapter XI-2 of the SOLAS Convention imposes detailed security obligations on vessels and port authorities and mandates compliance with the International Ship and Port Facility Security Code
      ("the ISPS Code").&#160; The ISPS Code is designed to enhance the security of ports and ships against terrorism.&#160; To trade internationally, a vessel must attain an International Ship Security Certificate ("ISSC") from a recognized security organization
      approved by the vessel's flag state.&#160; Ships operating without a valid certificate may be detained, expelled from or refused entry at port until they obtain an ISSC. The various requirements, some of which are found in the SOLAS Convention,&#160; include,
      for example, on-board installation of automatic identification systems to provide a means for the automatic transmission of safety-related information from among similarly equipped ships and shore stations, including information on a ship's identity,
      position, course, speed and navigational status; on-board installation of ship security alert systems, which do not sound on the vessel but only alert the authorities on shore; the development of vessel security plans; ship identification number to
      be permanently marked on a vessel's hull; a continuous synopsis record kept onboard showing a vessel's history including the name of the ship, the state whose flag the ship is entitled to fly, the date on which the ship was registered with that
      state, the ship's identification number, the port at which the ship is registered and the name of the registered owner(s) and their registered address; and compliance with flag state security certification requirements.</div>
    <div style="text-align: justify; margin-top: 8pt;">The USCG regulations, intended to align with international maritime security standards, exempt non-U.S. vessels from MTSA vessel security measures, provided such vessels have on board a valid ISSC that
      attests to the vessel's compliance with the SOLAS Convention security requirements and the ISPS Code. Future security measures</div>
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    <div style="text-align: justify; margin-top: 8pt;">could have a significant financial impact on us. We intend to comply with the various security measures addressed by MTSA, the SOLAS Convention and the ISPS Code.</div>
    <div style="text-align: justify; margin-top: 8pt;">The cost of vessel security measures has also been affected by the escalation in the frequency of acts of piracy against ships, notably off the coast of Somalia, including the Gulf of Aden and Arabian
      Sea area. Substantial loss of revenue and other costs may be incurred as a result of detention of a vessel or additional security measures, and the risk of uninsured losses could significantly affect our business. Costs are incurred in taking
      additional security measures in accordance with Best Management Practices to Deter Piracy, notably those contained in the BMP5 industry standard.</div>
    <div style="text-align: justify; margin-top: 12pt; font-style: italic; font-weight: bold;">Inspection by Classification Societies</div>
    <div style="text-align: justify; margin-top: 8pt;">The hull and machinery of every commercial vessel must be classed by a classification society authorized by its country of registry. The classification society certifies that a vessel is safe and
      seaworthy in accordance with the applicable rules and regulations of the country of registry of the vessel and SOLAS. Most insurance underwriters make it a condition for insurance coverage and lending that a vessel be certified "in class" by a
      classification society which is a member of the International Association of Classification Societies, the IACS. <font style="background-color: rgb(255, 255, 255);"> The IACS has adopted harmonized Common Structural Rules, or "the Rules," which
        apply to oil tankers and bulk carriers contracted for construction on or after July 1, 2015. The Rules attempt to create a level of consistency between IACS Societies.</font><font style="font-weight: bold;">&#160;</font>All of our vessels are certified
      as being "in class" by all the applicable Classification Societies (e.g., American Bureau of Shipping, Lloyd's Register of Shipping).</div>
    <div style="text-align: justify; margin-top: 8pt; margin-bottom: 12pt;">A vessel must undergo annual surveys, intermediate surveys, drydockings and special surveys. In lieu of a special survey, a vessel's machinery may be on a continuous survey cycle,
      under which the machinery would be surveyed periodically over a five-year period. Every vessel is also required to be drydocked every 30 to 36 months for inspection of the underwater parts of the vessel. If any vessel does not maintain its class
      and/or fails any annual survey, intermediate survey, drydocking or special survey, the vessel will be unable to carry cargo between ports and will be unemployable and uninsurable which could cause us to be in violation of certain covenants in our
      loan agreements. Any such inability to carry cargo or be employed, or any such violation of covenants, could have a material adverse impact on our financial condition and results of operations.</div>
    <div>The following table lists the upcoming intermediate or special survey for the vessels in our current fleet.&#160; Special surveys typically require drydocking of the vessels while intermediate surveys may not, depending on the age of the vessel and its
      condition.&#160; The intermediate surveys listed in the table below will not require drydocking of the vessels, unless otherwise specified below.</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" id="z62ea1d08c81946169a062f2c54d9dfbc">

        <tr>
          <td style="width: 33.38%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Vessel</div>
          </td>
          <td style="width: 33.27%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Next</div>
          </td>
          <td style="width: 33.35%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Type</div>
          </td>
        </tr>
        <tr>
          <td style="width: 33.38%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="font-weight: normal;">EVRIDIKI G.</div>
          </td>
          <td style="width: 33.27%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="font-weight: normal;">June 2021</div>
          </td>
          <td style="width: 33.35%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="font-weight: normal;">Special Survey (Drydocking)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 33.38%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="font-weight: normal;">EM CORFU</div>
          </td>
          <td style="width: 33.27%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="font-weight: normal;">October 2021</div>
          </td>
          <td style="width: 33.35%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="font-weight: normal;">Special Survey (Drydocking)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 33.38%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="font-weight: normal;">AKINADA BRIDGE</div>
          </td>
          <td style="width: 33.27%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="font-weight: normal;">November 2021</div>
          </td>
          <td style="width: 33.35%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="font-weight: normal;">Intermediate Survey</div>
          </td>
        </tr>
        <tr>
          <td style="width: 33.38%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="font-weight: normal;">KUO HSIUNG</div>
          </td>
          <td style="width: 33.27%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="font-weight: normal;">November 2021</div>
          </td>
          <td style="width: 33.35%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="font-weight: normal;">Special Survey (Drydocking)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 33.38%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="font-weight: normal;">AEGEAN EXPRESS</div>
          </td>
          <td style="width: 33.27%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="font-weight: normal;">October 2020</div>
          </td>
          <td style="width: 33.35%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="font-weight: normal;">Intermediate Survey</div>
          </td>
        </tr>
        <tr>
          <td style="width: 33.38%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="font-weight: normal;">EM ASTORIA</div>
          </td>
          <td style="width: 33.27%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="font-weight: normal;">October 2021</div>
          </td>
          <td style="width: 33.35%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="font-weight: normal;">Intermediate Survey</div>
          </td>
        </tr>
        <tr>
          <td style="width: 33.38%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="font-weight: normal;">JOANNA P</div>
          </td>
          <td style="width: 33.27%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="font-weight: normal;">January 2022</div>
          </td>
          <td style="width: 33.35%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="font-weight: normal;">Intermediate Survey</div>
          </td>
        </tr>
        <tr>
          <td style="width: 33.38%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="font-weight: normal;">EM ATHENS</div>
          </td>
          <td style="width: 33.27%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="font-weight: normal;">December 2020</div>
          </td>
          <td style="width: 33.35%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="font-weight: normal;">Special Survey (Drydocking)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 33.38%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="font-weight: normal;">EM SPETSES</div>
          </td>
          <td style="width: 33.27%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="font-weight: normal;">July 2020</div>
          </td>
          <td style="width: 33.35%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="font-weight: normal;">Special Survey</div>
          </td>
        </tr>
        <tr>
          <td style="width: 33.38%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="font-weight: normal;">EM KEA</div>
          </td>
          <td style="width: 33.27%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="font-weight: normal;">July 2020</div>
          </td>
          <td style="width: 33.35%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="font-weight: normal;">Special Survey</div>
          </td>
        </tr>
        <tr>
          <td style="width: 33.38%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="font-weight: normal;">EM HYDRA</div>
          </td>
          <td style="width: 33.27%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="font-weight: normal;">June 2020</div>
          </td>
          <td style="width: 33.35%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="font-weight: normal;">Special Survey</div>
          </td>
        </tr>
        <tr>
          <td style="width: 33.38%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="font-weight: normal;">DIAMANTIS P</div>
          </td>
          <td style="width: 33.27%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="font-weight: normal;">September 2021</div>
          </td>
          <td style="width: 33.35%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="font-weight: normal;">Intermediate Survey (Drydocking)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 33.38%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="font-weight: normal;">SYNERGY BUSAN</div>
          </td>
          <td style="width: 33.27%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="font-weight: normal;">January 2022</div>
          </td>
          <td style="width: 33.35%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="font-weight: normal;">Intermediate Survey</div>
          </td>
        </tr>
        <tr>
          <td style="width: 33.38%; vertical-align: middle; background-color: rgb(255, 255, 255);">
            <div style="font-weight: normal;">SYNERGY ANTWERP</div>
          </td>
          <td style="width: 33.27%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="font-weight: normal;">November 2021</div>
          </td>
          <td style="width: 33.35%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="font-weight: normal;">Intermediate Survey</div>
          </td>
        </tr>
        <tr>
          <td style="width: 33.38%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="font-weight: normal;">SYNERGY OAKLAND</div>
          </td>
          <td style="width: 33.27%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="font-weight: normal;">February 2022</div>
          </td>
          <td style="width: 33.35%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="font-weight: normal;">Intermediate Survey</div>
          </td>
        </tr>
        <tr>
          <td style="width: 33.38%; vertical-align: middle; background-color: rgb(255, 255, 255);">
            <div style="font-weight: normal;">SYNERGY KEELUNG</div>
          </td>
          <td style="width: 33.27%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="font-weight: normal;">May 2022</div>
          </td>
          <td style="width: 33.35%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="font-weight: normal;">Intermediate Survey</div>
          </td>
        </tr>
        <tr>
          <td style="width: 33.38%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="font-weight: normal;">NINOS</div>
          </td>
          <td style="width: 33.27%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="font-weight: normal;">July 2020</div>
          </td>
          <td style="width: 33.35%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="font-weight: normal;">Intermediate Survey</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
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    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-top: 12pt; font-weight: bold;">Risk of Loss and Liability Insurance</div>
    <div style="text-align: justify; margin-top: 12pt; font-style: italic; font-weight: bold;">General</div>
    <div style="text-align: justify; margin-top: 8pt;">The operation of any cargo vessel includes risks such as mechanical failure, physical damage, collision, property loss, cargo loss or damage and business interruption due to political circumstances in
      foreign countries, piracy incidents, hostilities and labor strikes. In addition, there is always an inherent possibility of marine disaster, including oil spills and other environmental mishaps, and the liabilities arising from owning and operating
      vessels in international trade. OPA, which imposes virtually unlimited liability upon shipowners, operators and bareboat charterers of any vessel trading in the exclusive economic zone of the United States for certain oil pollution accidents in the
      United States, has made liability insurance more expensive for shipowners and operators trading in the United States market. We carry insurance coverage as customary in the shipping industry. However, not all risks can be insured, specific claims may
      be rejected, and we might not be always able to obtain adequate insurance coverage at reasonable rates.</div>
    <div style="text-align: justify; margin-top: 8pt; font-style: italic; font-weight: bold;">Hull and Machinery Insurance</div>
    <div style="text-align: justify; margin-top: 8pt;">We procure hull and machinery insurance, protection and indemnity insurance, which includes environmental damage and pollution insurance and war risk insurance and freight, demurrage and defense
      insurance for our fleet. We generally do not maintain insurance against loss of hire (except for certain charters for which we consider it appropriate), which covers business interruptions that result in the loss of use of a vessel.</div>
    <div style="text-align: justify; margin-top: 12pt; font-style: italic; font-weight: bold;">Protection and Indemnity Insurance</div>
    <div style="text-align: justify; margin-top: 6pt;">Protection and indemnity insurance is provided by mutual protection and indemnity associations, or "P&amp;I Associations," and covers our third-party liabilities in connection with our shipping
      activities. This includes third-party liability and other related expenses of injury or death of crew, passengers and other third parties, loss or damage to cargo, claims arising from collisions with other vessels, damage to other third-party
      property, pollution arising from oil or other substances and salvage, towing and other related costs, including wreck removal. Protection and indemnity insurance is a form of mutual indemnity insurance, extended by protection and indemnity mutual
      associations, or "clubs."</div>
    <div style="text-align: justify; margin-top: 6pt;">Our current protection and indemnity insurance coverage for pollution is $1 billion per vessel per incident. The 13 P&amp;I Associations that comprise the International Group insure approximately 90%
      of the world's commercial tonnage and have entered into a pooling agreement to reinsure each association's liabilities. The International Group's website states that the Pool provides a mechanism for sharing all claims in excess of $10 million up to,
      currently, approximately $8.2 billion. As a member of a P&amp;I Association, which is a member of the International Group, we are subject to calls payable to the associations based on our claim records as well as the claim records of all other
      members of the individual associations and members of the shipping pool of P&amp;I Associations comprising the International Group.</div>
    <div style="text-align: justify; margin-top: 6pt;">
      <div>
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              <td style="width: 36pt; vertical-align: top; font-style: italic; font-weight: bold;">C.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-style: italic; font-weight: bold;">Organizational structure</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-top: 6pt; margin-bottom: 12pt;">Euroseas is the sole owner of all outstanding shares of the subsidiaries listed in Note 1 of our consolidated financial statements under "Item 18. Financial Statements" and in
      Exhibit 8.1 to this annual report.</div>
    <div style="text-align: justify; margin-top: 6pt;">
      <div>
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              <td style="width: 36pt; vertical-align: top; font-style: italic; font-weight: bold;">D.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-style: italic; font-weight: bold;">Property, plants and equipment</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-top: 3.6pt; margin-bottom: 12pt;">We do not own any real property.&#160; As part of the management services provided by Eurobulk during the period in which we have conducted business to date, we have shared, at no
      additional cost, offices with Eurobulk.&#160; We do not have current plans to lease or purchase office space, although we may do so in the future.</div>
    <div style="text-align: justify; margin-top: 3.6pt; margin-bottom: 7.2pt;">Our interests in our vessels are owned through our wholly-owned vessel owning subsidiaries and these are our only material properties. Please refer to Note 1, "Basis of
      Presentation and General Information", of the attached Financial Statements for a listing of our vessel owning subsidiaries.&#160; Our vessels are subject to priority mortgages, which secure our obligations under our various credit facilities. For further
      details regarding our credit facilities, refer to "Item 5. Operating and Financial Review and Prospects &#8212; B. Liquidity and Capital Resources &#8212; Credit Facilities."</div>
    <div style="text-align: justify;"><font style="font-weight: bold;">Item 4A.</font><font style="display: inline-block; font-size: 1px; width: 51.3pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-weight: bold;">Unresolved Staff Comments</font></div>
    <div style="text-align: justify; margin-top: 6pt; margin-bottom: 6pt;">None.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">53</font></div>
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    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-top: 7.2pt;">
      <div>
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              <td style="width: 51.3pt; vertical-align: top; font-weight: bold;">Item 5.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Operating and Financial Review and Prospects</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">The following discussion should be read in conjunction with "Item 3. Key Information &#8211; D. Risk Factors", "Item 4. Business Overview", and our financial statements and footnotes thereto contained in this annual report.
      This discussion contains forward-looking statements, which are based on our assumptions about the future of our business. Our actual results may differ materially from those contained in the forward-looking statements. Please read "Forward-Looking
      Statements" for additional information regarding forward-looking statements used in this annual report. Reference in the following discussion to "we," "our" and "us" refer to Euroseas and our subsidiaries, except where the context otherwise indicates
      or requires.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">We are constantly evaluating opportunities to increase the number of our vessels deployed on time charters or to participate in shipping pools (if available for our vessels); however, we only expect to enter into
      additional time charters or shipping pools if we can obtain contract terms that satisfy our criteria.&#160; Containerships are employed almost exclusively on time charter contracts. We carefully evaluate the length and rate of the time charter contract at
      the time of fixing or renewing a contract considering market conditions, trends and expectations.</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-bottom: 18pt;">We constantly evaluate vessel purchase opportunities to expand our fleet accretive to our earnings and cash flow. Additionally, we will consider selling certain of our vessels when favorable sales
      opportunities present themselves. If, at the time of sale, the carrying value is less than the sales price, we will realize a gain on sale, which will increase our earnings, but if, at the time of sale, the carrying value of a vessel is more than the
      sales price, we will realize a loss on sale, which will negatively impact our earnings. Please see "Critical Accounting Policies", below, for a further discussion of the consequences of selling our vessels for amounts below their carrying values.</div>
    <div style="text-align: justify; margin-bottom: 18pt; font-weight: bold;">Significant Developments in 2019</div>
    <div style="text-align: justify; margin-bottom: 18pt; font-weight: bold;">Trinity/Diamantis Vessel Acquisition</div>
    <div style="text-align: justify; margin-bottom: 18pt;">In August 2019, we completed the acquisition of four feeder containerships, owned by affiliates of the Pittas family including our CEO, for a consideration of $28.2 million, comprising a cash
      payment of $15 million and the issuance of 2,816,902 common shares to the sellers (the "Trinity/Diamantis Vessel Acquisition"). We financed the cash portion of the Trinity/Diamantis Vessel Acquisition price via the arrangement of two bank loans,
      drawing a total of $16.2 million with the excess amount used for general corporate purposes. The cash portion of the Trinity/Diamantis Vessel Acquisition price was used to repay the existing indebtedness of the vessels with the sellers receiving only
      payment in Euroseas common shares. The Trinity/Diamantis Vessel Acquisition was evaluated and approved by a special committee of independent members of the Board of Directors. The four vessels are the M/V "EM Hydra" and the M/V "EM Spetses", both
      1,740 teu feeder containership built in 2005 and 2007, respectively, the M/V "EM Kea", a 3,100 teu feeder containership built in 2007, and the M/V "Diamantis P", a 2,008 teu feeder containership vessel built in 1998.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Synergy Vessel Acquisition</div>
    <div style="text-align: justify;">In November 2019, we acquired and took delivery of four container carrier vessels of intermediate size of 4,253 teu, all built in South Korea, three in 2009 and the other in 2008. The vessels were acquired from
      companies controlled by Synergy Holdings Limited, for approximately $40 million (the "Synergy Vessel Acquisition"). The Synergy Vessel Acquisition of the four vessels (the "Synergy Vessels") was financed by bank debt of $32 million, a private
      placement of $6 million at a share price of $5.68 subscribed equally by an entity affiliated to the Company's Chief Executive Officer and an entity controlled by the seller of the Synergy Vessels and $2 million of the Company's cash. The Company also
      assumed the charters the vessels were under on the date of the transfer. As part of the Synergy Vessel Acquisition, the Company has agreed that the Manager enter into an agreement with Synergy Marine Limited for the provision of certain management
      services for the next three years. Mr. Andreas Papathomas, Chairman of Synergy Holdings Limited, was appointed to our Board of Directors. We also agreed to issue an additional $0.5 million in shares of Euroseas common stock to Synergy Holdings
      Limited if certain conditions are fulfilled in one year.</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Series B Preferred Shares</div>
    <div style="text-align: justify; margin-bottom: 12pt;">On June 10, 2019, the Board of Directors agreed to redeem $11.7 million of the Series B Preferred Shares. In parallel with the redemption, the holders of Series B Preferred Shares agreed to reduce
      the annual dividend rate to 8% per annum, effective June 11, 2019, which will apply until January 29, 2021, after which date the dividend rate</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">will increase to 14%, and will be payable only in cash. From January 29, 2019 to June 11, 2019, the Series B Preferred Shares carried a dividend rate of 12% per annum, which was paid in cash.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Reverse Stock Split</div>
    <div style="text-align: justify; margin-bottom: 18pt;">On December 18, 2019, we completed a 1-for-8 reverse stock split, effective at the close of trading on December 18, 2019. Our common shares began trading on a split-adjusted basis on December 19,
      2019. The reverse stock split was undertaken with the objective of meeting the minimum $1.00 per share requirement for listing our common shares on the Nasdaq Capital Market.</div>
    <div style="text-align: justify; margin-bottom: 18pt;"><font style="font-weight: bold;">A.</font><font style="display: inline-block; font-size: 1px; width: 36pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-weight: bold;">Operating results</font></div>
    <div style="text-align: justify; margin-top: 5.4pt; font-weight: bold;">Factors Affecting Our Results of Operations</div>
    <div style="text-align: justify; margin-top: 3.6pt; margin-bottom: 6pt;">We believe that the important measures for analyzing trends in the results of our operations consist of the following:</div>
    <div style="text-align: justify; margin-top: 3.6pt;"><font style="font-weight: bold;">Calendar days</font>. We define calendar days as the total number of days in a period during which each vessel in our fleet was in our possession including off-hire
      days associated with major repairs, drydockings or special or intermediate surveys or days of vessels in lay-up. Calendar days are an indicator of the size of our fleet over a period and affect both the amount of revenues and the amount of expenses
      that we record during that period.</div>
    <div style="text-align: justify; margin-top: 3.6pt;"><font style="font-weight: bold;">Available days.</font> We define available days as the total number of Calendar days in a period net of off-hire days associated with scheduled repairs, drydockings
      or special or intermediate surveys, or days of vessels in lay-up. The shipping industry uses available days to measure the number of days in a period during which vessels were available to generate revenues.</div>
    <div style="text-align: justify; margin-top: 3.6pt;"><font style="font-weight: bold;">Voyage days.</font> We define voyage days as the total number of Available days in a period net of off-hire days associated with unscheduled repairs or days waiting
      to find employment but including days our vessels were sailing for repositioning. The shipping industry uses voyage days to measure the number of days in a period during which vessels actually generate revenues or are sailing for repositioning
      purposes.</div>
    <div style="text-align: justify; margin-top: 3.6pt;"><font style="font-weight: bold;">Fleet utilization</font>. We calculate fleet utilization by dividing the number of our voyage days during a period by the number of our available days during that
      period. The shipping industry uses fleet utilization to measure a company's efficiency in finding suitable employment for its vessels and minimizing the amount of days that its vessels are off-hire either waiting to find employment, or commercial
      off-hire, or for reasons such as unscheduled repairs or other off-hire time related to the operation of the vessels, or operational off-hire.&#160; We distinguish our fleet utilization into commercial and operational. We calculate our commercial fleet
      utilization by dividing our available days net of commercial off-hire days during a period by our available days during that period.&#160; We calculate our operational fleet utilization by dividing our available days net of operational off-hire days
      during a period by our available days during that period.</div>
    <div style="text-align: justify; margin-top: 3.6pt;"><font style="font-weight: bold;">Spot Charter Rates</font>. <font style="background-color: rgb(255, 255, 255);">We calculate spot charter rates on contracts made in the spot market for the use of a
        vessel for a specific voyage ("voyage charter") to transport a specified agreed upon cargo at a specified freight rate per ton or occasionally a lump sum amount. Under a voyage charter agreement, the charter party generally commits to a minimum
        amount of cargo and the charterer is liable for any short loading of cargo or "dead" freight. </font>Spot charter rates are volatile and fluctuate on a seasonal and year to year basis. The fluctuations are caused by imbalances in the availability
      of cargoes for shipment and the number of vessels available at any given time to transport these cargoes.</div>
    <div style="text-align: justify; margin-top: 3.6pt; margin-bottom: 12pt;"><font style="font-weight: bold;">Time Charter Equivalent ("TCE").</font> A standard maritime industry performance measure used to evaluate performance is the daily TCE. Daily TCE
      revenues are time charter revenues and voyage charter revenues minus voyage expenses divided by the number of voyage days during the relevant time period. Voyage expenses primarily consist of port, canal and fuel costs that are unique to a particular
      voyage, which would otherwise be paid by a charterer under a time charter whereas under spot market voyage charters, we pay such voyage expenses. <font style="background-color: rgb(255, 255, 255);">We believe that the daily TCE neutralizes the
        variability created by unique costs associated with particular voyages or the employment of containerships on time charter or on the spot market (containerships are, generally, chartered on a time charter basis) and presents a more accurate
        representation of the revenues generated by our vessels</font>. Our definition of TCE may not be comparable to that used by other companies in the shipping industry.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">55</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
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    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-top: 5.4pt; font-weight: bold;">Basis of Presentation and General Information</div>
    <div style="text-align: justify; margin-top: 3.6pt; margin-bottom: 6pt;">We use the following measures to describe our financial performance:</div>
    <div style="text-align: justify; margin-top: 5.4pt;"><font style="font-weight: bold;">Time charter revenue and Voyage charter revenue.</font> Our charter revenues are driven primarily by the number of vessels in our fleet, the number of voyage days
      during which our vessels generate revenues and the amount of daily charter revenue that our vessels earn under charters, which, in turn, are affected by a number of factors, including our decisions relating to vessel acquisitions and disposals, the
      amount of time that we spend positioning our vessels, the amount of time that our vessels spend in drydock undergoing repairs, maintenance and upgrade work, the age, condition and specifications of our vessels, levels of supply and demand in the
      transportation market, the number of vessels on time charters, spot charters and in pools and other factors affecting charter rates in the containership market.</div>
    <div style="text-align: justify; margin-top: 3.6pt;"><font style="font-weight: bold;">Commissions.</font> We pay commissions on all chartering arrangements of 1.25% to Eurochart, a company affiliated with our CEO, plus additional commission of up to
      1.25% to other brokers involved in the transaction, plus address commission of up to 3.75% deducted from charter hire. These additional commissions, as well as changes to charter rates will cause our commission expenses to fluctuate from period to
      period. Eurochart also receives a fee equal to 1% calculated as stated in the relevant memorandum of agreement for any vessel sold by it on our behalf.</div>
    <div style="text-align: justify; margin-top: 3.6pt;"><font style="font-weight: bold;">Voyage expenses.</font> Voyage expenses primarily consist of port, canal and fuel costs that are unique to a particular voyage which would otherwise be paid by the
      charterer under a time charter contract, as well as commissions. Under time charters, the charterer pays voyage expenses whereas under spot market voyage charters, we pay such expenses. The amounts of such voyage expenses are driven by the mix of
      charters undertaken during the period. <font style="background-color: rgb(255, 255, 255);">Voyage expenses are also incurred, when our vessels are sailing for repositioning purposes or for drydocking, which we pay.</font></div>
    <div style="text-align: justify; margin-top: 3.6pt;"><font style="font-weight: bold;">Vessel operating expenses.</font> Vessel operating expenses include crew wages and related costs, the cost of insurance, expenses relating to repairs and maintenance,
      the costs of spares and consumable stores, tonnage taxes and other miscellaneous expenses. Our vessel operating expenses, which generally represent fixed costs, have historically changed in line with the size of our fleet. Other factors beyond our
      control, some of which may affect the shipping industry in general (including, for instance, developments relating to market prices for insurance or inflationary increases) may also cause these expenses to increase.</div>
    <div style="text-align: justify; margin-top: 3.6pt;"><font style="font-weight: bold;">Related party management fees.</font> These are the fees that we pay to our affiliated ship manager under our management agreements for the technical and commercial
      management that Eurobulk performs on our behalf.</div>
    <div style="text-align: justify; margin-top: 3.6pt;"><font style="font-weight: bold;">Vessel depreciation</font>. We depreciate our vessels on a straight-line basis with reference to the cost of the vessel, age and scrap value as estimated at the date
      of acquisition. Depreciation is calculated over the remaining useful life of the vessel. Remaining useful lives of property are periodically reviewed and revised to recognize changes in conditions, new regulations or other reasons. Revisions of
      estimated lives are recognized over current and future periods.</div>
    <div style="text-align: justify; margin-top: 3.6pt;"><font style="font-weight: bold;">Drydocking and special survey expense.</font> Our vessels are required to be drydocked approximately every 30 to 60 months for major repairs and maintenance that
      cannot be performed while the vessels are trading. Drydocking and special survey expenses are accounted on the direct expense method as this method eliminates the significant amount of time and subjectivity to determine which costs and activities
      related to drydocking and special survey should be deferred.</div>
    <div style="text-align: justify; margin-top: 3.6pt;"><font style="font-weight: bold;">Interest expense and loan costs.</font> We traditionally finance vessel acquisitions partly with debt on which we incur interest expense. The interest rate we pay is
      generally linked to the 3-month LIBOR rate, although from time to time we may utilize fixed rate loans or could use interest rate swaps to eliminate our interest rate exposure. Interest due is expensed in the period incurred. Loan costs are deferred
      and amortized over the period of the loan; the un-amortized portion is written-off if the loan is prepaid early.</div>
    <div style="text-align: justify; margin-top: 3.6pt;"><font style="font-weight: bold;">General and administrative expenses.</font> We incur expenses consisting mainly of executive compensation, professional fees, directors' liability insurance and
      reimbursement of our directors' and officers' travel-related expenses. We acquire executive services of our chief executive officer, chief financial officer, chief administrative officer, internal auditor and corporate secretary, through Eurobulk as
      part of our Master Management Agreement.</div>
    <div style="text-align: justify; margin-top: 3.6pt;">In evaluating our financial condition, we focus on the above measures to assess our historical operating performance and we use future estimates of the same measures to assess our future financial
      performance.&#160; In addition, we use the amount of cash at our disposal and our total indebtedness to assess our short-term liquidity needs and our ability to finance additional acquisitions with available resources (see also discussion under "Capital
      Expenditures" below).&#160; In assessing the future performance of our present fleet, the greatest uncertainty relates to the spot market performance which affects those of our vessels that are not employed under fixed time charter contracts as well as
      the level of the new charter rates for the charters that are to expire. Decisions about the acquisition of additional vessels or possible sales of existing vessels are based on financial and operational</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">56</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
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    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-top: 3.6pt;">evaluation of such action and depend on the overall state of the containership vessel market, the availability of purchase candidates, available employment, anticipated drydocking cost and our
      general assessment of economic prospects for the sectors in which we operate.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-weight: bold;">Results from Operations</div>
    <div style="text-align: justify; margin-top: 5.4pt; font-weight: bold;">Year ended December 31, 2019 compared to year ended December 31, 2018</div>
    <div style="text-align: justify; margin-top: 6pt;"><font style="font-style: italic;">Time charter revenue and voyage charter revenue</font>. Time charter revenue for 2019 amounted to $41.77 million, increasing by 15.2% compared to the year ended
      December 31, 2018 during which they amounted to $36.27 million. In 2019, we operated an average of 13.1 vessels, a 14.0% increase over the average of 11.49 vessels we operated during the same period in 2018. In the year 2019 our fleet had 4,636
      voyage days earning revenue as compared to 3,814 voyage days earning revenue in 2018. Market charter rates in the year ended December 31, 2019 were slightly lower for our containership vessels compared to the year ended December 31, 2018, which was
      reflected in the average earnings of our ships. While employed, our vessels generated a TCE rate of $8,782 per day per vessel in 2019 compared to a TCE rate of $9,179 per day per vessel in 2018, a decrease of 4.3%.&#160; The average TCE rate our vessels
      achieve is a combination of the time charter rate earned by our vessels under time charter contracts, which is not influenced by market developments during the duration of the charter (unless the two charter parties renegotiate the terms of the
      charter or the charterer is unable to make the contracted payments or we enter into new charter party agreements), and the TCE rate earned by our vessels employed in the spot market which is influenced by market developments.</div>
    <div style="text-align: justify; margin-top: 6pt;"><font style="font-style: italic;">Commissions</font>. We paid a total of $1.75 million in charter commissions for the year ended December 31, 2019, representing 4.2% of charter revenues. This
      represents a decrease over the year ended December 31, 2018, where commissions paid were $1.84 million, representing 5.1% of charter revenues.</div>
    <div style="text-align: justify; margin-top: 6pt;"><font style="font-style: italic;">Voyage expenses</font>. Voyage expenses for the year 2019 were $1.06 million and relate to expenses for repositioning voyages between time charter contracts<font style="font-size: 8pt;">&#160;</font>and owners' expenses at certain ports. For the year ended December 31, 2018, voyage expenses amounted to $1.26 million and related mainly to expenses for certain voyage charters and the types of voyage expenses
      mentioned above. Our vessels are generally chartered under time charter contracts. Voyage expenses usually represent a small fraction (2.5% and 3.5% in 2019 and 2018, respectively) of charter revenues. Voyage expenses are dependent on the number of
      voyage charters, the cost of fuel, port costs and canal tolls and the number of days our vessels sailed without a charter.</div>
    <div style="text-align: justify; margin-top: 6pt;"><font style="font-style: italic;">Vessel operating expenses</font>. Vessel operating expenses were $23.99 million in 2019 compared to $19.99 million in 2018. In 2019, we operated an average of 13.1
      vessels, a 14.0% increase over the average of 11.49 vessels we operated during the same period in 2018. Further, daily vessel operating expenses per vessel amounted to $5,015 per day in 2019 versus $4,769 per day in 2018, an increase of 5.2% mainly
      due to higher costs for lubricants and other vessel supplies.</div>
    <div style="text-align: justify; margin-top: 6pt;"><font style="font-style: italic;">Related party management fees</font>. These are part of the fees we pay to Eurobulk under our Master Management Agreement. During 2019, Eurobulk charged us 685 Euros
      per day per vessel totalling $3.67 million for the year, or $768 per day per vessel. During 2018, Eurobulk charged us 685 Euros per day per vessel totalling $3.54 million for the year, or $844 per day per vessel. The increase in the total amount of
      U.S. dollars charged within 2019 is due to the higher number of vessels operated within 2019 compared to the previous year, partly offset by the favorable movement in $/euro exchange rates during 2019 compared to 2018.</div>
    <div style="text-align: justify; margin-top: 6.65pt;"><font style="font-style: italic;">General and administrative expenses</font>. These expenses include the fixed portion of our management fees, incentive awards, legal and auditing fees, directors'
      and officers' liability insurance and other miscellaneous corporate expenses. In 2019, we had a total of $2.44 million of general and administrative expenses as compared to $2.57 million in 2018. The decrease of $0.13 million is due to the lower
      fixed management fee during most of 2019, which was in effect after the Company's spin-off in 2018.</div>
    <div style="text-align: justify; margin-top: 6.65pt;"><font style="font-style: italic;">Drydocking expenses.</font> These are expenses we pay for our vessels to complete a drydocking as part of an intermediate or special survey. In 2019, we had one
      vessel completing her special surveys with drydock, four vessels completing their in-water (intermediate) surveys and a vessel completing her special survey with drydock that started in 2018, for a total cost of $2.71 million. During 2018, we had
      three vessels completing their special surveys with drydock, three vessels completing their in-water (intermediate) surveys and a vessel starting her special survey, that was ultimately completed in 2019, for a total cost of $2.77 million.</div>
    <div style="text-align: justify; margin-top: 6.65pt;"><font style="font-style: italic;">Vessel depreciation</font>. Vessel depreciation for 2019 was $4.18 million. Comparatively, vessel depreciation for 2018 amounted to $3.31 million. The increase is
      due to the higher number of vessels in our fleet in 2019.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">57</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
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    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-top: 6.65pt;"><font style="font-style: italic;">Net gain on sale of vessels. </font><font style="background-color: rgb(255, 255, 255);">In March 2018, the Company agreed to sell its drybulk carrier M/V "Monica
        P." The 20-year-old vessel was sold on June 25, 2018, for a net amount of $6.3 million and the Company recorded a $1.34 million gain on the sale. In 2019 we had no vessel sales.</font></div>
    <div style="text-align: justify; margin-top: 6pt;"><font style="font-style: italic;">Interest and other financing costs.</font> Interest expense and other financing costs for the year 2019 were $3.42 million. Comparatively, during the same period in
      2018, interest and other financing costs amounted to $3.05 million. Interest expense charged was higher in 2019 due to the higher average outstanding debt, partly offset by a lower average LIBOR rate, as compared to 2018.</div>
    <div style="text-align: justify; margin-top: 6pt;"><font style="font-style: italic;">Loss on debt extinguishment. </font><font style="background-color: rgb(255, 255, 255);">For the year ended December 31, 2019, loss on debt extinguishment was $0.3
        million and related to the write-off of the unamortized debt discount in connection with the refinancing of the participating mortgage loan the Company had entered into with Credit Agricole, partly offset by the lower amount, at which the vessel
        profit participation liability was finally settled.</font></div>
    <div style="text-align: justify; margin-top: 6pt;"><font style="font-style: italic;">Derivatives gain/loss. </font>In 2019, we had a realized loss of $0.003 million from the net interest settlement on our interest rate swap contract that we entered
      into in October 2014 and matured in May 2019, as compared to a realized loss of $0.20 million and an unrealized gain of $0.20 million in 2018. We had entered into the interest rate swap to mitigate our exposure to possible increases in interest
      rates. The performance of our derivative contracts depends on the movement of interest rates. A decline in interest rates increases our loss in our derivative contracts and vice versa.</div>
    <div style="text-align: justify; margin-top: 6pt;"><font style="font-style: italic;">Dividend Series B Preferred Shares </font>and<font style="font-style: italic;"> Preferred deemed dividend.</font> The Series B Preferred Shares paid dividends in-kind
      until January 29, 2019 at a rate of 5% per annum. On June 10, 2019, we agreed to redeem $11.7 million of the outstanding Series B Preferred Shares with a simultaneous reduction of the dividend rate for the remaining outstanding shares to 8.0% per
      annum effective from June 11, 2019 until January 29, 2021, payable in cash. Thereafter, the Series B Preferred Shares will carry a dividend rate of 14% per annum, also payable in cash. Since January 29, 2019, the Series B Preferred Shares carried a
      dividend of 12% per annum.&#160; In 2019, the Company declared dividends of $1.27 million, of which $0.08 million were paid in-kind, $1.03 million were paid in cash <font style="background-color: rgb(255, 255, 255);">and another $0.16 million were
        accrued as of December 31, 2019 and were paid in cash in the first quarter of 2020, and recorded preferred deemed dividends of $0.50 million arising out of the redemption of approximately $11.7 million of Series B Preferred Shares</font>. <font style="background-color: rgb(255, 255, 255);">In 2018, there were $1.34 million dividends paid in-kind. </font>The decrease&#160;in 2019 is due to the redemption of $11.7 million in value of the outstanding Series B Preferred Shares, partly offset by
      the increase of the annual dividend rate to 12% and 8%, up from 5% during 2018, as explained above. <font style="background-color: rgb(255, 255, 255);">In addition, $0.50 million of preferred deemed dividends were recorded in 2019 as a result of the
        redemption of $11.7 million of the Series B Preferred Shares, representing the difference between (1) the fair value of the consideration transferred to the holders of the Series B Preferred Shares (comprising the cash payment offered) and (2) the
        carrying amount of the Series B Preferred Shares before the redemption (net of issuance costs).</font></div>
    <div style="text-align: justify; margin-top: 5.4pt;"><font style="font-style: italic;">Net loss attributable to common shareholders. </font>As a result of the above, net loss attributable to common shareholders for the year ended December 31, 2019 was
      $3.46 million, as compared to a net loss of $2.0 million for the year ended December 31, 2018.</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-top: 5.4pt; font-weight: bold;">Year ended December 31, 2018 compared to year ended December 31, 2017</div>
    <div><br>
    </div>
    <div style="text-align: justify;">For a discussion of the year ended December 31, 2018 compared to the year ended December 31, 2017, please refer to Part A, Item 5, "Operating and Financial Review and Prospects" in our Annual Report on Form 20-F for
      the year ended December 31, 2018.</div>
    <div style="text-align: justify; margin-top: 6pt; font-weight: bold;">Critical Accounting Policies</div>
    <div><br>
    </div>
    <div style="text-align: justify;">The discussion and analysis of our financial condition and results of operations is based upon our consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted
      in the United States of America, or U.S. GAAP. The preparation of those financial statements requires us to make estimates and judgments that affect the reported amount of assets and liabilities, revenues and expenses and related disclosure of
      contingent assets and liabilities at the date of our financial statements. Actual results may differ from these estimates under different assumptions or conditions.</div>
    <div style="text-align: justify; margin-top: 6pt; margin-bottom: 12pt;">Critical accounting policies are those that reflect significant judgments or uncertainties, and potentially result in materially different results under different assumptions and
      conditions. We have described below what we believe are our most critical accounting policies that involve a high degree of judgment and the methods of their application.</div>
    <div style="text-align: justify; margin-top: 6pt; font-weight: bold;">Depreciation</div>
    <div style="text-align: justify; margin-top: 6pt;">We record the value of our vessels at their cost (which includes acquisition costs directly attributable to the vessel and expenditures made to prepare the vessel for its initial voyage) less
      accumulated depreciation and</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">58</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin-top: 4px; margin-right: 0px; margin-bottom: 4px; width: 100%; border-width: 0px; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-top: 6pt;">impairment (if any). Depreciation is based on cost less the estimated residual scrap value. An increase in the useful life of the vessel or in the residual value would have the effect of decreasing the
      annual depreciation charge and extending it into later periods. A decrease in the useful life of the vessel or in the residual value would have the effect of increasing the annual depreciation charge and possibly an impairment charge. We depreciate
      our vessels on a straight-line basis over their estimated useful lives, estimated to be 25 years from date of initial delivery from the shipyard and the residual value of our vessels is estimated to be $250 per lightweight ton.</div>
    <div style="text-align: justify; margin-top: 6pt; font-weight: bold;">Impairment of long-lived assets</div>
    <div style="text-align: justify; margin-top: 6pt;">We review our vessels held for use and their related intangible assets and liabilities for impairment whenever events or changes in circumstances (such as vessel market values, vessel sales and
      purchases, business plans and overall market conditions) indicate that the carrying amount of the assets may not be recoverable. If indicators for impairment are present, we determine undiscounted projected net operating cash flows for the related
      long-lived assets and compare it to their carrying values. When the estimate of undiscounted projected net operating cash flows, excluding interest charges, expected to be generated by the use and eventual disposition of the asset is less than its
      carrying amount, we evaluate the asset for an impairment loss. In the event that impairment occurred, we would determine the fair value of the related asset and we record a charge to operations calculated by comparing the asset's carrying value to
      the estimated fair market value. We estimate fair market value primarily through the use of third party valuations performed on an individual vessel basis.</div>
    <div style="text-align: justify; margin-top: 6pt;">The carrying values of the Company's vessels may not represent their fair market value at any point in time since the market prices of second-hand vessels tend to fluctuate with changes in charter
      rates and the cost of newbuildings.</div>
    <div style="text-align: justify; margin-top: 6pt;">The Company determines the rates to be used in its impairment analysis based on the prevailing market charter rates for the first two years and on inflation-unadjusted historical average rates, from
      year three onwards. The Company calculates the historical average rates over a 18-year period for 2019, excluding outliers, and a 17-year period for 2018, which both start in 2002 and take into account complete market cycles, and which provide a more
      representative reference for the long term rates. These rates are used for the period a vessel is not under a charter contract; if there is a contract, the charter rate of the contract is used for the period of the contract.</div>
    <div style="text-align: justify; margin-top: 6pt; margin-bottom: 6pt;">Our impairment exercise is highly sensitive on variances in the time charter rates and vessel operating costs; it also requires assumptions for:</div>
    <div style="text-align: justify; margin-top: 6pt; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="z698551e46abf4c22a55e8c0283e7652c">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the effective fleet utilization rate;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-top: 6pt; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="z81bec1a99ef24f0686f3528e0bfea545">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>estimated scrap values;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-top: 6pt; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="zaa57fc4908a5403da9c65ffa170120e3">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>future drydocking costs; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-top: 6pt; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="zb3b709f95ca141788185972e54038c2f">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>probabilities of sale for each vessel.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-top: 6pt; margin-bottom: 12pt;">Our estimates for the time charter rates for the first two years are based on the prevailing market charter rates (based on the length of charters that can be secured at the time
      of the analysis, generally, one to two years). Vessel utilization estimates are based on the status of each vessel at the time of the assessment and the Company's past experience in finding employment for its vessels at comparable market conditions.
      Cost estimates, like drydocking and operating costs, are based on the Company's data for its own vessels; past estimates for such costs have generally been very close to the actual levels observed. Specifically, we use our budgeted operating expenses
      escalated by 1.5% per annum and our budgeted drydocking costs, assuming a five-year special survey cycle. Overall, the assumptions are based on historical trends as well as future expectations. Although management believes that the assumptions used
      to evaluate potential impairment are reasonable and appropriate, such assumptions are highly subjective. Our impairment test for the year ended December 31, 2019 identified two of our vessels with indication for impairment as presented in the
      following table. For these vessels, we performed our impairment analysis which indicated no impairment. Furthermore, we performed sensitivity analysis for the charter rates and operating cost assumptions (which are the inputs most sensitive to
      variations) allowing for variances of up to 10%, and a further reduction in charter rates for the following two years, to reflect any possible effect from the slowdown of economic activity due to the Coronavirus pandemic, without an impairment
      indication.</div>
    <div style="text-align: justify;">There can be no assurance as to how long-term charter rates and vessel values will increase as compared to their current levels and approach historical average levels for similarly aged vessels or whether they will
      improve by any significant degree. Charter rates, which improved significantly during 2018, <font style="background-color: rgb(255, 255, 255);">but gradually weakened towards the end of 2018 and through most of 2019 (apart from a brief upsurge in
        the fourth quarter), have weakened once again in early 2020</font>, and may return to their previously very depressed levels which could adversely affect our revenue,</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">59</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin-top: 4px; margin-right: 0px; margin-bottom: 4px; width: 100%; border-width: 0px; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">profitability and future assessments of vessel impairment. The impairment analysis may determine that the carrying value of a vessel is recoverable if the vessel is held and operated to the end of its useful life,
      however, if the vessel is sold when the market is depressed, the Company might suffer a loss on the sale. Whether the Company realizes a gain or loss on the sale of a vessel is primarily a function of the relative market values of vessels at the time
      the vessel was acquired less the accumulated depreciation and impairment, if any, versus the relative market values on the date a vessel is sold.</div>
    <div> <br>
    </div>
    <div style="text-align: justify; margin-top: 6pt; margin-bottom: 12pt;">For a discussion of the potential loss in the case of sale of all of our vessels with market value below their carrying value, we refer to the "Item 4.B. Business Overview &#8211; Our
      Fleet".</div>
    <div style="text-align: justify; margin-top: 6pt; margin-bottom: 12pt;">For the two vessels which as of December 31, 2019 had impairment indication, a comparison of the average estimated daily time charter equivalent rate used in our impairment
      analysis with the average "break even rate" for the uncontracted period is presented below:</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" id="z15c9305411ab4deda52145fe628ead19">

        <tr>
          <td style="width: 15.46%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-style: italic; font-weight: bold;">Vessel</div>
          </td>
          <td style="width: 14.68%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-style: italic; font-weight: bold;">Charter Rate as of 12/31/2019</div>
          </td>
          <td style="width: 10.64%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-style: italic; font-weight: bold;">Remaining</div>
            <div style="font-style: italic; font-weight: bold;">Months Chartered</div>
          </td>
          <td style="width: 10.64%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-style: italic; font-weight: bold;">Remaining Life (years)</div>
          </td>
          <td style="width: 10.85%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-style: italic; font-weight: bold;">Rate Year 1 (2020)</div>
          </td>
          <td style="width: 10.85%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-style: italic; font-weight: bold;">Rate Year 2 (2021)</div>
          </td>
          <td style="width: 11.95%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-style: italic; font-weight: bold;">Rate Year 3+ (2022+)</div>
          </td>
          <td style="width: 14.93%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-style: italic; font-weight: bold;">Breakeven Rate (USD/day)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 15.46%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="font-style: italic;">Evridiki</div>
          </td>
          <td style="width: 14.68%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; font-style: italic;">10,250</div>
          </td>
          <td style="width: 10.64%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; font-style: italic;">8.0</div>
          </td>
          <td style="width: 10.64%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; font-style: italic;">6.5</div>
          </td>
          <td style="width: 10.85%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; font-style: italic;">10,902</div>
          </td>
          <td style="width: 10.85%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; font-style: italic;">10,902</div>
          </td>
          <td style="width: 11.95%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; font-style: italic;">12,917</div>
          </td>
          <td style="width: 14.93%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; font-style: italic;">11,113</div>
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 15.46%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="font-style: italic;">Diamantis P</div>
          </td>
          <td style="width: 14.68%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center; font-style: italic;">8,000</div>
          </td>
          <td style="width: 10.64%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center; font-style: italic;">6.0</div>
          </td>
          <td style="width: 10.64%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center; font-style: italic;">3.5</div>
          </td>
          <td style="width: 10.85%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center; font-style: italic;">8,966</div>
          </td>
          <td style="width: 10.85%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center; font-style: italic;">8,966</div>
          </td>
          <td style="width: 11.95%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center; font-style: italic;">9,884</div>
          </td>
          <td style="width: 14.93%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center; font-style: italic;">8,775</div>
          </td>
        </tr>

    </table>
    <div style="margin-top: 6pt;"><br>
    </div>
    <div style="text-align: justify; margin-top: 6pt; font-weight: bold;">Recent Accounting Pronouncements</div>
    <div style="text-align: justify; margin-top: 6pt; margin-bottom: 12pt;">Please refer to Note 2 of the financial statements <font style="background-color: rgb(255, 255, 255);">included in Item 18 of this annual report for a description of recent
        accounting pronouncements that may apply to us</font>.</div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="zed34c639e6f34d949ad9df46ea621152">

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

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-top: 6pt; margin-bottom: 6pt;">Historically, our sources of funds have been equity provided by our shareholders, operating cash flows and long-term borrowings. Our principal use of funds has been capital
      expenditures to establish and expand our fleet, maintain the quality of our vessels during operations and the periodically required drydockings, comply with international shipping standards and environmental laws and regulations, fund working capital
      requirements and, if necessary, operating shortfalls, make principal repayments on outstanding loan facilities, and pay dividends.</div>
    <div style="text-align: justify; margin-top: 6pt; margin-bottom: 6pt;">Beginning in February 2020, partially due to fears associated with the spread of the Coronavirus, global financial markets, and starting in late February, financial markets in the
      U.S., experienced even greater relative volatility and a steep and abrupt downturn, which volatility and downturn may continue as the Coronavirus continues to spread. On March 11, 2020, the World Health Organization declared the Coronavirus outbreak
      a pandemic. In response to the Coronavirus outbreak, many countries, ports and organizations, including those where we conduct a large part of our operations, have implemented measures to combat the outbreak, such as quarantines and travel
      restrictions. Such measures have and will likely continue to cause severe trade disruptions. The extent to which the Coronavirus will impact the Company's results of operations and financial condition will depend on future developments, which are
      highly uncertain and cannot be predicted, including new information which may emerge concerning the severity of the Coronavirus and the actions to contain or treat its impact, among others. Accordingly, an estimate of the impact of the Coronavirus
      cannot be made at this time. We expect to rely on cash available, funds generated from operating cash flows, funds from our shareholders, equity offerings, and long term borrowings to meet our liquidity needs going forward and to finance our capital
      expenditures and working capital needs in 2020 and beyond. There are also $7.35 million of undrawn amounts available under our revolving facility with Eurobank Ergasias S.A., which can be used to finance up to 55% of the market value of post
      2001-built ships.</div>
    <div style="text-align: justify; margin-top: 6pt; font-weight: bold;">Cash Flows</div>
    <div style="text-align: justify; margin-top: 6pt;">As of December 31, 2019, we had a working capital deficit of $18.6 million and have been incurring losses. For the year ended December 31, 2019, we generated net cash from operating activities of $3.1
      million. Our cash balance amounted to $1.0 million and cash in restricted and retention accounts amounted to $4.9 million as of December 31, 2019. The holders of Series B Preferred Shares will receive a cash dividend at an annual dividend rate of 8%
      until January 29, 2021, which will increase to 14% thereafter. <font style="background-color: rgb(255, 255, 255);">For 2020, we expect our daily TCE rates to potentially decrease compared to 2019, due to decreased time charter rates observed in the
        market, as of the date of this report, and the impact of the Coronavirus outbreak on the demand in the dry-bulk shipping industry. </font>We intend to fund our working capital requirements and capital commitments via cash on hand and cash flows
      from operations,</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">60</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin-top: 4px; margin-right: 0px; margin-bottom: 4px; width: 100%; border-width: 0px; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-top: 6pt;">&#160;as well as via the cash proceeds expected to be generated through the sale of certain of the Company's older vessels for scrap. In the event that these are not sufficient, we may also use funds from
      debt refinancing and equity offerings and convert to equity the related party loans, if required, among other options. We believe we will have adequate funding through the sources described above and, accordingly, we believe we have the ability to
      continue as a going concern and finance our obligations as they come due over the next twelve months following the date of the issuance of our financial statements. Consequently, our consolidated financial statements have been prepared on a going
      concern basis which contemplates the realization of assets and satisfaction of liabilities in the normal course of business.</div>
    <div><br>
    </div>
    <div style="font-weight: bold;">Year ended December 31, 2019 compared to year ended December 31, 2018</div>
    <div style="text-align: justify; margin-top: 12pt; font-style: italic; font-weight: bold;">Net cash from operating activities.</div>
    <div style="text-align: justify;">Our net surplus from cash flows provided by operating activities for 2019 was $3.24 million as compared to a cash flow deficit from operating activities of $1.48 million in 2018.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">The major drivers of the change of cash flows from operating activities for the year ended December 31, 2019 compared to the year ended December 31, 2018, are the following: the increase in the average number of
      vessels in our fleet, offset by the decrease of the market rates during the year ended December 31, 2019, which resulted in a lower TCE rate of $8,782 compared to $9,179 for the year ended December 31, 2018. The increase in the average number of
      vessels in our fleet is also reflected in the increase of our operating income (excluding non-cash items) to $6.25 million for the year ended December 31, 2019 from $4.43 million for the corresponding period in 2018. This positive effect also added a
      net working capital inflow of $0.92 million during the year ended December 31, 2019 compared to a net working capital outflow of $3.48 million for the year ended December 31, 2018, mainly due to the significant decrease in the amount of
      reimbursements made to our Manager, partly offset by the higher net interest expense for the year ended December 31, 2019 compared to the corresponding period in 2018.</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-top: 12pt; font-style: italic; font-weight: bold;">Net cash from investing activities.</div>
    <div style="text-align: justify;">Net cash flows used in investing activities were $55.72 million for the year ended December 31, 2019 compared to $6.25 million provided by investing activities for the year ended December 31, 2018. The net decrease in
      cash flows from investing activities of $61.97 million from 2018 is mainly attributable to an increase of $55.72 million in payments for vessel acquisitions and major improvements during the year ended December 31, 2019 compared to the same period of
      2018, combined with a decrease of $6.25 million in proceeds from vessel sales that took place in 2018.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; margin-top: 6pt; font-style: italic; font-weight: bold;">Net cash from financing activities.</div>
    <div style="text-align: justify;">Net cash flows provided by financing activities were $45.20 million for the year ended December 31, 2019, compared to net cash flows provided by financing activities of $0.14 million for the year ended December 31,
      2018. This increase in cash flows provided by financing activities of $45.06 million, compared to the year ended December 31, 2018, is attributable to (i) a decrease of $18.95 million in long term debt principal payments during the year ended
      December 31, 2019, (ii) an increase of $4.76 million in proceeds from issuance of common stock, net of offering expenses during the year ended December 31, 2019 compared to the same period of 2018, (iii) an increase in proceeds of long term debt (net
      of loan arrangement fees paid) of $30.77 million during the year ended December 31, 2019 (including $5.0 million of related party loans), compared to the same period of 2018 and (iv) an outflow of funds of $3.30 million to a spun-off subsidiary
      (EuroDry) during the year ended December 31, 2018, partly offset by an outflow of $11.69 million arising from the redemption of the Series B Preferred Shares and an outflow of $1.03 million of dividends on the Series B Preferred Shares paid in cash
      during 2019. For the year ended December 31, 2018, there was no redemption of cash dividend payment on the Series B Preferred Shares.</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">61</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin-top: 4px; margin-right: 0px; margin-bottom: 4px; width: 100%; border-width: 0px; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="font-weight: bold;">Year ended December 31, 2018 compared to year ended December 31, 2017</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="margin-bottom: 12pt;">For a discussion of the year ended December 31, 2018 compared to the year ended December 31, 2017, please refer to Part A, Item 5, "Operating and Financial Review and Prospects" in our Annual Report on Form 20-F for
      the year ended December 31, 2018.</div>
    <div style="text-align: justify; margin-top: 6pt; font-weight: bold;">Debt Financing</div>
    <div style="text-align: justify;">We operate in a capital-intensive industry which requires significant amounts of investment, and we fund a <font style="background-color: rgb(255, 255, 255);">major portion of this investment through long term debt.
        We maintain debt levels we consider prudent based on our market expectations, cash flow, interest coverage and percentage of debt to capital.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="background-color: rgb(255, 255, 255);">As of December 31, 2019, we had five outstanding loans with a combined outstanding balance of $90.21 million. These loans mature between 2020 and 2023. Our long-term
        debt as of December 31, 2019 comprises bank loans granted to our vessel-owning subsidiaries with a combined outstanding balance of $85.21 million with margins over LIBOR ranging from 2.95% to 3.90%, and a related party loan with a balance of $5.00
        million and an interest rate of 8%.&#160; A description of our loans as of December 31, 2019 is provided in Note 8 of our attached financial statements. As of December 31, 2019, we are scheduled to repay approximately $17.54 million of the above bank
        loans in 2020, including the $5.0 million related party loan.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-top: 6pt; margin-bottom: 6pt; font-style: italic; font-weight: bold;">Our loan agreements contain covenants.</div>
    <div style="text-align: justify; margin-top: 6pt; margin-bottom: 6pt;"><font style="background-color: rgb(255, 255, 255);">Our loans have various covenants such as minimum requirements regarding the security cover ratio (the ratio of fair value of
        vessel to outstanding loan less cash in retention accounts) and restrictions as to changes in management and ownership of the ship-owning companies, distribution of profits or assets (in effect not permitting dividend payment or other distributions
        in cases that an event of default has occurred), additional indebtedness and mortgage of vessels without the lender's prior consent, sale of vessels, maximum fleet-wide leverage, sale of capital stock of our subsidiaries, ability to make
        investments and other capital expenditures, entering in mergers or acquisitions, minimum cash balance requirements and minimum cash retention accounts (restricted cash). When necessary, we do provide supplemental collateral in the form of
        restricted cash or cross-collateralize vessels to ensure compliance with security cover ratio ("loan-to-value" ratio).&#160; Increases in restricted cash required to satisfy loan covenants would reduce funds available for investment or working capital
        and could have a negative impact on our operations.&#160; If we cannot cure any violated covenants, we might be required to repay all or part of our loans, which, in turn, might require us to sell one or more of our vessels under distressed conditions.
        As of December 31, 2019, we were not in default of any credit facility covenant.</font></div>
    <div style="margin-top: 6pt; margin-bottom: 6pt; font-weight: bold;">Shelf Registration</div>
    <div style="text-align: justify; margin-top: 6pt; margin-bottom: 6pt;"><font style="background-color: rgb(255, 255, 255);">On December 19, 2016, the SEC declared effective our shelf registration statement on Form F-3 pursuant to which we registered
        common shares, preferred shares, debt securities, warrants and units up to a total dollar amount of $400,000,000 (about $5.70 million of which were used under our ATM offering), to be sold by the Company, as well as 715,422 common shares to be sold
        by certain selling shareholders.</font></div>
    <div style="text-align: justify; margin-top: 6pt; margin-bottom: 6pt;"><font style="background-color: rgb(255, 255, 255);">On March 12, 2020, we filed with the SEC a shelf registration statement on Form F-3 and filed an amendment thereto on March 27,
        2020.&#160; The shelf registration statement, if declared effective, will give us the ability to offer and sell, within a three year period, up to $400,000,000 of our securities, consisting of common shares, preferred shares, debt securities, warrants
        and units, as well as 2,369,950 common shares that were previously acquired in private transactions or in the open market or which are issuable upon conversion of the Series B Preferred Shares or any convertible notes into which the Series B
        Preferred Shares may convert.</font></div>
    <div style="text-align: justify; margin-right: 28.8pt; margin-top: 6pt; margin-bottom: 6pt; font-weight: bold;">Capital Expenditures</div>
    <div style="text-align: justify; margin-top: 6pt; margin-bottom: 6pt;"><font style="background-color: rgb(255, 255, 255);">We make capital expenditures from time to time in connection with our vessel acquisitions or participation in joint ventures to
        acquire vessels.</font></div>
    <div style="text-align: justify; margin-top: 6pt; margin-bottom: 6pt;"><font style="background-color: rgb(255, 255, 255);">In 2010, we entered into our Euromar joint venture with two private equity firms. The Company had not provided any guarantees to
        Euromar beyond its capital already invested or funds put in escrow. None of the loans entered into by Euromar had any recourse to the Company. On September 7, 2017, Euroseas became the sole owner of Euromar at a nominal price of $1. The Company
        acquired the 85.714% interest in Euromar it did not already own and Euromar became a wholly-owned subsidiary of the Company. As of December 31, 2017, all vessels of Euromar were sold with the consent of Euromar's lenders; all proceeds from such
        sales and any funds in excess of other liabilities were applied towards the indebtedness of Euromar with any excess indebtedness written off; Euromar was released from all its corporate guarantees to its lenders.</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">62</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin-top: 4px; margin-right: 0px; margin-bottom: 4px; width: 100%; border-width: 0px; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;"><a name="z_GoBack"></a><font style="background-color: #FFFFFF;">In June 2017 we took delivery of the feeder containership M/V "EM
          Astoria" for $4.75 million. In September 2017 we took delivery of the feeder containership M/V "EM Athens" for $4.2 million. In October 2017 we took delivery of the feeder containership M/V "EM Oinousses" for $4.3 million and the feeder
          containership M/V "EM Corfu" for $5.7 million. In December 2017 we took delivery of the intermediate containership M/V "Akinada Bridge" for $11.1 million. All these five containerships were purchased from Euromar for $29.85 million.</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;"><font style="background-color: #FFFFFF;">In August 2019 we took delivery of four feeder containerships, the M/V "Diamantis P", M/V "EM
          Hydra", M/V "EM Spetses", and M/V "EM Kea", owned by affiliates of the Pittas family including the Company's CEO, for a total of $28.2 million. The consideration towards the feeder vessels included a cash payment of $15.0 million, financed by two
          bank loans, and the issuance of 2,816,902 shares of common stock to the sellers. In November 2019, we took delivery of four intermediate size containerships, the M/V "Synergy Busan", M/V "Synergy Antwerp", M/V "Synergy Oakland" and M/V "Synergy
          Keelung", for a cost of approximately $40 million. The acquisition was financed by bank debt of $32.0 million, existing funds of the Company and $6.0 million raised in private placements.</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;"><font style="background-color: #FFFFFF;">We currently have six vessels scheduled for drydocking over the next 12 months. We may face
          delays in performing these drydocks or special surveys due to the effects of the Coronavirus, particularly if travel restrictions persist (refer to section above "B. Liquidity and Capital Resources &#8211; Cash Flows" for a discussion of how we plan to
          cover our working capital requirements and capital commitments).</font></div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Dividends</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">In, 2017, 2018 and 2019, the Company declared no dividend on its common stock. During the fourth quarter of 2013, the Company decided to
        suspend the quarterly dividend on its common stock to focus all its resources in exploiting investment opportunities in the markets.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Within 2017 and 2018, the Company declared eight consecutive quarterly dividends on its Series B Preferred Shares, amounting to $1.81
        million in 2017 and $1.34 million in 2018, all of which were paid in-kind. Within 2019, the Company declared dividends of $1.27 million, of which $0.08 million were paid in-kind, $1.03 million were paid in cash during 2019 and another $0.16 million
        were accrued as of December 31, 2019 and were paid in the first quarter of 2020. The Series B Preferred Shares paid dividends in-kind until January 29, 2019 at a rate of 5% per annum. From January 29, 2019 to January 29, 2021, the dividend rate on
        the Series B Preferred Shares was set to increase to 12% per annum and to 14% per annum thereafter. On June 10, 2019, we redeemed $11.7 million of the Series B Preferred Shares, with a simultaneous reduction of the dividend rate to 8% per annum
        until January 29, 2021, after which date it will be increased to 14% per annum. From January 29, 2019 to June 11, 2019, the Series B Preferred Shares carried a dividend rate of 12% per annum.</div>
      <div style="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za9f5162933fe4fa094606cdebde47866">

              <tr>
                <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">C.</td>
                <td style="width: auto; vertical-align: top;">
                  <div style="color: #000000; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">Research and development, patents and licenses, etc.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Not applicable.</div>
      <div style="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z93012d1bcf954f808f01dd73756f296f">

              <tr>
                <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">D.</td>
                <td style="width: auto; vertical-align: top;">
                  <div style="color: #000000; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">Trend information</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Our results of operations depend primarily on the charter rates that we are able to realize. Charter rates paid for container vessels are
        primarily a function of the underlying balance between vessel supply and demand.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The demand for containership capacity is determined by the underlying demand for commodities transported in these vessels, which in turn
        is influenced by trends in the global economy. One of the main drivers of the containerized trade has been the growth in exports of finished goods. Demand for containership capacity is also affected by the operating efficiency of the global fleet,
        i.e., the average speed the fleet operates, and port congestion. A factor affecting mainly the containership sector, especially during periods of high fuel prices and/or low charter rates, is slow-steaming (i.e., the practice of running a vessel at
        lower speeds to economize on fuel costs). Slow-steaming increases the number of ships required to carry a given amount of trade volume and thus increases demand for ships as do higher levels of port congestion, leading to higher charter rates if
        all other factors influencing rates are unchanged.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The supply of containerships is dependent on the delivery of new vessels and the removal of vessels from the global fleet, either through
        scrapping or loss.&#160; According to industry sources, as of April 15, 2020, the capacity of the fully cellular worldwide container vessel fleet was approximately 23.0 million teu with approximately 2.35 million teu, or, about 10.22% of the present
        fleet capacity on order. If the supply of vessel capacity increases but the demand for vessel capacity does not increase correspondingly, charter rates and vessel values could materially decline. The level of scrapping activity is generally a
        function of scrapping prices in relation to current and prospective charter market conditions, as well as operating, repair and survey costs. The average age at which a vessel is scrapped over</div>
      <div style="margin-bottom: 12pt;"><br>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">63</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin-top: 4px; margin-right: 0px; margin-bottom: 4px; width: 100%; border-width: 0px; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">the last ten years has been between 25 and 27 years, with smaller vessels scrapped at a later age. During strong markets, the average age at which the vessels are scrapped increases; during 2004, 2005, 2006, 2007 and
      the first nine months of 2008, the majority of the Feeder, Handysize and Intermediate size containerships that were scrapped were in excess of 30 years of age.&#160; Continued weakness of containership charter rates resulted in increased scrapping rates
      at even lower vessel scrapping ages. In fact, 2016 saw scrapping of more than 500,000 teu, a 35-year record. In 2017 scrapping reached 398,610 teu, while in 2018, scrapping rates declined year on year reaching 119,910 teu. In 2019, the scrapping rate
      increased, reaching 182,560 teu. So far in 2020, there have been 29,570 teu of containerships that have been scrapped.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Declining shipping charter rates have a negative impact on our earnings when our vessels are employed in the spot market or when they are to be re-chartered after completing a time charter contract. As of April 15,
      2020, approximately 47% of our ship capacity days in remainder of 2020 and approximately 5% of our ship capacity days in 2021, are under time charter contracts. If the market rates decrease from current levels or the supply of vessels increases, our
      vessels may have difficulty securing employment and, if so, may be employed at rates lower than their present charters.</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-bottom: 3pt;">On March 11, 2020, the World Health Organization declared the Coronavirus outbreak a pandemic. In response to the outbreak, many countries, ports and organizations, including those where the Company
      conducts a large part of its operations, have implemented measures to combat the outbreak, such as quarantines and travel restrictions. Such measures have and will likely continue to cause severe economic growth and trade disruptions. Preliminary
      estimates of industry analysts have containerized trade declining in excess of 10% in 2020 with a similar rebound in 2021.&#160; At the same time, the increased uncertainty may cause restrain in placing orders for the construction of new vessels or may
      cause increase scrapping of existing vessels resulting in lower growth or even decline in the available number of container vessels; this, in turn, might create tight market conditions when containerized trade increases again. The extent to which the
      Coronavirus will impact economic growth, consumption patterns, containerized trade and the supply of vessels and, consequently, the Company's results of operations and financial condition is highly uncertain and cannot be predicted at this time.</div>
    <div style="margin-top: 3pt; margin-bottom: 3pt;"><br>
    </div>
    <div style="margin-bottom: 12pt;">
      <div>
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            <tr>
              <td style="width: 36pt; vertical-align: top; font-style: italic; font-weight: bold;">E.</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-style: italic; font-weight: bold;">Off-balance Sheet Arrangements</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-top: 6pt; margin-bottom: 12pt;">As of December 31, 2019, we did not have any off-balance sheet arrangements.</div>
    <div style="text-align: justify; margin-top: 6pt; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="zdfc27b1c87f34d01a69f6865eb072c55">

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

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-top: 6pt; margin-bottom: 12pt; font-style: italic; font-weight: bold;">Contractual Obligations and Commitments</div>
    <div>Contractual obligations are set forth in the following table as of December 31, 2019:</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" id="z3fc063d608c049018abf2d724edd6e64">

        <tr>
          <td rowspan="2" style="width: 29.94%; vertical-align: middle; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-size: 8pt; font-weight: bold;">In U.S. dollars</div>
          </td>
          <td rowspan="2" style="width: 14.01%; vertical-align: middle; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">Total</div>
          </td>
          <td style="width: 14.95%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">Less Than</div>
          </td>
          <td rowspan="2" style="width: 14.95%; vertical-align: middle; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">One to<br>
              Three Years</div>
          </td>
          <td style="width: 13.08%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">Three to</div>
          </td>
          <td style="width: 13.08%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">More Than Five Years</div>
          </td>
        </tr>
        <tr>
          <td style="width: 14.95%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">One Year</div>
          </td>
          <td style="width: 13.08%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">Five Years</div>
          </td>
          <td style="width: 13.08%; vertical-align: top; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 29.94%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Long-term bank loans</div>
          </td>
          <td style="width: 14.01%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">$85,207,220</div>
          </td>
          <td style="width: 14.95%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">$12,541,840</div>
          </td>
          <td style="width: 14.95%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">$38,665,380</div>
          </td>
          <td style="width: 13.08%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">$34,000,000</div>
          </td>
          <td style="width: 13.08%; vertical-align: top; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">-</div>
          </td>
        </tr>
        <tr>
          <td style="width: 29.94%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Related party loan</div>
          </td>
          <td style="width: 14.01%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">$5,000,000</div>
          </td>
          <td style="width: 14.95%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">$5,000,000</div>
          </td>
          <td style="width: 14.95%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">-</div>
          </td>
          <td style="width: 13.08%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">-</div>
          </td>
          <td style="width: 13.08%; vertical-align: top; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">-</div>
          </td>
        </tr>
        <tr>
          <td style="width: 29.94%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Interest Payments (1)</div>
          </td>
          <td style="width: 14.01%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">$10,093,000</div>
          </td>
          <td style="width: 14.95%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">$4,425,000</div>
          </td>
          <td style="width: 14.95%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">$4,877,000</div>
          </td>
          <td style="width: 13.08%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">$791,000</div>
          </td>
          <td style="width: 13.08%; vertical-align: top; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">-</div>
          </td>
        </tr>
        <tr>
          <td style="width: 29.94%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Vessel Management fees (2)</div>
          </td>
          <td style="width: 14.01%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">$15,516,488</div>
          </td>
          <td style="width: 14.95%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">$5,131,034</div>
          </td>
          <td style="width: 14.95%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">$10,385,454</div>
          </td>
          <td style="width: 13.08%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 13.08%; vertical-align: top; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 29.94%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Other Management fees (3)</div>
          </td>
          <td style="width: 14.01%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">$6,120,800</div>
          </td>
          <td style="width: 14.95%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">$2,000,000</div>
          </td>
          <td style="width: 14.95%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">$4,120,800</div>
          </td>
          <td style="width: 13.08%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 13.08%; vertical-align: top; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 29.94%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Total</div>
          </td>
          <td style="width: 14.01%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">$121,937,508</div>
          </td>
          <td style="width: 14.95%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">$29,097,874</div>
          </td>
          <td style="width: 14.95%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">$58,048,634</div>
          </td>
          <td style="width: 13.08%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">$34,791,000</div>
          </td>
          <td style="width: 13.08%; vertical-align: top; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>

    </table>
    <div style="text-align: justify; margin-top: 5.4pt; margin-bottom: 12pt;">(1)<font style="display: inline-block; font-size: 1px; width: 18pt;" id="TRGRRTFtoHTMLTab">&#160;</font>Assuming the amortization of the loans as of December 31, 2019 described above,
      each loan's interest rate margin over LIBOR and average LIBOR rates of about 1.61%, 1.21%, 1.21%, 1.41% and 1.81% per annum for the five years, respectively, based on the LIBOR yield curve as of December 31, 2019. This also includes our obligation</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">64</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin-top: 4px; margin-right: 0px; margin-bottom: 4px; width: 100%; border-width: 0px; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-top: 5.4pt; margin-bottom: 12pt;">to make payments required as of December 31, 2019 under our related party loan, with an interest rate of 8% per annum.</div>
    <div style="text-align: justify; margin-top: 5.4pt; margin-bottom: 12pt;">(2)<font style="display: inline-block; font-size: 1px; width: 18pt;" id="TRGRRTFtoHTMLTab">&#160;</font>Refers to our obligation for management fees under our Master Management
      Agreement and management agreements with the shipowning companies in effect as of December 31, 2019 and expiring on January 1, 2023.&#160; The management fees have been computed for 2020 based on the agreed rate of 685 Euros per day per vessel
      (approximately $767). For the years after 2020, we have assumed an annual increase in the rate of 2% for inflation. We assumed a rate of 1.12 in the US dollar to Euro exchange rate. We further assume that we hold our vessels until they reach 25 years
      of age, after which they are considered to be scrapped and no longer bear obligations.</div>
    <div style="text-align: justify; margin-top: 5.4pt; margin-bottom: 12pt;">(3)<font style="display: inline-block; font-size: 1px; width: 18pt;" id="TRGRRTFtoHTMLTab">&#160;</font>Refers to our obligation for management fees of $2,000,000 per year under our
      Master Management Agreement with Eurobulk for the cost of providing executive services to the Company. This fee is adjusted for inflation in Greece during the previous calendar year every January 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup>. From January 1, 2021 on, we have
      assumed an inflation rate of 2.0% per year. The agreement expires on January 1, 2023.</div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">G.</font><font style="display: inline-block; font-size: 1px; width: 36pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-weight: bold; font-style: italic;">Safe Harbor</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">See "Forward-Looking Statements" at the beginning of this annual report.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="z991436bce923481e822ee9228e071042">

            <tr>
              <td style="width: 54pt; vertical-align: top; font-weight: bold;">Item 6.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Directors, Senior Management and Employees</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="z18aec818ab40485a867a0a11b651177d">

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

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-top: 5.4pt; margin-bottom: 1.8pt;">The following sets forth the name and position of each of our directors and executive officers.</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" id="zf9d6f84d75a1400eb70d89ecd5cce6dc">

        <tr>
          <td style="width: 23.32%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">Name</div>
          </td>
          <td style="width: 12.34%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold; text-align: center;">Age</div>
          </td>
          <td style="width: 64.34%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">Position</div>
          </td>
        </tr>
        <tr>
          <td style="width: 23.32%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div>Aristides J. Pittas <br>
            </div>
          </td>
          <td style="width: 12.34%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">60<br>
            </div>
          </td>
          <td style="width: 64.34%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div>Chairman, President and CEO; Class A Director <br>
            </div>
          </td>
        </tr>
        <tr>
          <td style="width: 23.32%; vertical-align: middle; background-color: rgb(255, 255, 255);">
            <div>Dr. Anastasios Aslidis</div>
          </td>
          <td style="width: 12.34%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">60</div>
          </td>
          <td style="width: 64.34%; vertical-align: middle; background-color: rgb(255, 255, 255);">
            <div>CFO and Treasurer; Class A Director</div>
          </td>
        </tr>
        <tr>
          <td style="width: 23.32%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div>Aristides P. Pittas</div>
          </td>
          <td style="width: 12.34%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">68</div>
          </td>
          <td style="width: 64.34%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div>Vice Chairman; Class A Director</div>
          </td>
        </tr>
        <tr>
          <td style="width: 23.32%; vertical-align: middle; background-color: rgb(255, 255, 255);">
            <div>Stephania Karmiri</div>
          </td>
          <td style="width: 12.34%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">52</div>
          </td>
          <td style="width: 64.34%; vertical-align: middle; background-color: rgb(255, 255, 255);">
            <div>Secretary</div>
          </td>
        </tr>
        <tr>
          <td style="width: 23.32%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div>Panagiotis Kyriakopoulos</div>
          </td>
          <td style="width: 12.34%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">59</div>
          </td>
          <td style="width: 64.34%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div>Class B Director</div>
          </td>
        </tr>
        <tr>
          <td style="width: 23.32%; vertical-align: middle; background-color: rgb(255, 255, 255);">
            <div>Christian Donohue</div>
          </td>
          <td style="width: 12.34%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">52</div>
          </td>
          <td style="width: 64.34%; vertical-align: middle; background-color: rgb(255, 255, 255);">
            <div>Director</div>
          </td>
        </tr>
        <tr>
          <td style="width: 23.32%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div>Andreas Papathomas</div>
          </td>
          <td style="width: 12.34%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">68</div>
          </td>
          <td style="width: 64.34%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div>Director</div>
          </td>
        </tr>
        <tr>
          <td style="width: 23.32%; vertical-align: middle; background-color: rgb(255, 255, 255);">
            <div>George Taniskidis</div>
          </td>
          <td style="width: 12.34%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">59</div>
          </td>
          <td style="width: 64.34%; vertical-align: middle; background-color: rgb(255, 255, 255);">
            <div>Class C Director</div>
          </td>
        </tr>
        <tr>
          <td style="width: 23.32%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div>Apostolos Tamvakakis</div>
          </td>
          <td style="width: 12.34%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">62</div>
          </td>
          <td style="width: 64.34%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div>Class C Director</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-top: 8pt;"><font style="font-style: italic;">Aristides J. Pittas</font> has been a member of our Board of Directors and our Chairman and Chief Executive Officer since our inception on May 5, 2005. Since 1997, Mr.
      Pittas has also been the President of Eurochart, our affiliate. Eurochart is a shipbroking company specializing in chartering and selling and purchasing ships. Since January 1995, Mr. Pittas has been the President and Managing Director of Eurobulk,
      our affiliated ship management company. He resigned as Managing Director of Eurobulk in June 2005. Eurobulk is a ship management company that provides ocean transportation services. From September 1991 to December 1994, Mr. Pittas was the Vice
      President of Oceanbulk Maritime SA, a ship management company. From March 1990 to August 1991, Mr. Pittas served both as the Assistant to the General Manager and the Head of the Planning Department of Varnima International SA, a shipping company
      operating tanker vessels. From June 1987 until February 1990, Mr. Pittas was the head of the Central Planning department of Eleusis Shipyards S.A. From January 1987 to June 1987, Mr. Pittas served as Assistant to the General Manager of Chios
      Navigation Shipping Company in London, a company that provides ship management services. From December 1985 to January 1987, Mr. Pittas worked in the design department of Eleusis Shipyards S.A. where he focused on shipbuilding and ship repair. Mr.
      Pittas has a B.Sc. in Marine Engineering from University of Newcastle - Upon-Tyne and a MSc in both Ocean Systems Management and Naval Architecture and Marine Engineering from the Massachusetts Institute of Technology.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">65</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin-top: 4px; margin-right: 0px; margin-bottom: 4px; width: 100%; border-width: 0px; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-top: 8pt;"><font style="font-style: italic;">Dr. Anastasios Aslidis</font> has been our Chief Financial Officer and Treasurer and member of our Board of Directors since September 2005. Prior to joining Euroseas,
      Dr. Aslidis was a partner at Marsoft, an international consulting firm focusing on investment and risk management in the maritime industry. Dr. Aslidis has more than 25 years of experience in the maritime industry. He also served as consultant to the
      Boards of Directors of shipping companies (public and private) advising on strategy development, asset selection and investment timing. Dr. Aslidis holds a Ph.D. in Ocean Systems Management (1989) from the Massachusetts Institute of Technology, M.S.
      in Operations Research (1987) and M.S. in Ocean Systems Management (1984) also from the Massachusetts Institute of Technology, and a Diploma in Naval Architecture and Marine Engineering from the National Technical University of Athens (1983).</div>
    <div style="text-align: justify; margin-top: 8pt;"><font style="font-style: italic;">Aristides P. Pittas</font> has been a member of our Board of Directors since our inception on May 5, 2005 and our Vice Chairman since September 1, 2005. Mr. Pittas has
      been a shareholder in over 100 oceangoing vessels during the last 20 years. Since February 1989, Mr. Pittas has been the Vice President of Oceanbulk Maritime SA, a ship management company. From November 1987 to February 1989, Mr. Pittas was employed
      in the supply department of Drytank SA, a shipping company. From November 1981 to June 1985, Mr. Pittas was employed at Trust Marine Enterprises, a brokerage house as a sale and purchase broker. From September 1979 to November 1981, Mr. Pittas worked
      at Gourdomichalis Maritime SA in the operation and Freight Collection department. Mr. Pittas has a B.Sc in Economics from Athens School of Economics.</div>
    <div style="text-align: justify; margin-top: 8pt;"><font style="font-style: italic;">Stephania Karmiri</font> has been our Secretary since our inception on May 5, 2005. Since July 1995, Mrs. Karmiri has been executive secretary to Eurobulk, our
      affiliated ship management company. Eurobulk is a ship management company that provides ocean transportation services. At Eurobulk, Mrs. Karmiri has been responsible for dealing with sale and purchase transactions, vessel registrations/deletions,
      bank loans, supervision of office administration and office/vessel telecommunication. From May 1992 to June 1995, she was secretary to the technical department of Oceanbulk Maritime SA, a ship management company. From 1988 to 1992, Mrs. Karmiri
      served as assistant to brokers for Allied Shipbrokers, a company that provides shipbroking services to sale and purchase transactions. Mrs. Karmiri has taken assistant accountant and secretarial courses from Didacta college.</div>
    <div style="text-align: justify; margin-top: 8pt;"><font style="font-style: italic;">Panagiotis Kyriakopoulos</font> has been a member of our Board of Directors since our inception on May 5, 2005. Since July 2002, he has been the Chief Executive
      Officer of STAR INVESTMENTS S.A., one of the leading Mass Media Companies in Greece, running television and radio stations. From July 1997 to July 2002 he was the C.E.O. of the Hellenic Post Group, the Universal Postal Service Provider, having the
      largest retail network in Greece for postal and financial services products. From March 1996 until July 1997, Mr. Kyriakopoulos was the General Manager of ATEMKE SA, one of the leading construction companies in Greece listed on the Athens Stock
      Exchange. From December 1986 to March 1996, he was the Managing Director of Globe Group of Companies, a group active in the areas of shipowning and management, textiles and food and distribution. The company was listed on the Athens Stock Exchange.
      From June 1983 to December 1986, Mr. Kyriakopoulos was an assistant to the Managing Director of Armada Marine S.A., a company active in international trading and shipping, owning and managing a fleet of twelve vessels. Presently he is Chairman of the
      Hellenic Private Television Owners Association, BoD member of the Hellenic Federation of Enterprises (SEV) and BoD member of Digea S.A.&#160; He has also been an investor in the shipping industry for more than 20 years. Mr. Kyriakopoulos has a B.Sc.
      degree in Marine Engineering from the University of Newcastle upon Tyne, a MSc. degree in Naval Architecture and Marine Engineering with specialization in Management from the Massachusetts Institute of Technology and a Master degree in Business
      Administration (MBA) from Imperial College, London.</div>
    <div style="text-align: justify; margin-top: 8pt;"><font style="font-style: italic;">George Taniskidis</font> has been a member of our Board of Directors since our inception on May 5, 2005. He is the Chairman of Core Capital Partners, a consulting firm
      specializing in debt restructuring. He was Chairman and Managing Director of Millennium Bank and a member of the Board of Directors of BankEuropa (subsidiary bank of Millennium Bank in Turkey) until May 2010. He was also a member of the Executive
      Committee and the Board of Directors of the Hellenic Banks Association. From 2003 until 2005, he was a member of the Board of Directors of Visa International Europe, elected by the Visa issuing banks of Cyprus, Malta, Portugal, Israel and Greece.
      From 1990 to 1998, Mr. Taniskidis worked at XIOSBANK (until its acquisition by Piraeus Bank in 1998) in various positions, with responsibility for the bank's credit strategy and network. Mr. Taniskidis studied Law in the National University of Athens
      and in the University of Pennsylvania Law School, where he received a L.L.M. After law school, he joined the law firm of Rogers &amp; Wells in New York, where he worked until 1989 and was also a member of the New York State Bar Association. He is
      also a member of the Young Presidents Organization.</div>
    <div style="text-align: justify; margin-top: 8pt;"><font style="font-style: italic;">Apostolos Tamvakakis </font>has been a member of our Board of Directors since June 25, 2013. Mr. Tamvakakis has also been a member of the Board of Directors of
      EuroDry Ltd. since May 5, 2018. From January 2015 to February 2017 he was independent non-executive Vice Chairman of the Board of Directors of Piraeus Bank. Since July 2012 he participated as a Member of the Board of Directors and Committees in
      various companies. From December 2009 to June 2012, Mr. Tamvakakis was appointed Chief Executive Officer of the National Bank of Greece. From May</div>
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    <div style="text-align: justify; margin-top: 8pt;">2004 to March 2009, he served as Chairman and Managing Director of Lamda Development, a real estate development company of the Latsis Group and from March 2009 to December 2009, he served on the
      management team of the Geneva-based Latsis Group, as Head of Strategy and Business Development. From October 1998 to April 2004, he served as Deputy CEO of National Bank of Greece. Prior to that, he worked as Deputy Governor of National Mortgage Bank
      of Greece, as Deputy General Manager of ABN AMRO Bank, as Manager of Corporate Finance at Hellenic Investment Bank and as Planning Executive at Mobil Oil Hellas. He also served as Vice-Chairman of Athens Stock Exchange, Chairman of the Steering
      Committee of Interalpha Group of Banks, Chairman of Ethnokarta, National Securities, AVIS (Greece), ETEVA and the Southeastern European Board of the Europay Mastercard Group. Mr. Tamvakakis has also served in numerous boards of directors and
      committees. He is the Chairman and Managing Partner of EOS Capital Partners Alternative Investment Fund Manager, the investment manager of a private equity fund "EOS Hellenic Renaissance Fund". He holds the positions of Vice Chairman of Gek Terna,
      Member of the BoD of Quest Holdings, Chairman of the Liquidations Committee of PQH Single Special Liquidation S.A. and member of the Marketing Commission of the Hellenic Olympic Committee. He is a graduate of the Athens University of Economics and
      has an M.A. in Economics from the Saskatchewan University in Canada with major in econometrics and economics.</div>
    <div style="text-align: justify; margin-top: 10.8pt;">
      <div style="margin-top: 10.8pt; font-family: 'Times New Roman',serif;"><font style="font-style: italic;">Christian Donohue </font>has been a member of the Board of Directors of Euroseas since December 7, 2017.&#160; Mr. Donohue has also been a member of
        the Board of Directors of EuroDry Ltd. since May 30, 2018. Mr. Donohue was initially appointed to the Board of Directors pursuant to the provisions of the Statement of Designation of our Series B Preferred Shares, and on July 29, 2019 was appointed
        as a Director.&#160; Mr. Donohue is a Managing Director at BlackRock, and he held the same position at Tennenbaum Capital Partners before Tennenbaum Capital Partners was acquired by BlackRock in 2018.</div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-style: italic;">Andreas Papathomas</font>&#160;has been a member of the Board of Directors since November 8, 2019. Mr Papathomas' background is in international business and shipping. He read Economics at
      Gonville &amp; Caius College, Cambridge and undertook post-graduate studies in international economics in Geneva, following which he joined his late father's shipping business, now called the Synergy Group, where he is currently Chairman. He has
      successfully run the Synergy Group since 1980 and, over the years, has been involved in all aspects of shipping, including chartering, international trade, sale &amp; purchase, financing and operations.</div>
    <div style="text-align: justify; margin-top: 10.8pt; font-style: italic; font-weight: bold;">Family Relationships</div>
    <div style="text-align: justify; margin-right: 18pt; margin-top: 7.2pt; margin-bottom: 6pt;">Aristides P. Pittas, Vice Chairman, is the cousin of Aristides J. Pittas, our Chairman, President and CEO.</div>
    <div style="text-align: justify; margin-top: 7.2pt;">
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              <td style="width: 36pt; vertical-align: top; font-style: italic; font-weight: bold;">B.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-style: italic; font-weight: bold;">Compensation</div>
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    <div style="text-align: justify; margin-top: 10.8pt; font-style: italic; font-weight: bold;">Executive Compensation</div>
    <div style="text-align: justify; margin-top: 7.2pt;">We have no direct employees. The services of our Chief Executive Officer, Chief Financial Officer, Chief Administrative Officer, Internal Auditor and Secretary are provided by Eurobulk. These
      services are provided to us under our Master Management Agreement with Eurobulk under which we pay a fee, before bonuses, adjusted annually for Eurozone inflation to account for the increased management cost associated with us being a public company
      and other services to our subsidiaries. During 2016 and 2017, under this Master Management Agreement, as amended, we paid Eurobulk $2,000,000 each year for the services of our executives, Mr. Aristides J. Pittas, Dr. Anastasios Aslidis and Mr. Symeon
      Pariaros, our Secretary, Mrs. Stephania Karmiri, and our Internal Auditor. Following the spin-off, with effect May 30, 2018, the executive services fee we pay to Eurobulk each year for the services of our executives, Mr. Aristides J. Pittas, Dr.
      Anastasios Aslidis and Mr. Symeon Pariaros, our Secretary, Mrs. Stephania Karmiri, and our Internal Auditor, was adjusted to $1,250,000. On November 15, 2019, the Company signed an addendum adjusting the fixed annual executive compensation to
      $2,000,000 to compensate Eurobulk Ltd. for the increase in the fleet and certain management services provided by Synergy Marine Ltd., a company controlled by Andreas Papathomas and which became affiliated with the Company post-acquisition as a result
      of his appointment to the Board of Directors of the Company in November 2019. As a result, for the year 2019, the fixed cost was calculated at $1,250,000 pro-rated for the period of January 1, 2019 until November 15, 2019 and at $2,000,000 for the
      period of November 16, 2019 until December 31, 2019.</div>
    <div style="text-align: justify; margin-top: 12pt; font-style: italic; font-weight: bold;">Director Compensation</div>
    <div style="text-align: justify; margin-top: 7.2pt;">Our directors who are also our officers or have executive positions or beneficially own greater than 10% of the outstanding common stock receive no compensation for serving on our Board of Directors
      or its committees.</div>
    <div style="text-align: justify; margin-top: 5.4pt;">Directors who are not our officers, do not have any executive position or do not beneficially own greater than 10% of the outstanding common stock receive the following compensation: an annual
      retainer of $7,500, plus $1,875</div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">67</font></div>
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    <div style="text-align: justify; margin-top: 5.4pt;">for attending a quarterly meeting of the Board of Directors, plus an additional retainer of $3,750 if serving as Chairman of the Audit Committee. They also participate in the Company's Equity
      Incentive Plan.</div>
    <div style="text-align: justify; margin-top: 5.4pt;">All directors are reimbursed reasonable out-of-pocket expenses incurred in attending meetings of our Board of Directors or any committee of our Board of Directors.</div>
    <div style="text-align: justify; margin-top: 12pt; margin-bottom: 12pt; font-style: italic; font-weight: bold;">Equity Incentive Plan</div>
    <div style="text-align: justify; margin-right: 6.3pt; margin-top: 3.6pt;">In May 2018, our Board of Directors approved a new equity incentive plan (the "2018 Equity Incentive Plan") to replace the 2014 Equity Incentive Plan. The 2018 Equity Incentive
      Plan is administered by the Board of Directors which can make awards totaling in aggregate up to 75,000 shares over 10 years after the 2018 Equity Incentive Plan's adoption date. Officers, directors and employees (including any prospective officer or
      employee) of the Company and its subsidiaries and affiliates and consultants and service providers to (including persons who are employed by or provide services to any entity that is itself a consultant or service provider to) the Company and its
      subsidiaries and affiliates are eligible to receive awards under the 2018 Equity Incentive Plan.&#160; Awards may be made under the 2018 Equity Incentive Plan in the form of incentive stock options, non-qualified stock options, stock appreciation rights,
      dividend equivalent rights, restricted stock, unrestricted stock, restricted stock units and performance shares.</div>
    <div style="text-align: justify; margin-top: 7.2pt;">On November 2, 2017, an award of 12,534 non-vested restricted shares, was made to 18 key persons, comprising directors and officers of the Company and key employees of Eurobulk of which 50% vested on
      July 1, 2018 and 50% vested on July 1, 2019; awards to officers and directors amounted to 7,213 shares and the remaining 5,321 shares were awarded to employees of Eurobulk&#160; On November 21, 2018, an award of 15,681 non-vested restricted shares, was
      made to 18 key persons of which 50% vested on November 16, 2019 and 50% will vest on November 16, 2020; awards to officers and directors amounted to 9,021 shares and the remaining 6,660 shares were awarded to employees of Eurobulk. On November 4,
      2019, an award of 15,444 non-vested restricted shares, was made to 17 key persons of which 50% will vest on July 1, 2020 and 50% will vest on July 1, 2021; awards to officers and directors amounted to 8,713 shares and the remaining 6,731 shares were
      awarded to employees of Eurobulk.</div>
    <div style="text-align: justify; margin-top: 7.2pt;"><font style="font-weight: bold; font-style: italic;">C.</font><font style="display: inline-block; font-size: 1px; width: 36pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-weight: bold; font-style: italic;">Board Practices</font></div>
    <div style="text-align: justify; margin-top: 7.2pt;">The current term of our Class A directors expires in 2020, the term of our Class B director expires in 2021 and the term of our Class C directors expires in 2022.</div>
    <div style="text-align: justify; margin-top: 7.2pt;">There are no service contracts between us and any of our directors providing for benefits upon termination of their employment or service.</div>
    <div style="text-align: justify; margin-top: 7.2pt;">Our Board of Directors does not have separate compensation or nomination committees, and instead, the entire Board of Directors performs those responsibilities.</div>
    <div style="text-align: justify; margin-top: 7.2pt; font-style: italic; font-weight: bold;">Audit Committee</div>
    <div style="text-align: justify; margin-top: 5.4pt;">We currently have an Audit Committee comprised of three independent members of our Board of Directors. The Audit Committee is responsible for reviewing the Company's accounting controls and the
      appointment of the Company's outside auditors. The members of the Audit Committee are Mr. Panos Kyriakopoulos (Chairman and "audit committee financial expert" as such term is defined under SEC regulations), Mr. Apostolos Tamvakakis and Mr. George
      Taniskidis.</div>
    <div style="text-align: justify; margin-top: 10.8pt; font-style: italic; font-weight: bold;">Code of Ethics</div>
    <div style="text-align: justify; margin-top: 5.4pt;">We have adopted a code of ethics that complies with the applicable guidelines issued by the SEC. Our code of ethics is posted on our website: http://www.euroseas.gr under "Corporate Governance." We
      intend to disclose any waivers of the code of ethics on our website under "Corporate Governance."</div>
    <div style="text-align: justify; margin-top: 7.2pt; font-style: italic; font-weight: bold;">Corporate Governance</div>
    <div style="text-align: justify; margin-top: 8pt;">Our Company's corporate governance practices are in compliance with, and are not prohibited by, the laws of the Republic of the Marshall Islands. We are exempt from many of Nasdaq's corporate
      governance practices other than the requirements regarding the disclosure of a going concern audit opinion, submission of a listing agreement, notification of material non-compliance with Nasdaq corporate governance practices, and the establishment
      and composition of an audit committee and a formal written audit committee charter. The practices that we follow in lieu of Nasdaq's corporate governance rules are described below.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">68</font></div>
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    <div style="text-align: justify; margin-bottom: 12pt;">
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              <td style="width: 18pt; vertical-align: top;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>We are not required under Marshall Islands law to maintain a Board of Directors with a majority of independent directors, and we may not be able to maintain a Board of Directors with a majority of independent directors in the future.</div>
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              <td style="width: 18pt; vertical-align: top;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>In lieu of a compensation committee comprised of independent directors, our Board of Directors will be responsible for establishing the executive officers' compensation and benefits. Under Marshall Islands law, compensation of the
                  executive officers is not required to be determined by an independent committee.</div>
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              <td style="width: 18pt; vertical-align: top;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>In lieu of a nomination committee comprised of independent directors, our Board of Directors will be responsible for identifying and recommending potential candidates to become board members and recommending directors for appointment
                  to board committees. Shareholders may also identify and recommend potential candidates to become board members in writing. No formal written charter has been prepared or adopted because this process is outlined in our bylaws.</div>
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              <td style="width: 18pt; vertical-align: top;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>In lieu of obtaining an independent review of related party transactions for conflicts of interests, consistent with Marshall Islands law requirements, a related party transaction will be permitted if: (i) the material facts as to his
                  or her relationship or interest and as to the contract or transaction are disclosed or are known to the Board of Directors and the Board of Directors in good faith authorizes the contract or transaction by the affirmative votes of a
                  majority of the disinterested directors, or, if the votes of the disinterested directors are insufficient to constitute an act of the Board of Directors as defined in Section 55 of the Marshall Islands Business Corporations Act, by
                  unanimous vote of the disinterested directors; or (ii) the material facts as to his relationship or interest are disclosed and the shareholders are entitled to vote thereon, and the contract or transaction is specifically approved in good
                  faith by a simple majority vote of the shareholders; or (iii) the contract or transaction is fair as to the Company as of the time it is authorized, approved or ratified, by the Board of Directors, a committee thereof or the shareholders.
                  Common or interested directors may be counted in determining the presence of a quorum at a meeting of the Board of Directors or of a committee which authorizes the contract or transaction.</div>
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              <td style="width: 18pt; vertical-align: top;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>As a foreign private issuer, we are not required to solicit proxies or provide proxy statements to Nasdaq pursuant to Nasdaq corporate governance rules or Marshall Islands law. Consistent with Marshall Islands law, we will notify our
                  shareholders of meetings between 15 and 60 days before the meeting. This notification will contain, among other things, information regarding business to be transacted at the meeting. In addition, our bylaws provide that shareholders must
                  give us advance notice to properly introduce any business at a meeting of the shareholders. Our bylaws also provide that shareholders may designate in writing a proxy to act on their behalf.</div>
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      <div>
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              <td style="width: 18pt; vertical-align: top;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>In lieu of holding regular meetings at which only independent directors are present, our entire Board of Directors, a majority of whom are independent, will hold regular meetings as is consistent with the laws of the Republic of the
                  Marshall Islands.</div>
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              <td style="width: 18pt; vertical-align: top;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>The Board of Directors adopted a new Equity Incentive Plan in February 2018.&#160; Shareholder approval was not necessary since Marshall Islands law permits the Board of Directors to take such actions.</div>
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      <div>
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              <td style="width: 18pt; vertical-align: top;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>As a foreign private issuer, we are not required to obtain shareholder approval if any of our directors, officers, or 5% or greater shareholders has a 5% or greater interest (or such persons collectively have a 10% or greater
                  interest), directly or indirectly, in the company, or assets to be acquired, or in the consideration to be paid in the transaction(s) and the present or potential issuance of common stock, or securities convertible into or exercisable for
                  common stock, could result in an increase in outstanding common stock or voting power of 5% or more.</div>
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    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
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              <td style="width: 18pt; vertical-align: top;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>In lieu of obtaining shareholder approval prior to the issuance of designated securities, the Company will comply with provisions of the Marshall Islands Business Corporations Act, providing that the Board of Directors approves share
                  issuances.</div>
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      </div>
    </div>
    <div style="text-align: justify; margin-right: 18pt; margin-top: 3.6pt; margin-bottom: 18pt;">Other than as noted above, we are in full compliance with all other applicable Nasdaq corporate governance standards.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">69</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin-top: 4px; margin-right: 0px; margin-bottom: 4px; width: 100%; border-width: 0px; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-top: 7.2pt;"><font style="font-weight: bold; font-style: italic;">D.</font><font style="display: inline-block; font-size: 1px; width: 36pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-weight: bold; font-style: italic;">Employees</font></div>
    <div style="text-align: justify; margin-top: 5.4pt;">We have no salaried employees, although we pay Eurobulk for the services of our Chief Executive Officer, Chief Financial Officer, Chief Administrative Officer, Internal Auditor and Secretary: Mr.
      Aristides J. Pittas, Dr. Anastasios Aslidis, Mr. Symeon Pariaros, Mr. Konstantinos Siademas and Ms. Stephania Karmiri, respectively.&#160; Eurobulk also ensures that all seamen have the qualifications and licenses required to comply with international
      regulations and shipping conventions, and that all of our vessels employ experienced and competent personnel.&#160; As of December 31, 2019, approximately 152 officers and 266 crew members served on board the vessels in our fleet.</div>
    <div style="text-align: justify; margin-top: 7.2pt;"><font style="font-weight: bold; font-style: italic;">E.</font><font style="display: inline-block; font-size: 1px; width: 36pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-weight: bold; font-style: italic;">Share Ownership</font></div>
    <div style="text-align: justify; margin-top: 3.6pt;">With respect to the ownership of our common stock by each of our directors and executive officers, and all of our directors and executive officers as a group, see "Item 7. Major Shareholders and
      Related Party Transactions".</div>
    <div style="text-align: justify; margin-top: 5.4pt;">All of the shares of our common stock have the same voting rights and are entitled to one vote per share.</div>
    <div style="text-align: justify; margin-top: 7.2pt; font-style: italic; font-weight: bold;">Equity Incentive Plan</div>
    <div> <br>
    </div>
    <div>See Item 6.B of this annual report, "Compensation." </div>
    <div style="text-align: justify; margin-top: 12.6pt; font-style: italic; font-weight: bold;">Options</div>
    <div style="text-align: justify; margin-right: 32.4pt; margin-top: 5.4pt;">No options were granted during the fiscal year ended December 31, 2019. There are currently no options outstanding to acquire any of our shares.</div>
    <div style="text-align: justify; margin-top: 12pt; font-style: italic; font-weight: bold;">Warrants</div>
    <div style="text-align: justify; margin-right: 32.4pt; margin-top: 5.4pt; margin-bottom: 18pt;">We do not currently have any outstanding warrants.</div>
    <div style="text-align: justify; margin-top: 7.2pt; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="z9098888d04334cfab9b8368b05961a0c">

            <tr>
              <td style="width: 54pt; vertical-align: top; font-weight: bold;">Item 7.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Major Shareholders and Related Party Transactions</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-top: 5.4pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="ze6d4276b8c214e949188ded9d4980260">

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

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-top: 8pt; margin-bottom: 8pt;">The following table sets forth certain information regarding the beneficial ownership of our voting stock as of April 15, 2020 by each person or entity known by us to be the
      beneficial owner of more than 5% of the outstanding shares of our voting stock, each of our directors and executive officers, and all of our directors and executive officers and 5% owners as a group. All of our shareholders, including the
      shareholders listed in this table, are entitled to one vote for each share of common stock held.</div>
    <div style="text-align: justify; margin-top: 8pt; margin-bottom: 8pt;">
      <table cellspacing="0" cellpadding="0" id="z73a5d3b3e00a40f194c6dba45f86c68a" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;">

          <tr>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">
              <div style="font-size: 8pt; font-weight: bold;">Name of Beneficial Owner (1)</div>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-size: 8pt; font-weight: bold;">Number of Shares of Voting Common Stock Beneficially Owned</div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-size: 8pt; font-weight: bold;">Percent of Voting of common Stock (17)</div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-size: 8pt; font-weight: bold;">Number of Shares of Voting Series B Preferred Stock Beneficially Owned (18)</div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-size: 8pt; font-weight: bold;">Percent of Voting of Series B Preferred Shares (18)</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-size: 8pt; font-weight: bold;">Number of Shares of Voting Common Stock Beneficially Owned Upon Conversion; 50% Voting Before Conversion</div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-size: 8pt; font-weight: bold;">Percent of Total Voting Securities</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 28%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
              <div>Containers Trinity Shareholders Ltd. (2)</div>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div>2,171,479</div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div>38.8</div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
              <div>%</div>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div>-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div>-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div>-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div>35.5</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
              <div>%</div>
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          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 28%; background-color: rgb(255, 255, 255);">
              <div>Eurobulk Marine Holdings Inc. (3)</div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
              <div>531,614</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
              <div>9.5</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
              <div>%</div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
              <div>-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
              <div>-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
              <div>-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
              <div>8.7</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
              <div>%</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 28%; background-color: rgb(204, 238, 255);">
              <div>Synergy Holdings Limited (4)</div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
              <div>528,169</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
              <div>9.4</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
              <div>%</div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
              <div>-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
              <div>-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
              <div>-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
              <div>8.6</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
              <div>%</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 28%; background-color: rgb(255, 255, 255);">
              <div>Friends Investment Company Inc. (5)</div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
              <div>503,303</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
              <div>9.0</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
              <div>%</div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
              <div>-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
              <div>-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
              <div>-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
              <div>8.2</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
              <div>%</div>
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              <div>Tennenbaum Opportunities Fund V, LP (7, 8)</div>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
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              <div>Tennenbaum Opportunities Partners V, LLC (7, 8)</div>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
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              <div>54.3</div>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
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              <div>5.2</div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
              <div>%</div>
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            <td valign="bottom" style="vertical-align: top; width: 28%; background-color: rgb(204, 238, 255);">
              <div>Preferred Friends Investment Company Inc (8)</div>
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              <div>-</div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
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            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
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              <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
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                <div style="font-size: 10pt;">562</div>
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              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
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              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
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              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
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              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
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              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
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              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
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              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
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              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
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              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
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              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
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              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
                <div style="font-size: 10pt;">*</div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
                <div style="font-size: 10pt;">-</div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
                <div style="font-size: 10pt;">-</div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
                <div style="font-size: 10pt;">-</div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
                <div style="font-size: 10pt;">*</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: top; width: 28%; background-color: rgb(255, 255, 255);">
                <div style="font-size: 10pt;">Stephania Karmiri (15)</div>
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              <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                <div style="font-size: 10pt;">-</div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                <div style="font-size: 10pt;">*</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                <div style="font-size: 10pt;">-</div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                <div style="font-size: 10pt;">-</div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                <div style="font-size: 10pt;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                <div style="font-size: 10pt;">*</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: top; width: 28%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
                <div style="font-size: 10pt;">Symeon Pariaros (16)</div>
              </td>
              <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                <div style="font-size: 10pt;">562</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                <div style="font-size: 10pt;">*</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                <div style="font-size: 10pt;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                <div style="font-size: 10pt;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                <div style="font-size: 10pt;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                <div style="font-size: 10pt;">*</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="1" style="vertical-align: top; width: 28%; padding-bottom: 4px; background-color: rgb(255, 255, 255);">
                <div style="font-size: 10pt;">All directors and officers and 5% owners as a group</div>
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              <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                <div style="font-size: 10pt;">4,236,197</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                <div style="font-size: 10pt;">75.6</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                <div style="font-size: 10pt;">%</div>
              </td>
              <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                <div style="font-size: 10pt;">8,000</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                <div style="font-size: 10pt;">100.0</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                <div style="font-size: 10pt;">%</div>
              </td>
              <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                <div style="font-size: 10pt;">512,821</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                <div style="font-size: 10pt;">77.7</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                <div style="font-size: 10pt;">%</div>
              </td>
            </tr>

        </table>
        <br>
      </div>
      <div style="text-align: left;">
        <div><br>
        </div>
        <div style="text-align: justify; margin-top: 6pt;">*&#160; &#160; &#160; Indicates less than 1.0%.</div>
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      <div> <br>
      </div>
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    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">70</font></div>
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        <hr noshade="noshade" style="margin-top: 4px; margin-right: 0px; margin-bottom: 4px; width: 100%; border-width: 0px; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); clear: both;"></div>
    </div>
    <br>
    <div style="margin-top: 6pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="z5dd0548a049a482ab53bf83af28c7cc4">

            <tr>
              <td style="width: 36pt; vertical-align: top;">(1)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Beneficial ownership is determined in accordance with the Rule 13d-3(a) of the Securities Exchange Act of 1934, as amended, and generally includes voting or investment power with respect to securities. Except as subject to community
                  property laws, where applicable, the person named above has sole voting and investment power with respect to all shares of common stock shown as beneficially owned by him/her.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="z54ec6282d1694548a8cabd0be8d304b2">

            <tr>
              <td style="width: 36pt; vertical-align: top;">(2)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Represents 2,171,479 shares of common stock held of record by Containers Trinity Shareholders Ltd. ("CTS"). A majority of the shareholders of CTS are members of the Pittas family. Investment power and voting control by CTS resides in
                  its Board of Directors which consists of three directors, affiliated with the Pittas family. Actions by CTS may be taken by a majority of the members on its Board of Directors.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="z1e219255568b48f9aa9fea0a15fef25c">

            <tr>
              <td style="width: 36pt; vertical-align: top;">(3)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Represents 528,169 shares of common stock held of record by Eurobulk Marine Holdings Inc. ("EMH"). A majority of the shareholders of EMH are members of the Pittas family. Investment power and voting control by EMH resides in its Board
                  of Directors which consists of three directors, a majority of whom are members of the Pittas family. Actions by EMH may be taken by a majority of the members on its Board of Directors.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="zafcbbb826bc546958a270e8b01d71cc3">

            <tr>
              <td style="width: 36pt; vertical-align: top;">(4)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Represents 528,169 shares of common stock held of record by Synergy Holdings Ltd. ("SHL"). SHL is indirectly controlled by a trust (under which Andreas Papathomas is a beneficiary) which may be deemed to have beneficial ownership of
                  shares beneficially owned by SHL.&#160; Mr. Papathomas is a director of the Company.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="zf5c297827c7a4f5c9fa5e97b6eda334b">

            <tr>
              <td style="width: 36pt; vertical-align: top;">(5)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Represents 531,614 shares of common stock held of record by Friends. A majority of the shareholders of Friends are members of the Pittas family. Investment power and voting control by Friends resides in its Board of Directors which
                  consists of five directors, a majority of whom are members of the Pittas family. Actions by Friends may be taken by a majority of the members on its Board of Directors.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="z039f0db237b44d9daae30970a633a1aa">

            <tr>
              <td style="width: 36pt; vertical-align: top;">(6)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Represents 243,451 shares of common stock held of record by Diamantis Shareholders Ltd. ("DSL"). A majority of the shareholders of DSL are members of the Pittas family. Investment power and voting control by DSL resides in its Board of
                  Directors which consists of three directors, affiliated with the Pittas family. Actions by DSL may be taken by a majority of the members on its Board of Directors.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="z1129295b0a5f4c14bd8a777e40e01af6">

            <tr>
              <td style="width: 36pt; vertical-align: top;">&#160;(7)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Tennenbaum Capital Partners, LLC serves as investment advisor to, inter alia, Tennenbaum Opportunities Partners V, LP and Tennenbaum Opportunities Fund VI, LLC, which are the registered holders of the Common Shares and Series B
                  Preferred Shares of Euroseas Ltd. beneficially owned by Tennenbaum Capital Partners, LLC. Tennenbaum Capital Partners, LLC is indirectly controlled by BlackRock, Inc., which may be deemed to have beneficial ownership of shares
                  beneficially owned by Tennenbaum Capital Partners, LLC. The address of Tennenbaum Opportunities Partners V, LP, Tennenbaum Opportunities Fund V, LLC and Tennenbaum Capital Partners, LLC is 2951 28th Street, Suite 1000, Santa Monica, CA
                  90405. The address of BlackRock, Inc. is 55 East 52nd Street, New York, NY 10055. Tennenbaum Opportunities Partners V, LP and Tennenbaum Opportunities Fund VI, LLC currently hold (a) 112,500 shares of common stock and (b) Series B
                  Preferred Shares that are convertible into 278,526 shares of common stock.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="z12c048aa6c574d829d6acd35ce0e40c1">

            <tr>
              <td style="width: 36pt; vertical-align: top;">(8)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Common shares are issuable upon conversion of Series B Preferred Shares (or any convertible notes into which the Series B Preferred Shares may convert) owned by this shareholder (based on the current conversion ratio).</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="zc2a0204c858249a3804f88b8f1663be7">

            <tr>
              <td style="width: 36pt; vertical-align: top;">&#160;(9)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Does not include 1,004,507 shares of common stock held of record by CTS, EMH, Friends and DSL by virtue of ownership interest in above entities by Mr. Pittas. Mr. Pittas disclaims beneficial ownership except to the</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">71</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin-top: 4px; margin-right: 0px; margin-bottom: 4px; width: 100%; border-width: 0px; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">extent of his pecuniary interest. Does not include 1,041 Series B Preferred Shares held of record by Preferred Friends Investment Company Inc., by virtue of ownership interest in Preferred Friends
      Investment Company Inc. by Mr. Pittas. Includes 1,750 shares vesting on July 1, 2020, 1,741 shares of common stock vesting on November 16, 2020 and 1,750 shares vesting on July 1, 2021.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="z314911190fc446f88b8eca8a1879c491">

            <tr>
              <td style="width: 36pt; vertical-align: top;">(10)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Does not include 20,344 shares of common stock held of record by CTS and DSL by virtue of ownership interest in above entities by Mr. Aslidis. Mr. Aslidis disclaims beneficial ownership except to the extent of his pecuniary interest.
                  Includes 1,188 shares vesting on July 1, 2020, 1,182 shares of common stock vesting on November 16, 2020 and 1,188 shares vesting on July 1, 2021.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="z9ddb9d779b9442f9b35311194801b349">

            <tr>
              <td style="width: 36pt; vertical-align: top;">(11)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Includes 188 shares vesting on July 1, 2020, 186 shares of common stock vesting on November 16, 2020 and 188 shares vesting on July 1, 2021.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="z313bf744b87944c780901b747e73f745">

            <tr>
              <td style="width: 36pt; vertical-align: top;">(12)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Does not include 279,640 shares of common stock held of record by CTS, EMH, Friends, DSL and Family United Navigation Co., by virtue of ownership interest in above entities by Mr. Pittas and members of his family. Mr. Pittas disclaims
                  beneficial ownership except to the extent of his pecuniary interest. Does not include 24 shares of Series B Preferred stock held of record by Preferred Friends Investment Company Inc., by virtue of ownership interest in Preferred Friends
                  Investment Company Inc. by Mr. Pittas and members of his family. Includes 482 shares vesting on July 1, 2020, 475 shares of common stock vesting on November 16, 2020 and 482 shares vesting on July 1, 2021.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="zebe6cba3228a4a40abdf9f380e39e1df">

            <tr>
              <td style="width: 36pt; vertical-align: top;">(13)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Includes 188 shares vesting on July 1, 2020, 186 shares of common stock vesting on November 16, 2020 and 188 shares vesting on July 1, 2021.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="z07b198c2473147e59f97470d66fa9b52">

            <tr>
              <td style="width: 36pt; vertical-align: top;">(14)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Does not include 45,264 shares held of record by Friends, by virtue of Mr. Taniskidis' ownership in CTS, Friends and DSL. Mr. Taniskidis disclaims beneficial ownership except to the extent of his pecuniary interest. Does not include 96
                  Series B Preferred Shares held of record by Preferred Friends Investment Company Inc., by virtue of ownership interest in Preferred Friends Investment Company Inc. by Mr. Taniskidis. Includes 188 shares vesting on July 1, 2020, 186 shares
                  of common stock vesting on November 16, 2020 and 188 shares vesting on July 1, 2021.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="zf8003fb8c13b4f808d69d5c26a195d86">

            <tr>
              <td style="width: 36pt; vertical-align: top;">(15)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Does not include 67 shares of common stock held of record by Friends, by virtue of Mrs. Karmiri's ownership in Friends. Mrs. Karmiri disclaims beneficial ownership except to the extent of her pecuniary interest.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="z4eb94648a44a49c1a7f1bdc4e2c8f729">

            <tr>
              <td style="width: 36pt; vertical-align: top;">(16)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Includes 188 shares vesting on July 1, 2020, 186 shares of common stock vesting on November 16, 2020 and 188 shares vesting on July 1, 2021.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="zc1fa6c0ad93d4deda6f3a33783bab923">

            <tr>
              <td style="width: 36pt; vertical-align: top;">(17)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Voting stock includes 23,299 unvested shares for a total of 5,600,259 issued and outstanding shares of the Company as of April 15, 2020.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="zee9cda4504aa45e8883e72f8cb4a87a8">

            <tr>
              <td style="width: 36pt; vertical-align: top;">(18)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>As of April 15, 2020, Series B Preferred Shares vote on an as-converted basis weighted by 50%.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="z87ede483299041e399f173a294461862">

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

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">The operations of our vessels are managed by Eurobulk, an affiliated ship management company owned by our Chairman and CEO and his family, under a Master Management Agreement with us and separate management agreements
      with each shipowning company. Under our Master Management Agreement, Eurobulk is responsible for all aspects of management and compliance for the Company, including the provision of the services of our Chief Executive Officer, Chief Financial
      Officer, Chief Administrative Officer, Internal Auditor and Secretary. Eurobulk is also responsible for all commercial management services, which include obtaining employment for our vessels and managing our relationships with charterers. Eurobulk
      also performs technical management services, which include managing day-to-day vessel operations, performing general vessel maintenance, ensuring regulatory and classification society compliance, supervising the maintenance and general efficiency of
      vessels, arranging our hire of qualified officers and crew, arranging and supervising dry docking and repairs, arranging insurance for vessels, purchasing stores, supplies, spares and new equipment for vessels, appointing supervisors and technical
      consultants and providing technical support and shoreside personnel who carry out the management functions described above and certain accounting services.</div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">72</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin-top: 4px; margin-right: 0px; margin-bottom: 4px; width: 100%; border-width: 0px; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">Our Master Management Agreement with Eurobulk, which we initially entered in 2008, was most recently amended and restated as of January 1, 2018 and its term was extended until January 1, 2023. The Master Management
      Agreement can be terminated by Eurobulk only for cause or under other limited circumstances, such as sale of the Company or Eurobulk or the bankruptcy of either party. The Master Management Agreement will automatically be extended after the initial
      period for an additional five-year period unless terminated on or before the 90th day preceding the preceding termination date. Each new vessel we may acquire in the future will enter into a separate management agreement with Eurobulk with a rate and
      term coinciding with the rate and remaining term of the Master Management Agreement pursuant to the Master Management Agreement. During 2017, under the Master Management Agreement, as amended, we paid Eurobulk a fixed cost of $2,000,000 annually,
      which is adjusted for a per ship per day cost of 685 Euros (or about $768 based on $1.12/Euro exchange rate) and also adjusted annually for inflation in the Eurozone every January 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> (there was no inflation adjustment on January 1, 2018
      or 2019, as the inflation rate was not positive), reflecting a 5% discount if the number of vessels wholly or partially owned by Euroseas and managed by Eurobulk is more than 20, which has been the case from January 1, 2012 to December 2017 as the
      total number of vessels owned by us (including the vessels owned by Euromar) was greater than 20. In absence of this discount, the cost per ship per day would have been 720 Euros.&#160; This cost would have been reduced by half (342.5 Euros per vessel per
      day, or 360 Euros per vessel per day as appropriate) for any vessels that are laid up. Vessels under construction start paying the daily management fee after steel cutting. Under the amended and restated Master Management Agreement, as of January 1,
      2018, the volume discount has been permanently incorporated into the daily management fee, which remained 685 Euros in 2018 and 2019 and will be annually adjusted for Eurozone inflation. As of May 30, 2018, the fixed annual cost was adjusted to
      $1,250,000. For the year 2018, the fixed annual cost was calculated at $2,000,000 pro-rated for the period from January 1, 2018 until May 29, 2018 and $1,250,000 thereafter for the period from May 30, 2018 until December 31, 2018 for a total amount
      of $1,561,126. On November 15, 2019, the Company signed an addendum adjusting the fixed annual cost to $2,000,000 to compensate Eurobulk Ltd. for the increase in the fleet and certain management services provided by Synergy Marine Ltd., a company
      controlled by Andreas Papathomas and which became affiliated with the Company post-acquisition, as a result of his appointment to the Board of Directors of the Company in November 2019. As a result, for the year 2019, the fixed cost was calculated at
      $1,250,000 pro-rated for the period of January 1, 2019 until November 15, 2019 and at $2,000,000 for the period of November 16, 2019 until December 31, 2019 for a total amount of $1,344,250.</div>
    <div style="text-align: justify; margin-top: 6.65pt;">Eurobulk has received fees for management and executive compensation expenses of $3,939,113, $5,097,220 and $5,015,585 during 2017, 2018 and 2019, respectively.</div>
    <div style="text-align: justify; margin-top: 6.65pt;">We receive chartering and sale and purchase services from Eurochart, an affiliate, and pay a commission of 1.25% on charter revenue and 1% on vessel sale price. During 2019, Eurochart received: nil
      for vessel sales, as there were none in 2019, and $493,341 for chartering services calculated as 1.25% of chartering revenues. During 2018, Eurochart received commissions of $64,500 for vessel sales and chartering commissions of $453,361.</div>
    <div style="text-align: justify; margin-top: 6.65pt;">Technomar S.A., a crewing agent, and Sentinel Marine Services Inc., an insurance brokering company, are affiliates to whom we pay a fee of about $50 per crew member per month and pay a commission on
      insurance premiums not exceeding 5%, respectively.</div>
    <div style="text-align: justify; margin-top: 6.65pt;"> <br>
    </div>
    <div style="text-align: justify;">In August 2019, we took delivery of four feeder containerships, the M/V "Diamantis P", M/V "EM Hydra", M/V "EM Spetses", and M/V "EM Kea", owned by affiliates of the Pittas family, controlled by the Company's CEO for
      $28.2 million. The consideration towards the feeder vessels included a cash payment of $15.0 million, financed by two bank loans, and issuance of 2,816,902 shares of common stock to the sellers. The vessels acquisition transactions were evaluated and
      approved by a special committee of independent members of the Board of Directors.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">On September 30, 2019, we reached an agreement with a related party, Colby Trading Ltd., a company controlled by the Pittas family and affiliated with our CEO, to draw a $2.5 million loan to finance the special survey
      and water ballast treatment plant installation on M/V "Akinada Bridge". The interest rate applied is 8% per annum. Interest on the loan is payable quarterly. The loan is payable in four repayment installments of a principal amount of $625,000 each.
      The first repayment installment will be due on May 15, 2020 and the remaining three installments will be paid on a quarterly basis thereafter and the loan will be paid in full by November 2020. Under certain circumstances, the Company can pay
      principal in equity, and the loan is convertible in common stock of the Company at the option of the lender at certain times. We paid $51,111 on interest for this loan for the fiscal year 2019.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">On November 1, 2019, the Company entered into a second agreement with Colby Trading Ltd., to draw another $2.5 million loan to finance working capital needs. Interest on the loan is 8% per annum and is payable
      quarterly. There are no principal repayments until December 31, 2020, when the loan matures. Under certain circumstances, the Company can pay principal in equity, and the loan is convertible in common stock of the Company at the option of the lender
      at certain times. We paid $33,333 on interest for this loan for the fiscal year 2019.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">73</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin-top: 4px; margin-right: 0px; margin-bottom: 4px; width: 100%; border-width: 0px; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-top: 6.65pt;">Aristides J. Pittas is currently the Chairman of each of Eurochart and Eurobulk, both of which are our affiliates.</div>
    <div style="text-align: justify; margin-top: 6.65pt;">We have entered into a registration rights agreement with Friends, our largest shareholder, pursuant to which we granted Friends the right, under certain circumstances and subject to certain
      restrictions, to require us to register under the Securities Act shares of our common stock held by Friends. Under the registration rights agreement, Friends has the right to request us to register the sale of shares held by it on its behalf and may
      require us to make available shelf registration statements permitting sales of shares into the market from time to time over an extended period. In addition, Friends has the ability to exercise certain piggyback registration rights in connection with
      registered offerings initiated by us.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Eurobulk, Friends and Aristides J. Pittas, our Chairman and Chief Executive Officer, have granted us a right of first refusal to acquire any containership which any of them may consider for acquisition in the future.
      In addition, Mr. Pittas has granted us a right of first refusal to accept any chartering out opportunity for a containership which may be suitable for any of our vessels, provided that we have a suitable vessel, properly situated and available, to
      take advantage of the chartering out opportunity. Mr. Pittas has also agreed to use his best efforts to cause any entity he directly or indirectly controls to grant us this right of first refusal.</div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="display: inline-block; font-size: 1px; width: 36pt;" id="TRGRRTFtoHTMLTab">&#160;</font><br>
    </div>
    <div style="margin-bottom: 12pt;">
      <div>
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            <tr>
              <td style="width: 36pt; vertical-align: top; font-style: italic; font-weight: bold;">C.</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-style: italic; font-weight: bold;">Interests of Experts and Counsel</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 18pt;">Not Applicable.</div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="z00c07919cd7a4969b169bef39397c00b">

            <tr>
              <td style="width: 54pt; vertical-align: top; font-weight: bold;">Item 8.</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">Financial Information</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="z54a326dc10804b45aa5e1290cbb79eef">

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

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">See Item 18.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Legal Proceedings</div>
    <div style="text-align: justify;">As of April 15, 2020, a subsidiary of the Company, Alterwall Business Inc. (the owner of M/V "Ninos"), is involved in a dispute with a fuel oil supplier who claimed a maritime lien against the vessel after the
      supplier, which had time-chartered the vessel from the Company, went bankrupt in October 2009 and failed to pay certain invoices. The vessel was arrested in Karachi in November 2009 and released after a bank guarantee for an amount of $0.53 million
      was provided on behalf of the Company, for which the bank has restricted an equal amount of the Company's cash which is presented within Restricted Cash. The legal proceedings are ongoing.&#160; Although the Company believes it will be successful in its
      claim, it has made a provision of $0.15 million in 2016 for any costs that may be incurred.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">To our knowledge, there are no other material legal proceedings to which we are a party or to which any of our properties are subject, other than routine litigation incidental to our business. In our opinion, the
      disposition of these lawsuits should not have a material impact on our consolidated results of operations, financial position or cash flows.</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-top: 6pt; font-weight: bold;">Dividend Policy</div>
    <div style="text-align: justify; margin-top: 12pt;">We paid a quarterly dividend to our common stock for thirty-two consecutive quarters from our inception in 2005 until November 2013 when our Board of Directors decided to suspend our quarterly
      dividend in order to focus every resource available in exploiting investment opportunities in the market. Our last dividend of $1.20 per share (adjusted for the 1-for-10 reverse stock split effected on July 23, 2015 and the 1-for-8 reverse stock
      split effected on December 18, 2019) was declared in August 2013. The exact timing and amount of any future dividend payments to our common stock will be determined by our Board of Directors and will be dependent upon our earnings, financial
      condition, cash requirement and availability, restrictions in its loan agreements, growth strategy, the provisions of Marshall Islands law affecting the payment of distributions to shareholders and other factors, such as the acquisition of additional
      vessels.</div>
    <div style="text-align: justify; margin-top: 12pt;">If reinstated, the payment of dividends to our common stock is not guaranteed or assured, and may again be discontinued at any time at the discretion of our Board of Directors. Because we are a
      holding company with no material assets other than the stock of our subsidiaries, our ability to pay dividends will depend on the earnings and cash flow of these subsidiaries and their ability to pay dividends to us. If there is a substantial decline
      in the containership charter market, our earnings would be negatively affected, thus limiting our ability to pay dividends.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">74</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin-top: 4px; margin-right: 0px; margin-bottom: 4px; width: 100%; border-width: 0px; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-top: 12pt;">Marshall Islands law generally prohibits the payment of dividends other than from surplus or while a company is insolvent or would be rendered insolvent upon the payment of such dividends. Dividends
      may be declared in conformity with applicable law by, and at the discretion of, our Board of Directors at any regular or special meeting. Dividends may be declared and paid in cash, stock or other property of the Company.</div>
    <div style="text-align: justify; margin-top: 12pt;">The Series B Preferred Shares paid dividends in-kind until January 29, 2019 at a rate of 5% per annum. From January 29, 2019 to January 29, 2021, the dividend rate on the Series B Preferred Shares was
      set to increase to 12% per annum and to 14% per annum thereafter. On June 10, 2019, the Board of Directors agreed to redeem approximately $11.7 million of the Series B Preferred Shares with a simultaneous reduction of the dividend rate to 8% per
      annum until January 29, 2021, after which date it will increase to 14% per annum, payable only in cash. From January 29, 2019 to June 19, 2019, the Series B Preferred Shares carried a dividend rate of 12% per annum. Cash dividends are declared at
      each quarter and actual payments are made within the following quarter. In addition, if a cash dividend is paid on the Company's common stock after January 29, 2019, the holders of Series B Preferred Shares shall receive an additional cash dividend
      in an amount equal to 40% of the common stock dividend it would have received on an as-converted basis. The Series B Preferred Shares can be converted at the option of their holders at any time, and at the option of the Company only if certain share
      price and liquidity milestones are met. Each Series B Preferred Share is convertible into common stock at an initial conversion price of $15.58 (subject to adjustment, including upon a default). The Series B Preferred Shares are redeemable in cash by
      the Company at any time after the fifth anniversary of the original issue date, i.e. January 29, 2019. Holders of the Series B Preferred Shares may require the Company to redeem their shares only upon the occurrence of certain corporate events. For
      each of the years ended December 31, 2017 and 2018, the Company declared four consecutive dividends totaling $1.81 million and $1.34 million, respectively, all of which were paid in-kind. For the year ended December 31, 2019 the Company declared
      dividends of $1.27 million, of which $0.08 million were paid in-kind, $1.03 million were paid in cash during 2019 and another $0.16 million were accrued as of December 31, 2019 and were paid in cash in the first quarter of 2020. <font style="background-color: rgb(255, 255, 255);">In addition, $0.50 million of preferred deemed dividends were recorded as a result of the redemption of $11.7 million of the Series B Preferred Shares, representing the difference between (1) the fair
        value of the consideration transferred to the holders of the Series B Preferred Shares (comprising the cash payment offered) and (2) the carrying amount of the Series B Preferred Shares before the redemption (net of issuance costs).</font></div>
    <div style="margin-top: 6pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="z2c3151c418e447dcb7a526077d0e4fe8">

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

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">In January 2020, M/V "EM Oinousses" experienced an engine room fire while sailing off Mozambique carrying empty containers. The fire was extinguished without any injuries to the crew but the vessel
      experienced damage. The vessel is currently undergoing evaluation for the type of repairs required and is idle during the evaluations. It is expected that the Company's insurance will cover the majority of the costs.&#160; It is possible that the vessel
      may be scrapped after the insurance process is completed.</div>
    <div style="text-align: justify;">On February 24, 2020, we signed a contract to sell M/V "Manolis P", a 1,452 teu vessel, built in 1995 for scrap. The vessel reached her destination port on April 7, 2020, but so far has not been delivered to the buyers
      due to Coronavirus restrictions and port lockdowns in the territory of arrival (Alang, India). The scrap price has dropped since the date of the agreement to sell the M/V Manolis P, and the buyers are now seeking to terminate the agreement on the
      basis that timely delivery did not occur.&#160; We are in the process of seeking a settlement with the buyers.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">In April 2020, we entered into one interest rate swap with Eurobank for a notional amount of $30.0 million, in order to manage interest costs and the risk associated with changing interest rates of the Company's loans.
      Under the terms of the swap, Eurobank makes a quarterly payment to the Company equal to the 3-month LIBOR while the Company pays a fixed rate of 0.78% based on the notional amount. The swap is effective from April 24, 2020 until April 24, 2025.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">No other significant events occurred after December 31, 2019.</div>
    <div style="margin-top: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="zc8f3fea04c514f32885bbd2da06ebd6e">

            <tr>
              <td style="width: 54pt; vertical-align: top; font-weight: bold;">Item 9.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">The Offer and Listing</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="z43e7bd9a6c6e4f198d068fb3503821c3">

            <tr>
              <td style="width: 36pt; vertical-align: top; font-style: italic; font-weight: bold;">A.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-style: italic; font-weight: bold;">Offer and Listing Details</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">The trading market for shares of our common stock is the Nasdaq Capital Market, on which our shares have traded under the symbol "ESEA" since June 26, 2015.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">75</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin-top: 4px; margin-right: 0px; margin-bottom: 4px; width: 100%; border-width: 0px; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="z9cefa025265640b1babd5c80cee53f35">

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

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">Not Applicable.</div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="z53dfc2223b434a82b837cdc13b5b06e2">

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

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">The trading market for shares of our common stock is the Nasdaq Capital Market, on which our shares have traded under the symbol "ESEA" since June 26, 2015.&#160; Our shares began trading on the Nasdaq
      Global Market on January 31, 2007 and on the Nasdaq Global Select Market on January 1, 2008, and have traded on the Nasdaq Capital Market since June 26, 2015.&#160; Prior thereto, our shares traded on the OTCBB under the symbol "ESEAF.OB" until October 5,
      2006 and then under the symbol "EUSEF.OB" until January 30, 2007.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="ze1d6e1917f3047bebb359e308fb67fda">

            <tr>
              <td style="width: 36pt; vertical-align: top; font-style: italic; font-weight: bold;">D.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-style: italic; font-weight: bold;">Selling Shareholders</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">Not Applicable.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="z83fff6a6b20847b6a91d54bf317cd796">

            <tr>
              <td style="width: 36pt; vertical-align: top; font-style: italic; font-weight: bold;">E.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-style: italic; font-weight: bold;">Dilution</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">Not Applicable.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="z7c0e16b664984ca3bfcb92634b1737b8">

            <tr>
              <td style="width: 36pt; vertical-align: top; font-style: italic; font-weight: bold;">F.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-style: italic; font-weight: bold;">Expenses of the Issue</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">Not Applicable.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="z30e1973a26cb4ff38b28928489272dfe">

            <tr>
              <td style="width: 54pt; vertical-align: top; font-weight: bold;">Item 10.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Additional Information</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="z9f062b9fa9b24d2caf974216f1ebceef">

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

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">Not Applicable.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="z269d030903d3434aaadf3f723186623d">

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

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Amended and Restated Articles of Incorporation and Bylaws, as amended</div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="display: inline-block; font-size: 1px; width: 36pt;" id="TRGRRTFtoHTMLTab">&#160;</font>Our current amended and restated articles of incorporation were filed with the SEC as Exhibit 1.1
      (Amended and Restated Articles of Incorporation) to our Annual Report on Form 20-F on May 27, 2011, and our current bylaws, as amended, were filed with the SEC as Exhibits 1.2 (Bylaws) and 1.4 (Amendment to Bylaws) to our Annual Report on Form 20-F
      on May 28, 2010.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Purpose</div>
    <div style="text-align: justify; margin-bottom: 12pt;">Our purpose, as stated in our amended and restated articles of incorporation, is to engage in any lawful act or activity for which corporations may now or hereafter be organized under the Business
      Corporations Act of the Marshall Islands, or the BCA.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Authorized Capitalization</div>
    <div style="text-align: justify; margin-bottom: 12pt;">Under our amended and restated articles of incorporation, our authorized capital stock consists of 200,000,000 shares of common stock, par value $0.03 per share and 20,000,000 shares of preferred
      stock par value $0.01 per share. All of our shares of stock are in registered form.</div>
    <div style="font-style: italic; font-weight: bold;">Common Stock</div>
    <div><br>
    </div>
    <div style="text-align: justify;">As of April 15, 2020, we are authorized to issue up to 200,000,000 shares of common stock, par value $0.03 per share, of which there are 5,600,259&#160;shares issued and outstanding (taking into effect the 1-for-8 reverse
      stock split). Each outstanding share of common stock is entitled to one vote, either in person or by proxy, on all matters that may be voted upon by their holders at meetings of the shareholders. Holders of our common stock (i) have equal ratable
      rights to dividends from funds legally available therefore, if declared by the Board of Directors; (ii) are entitled to share ratably in all of our assets available for distribution upon liquidation, dissolution or winding up; and (iii) do</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">76</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin-top: 4px; margin-right: 0px; margin-bottom: 4px; width: 100%; border-width: 0px; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">not have preemptive, subscription or conversion rights or redemption or sinking fund provisions. All issued shares of our common stock when issued will be fully paid for and non-assessable.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-style: italic; font-weight: bold;">Preferred Stock</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">As of April 15, 2020, we are authorized to issue up to 20,000,000 shares of preferred stock, par value $0.01 per share, of which there are 8,000 shares issued and outstanding. The preferred stock
      may be issued in one or more series and our Board of Directors, without further approval from our shareholders, is authorized to fix the dividend rights and terms, conversion rights, voting rights, redemption rights, liquidation preferences and other
      rights and restrictions relating to any series. Issuances of preferred stock, while providing flexibility in connection with possible financings, acquisitions and other corporate purposes, could, among other things, adversely affect the voting power
      of the holders of our common stock. On January 27, 2014, the Company entered into an agreement to sell 25,000 shares of its Series B Preferred Shares to a fund managed by TCP and 5,700 shares to Preferred Friends Investment Company Inc., an affiliate
      of the Company, for net proceeds of approximately $29 million. These shares were issued on January 29, 2014. Additional Series B Convertible Preferred Shares were issued when dividends to preferred shares were paid in-kind (see below).</div>
    <div style="text-align: justify; margin-bottom: 12pt;">At the spin-off date Euroseas distributed EuroDry Series B Preferred Shares to holders of Euroseas' Series B Preferred Shares in exchange for a number of such Euroseas Series B Preferred Shares,
      representing 50% of Euroseas Series B Preferred Stock, i.e., $14,500,000 of the initial preferred shares amount of the Company and $3,692,131 of dividends paid in kind. Euroseas contributed to EuroDry its interests in seven of its drybulk
      subsidiaries and related intercompany debts and obligations in exchange for approximately 2,254,830 of EuroDry common shares and 19,042 of EuroDry Series B Preferred Shares (representing all of EuroDry's issued and outstanding stock as of that time).
      Euroseas made a special dividend of 100% of EuroDry's outstanding common shares to holders of Euroseas' common stock as of the record date of the special dividend. In addition, Euroseas distributed 100% of EuroDry's Series B Preferred Shares to
      holders of Euroseas' Series B Preferred Shares as described above.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">The Series B Preferred Shares paid dividends quarterly in arrears in-kind until January 29, 2019 at a rate 5% per annum. The first payment of interest was on March 31, 2014. The dividend rate was
      set to increase to 12% for the two years following January 29, 2019 and to 14% thereafter, payable only in cash. Cash dividends are declared at each quarter and actual payments are made within the following quarter. If a cash dividend is paid on the
      Company's common stock after January 29, 2019, the holders of Series B Preferred Shares shall receive an additional cash dividend in an amount equal to 40% of the common stock dividend it would have received on an as-converted basis. The Series B
      Preferred Shares can be converted at the option of their holders at any time, and at the option of the Company only if certain share price and liquidity milestones are met.&#160; Each Series B Preferred Share is convertible into common stock at an initial
      conversion price of $15.58 (subject to adjustment, including upon a default). Holders of the Series B Preferred Shares may require the Company to redeem their shares only upon the occurrence of certain corporate events.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">On June 10, 2019, the Company redeemed $11.7 million of value of its outstanding Series B Preferred Shares with a simultaneous reduction of the annual dividend rate to 8% for the $8 million value
      of preferred shares remaining outstanding until January 29, 2021. After this date, the annual dividend rate will increase to 14%, and will be payable in cash. From January 29, 2019 to June 11, 2019, the Series B Preferred Shares carried a dividend
      rate of 12% per annum.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">Subject to certain ownership thresholds, holders of Series B Preferred Shares have the right to appoint one director to the Company's board of directors and TCP also has consent rights over certain
      corporate actions including authorizing, creating or issuing any class or series of capital stock that runs senior or in parity with the Series B Preferred Shares, engaging in certain transactions with affiliates or engaging in transactions that
      increase the leverage of the Company more than a certain level. However, following the partial redemption on June 10, 2019 mentioned above, the holders' of Series B Preferred Shares right to appoint a director and consent rights terminated. Christian
      Donohue, who was initially appointed as Director by the holders of the Series B Preferred Shares, was appointed to serve as a Director by the Board of Directors in July 2019. In addition, the holders of Series B Preferred Shares will vote as one
      class with the Company's common stock on all matters on which shareholders are entitled to vote, with each Series B Preferred Share having a number of votes equal to 50% of the numbers of shares of common stock of the Company into which such Series B
      Preferred Share would be convertible on the applicable record date.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">The rights and privileges of the Series B Preferred Shares are set forth in the Amended and Restated Statement of Designation of the Rights, Preferences and Privileges of the Series B Convertible
      Preferred Shares, a copy of which is included as Exhibit 4.28 hereto and is incorporated by reference herein.</div>
    <div style="text-align: justify; font-weight: bold;"><br>
    </div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">77</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin-top: 4px; margin-right: 0px; margin-bottom: 4px; width: 100%; border-width: 0px; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div><font style="font-weight: bold;">Directors</font> </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">Our directors are elected by a plurality of the votes cast at a meeting of the shareholders by the holders of shares entitled to vote in the election. Cumulative voting may not be used to elect
      directors.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">Our Board of Directors must consist of at least three directors, such number to be determined by the Board of Directors by a majority vote of the entire Board of Directors from time to time.
      Shareholders may change the number of our directors only by an affirmative vote of the holders of the majority of the outstanding shares of capital stock entitled to vote generally in the election of directors.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">Our Board of Directors is divided into three classes as set out below in "Classified Board of Directors." Each director is elected to serve until the third succeeding annual meeting after his
      election and until his successor shall have been elected and qualified, except in the event of his death, resignation or removal.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">Our bylaws were amended on March 25, 2010 in connection with our Joint Venture in order to ensure that for so long as the percentage of ownership interest of Eton Park and Rh&#244;ne (considered
      separately) in us, is (i) greater than 35%, the Joint Venture affiliates of Eton Park or Rh&#244;ne, as applicable, together with their respective permitted transferees, shall each be entitled to select two (2) directors for appointment to our Board of
      Directors or (ii) between 7.5% and 35%, the Joint Venture affiliates of Eton Park or Rh&#244;ne, as applicable, together with their respective permitted transferees shall each be entitled to select one (1) director for appointment to the Board of
      Directors, in each case in addition to the current seven seats on the Board of Directors and adjusted in proportion to any change in the total number of seats on the Board of Directors.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Shareholder Meetings</div>
    <div style="text-align: justify; margin-bottom: 12pt;">Under our bylaws, as amended, annual shareholder meetings will be held at a time and place selected by our Board of Directors. The meetings may be held in or outside of the Marshall Islands.
      Special meetings may be called at any time by the Board of Directors, the Chairman of the Board or by the President. Notice of every annual and special meeting of shareholders must be given to each shareholder of record entitled to vote at least 15
      but no more than 60 days before such meeting.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Dissenters' Rights of Appraisal and Payment</div>
    <div style="text-align: justify; margin-bottom: 12pt;">Under the BCA, our shareholders have the right to dissent from various corporate actions, including any merger or consolidation or sale of all or substantially all of our assets not made in the
      usual course of our business, and receive payment of the fair value of their shares. In the event of any further amendment of our amended and restated articles of incorporation, a shareholder also has the right to dissent and receive payment for his
      or her shares if the amendment alters certain rights in respect of those shares. The dissenting shareholder must follow the procedures set forth in the BCA to receive payment. In the event that we and any dissenting shareholder fail to agree on a
      price for the shares, the BCA procedures involve, among other things, the institution of proceedings in the high court of the Republic of the Marshall Islands or in any appropriate court in any jurisdiction in which the Company's shares are primarily
      traded on a local or national securities exchange.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Shareholders Derivative Actions</div>
    <div style="text-align: justify; margin-bottom: 12pt;">Under the BCA, any of our shareholders may bring an action in our name to procure a judgment in our favor, also known as a derivative action, provided that the shareholder bringing the action is a
      holder of common stock both at the time the derivative action is commenced and at the time of the transaction to which the action relates.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Limitations on Liability and Indemnification of Officers and Directors</div>
    <div style="text-align: justify; margin-bottom: 12pt;">The BCA authorizes corporations to limit or eliminate the personal liability of directors and officers to corporations and their shareholders for monetary damages for breaches of directors'
      fiduciary duties. Our bylaws, as amended, include a provision that eliminates the personal liability of directors for monetary damages for actions taken as a director to the fullest extent permitted by law.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">Our bylaws, as amended, provide that we must indemnify our directors and officers to the fullest extent authorized by law. We are also expressly authorized to carry directors' and officers'
      insurance providing indemnification for our directors, officers and certain employees for some liabilities. We believe that these indemnification provisions and insurance are useful to attract and retain qualified directors and executive officers.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">78</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
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    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">The limitation of liability and indemnification provisions in our bylaws, as amended, may discourage shareholders from bringing a lawsuit against directors for breach of their fiduciary duty. These
      provisions may also have the effect of reducing the likelihood of derivative litigation against directors and officers, even though such an action, if successful, might otherwise benefit us and our shareholders. In addition, your investment may be
      adversely affected to the extent we pay the costs of settlement and damage awards against directors and officers pursuant to these indemnification provisions.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">There is currently no pending material litigation or proceeding involving any of our directors, officers or employees for which indemnification is sought.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Anti-takeover Effect of Certain Provisions of our Amended and Restated Articles of Incorporation and Bylaws, as Amended</div>
    <div style="text-align: justify; margin-bottom: 12pt;">Several provisions of our amended and restated articles of incorporation and bylaws, as amended, which are summarized below, may have anti-takeover effects. These provisions are intended to avoid
      costly takeover battles, lessen our vulnerability to a hostile change in control and enhance the ability of our Board of Directors to maximize shareholder value in connection with any unsolicited offer to acquire us. However, these anti-takeover
      provisions, which are summarized below, could also discourage, delay or prevent (1) the merger or acquisition of our company by means of a tender offer, a proxy contest or otherwise that a shareholder may consider in its best interest and (2) the
      removal of incumbent officers and directors.</div>
    <div style="text-align: justify; margin-bottom: 6pt; font-weight: bold;">Blank Check Preferred Stock</div>
    <div style="text-align: justify; margin-bottom: 12pt;">Under the terms of our amended and restated articles of incorporation, our Board of Directors has authority, without any further vote or action by our shareholders, to issue up to 20,000,000 shares
      of blank check preferred stock. Our Board of Directors may issue shares of preferred stock on terms calculated to discourage, delay or prevent a change in control of our company or the removal of our management.</div>
    <div style="text-align: justify; margin-bottom: 6pt; font-weight: bold;">Classified Board of Directors</div>
    <div style="text-align: justify; margin-bottom: 12pt;">Our amended and restated articles of incorporation provide for the division of our Board of Directors into three classes of directors, with each class as nearly equal in number as possible, serving
      staggered, three-year terms. Approximately one-third of our Board of Directors will be elected each year. This classified board provision could discourage a third party from making a tender offer for our shares or attempting to obtain control of us.
      It could also delay shareholders who do not agree with the policies of our Board of Directors from removing a majority of our Board of Directors for two years.</div>
    <div style="text-align: justify; margin-bottom: 6pt; font-weight: bold;">Election and Removal of Directors</div>
    <div style="text-align: justify; margin-bottom: 12pt;">Our amended and restated articles of incorporation prohibit cumulative voting in the election of directors. Our bylaws, as amended, require parties other than the Board of Directors to give advance
      written notice of nominations for the election of directors. Our bylaws, as amended, also provide that our directors may be removed only for cause and by either action of the Board of Directors or the affirmative vote of the holders of 51% of the
      issued and outstanding voting shares of the Corporation. These provisions may discourage, delay or prevent the removal of incumbent officers and directors.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Limited Actions by Shareholders</div>
    <div style="text-align: justify; margin-bottom: 12pt;">Our amended and restated articles of incorporation and our bylaws, as amended, provide that any action required or permitted to be taken by our shareholders must be effected at an annual or special
      meeting of shareholders or by the unanimous written consent of our shareholders. Our amended and restated articles of incorporation and our bylaws, as amended, provide that, subject to certain exceptions, our Board of Directors, our Chairman of the
      Board or by the President and the business transacted at the special meeting is limited to the purposes stated in the notice. Accordingly, a shareholder may not call a special meeting and shareholder consideration of a proposal may be delayed until
      the next annual meeting.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Advance Notice Requirements for Shareholder Proposals and Director Nominations</div>
    <div style="text-align: justify; margin-bottom: 12pt;">Our bylaws, as amended, provide that shareholders seeking to nominate candidates for election as directors or to bring business before an annual meeting of shareholders must provide timely notice
      of their proposal in writing to the corporate secretary. Generally, to be timely, a shareholder's notice must be received at our principal executive</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">79</font></div>
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    <div><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">offices not less than 150 days nor more than 180 days prior to the one-year anniversary of the immediately preceding annual meeting of shareholders. Our bylaws, as amended, also specify
      requirements as to the form and content of a shareholder's notice. These provisions may impede shareholders' ability to bring matters before an annual meeting of shareholders or make nominations for directors at an annual meeting of shareholders.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Certain Business Combinations</div>
    <div style="text-align: justify; margin-bottom: 12pt;">Our amended and restated articles of incorporation also prohibit us, subject to several exclusions, from engaging in any "business combination" with any interested shareholder for a period of three
      years following the date the shareholder became an interested shareholder.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-style: italic; font-weight: bold;">Shareholders' Rights Plan</div>
    <div style="text-align: justify; margin-bottom: 12pt;">On May 10, 2019, we adopted a shareholder rights agreement effective as of May 27, 2019 and declared a dividend distribution of one preferred stock purchase right to purchase one one-thousandth of
      our Series C Participating Preferred Stock for each outstanding share of our common stock, to shareholders of record at the close of business on May 27, 2019. Each right entitles the registered holder, upon the occurrence of certain events, to
      purchase from us one one-thousandth of a share of Series C Participating Preferred Stock at an exercise price of $3.00, subject to adjustment. The rights will expire on the earliest of (i) May 31, 2029 or (ii) redemption or exchange of the rights.
      The shareholder rights agreement was designed to enable us to protect shareholder interests in the event that an unsolicited attempt is made for a business combination with or takeover of the Company. We believe that the shareholder rights agreement
      should enhance the board of directors' negotiating power on behalf of shareholders in the event of a coercive offer or proposal. We are not currently aware of any such offers or proposals and we adopted the plan as a matter of prudent corporate
      governance. This shareholder rights agreement replaced our existing, substantially similar shareholder rights agreement which expired on May 27, 2019.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
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              <td style="width: 36pt; vertical-align: top; font-style: italic; font-weight: bold;">C.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-style: italic; font-weight: bold;">Material Contracts</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">We have a number of credit facilities with commercial banks and related party loans. For a discussion of our facilities, please see the section of this annual report entitled "Item 5. Operating and
      Financial Review and Prospects&#8212;B. Liquidity and Capital Resources&#8212;Debt Financing", and Note 8 of our attached financial statements.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">We are a party to a registration rights agreement with Friends.&#160;For a discussion of these agreements, please see the section of this annual report entitled "Item 7. Major Shareholders and Related
      Party Transactions&#8212;B. Related Party Transactions." Furthermore, we are a party to a&#160;registration rights agreement with Synergy Holdings Limited, TCP and a registration obligation agreement with two funds managed by TCP. For a discussion of these
      agreements, please see the section of this annual report entitled "Item 3&#8212;Key Information&#8212;D. Risk Factors&#8212;Company Risk Factors&#8212;Future sales of our stock could cause the market price of our common stock to decline."</div>
    <div style="text-align: justify; margin-bottom: 12pt;">We are also a party to an agreement with Synergy Holdings Limited which specifies that if the 12-month New ConTex index for a 4,250 TEU vessel (as published on https://www.vhbs.de/index or any
      successor website maintained by the Hamburg and Bremen Shipbrokers' Association) (the "Index Value") is higher on November 16, 2020 at 4:00 p.m. New York time than the Index Value on November 15, 2019 at 4:00 p.m. New York time, then, on November 16,
      2020, we shall issue to Synergy Holdings Limited, $500,000 divided by the 20-day volume weighted average price of the Company's common shares calculated on November 16, 2020 at 4:00 p.m. New York time.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">There are no other material contracts, other than contracts entered into in the ordinary course of business, to which the Company or any of its subsidiaries is a party.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
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              <td style="width: 36pt; vertical-align: top; font-style: italic; font-weight: bold;">D.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-style: italic; font-weight: bold;">Exchange Controls</div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: justify;">Under Marshall Islands law, there are currently no restrictions on the export or import of capital, including foreign exchange controls or restrictions that affect the remittance of dividends, interest or other
      payments to non-resident holders of our shares.</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
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              <td style="width: 36pt; vertical-align: top; font-style: italic; font-weight: bold;">E.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-style: italic; font-weight: bold;">Taxation</div>
              </td>
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      </div>
    </div>
    <div style="text-align: justify; margin-top: 5.4pt;">The following is a discussion of the material Marshall Islands, Liberian and United States federal income tax considerations applicable to us and U.S. Holders and Non-U.S. Holders, each as discussed
      below, of our common stock.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">80</font></div>
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    <div style="text-align: justify; margin-top: 5.4pt; font-weight: bold;">Marshall Islands Tax Considerations</div>
    <div style="text-align: justify; margin-top: 3.6pt;">We are incorporated in the Marshall Islands. Under current Marshall Islands law, we are not subject to tax on income or capital gains, and no Marshall Islands withholding tax will be imposed upon
      payments of dividends by us to holders of our common stock that are not residents or domiciled or carrying any commercial activity in the Marshall Islands. The holders of our common stock will not be subject to Marshall Islands tax on the sale or
      other disposition of such common stock.</div>
    <div style="text-align: justify; margin-top: 6pt; font-weight: bold;">Liberian Tax Considerations</div>
    <div style="text-align: justify; margin-top: 3.6pt; margin-bottom: 6pt;">Certain of our subsidiaries are incorporated in the Republic of Liberia.&#160; Under the Consolidated Tax Amendments Act of 2010, our Liberian subsidiaries will be deemed non-resident
      Liberian corporations wholly exempted from Liberian taxation effective as of 1977, and distributions we make to our shareholders will be made free of any Liberian withholding tax.</div>
    <div style="text-align: justify; margin-top: 5.4pt; font-weight: bold;">United States Federal Income Tax</div>
    <div style="text-align: justify; margin-top: 5.4pt;">The following are the material United States federal income tax consequences to us of our activities and to U.S. Holders and Non-U.S. Holders, each as defined below, of our common stock. The
      following discussion of United States federal income tax matters is based on the Code, judicial decisions, administrative pronouncements, and existing and proposed regulations issued by the United States Department of the Treasury, or the Treasury
      Regulations, all as of the date of this Annual Report, and all of which are subject to change, possibly with retroactive effect. This discussion is also based in part upon Treasury Regulations promulgated under Section 883 of the Code. The discussion
      below is based, in part, on the description of our business as described in "Business" above and assumes that we conduct our business as described in that section. References in the following discussion to "we" and "us" are to Euroseas and its
      subsidiaries on a consolidated basis.</div>
    <div style="text-align: justify; margin-top: 7.2pt; font-weight: bold;">United States Federal Income Taxation of Our Company</div>
    <div style="text-align: justify; margin-top: 5.4pt; font-style: italic; font-weight: bold;">Taxation of Operating Income: In General</div>
    <div style="text-align: justify; margin-top: 5.4pt;">Unless exempt from United States federal income taxation under the rules discussed below, a foreign corporation is subject to United States federal income taxation in respect of any income that is
      derived from the use of vessels, from the hiring or leasing of vessels for use on a time, voyage or bareboat charter basis, from the participation in a pool, partnership, strategic alliance, joint operating agreement, code sharing arrangement or
      other joint venture it directly or indirectly owns or participates in that generates such income, or from the performance of services directly related to those uses, which we refer to as "shipping income," to the extent that the shipping income is
      derived from sources within the United States. For these purposes, 50% of shipping income that is attributable to transportation that begins or ends, but that does not both begin and end, in the United States exclusive of certain U.S. territories and
      possessions constitutes income from sources within the United States, which we refer to as "U.S.-source shipping income."</div>
    <div style="text-align: justify; margin-top: 5.4pt;">Shipping income attributable to transportation that both begins and ends in the United States is considered to be 100% from sources within the United States. We are not permitted by law to engage in
      transportation that produces income which is considered to be 100% from sources within the United States.</div>
    <div style="text-align: justify; margin-top: 5.4pt;">Shipping income attributable to transportation exclusively between non-United States ports will be considered to be 100% derived from sources outside the United States. Shipping income derived from
      sources outside the United States will not be subject to any United States federal income tax.</div>
    <div style="text-align: justify; margin-top: 5.4pt; margin-bottom: 12pt;">In the absence of exemption from tax under Section 883 of the Code, our gross U.S.-source shipping income would be subject to a 4% tax imposed without allowance for deductions as
      described below.</div>
    <div style="text-align: justify; margin-top: 5.4pt; font-style: italic; font-weight: bold;">Exemption of Operating Income from United States Federal Income Taxation</div>
    <div style="text-align: justify; margin-top: 5.4pt;">Under Section 883 of the Code and the Treasury Regulations thereunder, we will be exempt from United States federal income taxation on our U.S.-source shipping income if:<br>
      <br>
    </div>
    <div style="text-align: justify; margin-bottom: 6pt;">
      <div>
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              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>we are organized in a foreign country, or our country of organization, that grants an "equivalent exemption" to corporations organized in the United States; and</div>
              </td>
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    <div style="text-align: justify; margin-bottom: 6pt;">either</div>
    <div style="text-align: justify; margin-bottom: 6pt;">
      <div>
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              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>more than 50% of the value of our stock is owned, directly or indirectly, by "qualified shareholders," individuals who are "residents" of our country of organization or of another foreign country that grants an "equivalent exemption"
                  to corporations organized in the United States, which we refer to as the "50% Ownership Test," or</div>
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      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">81</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
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    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
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              </td>
              <td style="width: 18pt; vertical-align: top;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>our stock is "primarily and regularly traded on an established securities market" in our country of organization, in another country that grants an "equivalent exemption" to United States corporations, or in the United States, which we
                  refer to as the "Publicly-Traded Test."</div>
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      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 9pt;">The Marshall Islands, Liberia and Panama, the jurisdictions where we and our ship-owning subsidiaries were incorporated during 2019, each grants an "equivalent exemption" to United States
      corporations. Therefore, we will be exempt from United States federal income taxation with respect to our U.S.-source shipping income if we satisfy either the 50% Ownership Test or the Publicly-Traded Test.</div>
    <div style="text-align: justify; margin-bottom: 6pt;">The Treasury Regulations provide, in pertinent part, that the stock of a foreign corporation will be considered to be "primarily traded" on an established securities market in a country if the
      number of shares of each class of stock that is traded during the taxable year on all established securities markets in that country exceeds the number of shares in each such class that is traded during that year on established securities markets in
      any other single country. Our common stock is "primarily traded" on the Nasdaq Capital Market, which is an established securities market for these purposes.</div>
    <div style="text-align: justify; margin-bottom: 6pt;">The Treasury Regulations also require that our stock be "regularly traded" on an established securities market.&#160; Under the Treasury Regulations, our common shares will be considered to be "regularly
      traded" on an established securities market if one or more classes of our stock representing more than 50% of our outstanding stock, by both total combined voting power of all classes of stock entitled to vote and total value, are listed on such
      market, to which we refer as the Listing Threshold. Our common stock, which is listed on the Nasdaq Capital Market and is our only class of publicly-traded stock, constituted more than 50% of our outstanding shares by value for most of the 2019
      taxable year, and accordingly, we believe that we satisfied the listing threshold for the 2019 taxable year.</div>
    <div style="text-align: justify; margin-bottom: 6pt;">It is further required that with respect to each class of stock relied upon to meet the Listing Threshold, (i) such class of stock is traded on the market, other than in minimal quantities, on at
      least 60 days during the taxable year or one-sixth of the days in a short taxable year, or the Trading Frequency Test; and (ii) the aggregate number of shares of such class of stock traded on such market during the taxable year is at least 10% of the
      average number of shares of such class of stock outstanding during such year or as appropriately adjusted in the case of a short taxable year, or the Trading Volume Test. The Company currently satisfies and anticipates that it will continue to
      satisfy the Trading Frequency Test and Trading Volume Test. Even if this were not the case, the Treasury Regulations provide that the Trading Frequency Test and Trading Volume Tests will be deemed satisfied if, as is the case with our common shares,
      such class of stock is traded on an established securities market in the United States and such class of stock is regularly quoted by dealers making a market in such stock.</div>
    <div style="text-align: justify; margin-bottom: 6pt;">Notwithstanding the foregoing, the Treasury Regulations provide, in pertinent part, that a class of stock will not be considered to be "regularly traded" on an established securities market for any
      taxable year during which 50% or more of the vote and value of the outstanding shares of such class are owned, actually or constructively under specified attribution rules, on more than half the days during the taxable year by persons who each own 5%
      or more of the vote and value of such class of outstanding shares, to which we refer as the "5% Override Rule."</div>
    <div style="text-align: justify; margin-bottom: 6pt;">For purposes of being able to determine the persons who actually or constructively own 5% or more of the vote and value of our common shares, or 5% Shareholders, the Treasury Regulations permit us
      to rely on those persons that are identified on Schedule 13G and Schedule 13D filings with the United States Securities and Exchange Commission, or the SEC, as owning 5% or more of our common shares. The Treasury Regulations further provide that an
      investment company which is registered under the Investment Company Act of 1940, as amended, will not be treated as a 5% Shareholder for such purposes.</div>
    <div style="text-align: justify; margin-bottom: 6pt;">In the event the 5% Override Rule is triggered, the Treasury Regulations provide that the 5% Override Rule will nevertheless not apply if we can establish that within the group of 5% Shareholders,
      there are sufficient qualified shareholders for purposes of Section 883 to preclude non-qualified shareholders in such group from owning 50% or more of our common shares for more than half the number of days during the taxable year.&#160; In order to
      benefit from this exception to the 5% Override Rule, the Company must satisfy certain substantiation requirements in regards to the identity of its 5% Shareholders.</div>
    <div style="text-align: justify; margin-bottom: 6pt;">We believe that we were subject to the Five Percent Override Rule, but nonetheless satisfied the Publicly-Traded Test for the 2019 taxable year because our nonqualified 5% Shareholders did not own
      more than 50% of our common stock for more than half of the days during the taxable year. We intend to take this position on our 2019 U.S. federal income tax returns.</div>
    <div style="text-align: justify; margin-top: 5.4pt; font-style: italic; font-weight: bold;">Taxation in Absence of Exemption</div>
    <div style="text-align: justify; margin-top: 5.4pt;">To the extent that the benefits of Section 883 are unavailable for any taxable year, our U.S.-source shipping income, to the extent not considered to be "effectively connected" with the conduct of a
      United States trade or business,</div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">82</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
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    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-top: 5.4pt;">as described below, was subject to a 4% tax imposed by Section 887 of the Code on a gross basis, without the benefit of deductions which we refer to as the "4% gross basis tax regime". Since under
      the sourcing rules described above, no more than 50% of our shipping income is treated as being derived from United States sources, the maximum effective rate of United States federal income tax on our shipping income will not exceed 2% under the 4%
      gross basis tax regime.</div>
    <div style="text-align: justify; margin-top: 5.4pt;">To the extent the benefits of the Section 883 of the Code are unavailable and our U.S.-source shipping income is considered to be "effectively connected" with the conduct of a United States trade or
      business, as described below, any such "effectively connected" U.S.-source shipping income, net of applicable deductions, would be subject to the United States federal corporate income tax currently imposed at rates of up to 21%. In addition, we may
      be subject to the 30% United States federal "branch profits" taxes on earnings effectively connected with the conduct of such trade or business, as determined after allowance for certain adjustments, and on certain interest paid or deemed paid
      attributable to the conduct of such United States trade or business.</div>
    <div style="text-align: justify; margin-top: 5.4pt; margin-bottom: 6pt;">Our U.S.-source shipping income would be considered "effectively connected" with the conduct of a United States trade or business only if:</div>
    <div style="text-align: justify; margin-bottom: 6pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="z776f3814190943c6a8ff131b5447896c">

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              <td style="width: 18pt; vertical-align: top;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>We have, or are considered to have, a fixed place of business in the United States involved in the earning of shipping income; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="ze3893f3af0654b7abc1cdb515cc61959">

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              </td>
              <td style="width: 18pt; vertical-align: top;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>substantially all of our U.S.-source shipping income is attributable to regularly scheduled transportation, such as the operation of a vessel that follows a published schedule with repeated sailings at regular intervals between the
                  same points for voyages that begin or end in the United States.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-top: 7.2pt; margin-bottom: 12pt;">We do not currently have, intend to have, or permit circumstances that would result in our having, any vessel sailing to or from the United States on a regularly scheduled
      basis.&#160; Based on the foregoing and on the expected mode of our shipping operations and other activities, it is anticipated that none of our United States source shipping income will be "effectively connected" with the conduct of a United States trade
      or business for any taxable year.</div>
    <div style="text-align: justify; margin-top: 7.2pt; margin-bottom: 12pt; font-style: italic; font-weight: bold;">United States Taxation of Gain on Sale of Vessels</div>
    <div style="text-align: justify; margin-top: 3.6pt; margin-bottom: 12pt;">Regardless of whether we qualify for exemption under Section 883 of the Code, we will not be subject to United States federal income taxation with respect to gain realized on a
      sale of a vessel, provided the sale is considered to occur outside of the United States under United States federal income tax principles. In general, a sale of a vessel will be considered to occur outside of the United States for this purpose if
      title to the vessel, and risk of loss with respect to the vessel, pass to the buyer outside of the United States. It is expected that any sale of a vessel by us will be considered to occur outside of the United States.</div>
    <div style="text-align: justify; margin-top: 5.4pt; margin-bottom: 12pt; font-weight: bold;">United States Federal Income Taxation of U.S. Holders</div>
    <div style="text-align: justify; margin-top: 3.6pt;">As used herein, the term "U.S. Holder" means a beneficial owner of common stock that is a United States citizen or resident, United States corporation or other United States entity taxable as a
      corporation, an estate the income of which is subject to United States federal income taxation regardless of its source, or a trust if a court within the United States is able to exercise primary jurisdiction over the administration of the trust and
      one or more United States persons have the authority to control all substantial decisions of the trust.</div>
    <div style="text-align: justify; margin-top: 3.6pt;">This discussion does not purport to deal with the tax consequences of owning common stock to all categories of investors, some of which, such as dealers in securities, investors whose functional
      currency is not the United States dollar, persons required to recognize income for United States federal income tax purposes no later than when such income is reported on an "applicable financial statement" and investors that own, actually or under
      applicable constructive ownership rules, 10% or more of our common stock, may be subject to special rules. This discussion deals only with holders who hold the common stock as a capital asset. You are encouraged to consult your own tax advisors
      concerning the overall tax consequences arising in your own particular situation under United States federal, state, local or foreign law of the ownership of common stock. This discussion does not address the tax consequences of owning our preferred
      stock.</div>
    <div style="text-align: justify; margin-top: 3.6pt;">If a partnership holds our common stock, the tax treatment of a partner will generally depend upon the status of the partner and upon the activities of the partnership. If you are a partner in a
      partnership holding our common stock, you are encouraged to consult your tax advisor.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">83</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
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    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-top: 12pt; margin-bottom: 12pt; font-style: italic; font-weight: bold;">Distributions</div>
    <div style="text-align: justify; margin-top: 3.6pt; margin-bottom: 12pt;"> Subject to the discussion of passive foreign investment companies below, any distributions made by us with respect to our common stock to a U.S. Holder will generally constitute
      dividends, which may be taxable as ordinary income or "qualified dividend income" as described in more detail below, to the extent of our current or accumulated earnings and profits, as determined under United States federal income tax principles.
      Distributions in excess of our earnings and profits will be treated first as a nontaxable return of capital to the extent of the U.S. Holder's tax basis in his common stock on a dollar-for-dollar basis and thereafter as capital gain. Because we are
      not a United States corporation, U.S. Holders that are corporations generally will not be entitled to claim a dividend received deduction with respect to any distributions they receive from us. Dividends paid with respect to our common stock will
      generally be treated as "passive category income" or, in the case of certain types of U.S. Holders, "general category income" for purposes of computing allowable foreign tax credits for United States foreign tax credit purposes.</div>
    <div style="text-align: justify; margin-top: 3.6pt; margin-bottom: 12pt;">Dividends paid on our common stock to a U.S. Holder who is an individual, trust or estate, or a U.S. Individual Holder, will generally be treated as "qualified dividend income"
      that is taxable to such U.S. Individual Holders at preferential tax rates provided that (1) we are not a passive foreign investment company for the taxable year during which the dividend is paid or the immediately preceding taxable year (which we do
      not believe we are, have been or will be), (2) our common stock is readily tradable on an established securities market in the United States (such as the Nasdaq Capital Market, on which our common stock is listed), (3) the U.S. Individual Holder has
      owned the common stock for more than 60 days in the 121-day period beginning 60 days before the date on which the common stock becomes ex-dividend, and (4) the U.S. Individual Holder is not under an obligation (whether pursuant to a short sale or
      otherwise) to make payments with respect to positions in similar or related property. There is no assurance that any dividends paid on our common stock will be eligible for these preferential rates in the hands of a U.S. Individual Holder. Dividends
      paid on our stock prior to the date on which our common stock became listed on the Nasdaq Capital Market were not eligible for these preferential rates.&#160; Any dividends paid by us which are not eligible for these preferential rates will be taxed as
      ordinary income to a U.S. Individual Holder.</div>
    <div style="text-align: justify; margin-top: 3.6pt; margin-bottom: 12pt;">Special rules may apply to any "extraordinary dividend" generally, a dividend paid by us in an amount which is equal to or in excess of ten percent of a shareholder's adjusted
      tax basis (or fair market value in certain circumstances) in a share of our common stock. If we pay an "extraordinary dividend" on our common stock that is treated as "qualified dividend income," then any loss derived by a U.S. Individual Holder from
      the sale or exchange of such common stock will be treated as long-term capital loss to the extent of such dividend.</div>
    <div style="text-align: justify; margin-top: 5.4pt; margin-bottom: 12pt; font-style: italic; font-weight: bold;">Sale, Exchange or other Disposition of Common Stock</div>
    <div style="text-align: justify; margin-top: 3.6pt; margin-bottom: 12pt;">Assuming we do not constitute a passive foreign investment company for any taxable year, a U.S. Holder generally will recognize taxable gain or loss upon a sale, exchange or
      other disposition of our common stock in an amount equal to the difference between the amount realized by the U.S. Holder from such sale, exchange or other disposition and the U.S. Holder's tax basis in such stock. Such gain or loss will generally be
      treated as long-term capital gain or loss if the U.S. Holder's holding period is greater than one year at the time of the sale, exchange or other disposition. Such capital gain or loss will generally be treated as U.S.-source income or loss, as
      applicable, for United States foreign tax credit purposes. A U.S. Holder's ability to deduct capital losses is subject to certain limitations.</div>
    <div style="text-align: justify; margin-top: 5.4pt; font-style: italic; font-weight: bold;">Passive Foreign Investment Company Status and Significant Tax Consequences</div>
    <div style="text-align: justify; margin-top: 3.6pt;">Special United States federal income tax rules apply to a U.S. Holder that holds stock in a foreign corporation classified as a passive foreign investment company, or PFIC, for United States federal
      income tax purposes. In general, we will be treated as a PFIC with respect to a U.S. Holder if, for any taxable year in which such holder held our common stock, either:</div>
    <div style="margin-top: 3.6pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 6pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="z0b72cbda271846d99ae2ceb8f02860ad">

            <tr>
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              </td>
              <td style="width: 18pt; vertical-align: top;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>at least 75% of our gross income for such taxable year consists of passive income (e.g., dividends, interest, capital gains and rents derived other than in the active conduct of a rental business); or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="z38f84f55b33b453eb51faeae2367879d">

            <tr>
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              </td>
              <td style="width: 18pt; vertical-align: top;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>at least 50% of the average value of our assets during such taxable year produce, or are held for the production of, passive income, which we refer to as "passive assets".</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-top: 3.6pt; margin-bottom: 12pt;">For purposes of determining whether we are a PFIC, we will be treated as earning and owning our proportionate share of the income and assets, respectively, of any of our
      subsidiary corporations in which we own at least 25% of the value of the subsidiary's stock. Income earned, or deemed earned, by us in connection with the performance of services would not constitute passive income. By contrast, rental income would
      generally constitute</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">84</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
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    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-top: 3.6pt; margin-bottom: 12pt;">"passive income" unless we were treated under specific rules as deriving our rental income in the active conduct of a trade or business.</div>
    <div style="text-align: justify; margin-top: 3.6pt; margin-bottom: 12pt;">Based on our current operations and future projections, we do not believe that we are, nor do we expect to become, a PFIC with respect to any taxable year. Although there is no
      legal authority directly on point, and we are not relying upon an opinion of counsel on this issue, our belief is based principally on the position that, for purposes of determining whether we are a PFIC, the gross income we derive or are deemed to
      derive from the time chartering and voyage chartering activities of our wholly-owned subsidiaries should constitute services income, rather than rental income. Correspondingly, such income should not constitute passive income, and the assets that we
      or our wholly-owned subsidiaries own and operate in connection with the production of such income, in particular, the vessels, should not constitute passive assets for purposes of determining whether we are a PFIC. We believe there is substantial
      legal authority supporting our position consisting of case law and United States Internal Revenue Service, or IRS, pronouncements concerning the characterization of income derived from time charters and voyage charters as services income for other
      tax purposes. However, there is also authority which characterizes time charter income as rental income rather than services income for other tax purposes.&#160; Moreover, in the absence of any legal authority specifically relating to the statutory
      provisions governing PFICs, the IRS or a court could disagree with our position. In addition, although we intend to conduct our affairs in a manner to avoid being classified as a PFIC with respect to any taxable year, there can be no assurance that
      the nature of our operations will not change in the future.</div>
    <div style="text-align: justify; margin-top: 3.6pt; margin-bottom: 12pt;">As discussed more fully below, if we were to be treated as a PFIC for any taxable year which included a U.S. Holder's holding period in our common stock, then such U.S. Holder
      would be subject to different United States federal income taxation rules depending on whether the U.S. Holder makes an election to treat us as a "qualified electing fund," which election we refer to as a "QEF election". As an alternative to making a
      QEF election, a U.S. Holder should be able to make a "mark-to-market" election with respect to our common stock, as discussed below.&#160; In addition, if we were to be treated as a PFIC, a U.S. Holder of our common stock would be required to file annual
      information returns with the IRS.</div>
    <div style="text-align: justify; margin-top: 3.6pt; margin-bottom: 12pt;">In addition, if a U.S. Holder owns our common stock and we are a PFIC, such U.S. Holder must generally file IRS Form 8621 with the IRS.</div>
    <div style="text-align: justify; margin-top: 3.6pt; margin-bottom: 12pt; font-style: italic; font-weight: bold;">U.S. Holders Making a Timely QEF Election</div>
    <div style="text-align: justify; margin-top: 3.6pt; margin-bottom: 12pt;">A U.S. Holder who makes a timely QEF election with respect to our common stock, or an Electing Holder, would report for United States federal income tax purposes his pro rata
      share of our ordinary earnings and our net capital gain, if any, for our taxable year that ends with or within the taxable year of the Electing Holder.&#160; Our net operating losses or net capital losses would not pass through to the Electing Holder and
      will not offset our ordinary earnings or net capital gain reportable to the Electing Holder in subsequent years (although such losses would ultimately reduce the gain, or increase the loss, if any, recognized by the Electing Holder on the sale of his
      common stock).&#160; Distributions received from us by an Electing Holder are excluded from the Electing Holder's gross income to the extent of the Electing Holder's prior inclusions of our ordinary earnings and net capital gain. The Electing Holder's tax
      basis in his common stock would be increased by any amount included in the Electing Holder's income. Distributions received by an Electing Holder, which are not includible in income because they have been previously taxed, would decrease the Electing
      Holder's tax basis in the common stock.&#160; An Electing Holder would generally recognize capital gain or loss on the sale or exchange of common stock.</div>
    <div style="text-align: justify; margin-top: 3.6pt; margin-bottom: 12pt; font-style: italic; font-weight: bold;">U.S. Holders Making a Timely Mark-to-Market Election</div>
    <div style="text-align: justify; margin-top: 3.6pt; margin-bottom: 12pt;">A U.S. Holder who makes a timely mark-to-market election with respect to our common stock would include annually in the U.S. Holder's income, as ordinary income, any excess of
      the fair market value of the common stock at the close of the taxable year over the U.S. Holder's then adjusted tax basis in the common stock. The excess, if any, of the U.S. Holder's adjusted tax basis at the close of the taxable year over the then
      fair market value of the common stock would be deductible in an amount equal to the lesser of the amount of the excess or the net mark-to-market gains that the U.S. Holder included in income in previous years with respect to the common stock. A U.S.
      Holder's tax basis in his common stock would be adjusted to reflect any income or loss amount recognized pursuant to the mark-to-market election.&#160; A U.S. Holder would recognize ordinary income or loss on a sale, exchange or other disposition of the
      common stock; provided, however, that any ordinary loss on the sale, exchange or other disposition may not exceed the net mark-to-market gains that the U.S. Holder included in income in previous years with respect to the common stock.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">85</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
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    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-top: 3.6pt; margin-bottom: 12pt; font-style: italic; font-weight: bold;">U.S. Holders Not Making a Timely QEF Election or Mark-to-Market Election</div>
    <div style="text-align: justify; margin-top: 3.6pt; margin-bottom: 12pt;">A U.S. Holder who does not make a timely QEF Election or a timely mark-to-market election, which we refer to as a "Non-Electing Holder", would be subject to special rules with
      respect to (i) any "excess distribution" (generally, the portion of any distributions received by the Non-Electing Holder on the common stock in a taxable year in excess of 125% of the average annual distributions received by the Non-Electing Holder
      in the three preceding taxable years, or, if shorter, the Non-Electing Holder's holding period for the common stock), and (ii) any gain realized on the sale or other disposition of the common stock. Under these rules, (i) the excess distribution or
      gain would be allocated ratably over the Non-Electing Holder's holding period for the common stock; (ii) the amount allocated to the current taxable year, and any taxable year prior to the first taxable year in which we were a PFIC, would be taxed as
      ordinary income; and (iii) the amount allocated to each of the other prior taxable years would be subject to tax at the highest rate of tax in effect for the applicable class of taxpayer for that year, and an interest charge for the deemed tax
      deferral benefit would be imposed with respect to the resulting tax attributable to each such other taxable year. If a Non-Electing Holder dies while owning the common stock, the Non-Electing Holder's successor would be ineligible to receive a
      step-up in the tax basis of that common stock.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">United States Federal Income Taxation of "Non-U.S. Holders"</div>
    <div style="text-align: justify; margin-bottom: 12pt;">A beneficial owner of common stock (other than a partnership) that is not a U.S. Holder is referred to herein as a "Non-U.S. Holder."</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-style: italic; font-weight: bold;">Dividends on Common Stock</div>
    <div style="text-align: justify; margin-bottom: 12pt;">Non-U.S. Holders generally will not be subject to United States federal income tax or withholding tax on dividends received from us with respect to our common stock, unless that income is
      effectively connected with the Non-U.S. Holder's conduct of a trade or business in the United States. If the Non-U.S. Holder is entitled to the benefits of a United States income tax treaty with respect to those dividends, that income is taxable only
      if it is attributable to a permanent establishment maintained by the Non-U.S. Holder in the United States.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-style: italic; font-weight: bold;">Sale, Exchange or Other Disposition of Common Stock</div>
    <div style="text-align: justify; margin-top: 3.6pt;">Non-U.S. Holders generally will not be subject to United States federal income tax or withholding tax on any gain realized upon the sale, exchange or other disposition of our common stock, unless:<br>
      <br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="z26cf3c65b0104d22a28f733753fdf192">

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              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>such gain is effectively connected with the Non-U.S. Holder's conduct of a trade or business in the United States, if the Non-U.S. Holder is entitled to the benefits of a United States income tax treaty with respect to that gain, that
                  gain is taxable only if it is attributable to a permanent establishment maintained by the Non-U.S. Holder in the United States; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="zeb2b6864872445229f92794db7ae8593">

            <tr>
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              </td>
              <td style="width: 18pt; vertical-align: top;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the Non-U.S. Holder is an individual who is present in the United States for 183 days or more during the taxable year of disposition and other conditions are met.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-top: 3.6pt;">If the Non-U.S. Holder is engaged in a United States trade or business for United States federal income tax purposes, the income from the common stock, including dividends and the gain from the sale,
      exchange or other disposition of the stock that is effectively connected with the conduct of that trade or business will generally be subject to regular United States federal income tax in the same manner as discussed in the previous section relating
      to the taxation of U.S. Holders. In addition, in the case of a corporate Non-U.S. Holder, its earnings and profits that are attributable to the effectively connected income, subject to certain adjustments, may be subject to an additional United
      States federal "branch profits" tax at a rate of 30%, or at a lower rate as may be specified by an applicable United States income tax treaty.</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Backup Withholding and Information Reporting</div>
    <div style="text-align: justify; margin-top: 3.6pt;">In general, dividend payments, or other taxable distributions, made within the United States to you will be subject to information reporting requirements. Such payments will also be subject to backup
      withholding tax if a U.S. Individual Holder:<br>
      <br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="zf729babd97994d08abc67a11b4685482">

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

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">86</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
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    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="zc3c8f82f00a1418e8d6e1a9c33316099">

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

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="zf995715bae9c40a6bfc2b402a75f7270">

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

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">Non-U.S. Holders may be required to establish their exemption from information reporting and backup withholding by certifying their status on an appropriate IRS Form W-8.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">If a shareholder sells our common stock to or through a United States office of a broker, the payment of the proceeds is subject to both United States backup withholding and information reporting
      unless the shareholder certifies that it is a non-U.S. person, under penalties of perjury, or the shareholder otherwise establishes an exemption. If a shareholder sells our common stock through a non-United States office of a non-United States broker
      and the sales proceeds are paid outside the United States then information reporting and backup withholding generally will not apply to that payment. However, United States information reporting requirements, but not backup withholding, will apply to
      a payment of sales proceeds, even if that payment is made outside the United States, if a shareholder sells our common stock through a non-United States office of a broker that is a United States person or has some other contacts with the United
      States.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">Backup withholding is not an additional tax. Rather, a shareholder generally may obtain a refund of any amounts withheld under backup withholding rules that exceed the shareholder's United States
      federal income tax liability by filing a refund claim with the IRS.</div>
    <div style="text-align: justify; margin-top: 3.6pt; margin-bottom: 6pt;">Individuals who are U.S. Holders (and to the extent specified in the applicable Treasury Regulations, certain individuals who are Non-U.S. Holders and certain United States
      entities) who hold "specified foreign financial assets" (as defined in Section 6038D of the Code and the applicable Treasury Regulations) are required to file IRS Form 8938 (Statement of Specified Foreign Financial Assets) with information relating
      to each such asset for each taxable year in which the aggregate value of all such assets exceeds $75,000 at any time during the taxable year or $50,000 on the last day of the taxable year.&#160; Specified foreign financial assets would include, among
      other assets, our common stock, unless the common stock were held through an account maintained with a United States financial institution.&#160; Substantial penalties apply to any failure to timely file IRS Form 8938, unless the failure is shown to be
      due to reasonable cause and not due to willful neglect.&#160; Additionally, the statute of limitations on the assessment and collection of United States federal income tax with respect to a taxable year for which the filing of IRS Form 8938 is required
      may not close until three years after the date on which IRS Form 8938 is filed.&#160; U.S. Holders (including United States entities) and Non-U.S. Holders are encouraged to consult their own tax advisors regarding their reporting obligations under Section
      6038D of the Code.</div>
    <div style="text-align: justify; margin-top: 3.6pt; margin-bottom: 12pt; font-weight: bold;">We encourage each shareholder to consult with his, her or its own tax advisor as to particular tax consequences to it of holding and disposing of our common
      stock, including the applicability of any state, local or foreign tax laws and any proposed changes in applicable law.</div>
    <div style="text-align: justify; margin-top: 6pt; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="zbd0c349f4fc84af8bfbd3fab1be08acf">

            <tr>
              <td style="width: 36pt; vertical-align: top; font-style: italic; font-weight: bold;">F.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-style: italic; font-weight: bold;">Dividends and paying agents</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">Not Applicable.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="zab29951f301c40a2ba5a828d18f3f009">

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

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">Not Applicable.</div>
    <div style="text-align: justify; margin-bottom: 6pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="ze52b8e99a8c045098c8b072bc31f2f47">

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

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">We file reports and other information with the SEC. These materials, including this annual report and the accompanying exhibits, may be inspected and copied at the public reference facilities
      maintained by the SEC at 100 F Street, N.E., Washington, D.C. 20549, or from the SEC's website: http://www.sec.gov. You may obtain information on the operation of the public reference room by calling 1 (800) SEC-0330 and you may obtain copies at
      prescribed rates.</div>
    <div style="text-align: justify; margin-bottom: 6pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="z63ffb67c390442d9af8f4a306571048b">

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

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">Not Applicable.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">87</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin-top: 4px; margin-right: 0px; margin-bottom: 4px; width: 100%; border-width: 0px; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-bottom: 6pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="z0c48fde619a54c42a9fb13b3111e7848">

            <tr>
              <td style="width: 54pt; vertical-align: top; font-weight: bold;">Item 11.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Quantitative and Qualitative Disclosures about Market Risk</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 6pt;">In the normal course of business, we face risks that are non-financial or non-quantifiable. Such risks principally include country risk, credit risk and legal risk. Our operations may be affected
      from time to time in varying degrees by these risks but their overall effect on us is not predictable. We have identified the following market risks as those which may have the greatest impact upon our operations:</div>
    <div style="text-align: justify; margin-bottom: 6pt; font-style: italic;">Interest Rate Fluctuation Risk</div>
    <div style="text-align: justify; margin-bottom: 6pt;">The international containership shipping industry is capital-intensive, requiring significant amounts of investment. Much of this investment is financed by long term debt. Our debt usually contains
      interest rates that fluctuate with LIBOR.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">We are subject to market risks relating to changes in interest rates because we have floating rate debt outstanding, which is based on U.S. dollar LIBOR plus, in the case of each credit facility, a
      specified margin. Our objective is to manage the impact of interest rate changes on our earnings and cash flow in relation to our borrowings and to this effect, when we deem appropriate, we use derivative financial instruments. The notional principal
      amount of our interest rate swap as of December 31, 2019 and 2018 was nil and $10 million, respectively. The swap has specified rates and duration. Refer to the table in Note 14 of our financial statements included at the end of this annual report,
      which summarizes the interest rate swaps in place as of December 31, 2019 and December 31, 2018. Our swap contract expired in May 2019.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">As at December 31, 2019, we had $85.21 million of floating rate debt outstanding with margins over LIBOR ranging from 2.95% to 3.90%. Our interest expense is affected by changes in the general
      level of interest rates. As an indication of the extent of our sensitivity to interest rate changes, an increase of 100 basis points would have increased our net loss and decreased our cash flows in the twelve-month period ended December 31, 2019 by
      approximately $482,074 assuming the same debt profile throughout the year.</div>
    <div style="text-align: justify;">The following table sets forth the sensitivity of our loans as of December 31, 2019 in U.S. dollars to a 100 basis points increase in LIBOR during the next five years. Specifically, the interest we will have to pay for
      our floating rate loans will increase.</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="zaeb48b8ea50640318374b8b66194728d" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;">

        <tr>
          <td valign="bottom" style="vertical-align: middle; padding-bottom: 2px;">
            <div style="font-weight: bold;">Year Ended December 31,</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">Amount in $ (floating rate loans)</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 88%; background-color: rgb(204, 238, 255);">
            <div>2020</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>787,113</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 88%; background-color: rgb(255, 255, 255);">
            <div>2021</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>648,945</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 88%; background-color: rgb(204, 238, 255);">
            <div>2022</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>385,194</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 88%; background-color: rgb(255, 255, 255);">
            <div>2023</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
            <div>200,938</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 88%; background-color: rgb(204, 238, 255);">
            <div>2024 and thereafter</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>-</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>

    </table>
    <div style="margin-top: 6pt; margin-bottom: 6pt;"><br>
    </div>
    <div style="text-align: justify; margin-top: 5.4pt; margin-bottom: 12pt; font-style: italic;">Inflation Risk</div>
    <div style="text-align: justify;">The general rate of inflation has been relatively low in recent years and as such its associated impact on costs has been minimal. We do not believe that inflation has had, or is likely to have in the foreseeable
      future, a significant impact on expenses. Should inflation increase, it will increase our expenses and subsequently have a negative impact on our earnings.</div>
    <div style="text-align: justify; margin-top: 6pt; font-style: italic;">Foreign Exchange Rate Risk</div>
    <div style="text-align: justify; margin-top: 3.6pt;">The international containership shipping industry's functional currency is the U.S. dollar. We generate all of our revenues in U.S. dollars, but<font style="background-color: rgb(255, 255, 255);">
        incur approximately 25% of our vessel operating expenses and drydocking expenses (excluding depreciation and other operating income) in 2019 in currencies other than U.S. dollars</font>. Comparatively, in 2018 approximately 25% of our vessel
      operating expenses and drydocking expenses (excluding depreciation and other operating income) were in currencies other than U.S. dollars.&#160; In addition, our vessel management fee is denominated in Euros and certain general and administrative expenses
      (about 6% in 2019) are mainly in Euros and some other currencies. <font style="background-color: rgb(255, 255, 255);">A</font>s of December 31, 2019, approximately 33% of our outstanding trade accounts payable were denominated in currencies other
      than the U.S. dollar, mainly in Euros. We do not use currency exchange contracts to reduce the risk of adverse foreign currency movements but we believe that our exposure from market rate fluctuations is unlikely to be material. Net foreign exchange
      gain for the year ended December 31, 2019 was $2,024, and for the year ended December 31, 2018 we had a net foreign exchange gain of $13,963.</div>
    <div style="text-align: justify; margin-top: 3.6pt;">A hypothetical 10% immediate and uniform adverse move in all currency exchange rates from the rates in effect as of December 31, 2019, would have increased our operating expenses by approximately
      $0.68 million and the fair value of our outstanding trade accounts payable by approximately $0.1 million.</div>
    <div style="margin-top: 3.6pt;"><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">88</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin-top: 4px; margin-right: 0px; margin-bottom: 4px; width: 100%; border-width: 0px; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-top: 7.2pt; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="zc118c5e035b442c8b4fe51135727ab09">

            <tr>
              <td style="width: 54pt; vertical-align: top; font-weight: bold;">Item 12.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Description of Securities Other than Equity Securities</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-top: 3.6pt;">Not Applicable.</div>
    <div style="margin-top: 3.6pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">PART II</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="z7996e2aa146a4e8c8cd97bc6c515103f">

            <tr>
              <td style="width: 54pt; vertical-align: top; font-weight: bold;">Item 13.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Defaults, Dividend Arrearages and Delinquencies</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">None.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="zf9249682ceaa47a68e3bc242e22d7884">

            <tr>
              <td style="width: 54pt; vertical-align: top; font-weight: bold;">Item 14.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Material Modifications to the Rights of Security Holders and Use of Proceeds</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify;">On May 10, 2019, we adopted a shareholder rights agreement effective as of May 27, 2019 and declared a dividend distribution of one preferred stock purchase right to purchase one one-thousandth of our Series C
      Participating Preferred Stock for each outstanding share of our common stock, to shareholders of record at the close of business on May 27, 2019. Each right entitles the registered holder, upon the occurrence of certain events, to purchase from us
      one one-thousandth of a share of Series C Participating Preferred Stock at an exercise price of $3.00, subject to adjustment. The rights will expire on the earliest of (i) May 31, 2029 or (ii) redemption or exchange of the rights. The shareholder
      rights agreement was designed to enable us to protect shareholder interests in the event that an unsolicited attempt is made for a business combination with or takeover of the Company. We believe that the shareholder rights agreement should enhance
      the board of directors' negotiating power on behalf of shareholders in the event of a coercive offer or proposal. We are not currently aware of any such offers or proposals and we adopted the plan as a matter of prudent corporate governance. This
      shareholder rights agreement replaced our existing, substantially similar shareholder rights agreement which expired on May 27, 2019.</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="zcf25f31668174f7489af151813ad592e">

            <tr>
              <td style="width: 54pt; vertical-align: top; font-weight: bold;">Item 15.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Controls and Procedures</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify;">(a)&#160; &#160;&#160; Evaluation of Disclosure Controls and Procedures</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify;">Pursuant to Rules 13a-15(e) or 15d-15(e) of the Exchange Act, the Company's management, under the supervision and with the participation of the Chief Executive Officer and Chief Financial Officer, evaluated the
      effectiveness of the design and operation of the Company's disclosure controls and procedures as of December 31, 2019. The term disclosure controls and procedures is defined under SEC rules as controls and other procedures of an issuer that are
      designed to ensure that information required to be disclosed by the issuer in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC's rules and forms.
      Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Act is accumulated and communicated to
      the issuer's management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure. There are inherent limitations to the
      effectiveness of any system of disclosure controls and procedures, including the possibility of human error and the circumvention or overriding of the controls and procedures. Accordingly, even effective disclosure controls and procedures can only
      provide reasonable assurance of achieving their control objectives.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify;">Based on that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that as of December 31, 2019, our disclosure controls and procedures, which include, without limitation, controls and
      procedures designed to ensure that information required to be disclosed by us in the reports we file or submit under the Exchange Act is accumulated and communicated to the management, including our Chief Executive Officer and Chief Financial
      Officer, as appropriate to allow timely decisions regarding required disclosure, were effective to provide reasonable assurance that information required to be disclosed by us in reports we file or submit under the Exchange Act is recorded,
      processed, summarized and reported within the time periods specified in the rules and forms of the SEC.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">(b)&#160; &#160;&#160; Management's Annual Report on Internal Control over Financial Reporting</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify;">The Company's management is responsible for establishing and maintaining adequate internal control over financial reporting as such term is identified in Exchange Act Rule 13a-15(f) and 15d-15(f). Internal control over
      financial reporting is a process designed by, or under the supervision of, the issuer's principal executive and principal financial officers, or persons performing similar functions, and effected by the issuer's Board of Directors,</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">89</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin-top: 4px; margin-right: 0px; margin-bottom: 4px; width: 100%; border-width: 0px; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted
      accounting principles and includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect transactions and dispositions of assets; (ii) provide reasonable assurance that
      transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures are being made only in accordance with the authorization of its
      management and directors; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company's assets that could have a material effect on its consolidated financial
      statements.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify;">Our management, with the participation of Chief Executive Officer and Chief Financial Officer, assessed the effectiveness of the Company's internal control over financial reporting as of December 31, 2019. In making
      this assessment, the Company used the control criteria framework of the Committee of Sponsoring Organizations of the Treadway Commission, or COSO 2013, published in its report entitled 2013 Internal Control-Integrated Framework. As a result of its
      assessment, the Chief Executive Officer and Chief Financial Officer concluded that the Company's internal controls over financial reporting are effective as of December 31, 2019.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160; Attestation Report of the Registered Public Accounting Firm</div>
    <div><br>
    </div>
    <div style="text-align: justify;">This annual report does not contain an attestation report of our registered public accounting firm regarding internal control over financial reporting as the Company is a non-accelerated filer and is exempt from this
      requirement.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">(d)&#160; &#160; &#160;&#160;&#160; Changes in Internal Control over Financial Reporting</div>
    <div><br>
    </div>
    <div style="text-align: justify;">No change in the Company's internal control over financial reporting occurred during the period covered by this annual report that has materially affected, or is reasonably likely to materially affect, the Company's
      internal control over financial reporting.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-style: italic;">Inherent Limitations on Effectiveness of Controls</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-bottom: 6pt;">Our management, including our Chief Executive Officer and Chief Financial Officer, does not expect that our disclosure controls or our internal control over financial reporting will prevent or
      detect all error and all fraud. A control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that the control system's objectives will be met. Our disclosure controls and procedures are designed to
      provide reasonable assurance of achieving their objectives. The design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Further, because of the
      inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that misstatements due to error or fraud will not occur or that all control issues and instances of fraud, if any, within the Company have been
      detected. These inherent limitations include the realities that judgments in decision-making can be faulty and that breakdowns can occur because of simple error or mistake. Controls can also be circumvented by the individual acts of some persons, by
      collusion of two or more people, or by management override of the controls. The design of any system of controls is based in part on certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed
      in achieving its stated goals under all potential future conditions. Projections of any evaluation of controls effectiveness to future periods are subject to risks. Over time, controls may become inadequate because of changes in conditions or
      deterioration in the degree of compliance with policies or procedures.</div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-weight: bold;">Item 16A.</font><font style="display: inline-block; font-size: 1px; width: 72pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-weight: bold;">Audit Committee
        Financial Expert</font></div>
    <div style="text-align: justify; margin-top: 5.4pt; margin-bottom: 6pt;">Our Board of Directors has determined that all the members of our Audit Committee qualify as financial experts and they are all considered to be independent according to Nasdaq
      and SEC rules.&#160; Mr. Panos Kyriakopoulos serves as the Chairman of our Audit Committee and as the Audit Committee's financial expert with Mr. Apostolos Tamvakakis and Mr. George Taniskidis as members.</div>
    <div style="text-align: justify;"><font style="font-weight: bold;">Item 16B.</font><font style="display: inline-block; font-size: 1px; width: 72pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-weight: bold;">Code of Ethics</font></div>
    <div style="text-align: justify; margin-top: 5.4pt; margin-bottom: 12pt;">We have adopted a code of ethics that applies to officers and employees. Our code of ethics is posted in our website, http://www.euroseas.gr, under "Corporate Governance".</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">90</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin-top: 4px; margin-right: 0px; margin-bottom: 4px; width: 100%; border-width: 0px; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-weight: bold;">Item 16C.</font><font style="display: inline-block; font-size: 1px; width: 72pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-weight: bold;">Principal
        Accountant Fees and Services</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">Our principal auditors, Deloitte Certified Public Accountants, S.A. have charged us for audit, audit-related and non-audit services as follows:</div>
    <table cellspacing="0" cellpadding="0" id="zebd77fc8795f413281c38abbcf1d9c05" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;">

        <tr>
          <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">2018<br>
              (dollars in thousands)</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">2019<br>
              (dollars in thousands)</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;">Audit Fees</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>288</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>197</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; padding-bottom: 2px; background-color: rgb(255, 255, 255);">
            <div style="text-align: justify;">Audit-Related Fees</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"> _</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"> _</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;">Tax Fees</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"> _</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"> _</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; padding-bottom: 2px; background-color: rgb(255, 255, 255);">
            <div style="text-align: justify;">All Other Fes</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"> _</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"> _</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; font-weight: bold;">Total</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">288</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">197</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>

    </table>
    <div style="margin-top: 5.4pt; margin-bottom: 6pt;"><br>
    </div>
    <div style="text-align: justify; margin-top: 5.4pt; margin-bottom: 6pt;">Audit fees relate to compensation for professional services rendered for the audit of the consolidated financial statements of the Company and for the review of the quarterly
      financial information as well as in connection with any other audit services required for SEC or other regulatory filings or offerings.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">The Audit Committee is responsible for the appointment, replacement, compensation, evaluation and oversight of the work of the independent registered public accounting firm. As part of this
      responsibility, the Audit Committee pre-approves the audit and non-audit services performed by the independent registered public accounting firm in order to assure that they do not impair the auditor's independence from the Company. The Audit
      Committee has adopted a policy which sets forth the procedures and the conditions pursuant to which services proposed to be performed by the independent registered public accounting firm may be pre-approved.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">All services provided by Deloitte Certified Public Accountants, S.A., were pre-approved by the Audit Committee.</div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-weight: bold;">Item 16D.</font><font style="display: inline-block; font-size: 1px; width: 72pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-weight: bold;">Exemptions from the
        Listing Standards for Audit Committees</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">Not Applicable.</div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-weight: bold;">Item 16E.</font><font style="display: inline-block; font-size: 1px; width: 72pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-weight: bold;">Purchases of Equity
        Securities by the Issuer and Affiliated Purchasers</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">Not Applicable.</div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-weight: bold;">Item 16F.</font><font style="display: inline-block; font-size: 1px; width: 72pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-weight: bold;">Change in
        Registrant's Certifying Accountant</font></div>
    <div style="margin-bottom: 12pt;">None.</div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-weight: bold;">Item 16G.</font><font style="display: inline-block; font-size: 1px; width: 72pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-weight: bold;">Corporate
        Governance</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">Please see Item 6.C. Board Practices - Corporate Governance.</div>
    <div style="text-align: justify; margin-bottom: 6pt; font-weight: bold;">OTHER THAN AS NOTED IN THE SECTION ABOVE, WE ARE IN FULL COMPLIANCE WITH ALL OTHER APPLICABLE NASDAQ CORPORATE GOVERNANCE STANDARDS.</div>
    <div style="margin-bottom: 6pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 6pt;"><font style="font-weight: bold;">Item 16H.</font><font style="display: inline-block; font-size: 1px; width: 72pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-weight: bold;">Mine Safety
        Disclosure</font></div>
    <div style="text-align: justify; margin-bottom: 6pt;"><font style="font-weight: bold;"> <br>
      </font></div>
    <div style="text-align: justify; margin-top: 3.6pt;">Not Applicable.</div>
    <div style="margin-top: 3.6pt;"><br>
    </div>
    <div style="margin-bottom: 12pt; font-weight: bold;">PART III</div>
    <div style="margin-bottom: 12pt; font-weight: bold;">
      <div style="text-align: justify; margin-bottom: 6pt;"><font style="font-weight: bold;">Item 17.</font><font style="display: inline-block; font-size: 1px; width: 72pt;"> </font><font style="font-weight: bold;">Financial Statements<br>
        </font></div>
    </div>
    <div style="margin-bottom: 12pt;">
      <div> </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">See Item 18.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">91</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin-top: 4px; margin-right: 0px; margin-bottom: 4px; width: 100%; border-width: 0px; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="z5145fcf668e54eb9b109febf7edb37e5">

            <tr>
              <td style="width: 72pt; vertical-align: top; font-weight: bold;">Item 18.</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">Financial Statements</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">The financial statements set forth on pages F-1 through F-60, together with the report of independent registered public accounting firm, are filed as part of this annual report.</div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="z17ea487ba2d84686b12d9cc4db07b21a">

            <tr>
              <td style="width: 72pt; vertical-align: top; font-weight: bold;">Item 19.</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">Exhibits</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" id="z9e06e1e974244949b894821d6f92158a">

        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div>1.1</div>
          </td>
          <td style="width: 2%; vertical-align: middle;">&#160;</td>
          <td style="width: 93%; vertical-align: top;">
            <div><a href="http://www.sec.gov/Archives/edgar/data/1341170/000091957411003640/d1111095_ex3-1.htm">Amended and Restated Articles of Incorporation of Euroseas Ltd.(8)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div>1.2</div>
          </td>
          <td style="width: 2%; vertical-align: middle;">&#160;</td>
          <td style="width: 93%; vertical-align: top;">
            <div><a href="http://www.sec.gov/Archives/edgar/data/1341170/000091957410003759/d1102502_ex1-2.htm">Bylaws of Euroseas Ltd.(7)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div>1.3</div>
          </td>
          <td style="width: 2%; vertical-align: middle;">&#160;</td>
          <td style="width: 93%; vertical-align: top;">
            <div><a href="http://www.sec.gov/Archives/edgar/data/1341170/000091957410003759/d1102502_ex1-4.htm">Amendment to Bylaws of Euroseas Ltd.(7)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div>2.1</div>
          </td>
          <td style="width: 2%; vertical-align: middle;">&#160;</td>
          <td style="width: 93%; vertical-align: top;">
            <div><a href="http://www.sec.gov/Archives/edgar/data/1341170/000114420407034548/v079738prospsupp.htm">Specimen Common Stock Certificate(5)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div>2.2</div>
          </td>
          <td style="width: 2%; vertical-align: middle;">&#160;</td>
          <td style="width: 93%; vertical-align: top;">
            <div><a href="http://www.sec.gov/Archives/edgar/data/1341170/000095012305012313/y13280exv4w2.txt">Form of Securities Purchase Agreement(1)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div>2.3</div>
          </td>
          <td style="width: 2%; vertical-align: middle;">&#160;</td>
          <td style="width: 93%; vertical-align: top;">
            <div><a href="http://www.sec.gov/Archives/edgar/data/1341170/000095012305012313/y13280exv4w3.txt">Form of Registration Rights Agreement(1)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div>2.4</div>
          </td>
          <td style="width: 2%; vertical-align: middle;">&#160;</td>
          <td style="width: 93%; vertical-align: top;">
            <div><a href="http://www.sec.gov/Archives/edgar/data/1341170/000095012305012313/y13280exv4w4.txt">Form of Warrant(1)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div>2.5</div>
          </td>
          <td style="width: 2%; vertical-align: middle;">&#160;</td>
          <td style="width: 93%; vertical-align: top;">
            <div><a href="http://www.sec.gov/Archives/edgar/data/1341170/000095012305014408/y13280a1exv4w5.txt">Registration Rights Agreement between Euroseas Ltd. and Friends Investment Company Inc., dated November 2, 2005(2)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div>2.7</div>
          </td>
          <td style="width: 2%; vertical-align: middle;">&#160;</td>
          <td style="width: 93%; vertical-align: top;">
            <div><a href="http://www.sec.gov/Archives/edgar/data/1341170/000091957412003803/d1294231_6-k.htm">Form of Subscription Rights Certificate(9)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div>2.8</div>
          </td>
          <td style="width: 2%; vertical-align: middle;">&#160;</td>
          <td style="width: 93%; vertical-align: top;">
            <div><a href="http://www.sec.gov/Archives/edgar/data/1341170/000091957417003286/d7358560_ex2-8.htm">Registration Obligation Agreement by and among Euroseas Ltd., Tennenbaum Opportunities Partners V, LP and Tennenbaum Opportunities Fund VI, LLC
                dated December 14, 2016 (previously filed as Exhibit 2.8 to the Company's Annual Report on Form 20-F (File No. 001-33283) on April 7, 2017 and incorporated by reference herein)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div>4.1</div>
          </td>
          <td style="width: 2%; vertical-align: middle;">&#160;</td>
          <td style="width: 93%; vertical-align: top;">
            <div><a href="http://www.sec.gov/Archives/edgar/data/1341170/000095012305012313/y13280exv10w1.txt">Form of Lock-up Agreement(1)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div>4.2</div>
          </td>
          <td style="width: 2%; vertical-align: middle;">&#160;</td>
          <td style="width: 93%; vertical-align: top;">
            <div><a href="http://www.sec.gov/Archives/edgar/data/1341170/000095012305012313/y13280exv10w7.txt">Form of Standard Ship Management Agreement(1)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div>4.3</div>
          </td>
          <td style="width: 2%; vertical-align: middle;">&#160;</td>
          <td style="width: 93%; vertical-align: top;">
            <div><a href="http://www.sec.gov/Archives/edgar/data/1341170/000095012305012313/y13280exv10w8.txt">Agreement between Eurobulk Ltd. and Eurochart S.A., for the provision of exclusive brokerage services, dated December 20, 2004(1)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div>4.4</div>
          </td>
          <td style="width: 2%; vertical-align: middle;">&#160;</td>
          <td style="width: 93%; vertical-align: top;">
            <div><a href="http://www.sec.gov/Archives/edgar/data/1341170/000095012305012313/y13280exv10w9.txt">Form of Current Time Charter(1)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div>4.5</div>
          </td>
          <td style="width: 2%; vertical-align: middle;">&#160;</td>
          <td style="width: 93%; vertical-align: top;">
            <div><a href="http://www.sec.gov/Archives/edgar/data/1341170/000091957408002886/d878630_ex4-9.htm">Amended and Restated Master Management Agreement between Euroseas Ltd. and Eurobulk Ltd. dated as of July 17, 2007, as amended February 7,
                2008(4)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div>4.6</div>
          </td>
          <td style="width: 2%; vertical-align: middle;">&#160;</td>
          <td style="width: 93%; vertical-align: top;">
            <div><a href="http://www.sec.gov/Archives/edgar/data/1341170/000091957409010892/d992571_ex4-10.htm">Addendum No. 1 to Amended and Restated Master Management Agreement between Euroseas Ltd. and Eurobulk Ltd. dated as of February 7, 2009(6)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div>4.7</div>
          </td>
          <td style="width: 2%; vertical-align: middle;">&#160;</td>
          <td style="width: 93%; vertical-align: top;">
            <div><a href="http://www.sec.gov/Archives/edgar/data/1341170/000114420407003696/v063429_ex10-16.htm">Form of Right of First Refusal(3)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div>4.8</div>
          </td>
          <td style="width: 2%; vertical-align: middle;">&#160;</td>
          <td style="width: 93%; vertical-align: top;">
            <div><a href="http://www.sec.gov/Archives/edgar/data/1341170/000114420407003696/v063429_ex10-17.htm">Form of Advisory Agreement(3)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div>4.9</div>
          </td>
          <td style="width: 2%; vertical-align: middle;">&#160;</td>
          <td style="width: 93%; vertical-align: top;">
            <div><a href="http://www.sec.gov/Archives/edgar/data/1341170/000091957408003887/d897508_ex4-6.htm">Form of Senior Security Debt Indenture(5)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div>4.10</div>
          </td>
          <td style="width: 2%; vertical-align: middle;">&#160;</td>
          <td style="width: 93%; vertical-align: top;">
            <div><a href="http://www.sec.gov/Archives/edgar/data/1341170/000091957408003887/d897508_ex4-7.htm">Form of Subordinated Debt Security Indenture(5)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div>4.11</div>
          </td>
          <td style="width: 2%; vertical-align: middle;">&#160;</td>
          <td style="width: 93%; vertical-align: top;">
            <div><a href="http://www.sec.gov/Archives/edgar/data/1341170/000091957414002328/d1461629_6-k.htm">Amendment to Registration Rights Agreement, dated as of March 14, 2014 to the Registration Rights Agreement, dated as of January 26, 2014, as
                amended by and among Euroseas Ltd., Tennenbaum Opportunities Fund VI, LLC, and Friends Investment Company, Inc. (previously filed as Exhibit 99.4 on Form 6-K (File No. 001-33283) on March 18, 2014 and incorporated by reference herein)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div>4.12</div>
          </td>
          <td style="width: 2%; vertical-align: middle;">&#160;</td>
          <td style="width: 93%; vertical-align: top;">
            <div><a href="http://www.sec.gov/Archives/edgar/data/1341170/000091957414000447/d1447803_6-k.htm">Specimen Certificate for the Series B Preferred Shares (previously filed as Exhibit 99.3 on Form 6-K (File No. 001-33283) on January 29, 2014 and
                incorporated by reference herein)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div>4.13</div>
          </td>
          <td style="width: 2%; vertical-align: middle;">&#160;</td>
          <td style="width: 93%; vertical-align: top;">
            <div><a href="http://www.sec.gov/Archives/edgar/data/1341170/000091957414000447/d1447803_6-k.htm">Form of Securities Purchase Agreement in connection with the sale of the Series B Preferred Shares (previously filed as Exhibit 99.4 on Form 6-K
                (File No. 001-33283) on January 29, 2014 and incorporated by reference herein)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div>4.14</div>
          </td>
          <td style="width: 2%; vertical-align: middle;">&#160;</td>
          <td style="width: 93%; vertical-align: top;">
            <div><a href="http://www.sec.gov/Archives/edgar/data/1341170/000091957414000447/d1447803_6-k.htm">Form of Registration Rights Agreement in connection with the sale of the Series B Preferred Shares (previously filed as Exhibit 99.5 on Form 6-K
                (File No. 001-33283) on January 29, 2014 and incorporated by reference herein)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div>4.15</div>
          </td>
          <td style="width: 2%; vertical-align: middle;">&#160;</td>
          <td style="width: 93%; vertical-align: top;">
            <div><a href="d8528017_ex4-15.htm">Addendum No. 10 to Amended and Restated Master Management Agreement between Euroseas Ltd. and Eurobulk Ltd. dated
                as of November 15, 2019</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div>4.16</div>
          </td>
          <td style="width: 2%; vertical-align: middle;">&#160;</td>
          <td style="width: 93%; vertical-align: top;">
            <div><a href="http://www.sec.gov/Archives/edgar/data/1341170/000091957419003020/d8122244_ex4-58.htm">Loan Agreement between Euroseas Ltd., as borrower, and Eurobank Ergasias, S.A., as arranger, relating to a revolving credit facility of up to
                US$45,000,000 dated November 21, 2018(10)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div>4.17</div>
          </td>
          <td style="width: 2%; vertical-align: middle;">&#160;</td>
          <td style="width: 93%; vertical-align: top;">
            <div><a href="d8528089_ex4-17.htm">Supplemental Letter to the Facility Agreement of up to US$45,000,000 between Euroseas Ltd., as borrower, and
                Eurobank Ergasias, S.A., as the bank, dated May 30, 2019</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div>4.18</div>
          </td>
          <td style="width: 2%; vertical-align: middle;">&#160;</td>
          <td style="width: 93%; vertical-align: top;">
            <div><a href="d8528355_ex4-18.htm">Loan Agreement between Diamantis Shipowners Ltd., as borrower, and Piraeus Bank S.A., as lender, for a term loan
                facility of up to US$4,000,000 dated July 29, 2019</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div>4.19</div>
          </td>
          <td style="width: 2%; vertical-align: middle;">&#160;</td>
          <td style="width: 93%; vertical-align: top;">
            <div><a href="d8530444_ex4-19.htm">Secured Loan Agreement between Kea Shipowners Ltd., Spetses Shipowners Ltd. and Hydra Shipowners Ltd., as
                borrowers, and HSBC Bank PLC, as lender, for a secured loan of US$12,500,000 dated July 30, 2019</a></div>
          </td>
        </tr>

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        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div>4.20</div>
          </td>
          <td style="width: 2%; vertical-align: middle;">&#160;</td>
          <td style="width: 93%; vertical-align: top;">
            <div><a href="d8529155_ex4-20.htm">Loan Agreement between Antwerp Shipping Ltd., Busan Shipping Ltd., Keelung Shipping Ltd. and Oakland Shipping
                Ltd., as borrowers, and Piraeus Bank S.A., as lender, for a term loan facility of up to US$32,000,000 dated November 8, 2019</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div>4.21</div>
          </td>
          <td style="width: 2%; vertical-align: middle;">&#160;</td>
          <td style="width: 93%; vertical-align: top;">
            <div><a href="d8410243_ex4-21.htm">Letter Agreement between Euroseas Ltd. and Synergy Holdings Limited relating to the Synergy Vessel Acquisition
                dated November 7, 2019</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div>4.22</div>
          </td>
          <td style="width: 2%; vertical-align: middle;">&#160;</td>
          <td style="width: 93%; vertical-align: top;">
            <div><a href="d8528243_ex4-22.htm">Loan Agreement between Euroseas Ltd., as borrower, and Colby Trading Ltd., as lender, for a term loan facility of
                up to US$2,500,000 dated September 30, 2019</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div>4.23</div>
          </td>
          <td style="width: 2%; vertical-align: middle;">&#160;</td>
          <td style="width: 93%; vertical-align: top;">
            <div><a href="d8528204_ex4-23.htm">First Supplemental Agreement relating to a Loan Agreement between Euroseas Ltd., as borrower, and Colby Trading
                Ltd., as lender, for a term loan facility of up to US$2,500,000 dated December 20, 2019</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div>4.24</div>
          </td>
          <td style="width: 2%; vertical-align: middle;">&#160;</td>
          <td style="width: 93%; vertical-align: top;">
            <div><a href="d8528216_ex4-24.htm">Second Supplemental Agreement relating to a Loan Agreement between Euroseas Ltd., as borrower, and Colby Trading
                Ltd., as lender, for a term loan facility of up to US$2,500,000 dated March 30, 2020</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div>4.25</div>
          </td>
          <td style="width: 2%; vertical-align: middle;">&#160;</td>
          <td style="width: 93%; vertical-align: top;">
            <div><a href="d8498133_ex4-25.htm">Loan Agreement between Euroseas Ltd., as borrower, and Colby Trading Ltd., as lender, for a term loan facility of
                up to US$2,500,000 dated November 1, 2019</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div>4.26</div>
          </td>
          <td style="width: 2%; vertical-align: middle;">&#160;</td>
          <td style="width: 93%; vertical-align: top;">
            <div><a href="http://www.sec.gov/Archives/edgar/data/1341170/000091957419003020/d8223971_ex4-57.htm">Euroseas Ltd. 2018 Equity Incentive Plan(10)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div>4.27</div>
          </td>
          <td style="width: 2%; vertical-align: middle;">&#160;</td>
          <td style="width: 93%; vertical-align: top;">
            <div><a href="http://www.sec.gov/Archives/edgar/data/1341170/000091957419003837/d8221900_ex4-1.htm">Form of Stockholders Rights Agreement dated May 27, 2019(11)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div>4.28</div>
          </td>
          <td style="width: 2%; vertical-align: middle;">&#160;</td>
          <td style="width: 93%; vertical-align: top;">
            <div><a href="http://www.sec.gov/Archives/edgar/data/1341170/000091957420002134/d8396861_ex99-1.htm">Amended and Restated Statement of Designation of the Rights, Preferences and Privileges of Series B Convertible Perpetual Preferred Shares of
                Euroseas Ltd.(12)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div>4.29</div>
          </td>
          <td style="width: 2%; vertical-align: middle;">&#160;</td>
          <td style="width: 93%; vertical-align: top;">
            <div><a href="d8498133_ex4-29.htm">Registration Rights Agreement between Euroseas Ltd. and Synergy Holdings Limited dated November 7, 2019</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div>4.30</div>
          </td>
          <td style="width: 2%; vertical-align: middle;">&#160;</td>
          <td style="width: 93%; vertical-align: top;">
            <div><a href="d8498133_ex4-30.htm">Equity Distribution Agreement between Euroseas Ltd. and Maxim Group LLC dated October 30, 2018</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div>4.31</div>
          </td>
          <td style="width: 2%; vertical-align: middle;">&#160;</td>
          <td style="width: 93%; vertical-align: top;">
            <div><a href="d8529221_ex43-1.htm">Interest Rate Swap Agreement between Euroseas and Eurobank SA/Athens dated April 16, 2020</a><br>
            </div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div>8.1</div>
          </td>
          <td style="width: 2%; vertical-align: middle;">&#160;</td>
          <td style="width: 93%; vertical-align: top;">
            <div><a href="d8528119_ex8-1.htm">Subsidiaries of the Registrant</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div>12.1</div>
          </td>
          <td style="width: 2%; vertical-align: middle;">&#160;</td>
          <td style="width: 93%; vertical-align: top;">
            <div><a href="d8498133_ex12-1.htm">Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div>12.2</div>
          </td>
          <td style="width: 2%; vertical-align: middle;">&#160;</td>
          <td style="width: 93%; vertical-align: top;">
            <div><a href="d8498133_ex12-2.htm">Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div>13.1</div>
          </td>
          <td style="width: 2%; vertical-align: middle;">&#160;</td>
          <td style="width: 93%; vertical-align: top;">
            <div><a href="d8498133_ex13-1.htm">Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of
                the Sarbanes-Oxley Act of 2002</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div>13.2</div>
          </td>
          <td style="width: 2%; vertical-align: middle;">&#160;</td>
          <td style="width: 93%; vertical-align: top;">
            <div><a href="d8498133_ex13-2.htm">Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of
                the Sarbanes-Oxley Act of 2002</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div>15.1</div>
          </td>
          <td style="width: 2%; vertical-align: middle;">&#160;</td>
          <td style="width: 93%; vertical-align: top;">
            <div><a href="d8529286_ex15-1.htm">Consent of Deloitte Certified Public Accountants&#160; S.A.</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div>101.INS*</div>
          </td>
          <td style="width: 2%; vertical-align: middle;">&#160;</td>
          <td style="width: 93%; vertical-align: top;">
            <div>XBRL Instance Document</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div>101.SCH*</div>
          </td>
          <td style="width: 2%; vertical-align: middle;">&#160;</td>
          <td style="width: 93%; vertical-align: top;">
            <div>XBRL Taxonomy Extension Schema Document</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div>101.CAL*</div>
          </td>
          <td style="width: 2%; vertical-align: middle;">&#160;</td>
          <td style="width: 93%; vertical-align: top;">
            <div>XBRL Taxonomy Extension Calculation Linkbase Document</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div>101.DEF*</div>
          </td>
          <td style="width: 2%; vertical-align: middle;">&#160;</td>
          <td style="width: 93%; vertical-align: top;">
            <div>XBRL Taxonomy Extension Definition Linkbase Document</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div>101.LAB*</div>
          </td>
          <td style="width: 2%; vertical-align: middle;">&#160;</td>
          <td style="width: 93%; vertical-align: top;">
            <div>XBRL Taxonomy Extension Label Linkbase Document</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div>101.PRE*</div>
          </td>
          <td style="width: 2%; vertical-align: middle;">&#160;</td>
          <td style="width: 93%; vertical-align: top;">
            <div>XBRL Taxonomy Extension Presentation Linkbase Document</div>
          </td>
        </tr>

    </table>
  </div>
  <div style="text-indent: 36pt;">
    <div style="text-align: justify;">
      <div>
        <div><br>
        </div>
      </div>
    </div>
    <div><br>
    </div>
    ____________
    <div><br>
    </div>
    <div>
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          <tr>
            <td style="width: 18pt; vertical-align: top;">*</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>Pursuant to Rule 406T of Regulation S-T, these interactive data files are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, are deemed not
                filed for the purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, and otherwise are not subject to liability under those sections.</div>
            </td>
          </tr>

      </table>
    </div>
    <br>
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        <tr>
          <td style="width: 6.68%; vertical-align: top;">
            <div style="text-align: justify;">(1)</div>
          </td>
          <td style="width: 93.32%; vertical-align: top;">
            <div style="text-align: justify;">Filed as an Exhibit to the Company's Registration Statement (File No. 333-129145) on October 20, 2005.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 6.68%; vertical-align: top;">
            <div style="text-align: justify;">(2)</div>
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            <div style="text-align: justify;">Filed as an Exhibit to the Company's Amendment No.1 to Registration Statement (File No. 333-129145) on December 5, 2005.</div>
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            <div style="text-align: justify;">(3)</div>
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            <div style="text-align: justify;">Filed as an Exhibit to the Company's Amendment No. 4 to Registration Statement (File No. 333-138780) on January 29, 2007.</div>
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            <div style="text-align: justify;">(4)</div>
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            <div style="text-align: justify;">Filed as an Exhibit to the Company's Annual Report on Form 20-F (File No. 001-33283) on May 13, 2008.</div>
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            <div style="text-align: justify;">(5)</div>
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            <div style="text-align: justify;">Filed as an Exhibit to the Company's Registration Statement (File No. 333-152089) on July 2, 2008.</div>
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            <div style="text-align: justify;">(6)</div>
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            <div style="text-align: justify;">Filed as an Exhibit to the Company's Annual Report on Form 20-F (File No. 001-33283) on May 18, 2009.</div>
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            <div style="text-align: justify;">(7)</div>
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            <div style="text-align: justify;">Filed as an Exhibit to the Company's Annual Report on Form 20-F (File No. 001-33283) on May 28, 2010.</div>
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            <div style="text-align: justify;">(8)</div>
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            <div style="text-align: justify;">Filed as an Exhibit to the Company's Annual Report on Form 20-F (File No. 001-33283) on May 27, 2011.</div>
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            <div style="text-align: justify;">(9)</div>
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            <div style="text-align: justify;">Filed as an Exhibit to the Company's Form 6-K (File No. 001-33283) on May 25, 2012.</div>
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            <div style="text-align: justify;">(10)</div>
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            <div style="text-align: justify;">Filed as an Exhibit to the Company's Annual Report on Form 20-F (File No. 001-33283) on April 25, 2019.</div>
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            <div style="text-align: justify;">(11)</div>
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            <div style="text-align: justify;">Filed as an Exhibit to the Company's Form 6-K (File No. 001-33283) on May 28, 2019.</div>
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              <div style="text-align: justify;">(12)</div>
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            <td style="width: 93.32%; vertical-align: top;">
              <div style="text-align: justify;">Filed as an Exhibit to the Company's Form 6-K (File No. 001-33283) on March 5, 2020.</div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">93</font></div>
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    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">SIGNATURES</div>
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    <div style="text-align: justify; margin-bottom: 12pt;">The Registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this Amendment to its annual report
      on its behalf.</div>
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            <div>EUROSEAS LTD.<br>
              <u>(Registrant)</u></div>
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            <div>By:</div>
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            <div>/s/ Aristides J. Pittas</div>
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            <div>Aristides J. Pittas</div>
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            <div>Chairman, President and CEO</div>
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          <td style="width: 5.67%; vertical-align: top;">&#160;</td>
          <td colspan="2" style="width: 46.45%; vertical-align: top;">&#160;</td>
        </tr>

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    </div>
    <div style="margin-bottom: 12pt;">Date: April 30, 2020</div>
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    <div style="font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;"><a name="z_GoBack"></a><font style="font-size: 10pt;">E</font><font style="font-size: 10pt;">uroseas Ltd. and Subsidiaries</font></div>
    <div style="font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;"><font style="font-size: 10pt;">Consolidated financial statements</font>
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    <div style="font-family: 'Times New Roman',serif; font-weight: bold;">&#160;Index to consolidated financial statements</div>
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            <div style="text-align: right; font-family: 'Times New Roman',serif; font-weight: bold;">Pages</div>
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            <div style="font-family: 'Times New Roman',serif;">Report of Independent Registered Public Accounting Firm</div>
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            <div style="text-align: right; font-family: 'Times New Roman',serif;">F-2</div>
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            <div style="font-family: 'Times New Roman',serif;">Consolidated Balance Sheets as of December 31, 2018 and 2019</div>
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            <div style="text-align: right; font-family: 'Times New Roman',serif;">F-3</div>
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            <div style="font-family: 'Times New Roman',serif;">Consolidated Statements of Operations for the Years Ended December 31, 2017, 2018 and 2019</div>
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            <div style="text-align: right; font-family: 'Times New Roman',serif;">F-5</div>
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            <div style="font-family: 'Times New Roman',serif;">Consolidated Statements of Shareholders&#8217; Equity for the Years Ended December 31, 2017, 2018 and 2019</div>
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            <div style="text-align: right; font-family: 'Times New Roman',serif;">F-6</div>
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            <div style="font-family: 'Times New Roman',serif;">Consolidated Statements of Cash Flows for the Years Ended December 31, 2017, 2018 and 2019</div>
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          <td style="width: 11.1%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman',serif;">F-7</div>
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            <div style="font-family: 'Times New Roman',serif;">Notes to the Consolidated Financial Statements</div>
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          <td style="width: 11.1%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman',serif;">F-10</div>
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    <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-weight: bold;">REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</div>
    <div><br>
    </div>
    <div style="margin-bottom: 10pt; font-family: 'Times New Roman', serif;">To the Shareholders and the Board of Directors of Euroseas Ltd.</div>
    <div style="margin-bottom: 10pt; font-family: 'Times New Roman', serif; font-weight: bold;">Opinion on the Financial Statements</div>
    <div style="margin-bottom: 10pt; font-family: 'Times New Roman', serif;">We have audited the accompanying <font style="background-color: #FFFFFF; color: #000000;">consolidated balance sheets of Euroseas Ltd. and subsidiaries (the &#8220;Company&#8221;) </font>as
      of December 31, 2019 and 2018, the related consolidated statements of operations, shareholders' equity<font style="background-color: #FFFFFF; color: #000000;"> and </font>cash flows, for each of the three years <font style="background-color: #FFFFFF; color: #000000;">in the period ended December 31, 2019, </font>and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the
      financial position of the Company as of December 31, 2019 and 2018, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2019, in conformity with accounting principles generally accepted in
      the United States of America.</div>
    <div style="margin-bottom: 10pt; font-family: 'Times New Roman', serif;"><font style="font-weight: bold;">Basis for Opinion</font></div>
    <div style="margin-bottom: 10pt; font-family: 'Times New Roman', serif;">These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our
      audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the
      applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.</div>
    <div style="margin-bottom: 10pt; font-family: 'Times New Roman', serif;">We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the
      financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are
      required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such
      opinion.</div>
    <div style="margin-bottom: 10pt; font-family: 'Times New Roman', serif;">&#160;Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that
      respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made
      by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.</div>
    <div style="margin-bottom: 10pt; font-family: 'Times New Roman', serif;"><font style="font-style: italic;">&#160;/s/</font> Deloitte Certified Public Accountants S.A.</div>
    <div style="margin-bottom: 10pt; font-family: 'Times New Roman', serif;">Athens, Greece</div>
    <div style="margin-bottom: 10pt; font-family: 'Times New Roman', serif;">April 30, 2020</div>
    <div style="margin-bottom: 10pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="margin-bottom: 10pt; font-family: 'Times New Roman', serif;">We have served as the Company's auditor since at least 2004, in connection with its initial public offering; however, an earlier year could not be reliably determined.</div>
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      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;" id="DSPFPageNumber">F-2</font></div>
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      <div style="font-family: 'Times New Roman', serif; font-size: 11pt; font-weight: bold;"><a name="z_Hlk39067986"></a></div>
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      <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Euroseas Ltd. and Subsidiaries</div>
      <div style="text-align: justify; font-family: 'Times New Roman', serif; font-weight: bold;">Consolidated Balance Sheets</div>
      <div style="text-align: justify; font-family: 'Times New Roman', serif; font-weight: bold;">December 31, 2018 and 2019</div>
      <div>
        <div style="text-align: justify; font-family: 'Times New Roman', serif; font-weight: bold;">(All amounts, except share data, expressed in U.S. Dollars)
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              <div style="text-align: center; font-family: 'Times New Roman',serif; font-weight: bold; text-indent: 21pt;"> Notes</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
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              <div style="text-align: right; font-family: 'Times New Roman', serif; font-weight: bold;"> 2018</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
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              <div style="text-align: right; font-family: 'Times New Roman', serif; font-weight: bold;"> 2019</div>
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              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Assets</div>
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            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top; text-align: center;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
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              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Current assets</div>
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            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top; text-align: center;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <div style="font-family: 'Times New Roman', serif;">6,960,258</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">985,418</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #FFFFFF;">
              <div style="font-family: 'Times New Roman', serif;">Restricted cash</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: center; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman',serif; text-align: center;">8</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">117,063</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">610,376</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #CCEEFF;">
              <div style="font-family: 'Times New Roman', serif;">Trade accounts receivable, net</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: center; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">958,705</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">715,097</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #FFFFFF;">
              <div style="font-family: 'Times New Roman', serif;">Other receivables</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: center; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">2,031,415</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">1,570,506</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #CCEEFF;">
              <div style="font-family: 'Times New Roman', serif;">Inventories</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: center; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman',serif; text-align: center;">3</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">1,704,391</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">1,889,164</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-family: 'Times New Roman', serif;">Prepaid expenses</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: center; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">222,336</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">526,531</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Total current assets</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: center; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">11,994,168</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">6,297,092</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: center; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #CCEEFF;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Long-term assets</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: center; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #FFFFFF;">
              <div style="font-family: 'Times New Roman', serif;">Vessels, net</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: center; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman',serif; text-align: center;">4</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">48,826,128</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">116,230,333</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #CCEEFF;">
              <div style="font-family: 'Times New Roman', serif;">Restricted cash</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: center; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman',serif; text-align: center;">8</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">6,134,267</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">4,334,267</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Total assets</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: center; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">66,954,563</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">126,861,692</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: center; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #FFFFFF;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Liabilities, mezzanine equity and shareholders&#8217; equity</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: center; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #CCEEFF;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Current liabilities</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: center; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #FFFFFF;">
              <div style="font-family: 'Times New Roman', serif;">Long-term bank loans, current portion</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: center; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman',serif; text-align: center;">8</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">4,870,241</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">12,295,320</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #CCEEFF;">
              <div style="font-family: 'Times New Roman', serif;">Related party loan, current</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: center; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman',serif; text-align: center;">7, 8</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">5,000,000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #FFFFFF;">
              <div style="font-family: 'Times New Roman', serif;">Trade accounts payable</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: center; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">2,288,525</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">3,899,967</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #CCEEFF;">
              <div style="font-family: 'Times New Roman', serif;">Accrued expenses</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: center; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman',serif; text-align: center;">5</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">1,301,805</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">1,725,321</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #FFFFFF;">
              <div style="font-family: 'Times New Roman', serif;">Accrued preferred dividends</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: center; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">161,315</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #CCEEFF;">
              <div style="font-family: 'Times New Roman', serif;">Deferred revenues</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: center; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">417,634</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">973,774</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #FFFFFF;">
              <div style="font-family: 'Times New Roman', serif;">Due to related company</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: center; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman',serif; text-align: center;">7</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">2,672,895</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">795,562</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-family: 'Times New Roman', serif;">Derivatives</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: center; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: 'Times New Roman',serif; text-align: center;">14, 16</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">41,435</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">-</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Total current liabilities</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: center; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">11,592,535</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">24,851,259</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          </tr>

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      </div>
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      <div><br>
      </div>
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      <div style="text-align: center; font-family: 'Times New Roman', serif;">(Consolidated balance sheets continue on the next page)</div>
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            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: top;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top; text-indent: -9pt; margin-left: 9pt; text-align: center;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
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          <tr>
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            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top; text-indent: -9pt; margin-left: 9pt; text-align: center;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #CCEEFF;">
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <div style="font-family: 'Times New Roman',serif; text-indent: -9pt; margin-left: 9pt; text-align: center;">8</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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          <tr>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: center; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); text-indent: -9pt; margin-left: 9pt;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">1,067,500</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">-</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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          <tr>
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              <div style="font-family: 'Times New Roman', serif;">Fair value of below market time charters acquired</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: center; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); text-indent: -9pt; margin-left: 9pt;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman',serif; text-indent: -9pt; margin-left: 9pt; text-align: center;">6</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">-</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">1,714,370</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Total long-term liabilities</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: center; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); text-indent: -9pt; margin-left: 9pt;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); text-indent: -9pt; margin-left: 9pt;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">32,784,049</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">73,902,155</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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              <div style="text-indent: -50.4pt; margin-left: 50.4pt; font-family: 'Times New Roman', serif; font-weight: bold;">Total liabilities</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: center; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); text-indent: -9pt; margin-left: 9pt;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); text-indent: -9pt; margin-left: 9pt;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
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              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">44,376,584</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
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              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">98,753,414</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: center; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); text-indent: -9pt; margin-left: 9pt;" colspan="1">&#160;</td>
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              <div style="font-family: 'Times New Roman',serif; text-indent: -9pt; margin-left: 9pt; text-align: center;">10</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #CCEEFF;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Mezzanine Equity</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: center; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); text-indent: -9pt; margin-left: 9pt;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(204, 238, 255); text-indent: -9pt; margin-left: 9pt;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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          <tr>
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              <div>Preferred shares (par value $0.01, 20,000,000 shares authorized, 19,605 and 8,000 issued and outstanding, respectively) <br>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: center; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); text-indent: -9pt; margin-left: 9pt;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
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              <div style="font-family: 'Times New Roman',serif; text-indent: -9pt; margin-left: 9pt; text-align: center;">15</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
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              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">18,757,361</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
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              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">7,654,577</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #CCEEFF;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Shareholders&#8217; equity</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: center; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); text-indent: -9pt; margin-left: 9pt;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(204, 238, 255); text-indent: -9pt; margin-left: 9pt;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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          <tr>
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              <div style="font-family: 'Times New Roman', serif;">Common stock (par value $0.03, 200,000,000 shares authorized, 1,564,456 and 5,600,259 issued and outstanding)</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: center; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); text-indent: -9pt; margin-left: 9pt;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman',serif; text-indent: -9pt; margin-left: 9pt; text-align: center;">18</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">46,934</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">168,008</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #CCEEFF;">
              <div style="font-family: 'Times New Roman', serif;">Additional paid-in capital</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: center; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); text-indent: -9pt; margin-left: 9pt;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(204, 238, 255); text-indent: -9pt; margin-left: 9pt;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">233,996,669</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">253,967,708</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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          <tr>
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              <div style="font-family: 'Times New Roman', serif;">Accumulated deficit</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: center; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); text-indent: -9pt; margin-left: 9pt;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); text-indent: -9pt; margin-left: 9pt;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(230,222,985</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">)</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(233,682,015</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">)</div>
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          <tr>
            <td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Total shareholders&#8217; equity</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: center; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); text-indent: -9pt; margin-left: 9pt;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); text-indent: -9pt; margin-left: 9pt;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">3,820,618</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">20,453,701</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Total liabilities, mezzanine equity and shareholders&#8217; equity</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: center; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); text-indent: -9pt; margin-left: 9pt;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); text-indent: -9pt; margin-left: 9pt;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">66,954,563</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">126,861,692</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="margin-bottom: 12pt;"><br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman', serif;">The accompanying notes are an integral part of these consolidated financial statements.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;" id="DSPFPageNumber">F-4</font></div>
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      <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Euroseas Ltd. and Subsidiaries</div>
      <div style="text-align: justify; font-family: 'Times New Roman', serif; font-weight: bold;">Consolidated statements of operations</div>
      <div style="text-align: justify; font-family: 'Times New Roman', serif; font-weight: bold;">Years ended December 31, 2017, 2018 and 2019</div>
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        <div style="text-align: justify; font-family: 'Times New Roman', serif; font-weight: bold;">(All amounts, except for share data, expressed in U.S. Dollars)
          <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
        <div style="text-align: justify; font-family: 'Times New Roman', serif; font-weight: bold;"> <br>
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          <tr>
            <td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">Notes</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
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              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">2017</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
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              <div style="font-family: 'Times New Roman', serif; font-weight: bold;"> 2018</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
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              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">2019</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
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          <tr>
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              <div style="text-indent: -7.1pt; margin-left: 7.1pt; font-family: 'Times New Roman', serif;">Revenues</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top; text-align: center;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-indent: -7.1pt; margin-left: 7.1pt; font-family: 'Times New Roman', serif;">Time charter revenue</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: center;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">24,278,048</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">36,062,202</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">41,769,278</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF;">
              <div style="text-indent: -7.1pt; margin-left: 7.1pt; font-family: 'Times New Roman', serif;">Voyage charter revenue</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: center;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">559,319</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">206,682</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">-</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #FFFFFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-indent: -7.1pt; margin-left: 7.1pt; font-family: 'Times New Roman', serif;">Related party management fee income</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: center;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">240,000</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">-</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">-</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-indent: -7.1pt; margin-left: 7.1pt; font-family: 'Times New Roman', serif;">Commissions (including $310,467, $453,361 and $493,341, respectively, to related party)</div>
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            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: center; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: 'Times New Roman',serif; text-align: center;">7</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(1,318,248</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">)</div>
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            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(1,844,147</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">)</div>
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            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(1,745,599</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">)</div>
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          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-indent: -7.1pt; margin-left: 7.1pt; font-family: 'Times New Roman', serif; font-weight: bold;">Net revenue, continuing operations</div>
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            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: center; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">23,759,119</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">34,424,737</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">40,023,679</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #FFFFFF;">
              <div style="text-indent: -7.1pt; margin-left: 7.1pt; font-family: 'Times New Roman', serif; font-weight: bold;">Operating expenses</div>
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            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: center; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;">
              <div style="text-indent: -7.1pt; margin-left: 7.1pt; font-family: 'Times New Roman', serif;">Voyage expenses</div>
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            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: center; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman',serif; text-align: center;">13</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">1,564,489</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">1,261,088</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">1,055,408</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #FFFFFF;">
              <div style="text-indent: -7.1pt; margin-left: 7.1pt; font-family: 'Times New Roman', serif;">Vessel operating expenses (including $190,723, $256,069 and $249,081, respectively, to related party)</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: center; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman',serif; text-align: center;">7, 13</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">15,019,342</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">19,986,170</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">23,983,282</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;">
              <div style="text-indent: -7.1pt; margin-left: 7.1pt; font-family: 'Times New Roman', serif;">Other operating income</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: center; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(499,103</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">)</div>
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            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #FFFFFF;">
              <div style="text-indent: -7.1pt; margin-left: 7.1pt; font-family: 'Times New Roman', serif;">Dry-docking expenses</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: center; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">571,291</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">2,774,924</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">2,714,662</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;">
              <div style="text-indent: -7.1pt; margin-left: 7.1pt; font-family: 'Times New Roman', serif;">Vessel depreciation</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: center; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman',serif; text-align: center;">4</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">3,585,965</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">3,305,951</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">4,178,886</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #FFFFFF;">
              <div style="text-indent: -7.1pt; margin-left: 7.1pt; font-family: 'Times New Roman', serif;">Related party management fees</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: center; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman',serif; text-align: center;">7</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">2,632,637</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">3,536,094</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">3,671,335</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;">
              <div style="text-indent: -7.1pt; margin-left: 7.1pt; font-family: 'Times New Roman', serif;">General and administrative expenses (including $1,306,476, $1,561,126 and $1,344,250, respectively, to related party)</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: center; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman',serif; text-align: center;">7, 11</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">2,502,203</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">2,565,502</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">2,444,495</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #FFFFFF;">
              <div style="text-indent: -7.1pt; margin-left: 7.1pt; font-family: 'Times New Roman', serif;">Net gain on sale of vessels (including $70,640, $64,500 and $0, respectively, to related party)</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: center; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman',serif; text-align: center;">4, 7</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(803,811</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">)</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(1,340,952</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">)</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-indent: -7.1pt; margin-left: 7.1pt; font-family: 'Times New Roman', serif;">Loss on write-down of vessels held for sale</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: center; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: 'Times New Roman',serif; text-align: center;">4, 7</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">4,595,819</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-indent: -7.1pt; margin-left: 7.1pt; font-family: 'Times New Roman', serif; font-weight: bold;">Total operating expenses, continuing operations</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: center; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">29,168,832</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">32,088,777</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">38,048,068</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-indent: -7.1pt; margin-left: 7.1pt; font-family: 'Times New Roman', serif; font-weight: bold;">Operating (loss) / income, continuing operations</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: center; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">(5,409,713</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">)</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">2,335,960</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">1,975,611</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #FFFFFF;">
              <div style="text-indent: -7.1pt; margin-left: 7.1pt; font-family: 'Times New Roman', serif; font-weight: bold;">Other income/(expenses)</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: center; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;">
              <div style="text-indent: -7.1pt; margin-left: 7.1pt; font-family: 'Times New Roman', serif;">Interest and other financing costs (including $0, $0 and $84,444, respectively, to related party)</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: center; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman',serif; text-align: center;">7,8</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(1,554,695</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">)</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
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            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <div style="font-family: 'Times New Roman', serif;">(3,424,969</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">)</div>
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          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #FFFFFF;">
              <div style="text-indent: -7.1pt; margin-left: 7.1pt; font-family: 'Times New Roman', serif;">Loss on debt extinguishment</div>
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            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: center; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman',serif; text-align: center;">8</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">-</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">-</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(328,291</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">)</div>
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          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;">
              <div style="text-indent: -7.1pt; margin-left: 7.1pt; font-family: 'Times New Roman', serif;">Gain / (loss) on derivatives, net</div>
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            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: center; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman',serif; text-align: center;">14</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">12,389</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(44,343</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">)</div>
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            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(2,885</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">)</div>
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          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #FFFFFF;">
              <div style="text-indent: -7.1pt; margin-left: 7.1pt; font-family: 'Times New Roman', serif;">Foreign exchange (loss) / gain</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: center; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(30,214</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">)</div>
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            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">13,963</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">2,024</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-indent: -7.1pt; margin-left: 7.1pt; font-family: 'Times New Roman', serif;">Interest income</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: center; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">37,972</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">81,792</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">95,839</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-indent: -7.1pt; margin-left: 7.1pt; font-family: 'Times New Roman', serif; font-weight: bold;">Other expenses, net, continuing operations</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: center; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">(1,534,548</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">)</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">(2,999,356</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">)</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">(3,658,282</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-indent: -7.1pt; margin-left: 7.1pt; font-family: 'Times New Roman', serif; font-weight: bold;">Net loss, continuing operations</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: center; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">(6,944,261</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">)</div>
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            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">(663,396</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">)</div>
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            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">(1,682,671</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-indent: -7.1pt; margin-left: 7.1pt; font-family: 'Times New Roman', serif;">Dividends to Series B preferred shares</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: center; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: 'Times New Roman',serif; text-align: center;">15</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(1,808,811</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">)</div>
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            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(1,335,733</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">)</div>
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            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(1,271,782</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-indent: -7.1pt; margin-left: 7.1pt; font-family: 'Times New Roman', serif;">Preferred deemed dividend</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: center; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(504,577</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-indent: -7.1pt; margin-left: 7.1pt; font-family: 'Times New Roman', serif; font-weight: bold;">Net loss attributable to common shareholders, continuing operations</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: center; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">(8,753,072</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">)</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">(1,999,129</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">)</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">(3,459,030</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-family: 'Times New Roman', serif;">Net income attributable to common shareholders, discontinued operations</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: center; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman',serif; text-align: center;">17</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">849,701</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">554,506</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Net loss attributable to common shareholders</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: center; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">(7,903,371</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">)</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">(1,444,623</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">)</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">(3,459,030</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-family: 'Times New Roman', serif;">Weighted average number of shares outstanding during the year, basic and diluted</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: center; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman',serif; text-align: center;">12</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">1,383,440</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">1,414,775</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">2,861,928</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-family: 'Times New Roman', serif;">Loss per share attributable to common shareholders - basic and diluted, continuing operations</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: center; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
              <div style="font-family: 'Times New Roman',serif; text-align: center;">12</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(6.33</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">)</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(1.41</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">)</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(1.21</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-family: 'Times New Roman', serif;">Earnings per share attributable to common shareholders - basic and diluted, discontinued operations</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: center; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">-</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-family: 'Times New Roman', serif;">Loss per share attributable to common shareholders - basic and diluted,</div>
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            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
              <div style="font-family: 'Times New Roman',serif; text-align: center;">12</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(5.72</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">)</div>
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            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(1.02</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">)</div>
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            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(1.21</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">)</div>
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      <div style="text-align: center; font-family: 'Times New Roman', serif;"> <br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman', serif;">The accompanying notes are an integral part of these consolidated financial statements.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;" id="DSPFPageNumber">F-5</font></div>
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          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
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      <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Euroseas Ltd. and Subsidiaries</div>
      <div style="text-align: justify; font-family: 'Times New Roman', serif; font-weight: bold;">Consolidated statements of shareholders&#8217; equity</div>
      <div style="text-align: justify; font-family: 'Times New Roman', serif; font-weight: bold;">Years ended December 31, 2017, 2018 and 2019</div>
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        <div style="text-align: justify; margin-right: 40.5pt; font-family: 'Times New Roman', serif; font-weight: bold;">(All amounts, except share data, expressed in U.S. Dollars)
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        <div style="text-align: justify; margin-right: 40.5pt; font-family: 'Times New Roman', serif; font-weight: bold;"> <br>
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      <div><br>
      </div>
      <div>
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              <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
                <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">Number</div>
                <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">Of Shares Outstanding(*)</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
                <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">Common Stock</div>
                <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">Amount(*)</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
                <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">Additional Paid - in</div>
                <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">Capital(*)</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
                <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">Accumulated Deficit</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
                <div> </div>
                <div> </div>
                <div style="text-align: center; text-indent: 36pt; font-family: 'Times New Roman', serif; font-weight: bold;">Total</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: top; width: 40%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Balance January 1, 2017</div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
                <div style="font-family: 'Times New Roman', serif; font-weight: bold;">1,359,514</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
                <div style="font-family: 'Times New Roman', serif; font-weight: bold;">40,785</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
                <div style="font-family: 'Times New Roman', serif; font-weight: bold;">284,043,237</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
                <div style="font-family: 'Times New Roman', serif; font-weight: bold;">(229,977,258</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
                <div style="font-family: 'Times New Roman', serif; font-weight: bold;">)</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
                <div style="font-family: 'Times New Roman', serif; font-weight: bold;">54,106,764</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 40%; background-color: #FFFFFF;">
                <div style="font-family: 'Times New Roman', serif;">Net loss</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div style="font-family: 'Times New Roman', serif;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div style="font-family: 'Times New Roman', serif;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div style="font-family: 'Times New Roman', serif;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div style="font-family: 'Times New Roman', serif;">(6,094,560</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
                <div style="font-family: 'Times New Roman', serif;">)</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div style="font-family: 'Times New Roman', serif;">(6,094,560</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
                <div style="font-family: 'Times New Roman', serif;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 40%; background-color: #CCEEFF;">
                <div style="font-family: 'Times New Roman', serif;">Dividends to Series B preferred shares</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div style="font-family: 'Times New Roman', serif;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div style="font-family: 'Times New Roman', serif;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div style="font-family: 'Times New Roman', serif;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div style="font-family: 'Times New Roman', serif;">(1,808,811</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                <div style="font-family: 'Times New Roman', serif;">)</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div style="font-family: 'Times New Roman', serif;">(1,808,811</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                <div style="font-family: 'Times New Roman', serif;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 40%; background-color: #FFFFFF;">
                <div style="font-family: 'Times New Roman', serif;">Issuance of shares sold at the market (ATM), net of issuance costs</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div style="font-family: 'Times New Roman', serif;">37,723</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div style="font-family: 'Times New Roman', serif;">1,133</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div style="font-family: 'Times New Roman', serif;">373,110</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div style="font-family: 'Times New Roman', serif;">-</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div style="font-family: 'Times New Roman', serif;">374,243</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 40%; background-color: #CCEEFF;">
                <div style="font-family: 'Times New Roman', serif;">Issuance of&#160; restricted shares for stock incentive award and share-based compensation</div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div style="font-family: 'Times New Roman', serif;">12,534</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div style="font-family: 'Times New Roman', serif;">376</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div style="font-family: 'Times New Roman', serif;">116,186</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div style="font-family: 'Times New Roman', serif;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div style="font-family: 'Times New Roman', serif;">116,562</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 40%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: 'Times New Roman', serif;">Shares forfeited</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div style="font-family: 'Times New Roman', serif;">(505</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div style="font-family: 'Times New Roman', serif;">)</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div style="font-family: 'Times New Roman', serif;">(15</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div style="font-family: 'Times New Roman', serif;">)</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div style="font-family: 'Times New Roman', serif;">15</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div style="font-family: 'Times New Roman', serif;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div style="font-family: 'Times New Roman', serif;">-</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: top; width: 40%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Balance December 31, 2017</div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
                <div style="font-family: 'Times New Roman', serif; font-weight: bold;">1,409,266</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
                <div style="font-family: 'Times New Roman', serif; font-weight: bold;">42,279</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
                <div style="font-family: 'Times New Roman', serif; font-weight: bold;">284,532,548</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
                <div style="font-family: 'Times New Roman', serif; font-weight: bold;">(237,880,629</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
                <div style="font-family: 'Times New Roman', serif; font-weight: bold;">)</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
                <div style="font-family: 'Times New Roman', serif; font-weight: bold;">46,694,198</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 40%; background-color: #FFFFFF;">
                <div style="font-family: 'Times New Roman', serif;">Net loss</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div style="font-family: 'Times New Roman', serif;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div style="font-family: 'Times New Roman', serif;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div style="font-family: 'Times New Roman', serif;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div style="font-family: 'Times New Roman', serif;">(663,396</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
                <div style="font-family: 'Times New Roman', serif;">)</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div style="font-family: 'Times New Roman', serif;">(663,396</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
                <div style="font-family: 'Times New Roman', serif;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 40%; background-color: #CCEEFF;">
                <div style="font-family: 'Times New Roman', serif;">Dividends to Series B preferred shares</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div style="font-family: 'Times New Roman', serif;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div style="font-family: 'Times New Roman', serif;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div style="font-family: 'Times New Roman', serif;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div style="font-family: 'Times New Roman', serif;">(1,335,733</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                <div style="font-family: 'Times New Roman', serif;">)</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div style="font-family: 'Times New Roman', serif;">(1,335,733</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                <div style="font-family: 'Times New Roman', serif;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 40%; background-color: #FFFFFF;">
                <div style="font-family: 'Times New Roman', serif;">Spin-off of EuroDry Ltd. to stockholders</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div style="font-family: 'Times New Roman', serif;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div style="font-family: 'Times New Roman', serif;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div style="font-family: 'Times New Roman', serif;">(52,520,821</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
                <div style="font-family: 'Times New Roman', serif;">)</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div style="font-family: 'Times New Roman', serif;">9,656,773</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div style="font-family: 'Times New Roman', serif;">(42,864,048</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
                <div style="font-family: 'Times New Roman', serif;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 40%; background-color: #CCEEFF;">
                <div style="font-family: 'Times New Roman', serif;">Issuance of shares sold at the market (ATM), net of issuance costs</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div style="font-family: 'Times New Roman', serif;">139,509</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div style="font-family: 'Times New Roman', serif;">4,185</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div style="font-family: 'Times New Roman', serif;">1,860,925</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div style="font-family: 'Times New Roman', serif;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div style="font-family: 'Times New Roman', serif;">1,865,110</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 40%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: 'Times New Roman', serif;">Issuance of&#160; restricted shares for stock incentive award and share-based compensation</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div style="font-family: 'Times New Roman', serif;">15,681</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div style="font-family: 'Times New Roman', serif;">470</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div style="font-family: 'Times New Roman', serif;">124,017</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div style="font-family: 'Times New Roman', serif;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div style="font-family: 'Times New Roman', serif;">124,487</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: top; width: 40%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Balance December 31, 2018</div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
                <div style="font-family: 'Times New Roman', serif; font-weight: bold;">1,564,456</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
                <div style="font-family: 'Times New Roman', serif; font-weight: bold;">46,934</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
                <div style="font-family: 'Times New Roman', serif; font-weight: bold;">233,996,669</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
                <div style="font-family: 'Times New Roman', serif; font-weight: bold;">(230,222,985</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
                <div style="font-family: 'Times New Roman', serif; font-weight: bold;">)</div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
                <div style="font-family: 'Times New Roman', serif; font-weight: bold;">3,820,618</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 40%; background-color: #FFFFFF;">
                <div style="font-family: 'Times New Roman', serif;">Net loss</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div style="font-family: 'Times New Roman', serif;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div style="font-family: 'Times New Roman', serif;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div style="font-family: 'Times New Roman', serif;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div style="font-family: 'Times New Roman', serif;">(1,682,671</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
                <div style="font-family: 'Times New Roman', serif;">)</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div style="font-family: 'Times New Roman', serif;">(1,682,671</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
                <div style="font-family: 'Times New Roman', serif;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 40%; background-color: #CCEEFF;">
                <div style="font-family: 'Times New Roman', serif;">Dividends to Series B preferred shares</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div style="font-family: 'Times New Roman', serif;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div style="font-family: 'Times New Roman', serif;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div style="font-family: 'Times New Roman', serif;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div style="font-family: 'Times New Roman', serif;">(1,271,782</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                <div style="font-family: 'Times New Roman', serif;">)</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div style="font-family: 'Times New Roman', serif;">(1,271,782</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                <div style="font-family: 'Times New Roman', serif;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 40%; background-color: #FFFFFF;">
                <div style="font-family: 'Times New Roman', serif;">Preferred deemed dividend</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div style="font-family: 'Times New Roman', serif;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div style="font-family: 'Times New Roman', serif;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div style="font-family: 'Times New Roman', serif;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div style="font-family: 'Times New Roman', serif;">(504,577</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
                <div style="font-family: 'Times New Roman', serif;">)</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div style="font-family: 'Times New Roman', serif;">(504,577</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
                <div style="font-family: 'Times New Roman', serif;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 40%; background-color: #CCEEFF;">
                <div style="font-family: 'Times New Roman', serif;"><a name="z_Hlk38897474"></a>Issuance of shares sold at the market (ATM), net of issuance costs</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div style="font-family: 'Times New Roman', serif;">144,727</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div style="font-family: 'Times New Roman', serif;">4,342</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div style="font-family: 'Times New Roman', serif;">771,190</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div style="font-family: 'Times New Roman', serif;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div style="font-family: 'Times New Roman', serif;">775,532</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 40%; background-color: #FFFFFF;">
                <div style="font-family: 'Times New Roman', serif;">Issuance of&#160; restricted shares for stock incentive award and share-based compensation</div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div style="font-family: 'Times New Roman', serif;">15,444</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div style="font-family: 'Times New Roman', serif;">463</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div style="font-family: 'Times New Roman', serif;">97,456</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div style="font-family: 'Times New Roman', serif;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div style="font-family: 'Times New Roman', serif;">97,919</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 40%; background-color: #CCEEFF;">
                <div style="font-family: 'Times New Roman', serif;">Shares issued in connection with acquisition of vessels</div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div style="font-family: 'Times New Roman', serif;">2,816,901</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div style="font-family: 'Times New Roman', serif;">84,507</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div style="font-family: 'Times New Roman', serif;">13,134,155</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div style="font-family: 'Times New Roman', serif;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div style="font-family: 'Times New Roman', serif;">13,218,662</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 40%; background-color: #FFFFFF;">
                <div style="font-family: 'Times New Roman', serif;"><a name="z_Hlk38897709"></a>Issuance of shares through private placement</div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div style="font-family: 'Times New Roman', serif;">1,056,338</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div style="font-family: 'Times New Roman', serif;">31,690</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div style="font-family: 'Times New Roman', serif;">5,968,310</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div style="font-family: 'Times New Roman', serif;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div style="font-family: 'Times New Roman', serif;">6,000,000</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 40%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: 'Times New Roman', serif;">Rounding of stock split</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
                <div style="font-family: 'Times New Roman', serif;">2,393</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
                <div style="font-family: 'Times New Roman', serif;">72</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
                <div style="font-family: 'Times New Roman', serif;">(72</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
                <div style="font-family: 'Times New Roman', serif;">)</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
                <div style="font-family: 'Times New Roman', serif;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
                <div style="font-family: 'Times New Roman', serif;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 40%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Balance December 31, 2019</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                <div style="font-family: 'Times New Roman', serif; font-weight: bold;">5,600,259</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                <div style="font-family: 'Times New Roman', serif; font-weight: bold;">168,008</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                <div style="font-family: 'Times New Roman', serif; font-weight: bold;">253,967,708</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                <div style="font-family: 'Times New Roman', serif; font-weight: bold;">(233,682,015</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                <div style="font-family: 'Times New Roman', serif; font-weight: bold;">)</div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                <div style="font-family: 'Times New Roman', serif; font-weight: bold;">20,453,701</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="font-family: 'Times New Roman', serif;">(*) Adjusted to reflect the 1-for-8 reverse stock split effected at the close of trading on December 18, 2019.</div>
      <div><br>
      </div>
      <div style="font-family: 'Times New Roman', serif;">The accompanying notes are an integral part of these consolidated financial statements.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;" id="DSPFPageNumber">F-6</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="margin-bottom: 10pt;"><br>
      </div>
      <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Euroseas Ltd. and Subsidiaries</div>
      <div>
        <div style="text-align: justify; font-family: 'Times New Roman', serif; font-weight: bold;">Consolidated statements of cash flows</div>
        <div style="text-align: justify; font-family: 'Times New Roman', serif; font-weight: bold;">Years ended December 31, 2017, 2018 and 2019</div>
        <div style="text-align: justify; font-family: 'Times New Roman', serif; font-weight: bold;">(All amounts expressed in U.S. Dollars)
          <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
        <div style="text-align: justify; font-family: 'Times New Roman', serif; font-weight: bold;"> <br>
        </div>
      </div>
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            <td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;" colspan="2">
              <div style="font-family: 'Times New Roman',serif; font-weight: bold;"> 2017</div>
            </td>
            <td nowrap="nowrap" style="text-align: center; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;" colspan="2">
              <div style="font-family: 'Times New Roman',serif; font-weight: bold;">2018</div>
            </td>
            <td nowrap="nowrap" style="text-align: center; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;" colspan="2">
              <div style="font-family: 'Times New Roman',serif; font-weight: bold;">2019</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top;">
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            </td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #CCEEFF;">
              <div style="font-family: 'Times New Roman', serif;">Net loss</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(6,944,261</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(663,396</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">)</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(1,682,671</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">)</div>
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          <tr>
            <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #FFFFFF;">
              <div style="font-family: 'Times New Roman', serif;">Adjustments to reconcile net loss to net cash provided by / (used in) operating activities:</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #CCEEFF;">
              <div style="font-family: 'Times New Roman', serif;">Vessel depreciation</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">3,585,965</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">3,305,951</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">4,178,886</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #FFFFFF;">
              <div style="font-family: 'Times New Roman', serif;">Other operating income</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(499,103</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">)</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">-</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #CCEEFF;">
              <div style="font-family: 'Times New Roman', serif;">Loss on write-down of vessels held for sale</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">4,595,819</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #FFFFFF;">
              <div style="font-family: 'Times New Roman', serif;">Amortization and write off of deferred charges</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">113,244</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">321,181</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">205,590</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #CCEEFF;">
              <div style="font-family: 'Times New Roman', serif;">Amortization of debt discount</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">60,988</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">465,507</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">95,214</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #FFFFFF;">
              <div style="font-family: 'Times New Roman', serif;">Net gain on sale of vessels</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(803,811</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(1,340,952</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #CCEEFF;">
              <div style="font-family: 'Times New Roman', serif;">Amortization of fair value of below market time charters acquired</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div></div>
              <div style="font-family: 'Times New Roman', serif;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div></div>
              <div style="font-family: 'Times New Roman', serif;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(857,945</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #FFFFFF;">
              <div style="font-family: 'Times New Roman', serif;">Share-based compensation</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">116,562</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">124,487</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">97,919</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #CCEEFF;">
              <div style="font-family: 'Times New Roman', serif;">Change in the fair value of derivatives</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">5,901</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(204,647</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(41,435</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #FFFFFF;">
              <div style="font-family: 'Times New Roman', serif;">Loss on debt extinguishment</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">328,291</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #CCEEFF;">
              <div style="font-family: 'Times New Roman', serif;">Changes in operating assets and liabilities:</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #FFFFFF;">
              <div style="font-family: 'Times New Roman', serif;">(Increase) / decrease in:</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #CCEEFF;">
              <div style="font-family: 'Times New Roman', serif;">Trade accounts receivable</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(91,604</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">)</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(73,210</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">)</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">243,608</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #FFFFFF;">
              <div style="font-family: 'Times New Roman', serif;">Prepaid expenses</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(117,793</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">)</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">24,703</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(304,195</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #CCEEFF;">
              <div style="font-family: 'Times New Roman', serif;">Other receivables</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(210,741</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(1,066,378</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">460,909</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #FFFFFF;">
              <div style="font-family: 'Times New Roman', serif;">Inventories</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">329,244</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(511,373</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">)</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(184,773</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #CCEEFF;">
              <div style="font-family: 'Times New Roman', serif;">Increase / (decrease) in:</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #FFFFFF;">
              <div style="font-family: 'Times New Roman', serif;">Due to related company</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">4,314,415</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(2,732,256</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(1,877,333</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #CCEEFF;">
              <div style="font-family: 'Times New Roman', serif;">Trade accounts payable</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">197,782</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">766,052</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">1,539,553</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #FFFFFF;">
              <div style="font-family: 'Times New Roman', serif;">Accrued expenses</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">167,016</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">282,045</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">482,671</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #CCEEFF;">
              <div style="font-family: 'Times New Roman', serif;">Deferred revenues</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">233,402</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(172,544</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">556,140</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #FFFFFF;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Net cash provided by / (used in) operating activities of continuing operations</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">5,053,025</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">(1,474,830</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">3,240,429</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #CCEEFF;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Cash flows from investing activities:</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #FFFFFF;">
              <div style="font-family: 'Times New Roman', serif;">Cash paid for capitalized expenses and acquisition of vessels including attached time charter agreements</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(30,063,480</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">-</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">-</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #FFFFFF;">
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">6,255,735</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">-</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">(16,511,220</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">)</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">6,253,868</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">(55,720,226</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">)</div>
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            <td valign="bottom" style="vertical-align: top; width: 64%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: top;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="text-align: center; vertical-align: bottom; text-indent: -9pt; margin-left: 9pt;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
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              <div style="font-family: 'Times New Roman', serif;">Redemption of Series B preferred shares</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">-</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(11,686,000</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">)</div>
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          <tr>
            <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #FFFFFF;">
              <div style="font-family: 'Times New Roman', serif;">Proceeds from issuance of common stock, net of commissions paid</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">549,495</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">1,975,110</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">6,853,101</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #CCEEFF;">
              <div style="font-family: 'Times New Roman', serif;">Investment in subsidiary spun-off</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(915,525</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(3,298,356</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #FFFFFF;">
              <div style="font-family: 'Times New Roman', serif;">Due from spun-off subsidiary</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">639,312</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">-</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #CCEEFF;">
              <div style="font-family: 'Times New Roman', serif;">Preferred dividends paid</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">-</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(1,031,827</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">)</div>
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          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #FFFFFF;">
              <div style="font-family: 'Times New Roman', serif;">Offering expenses paid</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(341,072</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">)</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(22,488</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(136,724</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #CCEEFF;">
              <div style="font-family: 'Times New Roman', serif;">Loan arrangement fees paid</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(187,637</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(419,863</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(566,500</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #FFFFFF;">
              <div style="font-family: 'Times New Roman', serif;">Proceeds from long-term bank loans</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">22,250,000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">34,250,000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">60,167,680</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #CCEEFF;">
              <div style="font-family: 'Times New Roman', serif;">Repayment of long-term bank loans and vessel profit participation liability</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(7,243,915</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(32,349,000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(13,401,460</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #FFFFFF;">
              <div style="font-family: 'Times New Roman', serif;">Proceeds from related party loan</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">5,000,000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-family: 'Times New Roman', serif;">Repayment of related party loan</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(2,000,000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-indent: -7.1pt; margin-left: 7.1pt; font-family: 'Times New Roman', serif; font-weight: bold;">Net cash provided by financing activities of continuing operations</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">12,750,658</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">135,403</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">45,198,270</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #FFFFFF;">
              <div style="text-indent: -7.1pt; margin-left: 7.1pt; font-family: 'Times New Roman', serif;">Net increase / (decrease) in cash, cash equivalents and restricted cash</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div></div>
              <div style="font-family: 'Times New Roman', serif;">1,292,463</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div></div>
              <div style="font-family: 'Times New Roman', serif;">4,914,441</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(7,281,527</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-family: 'Times New Roman', serif;">Cash, cash equivalents and restricted cash at beginning of year</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">7,004,684</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">8,297,147</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">13,211,588</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Cash, cash equivalents and restricted cash at end of year, continuing operations</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">8,297,147</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">13,211,588</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">5,930,061</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #CCEEFF;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Cash breakdown</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #FFFFFF;">
              <div style="font-family: 'Times New Roman', serif;">Cash and cash equivalents</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">2,858,927</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">6,960,258</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">985,418</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #CCEEFF;">
              <div style="font-family: 'Times New Roman', serif;">Restricted cash, current</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">1,103,953</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">117,063</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">610,376</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-family: 'Times New Roman', serif;">Restricted cash, long term</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">4,334,267</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">6,134,267</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">4,334,267</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Total cash, cash equivalents and restricted cash shown in the statement of cash flows, continuing operations</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">8,297,147</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">13,211,588</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">5,930,061</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Discontinued operations:</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-family: 'Times New Roman', serif;">Net cash provided by operating activities of discontinued operations</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">2,910,287</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">3,970,170</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-family: 'Times New Roman', serif;">Net cash used in investing activities of discontinued operations</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(9,635,504</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">(29,045,685</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-family: 'Times New Roman', serif;">Net cash provided by financing activities of discontinued operations</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">9,283,359</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">27,928,885</div>
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      <div style="text-align: center; font-family: 'Times New Roman', serif;">(Consolidated statements of cash flows continue on the next page)</div>
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        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;" id="DSPFPageNumber">F-8</font></div>
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      <div style="text-align: justify; font-family: 'Times New Roman', serif; font-weight: bold;">Euroseas Ltd. and Subsidiaries</div>
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        <div style="text-align: justify; font-family: 'Times New Roman', serif; font-weight: bold;">Consolidated statements of cash flows</div>
        <div style="text-align: justify; font-family: 'Times New Roman', serif; font-weight: bold;">Years ended December 31, 2017, 2018 and 2019</div>
        <div style="text-align: justify; font-family: 'Times New Roman', serif; font-weight: bold;">(All amounts expressed in U.S. Dollars)
          <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
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        <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <div style="font-family: 'Times New Roman', serif;">1,174,863</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <div style="font-family: 'Times New Roman', serif;">2,475,631</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <div style="font-family: 'Times New Roman', serif;">3,100,049</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Financing, and investing activities fees:</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #CCEEFF;">
              <div style="font-family: 'Times New Roman', serif;">Loan arrangement fees accrued</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <div style="font-family: 'Times New Roman', serif;">74,863</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
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          <tr>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">12,488</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">100,000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">40,846</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #CCEEFF;">
              <div style="font-family: 'Times New Roman', serif;">Payment-in-kind dividends</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">1,808,811</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">1,335,733</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">78,640</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
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              <div style="font-family: 'Times New Roman', serif;">Capital expenditures included in liabilities</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">71,890</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #CCEEFF;">
              <div style="font-family: 'Times New Roman', serif;">Accrued preferred dividends</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">161,315</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
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              <div style="font-family: 'Times New Roman', serif;"><a name="z_Hlk38895497"></a>Shares issued as consideration for acquisition of vessels</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">13,218,662</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #CCEEFF;">
              <div style="font-family: 'Times New Roman', serif;">Preferred shares distributed to EuroDry</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">-</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">18,192,131</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman', serif;">-</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>

      </table>
      <div style="margin-bottom: 12pt;"><br>
      </div>
      <div style="margin-bottom: 12pt;"><br>
      </div>
      <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The accompanying notes are an integral part of these consolidated financial statements.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;" id="DSPFPageNumber">F-9</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="font-family: 'Times New Roman',serif; font-weight: bold;">Euroseas Ltd. and Subsidiaries</div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">Notes to the consolidated financial statements</div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">as of December 31, 2018 and 2019 and for the</div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">Years ended December 31, 2017, 2018 and 2019</div>
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        <div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 11pt; font-weight: bold;"><font style="font-size: 10pt;">(All amounts expressed in U.S. Dollars)</font>
          <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
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      <div><br>
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      <div style="text-align: justify;"><font style="font-family: 'Times New Roman',serif; font-weight: bold;">1.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; width: 36pt;">&#160;</font><font style="font-family: 'Times New Roman',serif; font-weight: bold;">Basis of Presentation and General Information</font></div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif;">Euroseas Ltd. (the &#8220;Company&#8221; or &#8220;Euroseas&#8221;) was formed on May 5, 2005 under the laws of the Republic of the Marshall Islands to consolidate the beneficial owners of certain
        ship-owning companies. On June 28, 2005, the beneficial owners exchanged all their shares in the ship-owning companies for shares in Friends Investment Company Inc., a newly formed Marshall Islands company.&#160; On June 29, 2005, Friends Investment
        Company Inc. then exchanged all the shares in the ship-owning companies for shares in Euroseas Ltd., thus becoming the sole shareholder of Euroseas Ltd at that time. In January 2007, the Company pursued a public offering and its common shares
        started trading on the Nasdaq Capital Market under the ticker symbol &#8220;ESEA&#8221; on January 31, 2007.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif;">The operations of the vessels are managed by Eurobulk Ltd. (&#8220;Eurobulk&#8221; or &#8220;Management Company&#8221; or &#8220;Manager&#8221;), a corporation controlled by members of the Pittas family.&#160; Eurobulk
        has an office in Greece located at 4 Messogiou &amp; Evropis Street, Maroussi, Greece. The Manager provides the Company with a wide range of shipping services such as technical support and maintenance, insurance consulting, chartering, financial
        and accounting services and executive management services, in consideration for fixed and variable fees (see Note 7).</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif;">The Pittas family is the controlling shareholder of Friends Investment Company Inc., Containers Shareholders Trinity Ltd., Eurobulk Marine Holdings Inc. and Diamantis
        Shareholders Ltd. which, in turn, collectively own 62% of the Company&#8217;s shares as of April 15, 2020.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif;">Following the close of trading on the Nasdaq Capital Market on May 30, 2018, the Company completed the spin-off (the &#8220;Spin-off&#8221;) of its drybulk fleet (excluding M/V Monica P, a
        handymax drybulk carrier, which was agreed to be sold) to EuroDry Ltd ("EuroDry"). Shareholders of the Company received one EuroDry common share for every five common shares of the Company they owned as of May 23, 2018. Shares of EuroDry commenced
        trading on May 31, 2018 on the Nasdaq Capital Market under the symbol "EDRY." EuroDry operates in the dry cargo, drybulk shipping markets, owning and operating drybulk vessels previously owned and operated by Euroseas, and is now a separate
        publicly traded company. Euroseas continues to operate in the container shipping market and remains a publicly traded company. Accordingly, the results of operations of EuroDry have been presented in discontinued operations for all historical
        comparative periods presented.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif;">In August 2019, the Company completed the acquisition of four feeder containerships, owned by affiliates of the Pittas family including the Company&#8217;s Chief Executive Officer,
        which had been announced in June 2019 for a consideration of $28.2 million that included a cash payment of $15 million and the issuance of 2,816,901 common shares to the sellers <a name="z_Hlk38884389"></a>(the &#8220;Trinity/ Diamantis Vessel
        Acquisition&#8221;). The Company financed the cash portion of the acquisition price via the arrangement of two bank loans described below (refer Note 8-d and 8-e), drawing a total of $16,167,680 with the excess amount used for general corporate purposes.
        The cash portion of the acquisition price was used to repay the existing indebtedness of the vessels with the sellers receiving only payment in Euroseas common shares.&#160; The common shares issued to the sellers represented at that time approximately
        64.3% of Euroseas&#8217; outstanding common shares.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;" id="DSPFPageNumber">F-10</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="margin-bottom: 10pt;"><br>
      </div>
      <div style="font-family: 'Times New Roman',serif; font-weight: bold;">Euroseas Ltd. and Subsidiaries</div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">Notes to the consolidated financial statements</div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">as of December 31, 2018 and 2019 and for the</div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">Years ended December 31, 2017, 2018 and 2019</div>
      <div>
        <div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 11pt; font-weight: bold;"><font style="font-size: 10pt;">(All amounts expressed in U.S. Dollars)</font>
          <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-family: 'Times New Roman', serif; font-size: 11pt; font-weight: bold;">1<font style="font-size: 10pt;">.</font></font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; width: 36pt;">&#160;</font><font style="font-family: 'Times New Roman',serif; font-weight: bold;">Basis of Presentation and General Information - continued</font></div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif;"><a name="z_Hlk38821773"></a>The vessels acquisition transactions were evaluated and approved by a special committee of independent members of the Board of Directors. The four
        vessels are the M/V EM Hydra and the M/V EM Spetses, both 1,740 teu feeder containership built in 2005 and 2007, respectively, the M/V EM Kea, a 3,100 teu feeder containership built in 2007, and the M/V Diamantis P, a 2,008 teu feeder containership
        vessel built in 1998. On August 2, 2019, the Company took delivery of M/V Diamantis P and M/V EM Hydra, and, on August 7, 2019, the Company took delivery of M/V EM Spetses and M/V EM Kea (refer Note 4).</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif;"><a name="z_Hlk38822030"></a>In November 2019, the Company acquired and took delivery (from November 18, 2019 to November 21, 2019) of four container carrier vessels of
        intermediate size of 4,253 teu, all built in South Korea, three in 2009 and the other in 2008 (refer Note 4). The vessels were acquired from companies controlled by Synergy Holdings Limited, for approximately $40 million <a name="z_Hlk38884503"></a>(the











        &#8220;Synergy Vessel Acquisition&#8221;). The acquisition of the four vessels (the &#8220;Synergy Vessels&#8221;) was financed by bank debt of $32 million described below (refer Note 8-f), a private placement of $6 million at a share price of $5.68 subscribed equally by
        an entity affiliated with the Company&#8217;s Chief Executive Officer and an entity controlled by the seller of the Synergy vessels <a name="z_Hlk38884492"></a>and $2 million of existing funds. The Company also assumed the charters the vessels were
        under on the date of the transfer (refer Note 6). As part of the transaction, the Company has agreed that the Manager enters into an agreement with Synergy Marine Limited for the provision of certain management services by Synergy Marine Limited
        for the next three years (see Note 7). Mr. Andreas Papathomas, Chairman of Synergy Holdings Limited, was appointed to the Board of Directors of the Company. The Company has also agreed to issue an additional $0.5 million in shares of its common
        stock to Synergy Holdings Limited if certain conditions are fulfilled in one year from the acquisition date (see Note 10-b).</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif;">The Company effected a 8-for-1 reverse stock split of its issued and outstanding common shares, effective at the close of trading on December 18, 2019&#160; (Note 18).&#160; All share and
        per share amounts disclosed in the consolidated financial statements give effect to this reverse stock split retroactively, for all periods presented.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif;">&#160;The Company is engaged in the ocean transportation of containers through ownership and operation of container carrier ship-owning companies. Details of the Company&#8217;s wholly
        owned subsidiaries are set out below:</div>
      <div><br>
      </div>
      <div style="text-align: justify;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z00bf00c8fd7149dd9014219a451e3e4e" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-family: 'Times New Roman',serif;">Allendale Investment S.A., incorporated in Panama on January 22, 2002, owner of the Panama flag 18,154 deadweight tons (&#8220;DWT&#8221;) / 1,169 twenty-foot equivalent (&#8220;TEU&#8221; &#8211; a measure of
                    carrying capacity in containers) container carrier M/V &#8220;Kuo Hsiung&#8221;, which was built in 1993 and acquired on May 13, 2002.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify;">
        <div>
          <table cellspacing="0" cellpadding="0" id="zfb193a5fd79a41ce81c49b7511c9da69" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-family: 'Times New Roman',serif;">Alterwall Business Inc., incorporated in Panama on January 15, 2001, owner of the Panama flag 18,253 DWT / 1,169 TEU container carrier M/V &#8220;Ninos&#8221; (previously named M/V &#8220;Quingdao I&#8221;)
                    which was built in 1990 and acquired on February 16, 2001.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;" id="DSPFPageNumber">F-11</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="margin-bottom: 10pt;"><br>
      </div>
      <div style="font-family: 'Times New Roman',serif; font-weight: bold;">Euroseas Ltd. and Subsidiaries</div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">Notes to the consolidated financial statements</div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">as of December 31, 2018 and 2019 and for the</div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">Years ended December 31, 2017, 2018 and 2019</div>
      <div>
        <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">(All amounts expressed in U.S. Dollars)
          <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-family: 'Times New Roman',serif; font-weight: bold;">1.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; width: 36pt;">&#160;</font><font style="font-family: 'Times New Roman',serif; font-weight: bold;">Basis of Presentation and General Information - continued</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z7f82ddf4c68c4aedbcef9f44a7babf44" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-family: 'Times New Roman',serif;">Prospero Maritime Inc., incorporated in the Republic of Marshall Islands on July 21, 2006, owner of the Marshall Islands flag 69,268 DWT dry bulk M/V &#8220;Aristides N.P.&#8221;, which was built in
                    1993 and acquired on September 21, 2006. The vessel was sold on January 15, 2016.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z298c2d16dcff4f39913cf3e4c1eac0c2" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-family: 'Times New Roman',serif;">Manolis Shipping Ltd., incorporated in the Republic of Marshall Islands on March 16, 2007, owner of the Marshall Islands flag 20,346 DWT / 1,452 TEU container carrier M/V &#8220;Manolis P&#8221;,
                    which was built in 1995 and acquired on April 12, 2007.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z61df302f39354da38f84a56b5667bd9e" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-family: 'Times New Roman',serif;">Noumea Shipping Ltd, incorporated in the Republic of Marshall Islands on May 14, 2008, owner of the Marshall Islands flag 34,677 DWT / 2,556 TEU container carrier M/V &#8220;Maersk Noumea&#8221;,
                    renamed &#8220;Evridiki G&#8221;, which was built in 2001 and acquired on May 22, 2008.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z2da8e3b2004f437d875c7067839ba35f" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-family: 'Times New Roman',serif;">Eleni Shipping Ltd., incorporated in the Republic of Liberia on February 11, 2009, owner of the Liberian flag 72,119 DWT bulk carrier M/V &#8220;Eleni P&#8221;, which was built in 1997, acquired on
                    March 6, 2009 and sold on January 26, 2017.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z21df4e65d3df4e73ad2ce9c31eb462c5" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-family: 'Times New Roman',serif;">Aggeliki Shipping Ltd., incorporated in the Republic of Liberia on May 21, 2010, owner of the Liberian flag 30,306 DWT / 2008 TEU container carrier M/V &#8220;Aggeliki P&#8221;, which was built in
                    1998, acquired on June 21, 2010 and sold on December 6, 2017.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify;">
        <div>
          <table cellspacing="0" cellpadding="0" id="zf37f869b466541a88265a08494e67ad4" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-family: 'Times New Roman',serif;">Joanna Maritime Ltd., incorporated in Liberia on June 10, 2013, owner of the Liberian flag 22,301 DWT / 1,732 TEU container carrier M/V &#8220;Joanna&#8221;, which was built in 1999 and acquired on
                    July 4, 2013. On January 8, 2016, the vessel was renamed M/V &#8220;Vento di Grecale&#8221;. On March 17, 2017 the vessel was again renamed M/V &#8220;Joanna&#8221;.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z10e8b38c95644bde9cf06fe8b3b3995d" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-family: 'Times New Roman',serif;">Jonathan John Shipping Ltd., incorporated in the Republic of the Marshall Islands on August 19, 2016, owner of the Panamanian flag 18,581 DWT / 1,439 TEU container carrier M/V &#8220;Aegean
                    Express&#8221;, which was built in 1997 and acquired on September 29, 2016.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify;">
        <div>
          <table cellspacing="0" cellpadding="0" id="zbd45b6dcab354644aa40edd66b199345" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-family: 'Times New Roman',serif;">Gregos Shipping Ltd., incorporated in the Republic of Liberia on May 25, 2017, owner of the Liberian flag 35,600 DWT / 2,788 TEU container carrier M/V &#8220;EM Astoria&#8221;, which was built in
                    2004 and acquired on June 20, 2017.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify;">
        <div>
          <table cellspacing="0" cellpadding="0" id="zb925fd38e9bc4fce99e9cd23c8235831" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-family: 'Times New Roman',serif;">Athens Shipping Ltd., incorporated in the Republic of the Marshall Islands on September 18, 2017, owner of the Marshall Islands flag 32,350 DWT / 2,506 TEU container carrier M/V &#8220;EM
                    Athens&#8221;, which was built in 2000 and acquired on September 29, 2017.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;" id="DSPFPageNumber">F-12</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="margin-bottom: 10pt;"><br>
      </div>
      <div style="font-family: 'Times New Roman',serif; font-weight: bold;">Euroseas Ltd. and Subsidiaries</div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">Notes to the consolidated financial statements</div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">as of December 31, 2018 and 2019 and for the</div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">Years ended December 31, 2017, 2018 and 2019</div>
      <div>
        <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">(All amounts expressed in U.S. Dollars)
          <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-family: 'Times New Roman',serif; font-weight: bold;">1.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; width: 36pt;">&#160;</font><font style="font-family: 'Times New Roman',serif; font-weight: bold;">Basis of Presentation and General Information - continued</font></div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-bottom: 10pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z1f289322c07c4943ba1f78384eb84174" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-family: 'Times New Roman',serif;">Corfu Navigation Ltd., incorporated in the Republic of the Marshall Islands on September 18, 2017, owner of the Marshall Islands flag 34,654 DWT / 2,556 TEU container carrier M/V &#8220;EM
                    Corfu&#8221;, which was built in 2001 and acquired on October 29, 2017.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z6d008c910d5e48bea8813b7e4105e6e5" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-family: 'Times New Roman',serif;">Oinousses Navigation Ltd., incorporated in the Republic of the Marshall Islands on September 18, 2017, owner of the Marshall Islands flag 32,350 DWT / 2,506 TEU container carrier M/V &#8220;EM
                    Oinousses&#8221;, which was built in 2000 and acquired on October 23, 2017.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z78af034f5e3744849c9ff582db4318a6" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-family: 'Times New Roman',serif;">Bridge Shipping Ltd., incorporated in the Republic of the Marshall Islands on September 18, 2017, owner of the Marshall Islands flag 71,366 DWT / 5,610 TEU container carrier M/V &#8220;Akinada
                    Bridge&#8221;, which was built in 2001 and acquired on December 21, 2017.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z167505650b544c50a3dcb8ba8a4666da" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-family: 'Times New Roman',serif;">Diamantis Shipowners Ltd., incorporated in the Republic of Liberia on June 3, 2019, owner of the Liberian flag 30,360 DWT / 2,008 TEU container carrier M/V &#8220;Diamantis P&#8221;, which was built
                    in 1998 and acquired on August 2, 2019.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify;">
        <div>
          <table cellspacing="0" cellpadding="0" id="zcb99cce468e24be68e72c478f99051f1" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-family: 'Times New Roman',serif;">Hydra Shipowners Ltd., incorporated in the Republic of Liberia on June 3, 2019, owner of the Liberian flag 23,351 DWT / 1,740 TEU container carrier M/V &#8220;EM Hydra&#8221;, which was built in 2005
                    and acquired on August 2, 2019.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify;">
        <div>
          <table cellspacing="0" cellpadding="0" id="zb8f810ce6f554548be263b9ec6d92be1" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-family: 'Times New Roman',serif;">Spetses Shipowners Ltd., incorporated in the Republic of Liberia on June 3, 2019, owner of the Liberian flag 23,224 DWT / 1,740 TEU container carrier M/V &#8220;EM Spetses&#8221;, which was built in
                    2007 and acquired on August 7, 2019.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify;">
        <div>
          <table cellspacing="0" cellpadding="0" id="zf53fe567c7904885ad04a3af69f4c24f" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-family: 'Times New Roman',serif;">Kea Shipowners Ltd., incorporated in the Republic of Liberia on June 3, 2019, owner of the Liberian flag 42,165 DWT / 3,100 TEU container carrier M/V &#8220;EM Kea&#8221;, which was built in 2007 and
                    acquired on August 7, 2019.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z6ed998e5ac56463f92d563515f846887" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-family: 'Times New Roman',serif;">Antwerp Shipping Ltd., incorporated in the Republic of the Marshall Islands on November 1, 2019, owner of the Marshall Islands flag 50,726 DWT / 4,253 TEU container carrier M/V &#8220;Synergy
                    Antwerp&#8221;, which was built in 2008 and acquired on November 19, 2019.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z85c5d5b607b54f02ad700c54fcca7a2e" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-family: 'Times New Roman',serif;">Keelung Shipping Ltd., incorporated in the Republic of the Marshall Islands on November 1, 2019, owner of the Cypriot flag 50,969 DWT / 4,253 TEU container carrier M/V &#8220;Synergy Keelung&#8221;,
                    which was built in 2009 and acquired on November 18, 2019.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z24cf7053ad06465c8b7751f2a806fc27" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-family: 'Times New Roman',serif;">Oakland Shipping Ltd., incorporated in the Republic of the Marshall Islands on November 1, 2019, owner of the Cypriot flag 50,787 DWT / 4,253 TEU container carrier M/V &#8220;Synergy Oakland&#8221;,
                    which was built in 2009 and acquired on November 19, 2019.</div>
                </td>
              </tr>

          </table>
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      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="margin-bottom: 10pt;"><br>
      </div>
      <div><br>
      </div>
      <div style="font-family: 'Times New Roman',serif; font-weight: bold;">Euroseas Ltd. and Subsidiaries</div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">Notes to the consolidated financial statements</div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">as of December 31, 2018 and 2019 and for the</div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">Years ended December 31, 2017, 2018 and 2019</div>
      <div>
        <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">(All amounts expressed in U.S. Dollars)
          <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
      </div>
      <div><br>
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      <div style="text-align: justify;"><font style="font-family: 'Times New Roman',serif; font-weight: bold;">1.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; width: 36pt;">&#160;</font><font style="font-family: 'Times New Roman',serif; font-weight: bold;">Basis of Presentation and General Information - continued</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;">
        <div>
          <table cellspacing="0" cellpadding="0" id="zdd3b6153339b4b6296699c681d96c14a" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-family: 'Times New Roman',serif;">Busan Shipping Ltd., incorporated in the Republic of the Marshall Islands on November 1, 2019, owner of the Marshall Islands flag 50,726 DWT / 4,253 TEU container carrier M/V &#8220;Synergy
                    Busan&#8221;, which was built in 2009 and acquired on November 21, 2019.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif;">As of December 31, 2019, the Company had a working capital deficit of $18.6 million and has been incurring losses. <a name="z_Hlk38833098"></a>For the year ended December 31,
        2019, the Company generated net cash from operating activities of $3.2 million. The Company&#8217;s cash balance amounted to $1.0 million and cash in restricted retention accounts amounted to $4.9 million as of December 31, 2019. The holders of Series B
        Preferred Shares will receive a cash dividend at an annual dividend rate of 8% until January 2021, which will increase to 14% thereafter (Note 15). The Company intends to fund its working capital requirements and capital commitments via cash at
        hand and cash flows from operations, as well as via the cash proceeds expected to be generated through the sale of certain of the Company&#8217;s older vessels for scrap. In the event that these are not sufficient, the Company may also <a name="z_Hlk38833311"></a>use funds from debt refinancing and equity offerings and convert to equity the related party loans, if required, among other options.&#160;&#160; The Company believes it will have adequate funding through the sources described
        above and, accordingly, it believes it has the ability to continue as a going concern and finance its obligations as they come due over the next twelve months following the date of the issuance of these financial statements. Consequently, the
        consolidated financial statements have been prepared on a going concern basis which contemplates the realization of assets and satisfaction of liabilities in the normal course of business.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif;">During the years ended December 31, 2017, 2018 and 2019, the following charterers individually accounted for more than 10% of the Company&#8217;s revenues as follows:</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="z07d12a934f8a42dca577769ee1daef3d">

          <tr>
            <td valign="bottom" style="vertical-align: top;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top;" colspan="10">
              <div style="text-align: center; font-family: &#38;quot; font-weight: bold;"> Year ended December 31,</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-family: &#38;quot; font-weight: bold;">Charterer</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="text-align: center; font-weight: bold;"> 2017</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: center; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="text-align: center; font-weight: bold;">2018</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: center; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="text-align: center; font-weight: bold;">2019</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #CCEEFF;">
              <div style="font-family: &#38;quot; font-weight: bold;">CMA CGM, Marseille</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: &#38;quot;">34</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: &#38;quot;">%</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: &#38;quot;">51</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: &#38;quot;">%</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: &#38;quot;">24</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: &#38;quot;">%</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #FFFFFF;">
              <div style="font-family: &#38;quot; font-weight: bold;">New Golden Sea Shipping Pte. Ltd., Singapore</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: &#38;quot;">31</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: &#38;quot;">%</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: &#38;quot;">33</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: &#38;quot;">%</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: &#38;quot;">21</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: &#38;quot;">%</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #CCEEFF;">
              <div style="font-family: &#38;quot; font-weight: bold;">Hapag-Lloyd AG, Hamburg</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: &#38;quot;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: &#38;quot;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: &#38;quot;">16</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: &#38;quot;">%</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #FFFFFF;">
              <div style="font-family: &#38;quot; font-weight: bold;">MSC Geneva</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: &#38;quot;">17</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: &#38;quot;">%</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: &#38;quot;">11</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: &#38;quot;">%</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: &#38;quot;">15</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: &#38;quot;">%</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #CCEEFF;">
              <div style="font-family: &#38;quot; font-weight: bold;">Maersk Line A/S</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: &#38;quot;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: &#38;quot;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: &#38;quot;">11</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: &#38;quot;">%</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;" id="DSPFPageNumber">F-14</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div><br>
      </div>
      <div style="font-family: 'Times New Roman',serif; font-weight: bold;">Euroseas Ltd. and Subsidiaries</div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">Notes to the consolidated financial statements</div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">as of December 31, 2018 and 2019 and for the</div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">Years ended December 31, 2017, 2018 and 2019</div>
      <div>
        <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">(All amounts expressed in U.S. Dollars)
          <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
      </div>
      <div><br>
      </div>
      <div><br>
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      <div style="text-align: justify;"><font style="font-family: 'Times New Roman',serif; font-weight: bold;">2.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; width: 36pt;">&#160;</font><font style="font-family: 'Times New Roman',serif; font-weight: bold;">Significant Accounting Policies</font></div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif;">The accompanying consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America.&#160;
        The following are the significant accounting policies adopted by the Company:</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-style: italic; font-weight: bold;">Principles of consolidation</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif;">The accompanying consolidated financial statements include the accounts of Euroseas Ltd. and its subsidiaries.&#160; Inter-company balances and transactions are eliminated on
        consolidation.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-style: italic; font-weight: bold;">Use of estimates</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif;">The preparation of the accompanying consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and
        liabilities, the disclosures of contingent assets and liabilities at the date of the consolidated financial statements, and the stated amounts of revenues and expenses during the reporting period.&#160; Actual results could differ from those estimates.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-style: italic; font-weight: bold;">Other comprehensive income / (loss)</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif;">The Company has no other comprehensive income / (loss) and accordingly comprehensive income / (loss) equals net income / (loss) for all periods presented. As such, no statement
        of comprehensive income / (loss) has been presented.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-style: italic; font-weight: bold;">Foreign currency translation</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif;">The Company&#8217;s functional currency as well as the functional currency of all its subsidiaries is the U.S. dollar. Assets and liabilities denominated in foreign currencies are
        translated into U.S. dollars at exchange rates prevailing at the balance sheet date.&#160; Income and expenses denominated in foreign currencies are translated into U.S. dollars at exchange rates prevailing at the date of the transaction.&#160; The resulting
        exchange gains and/or losses on settlement or translation are included in the accompanying consolidated statements of operations.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-style: italic; font-weight: bold;">Cash equivalents</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif;">Cash equivalents are cash in bank accounts, time deposits or other certificates purchased with an original maturity of three months or less.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-style: italic; font-weight: bold;">Restricted cash</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif;">Restricted cash reflects deposits with certain banks that can only be used to pay the current loan installments or are required to be maintained as a certain minimum cash balance
        per mortgaged vessel and amounts that are pledged, blocked or held as cash collateral.</div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;" id="DSPFPageNumber">F-15</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div><br>
      </div>
      <div style="font-family: 'Times New Roman',serif; font-weight: bold;">Euroseas Ltd. and Subsidiaries</div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">Notes to the consolidated financial statements</div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">as of December 31, 2018 and 2019 and for the</div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">Years ended December 31, 2017, 2018 and 2019</div>
      <div>
        <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">(All amounts expressed in U.S. Dollars)
          <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-family: 'Times New Roman',serif; font-weight: bold;">2.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; width: 36pt;">&#160;</font><font style="font-family: 'Times New Roman',serif; font-weight: bold;">Significant Accounting Policies - continued</font></div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-style: italic; font-weight: bold;">Trade accounts receivable</div>
      <div><br>
      </div>
      <div style="margin-bottom: 12pt; font-family: 'Times New Roman',serif;">The amount shown as trade accounts receivable, at each balance sheet date, includes estimated recoveries from each voyage or time charter. At each balance sheet date, the Company
        provides for doubtful accounts on the basis of specific identified doubtful receivables.</div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-style: italic; font-weight: bold;">Inventories</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif;">Inventories are stated at the lower of cost and net realizable value, which is the estimated selling prices less reasonably predictable costs of disposal and transportation.&#160;
        Inventories are valued using the FIFO (First-In First-Out) method.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-style: italic; font-weight: bold;">Vessels</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif;">Vessels are stated at cost, which comprises the vessel contract price, costs of major repairs and improvements upon acquisition, direct delivery and other acquisition expenses,
        less accumulated depreciation and impairment, if any. Subsequent expenditures for conversions and major improvements are also capitalized when they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of
        the vessels; otherwise these amounts are charged to expense as incurred. <font style="font-family: Times,serif;">Vessels under construction are presented at cost, which includes shipyard installment payments and other vessel costs incurred during
          the construction period that are directly attributable to the construction of the vessels, including interest costs incurred during the construction period.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif;">Expenditures for vessel repair and maintenance are charged against income in the period incurred.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-style: italic; font-weight: bold;">Assets Held for Sale&#160;</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif;">The Company may dispose of certain of its vessels when suitable opportunities occur, including prior to the end of their useful lives. The Company classifies assets as being held
        for sale when the following criteria are met: (i) management is committed to sell the asset; (ii) the&#160;asset is available for immediate sale in its present condition; (iii) an active program to locate a buyer and other actions required to complete
        the plan to sell the asset have been initiated; (iv) the sale of the asset is probable, and transfer of the asset is expected to qualify for recognition as a completed sale within one year; (v) the asset is being actively marketed for sale at a
        price that is reasonable in relation to its current fair value; and (vi) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn.</div>
      <div><br>
      </div>
      <div style="font-family: 'Times New Roman',serif;">Long-lived assets classified as held for sale are measured at the lower of their carrying amount or fair value less&#160;the&#160;cost to sell&#160;the asset. These assets are no longer depreciated once they meet
        the criteria of being held for sale.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;" id="DSPFPageNumber">F-16</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div><br>
      </div>
      <div style="font-family: 'Times New Roman',serif; font-weight: bold;">Euroseas Ltd. and Subsidiaries</div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">Notes to the consolidated financial statements</div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">as of December 31, 2018 and 2019 and for the</div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">Years ended December 31, 2017, 2018 and 2019</div>
      <div>
        <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">(All amounts expressed in U.S. Dollars)
          <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-family: 'Times New Roman',serif; font-weight: bold;">2.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; width: 36pt;">&#160;</font><font style="font-family: 'Times New Roman',serif; font-weight: bold;">Significant Accounting Policies - continued</font></div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-style: italic; font-weight: bold;">Depreciation</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif;">Depreciation is calculated on a straight line basis over the estimated useful life of the vessel with reference to the cost of the vessel, and estimated scrap value. Remaining
        useful lives of vessels are periodically reviewed and revised to recognize changes in conditions and such revisions, if any, are recognized over current and future periods. The Company estimates that its vessels have a useful life of 25 years from
        the completion of their construction. When regulations place limitations over the ability of a vessel to trade on a worldwide basis, its remaining useful life is adjusted at the date such regulations are adopted. The estimated salvage value of each
        vessel is $0.25 per light weight ton as of December 31, 2019 and 2018, which is based on the historical average demolition prices.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-style: italic; font-weight: bold;">Insurance claims and insurance proceeds</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif;">Claims receivable are recorded on the accrual basis and represent the amounts to be received, net of deductibles incurred through each balance sheet date, for which recovery from
        insurance companies is probable and the claim is not subject to litigation. Any remaining costs to complete the claims are included in accrued liabilities. Insurance proceeds are recorded according to type of claim that gives rise to the proceeds
        in the consolidated statements of operations and the consolidated statements of cash flow.</div>
      <div><br>
      </div>
      <div style="font-family: 'Times New Roman',serif; font-style: italic; font-weight: bold;">Revenue and expense recognition</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif;">Revenues are generated from time charters and voyage charters. Under a time charter agreement a contract is entered into for the use of a vessel for a specific period of time and
        a specified daily charter hire rate. Under a voyage charter agreement, a contract is made in the spot market for the use of a vessel for a specific voyage to transport a specified agreed upon cargo at a specified freight rate per ton or
        occasionally a lump sum amount.&#160;Under a voyage charter agreement, the charter party generally has a minimum amount of cargo and the charterer is liable for any short loading of cargo or "dead" freight.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif;">In February 2016, the FASB issued ASU No. 2016-02, &#8220;Leases (Topic 842)&#8221;, which amends the existing accounting standard for lease accounting and adds additional disclosures about
        leasing arrangements. ASC 842 requires lessees to recognize on the balance sheet the assets and liabilities for the rights and obligations created by most leases, while lessor accounting remains largely unchanged. ASC 842, as amended, subject to
        certain transition relief options, allows a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, or allows entities to elect not to recast the comparative periods presented
        when transitioning to ASC 842 and to recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. ASC 842 also provides a practical expedient to lessors by class of underlying asset, to not
        separate non lease components from the associated lease component, similar to the expedient provided for lessees, when the following criteria are met: i) the timing and pattern of transfer for the lease</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;" id="DSPFPageNumber">F-17</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="margin-bottom: 10pt;"><br>
      </div>
      <div style="font-family: 'Times New Roman',serif; font-weight: bold;">Euroseas Ltd. and Subsidiaries</div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">Notes to the consolidated financial statements</div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">as of December 31, 2018 and 2019 and for the</div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">Years ended December 31, 2017, 2018 and 2019</div>
      <div>
        <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">(All amounts expressed in U.S. Dollars)
          <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-family: 'Times New Roman',serif; font-weight: bold;">2.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; width: 36pt;">&#160;</font><font style="font-family: 'Times New Roman',serif; font-weight: bold;">Significant Accounting Policies - continued</font></div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif;">component is the same as those for the non-lease component associated with that lease component and (ii) the lease component, if accounted for separately, would be classified as
        an operating lease. ASC 842 is effective for public entities with reporting periods beginning after December 15, 2018, including interim periods within those fiscal periods. The Company adopted ASC 842 for its reporting period commencing January 1,
        2019 and has elected to use the optional new transition method that results in initial recognition of a cumulative effect adjustment to retained earnings in the year of adoption.<font style="background-color: rgb(255, 255, 255); color: rgb(0, 0, 0);">&#160;</font>As a result, prior periods as reported by the Company, have not been impacted by the adoption.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif;">A time charter is a contract for the use of a vessel for a specific period of time and a specified daily charter hire rate, which is generally payable in advance. Time charter
        revenue is recognized when a charter agreement exists, the vessel is made available to the charterer and collection of the related revenue is reasonably assured.<font style="color: rgb(33, 37, 41);">&#160;</font>As of December 31, 2019, all of the
        Company&#8217;s vessels are employed under time charters with remaining terms ranging from less than one month to 12 months based on the minimum duration of the time charter contracts and certain time charter contracts include renewal options for terms
        ranging from 8 months to 23 months. A time charter generally provides typical warranties and owner protective restrictions. The Company&#8217;s time charter agreements are classified as operating leases pursuant to ASC 842, because (i) the vessel is an
        identifiable asset, (ii) the Company does not have substantive substitution rights and (iii) the charterer has the right to control the use of the vessel, during the term of the contract, and derives the economic benefits from such use. In a time
        charter contract, the Company is responsible for all the costs incurred for running the vessel such as crew costs, vessel insurance, repairs and maintenance and lubes. The charterer bears the voyage related costs such as bunker expenses, port
        charges and canal tolls during the hire period.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif;">As discussed above, the transition guidance associated with ASC 842 allows for certain practical expedients to lessors. The Company elected not to separate the lease and
        non-lease components included in the time charter revenue because the pattern of revenue recognition for the lease and non-lease components (included in the daily hire rate) is the same and the lease component, if accounted for separately, would be
        classified as an operating lease. The nature of the lease component and non-lease component that are combined as a result of applying the respective practical expedient are the hire rate for a bareboat charter as well as the compensation for
        expenses incurred running the vessel such as crewing expense, repairs, insurance, maintenance and lubricants, respectively. The lease component is the predominant component and the Company accounts for the combined component as an operating lease
        in accordance with Topic 842.</div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-family: 'Times New Roman',serif;"> </font><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;" id="DSPFPageNumber">F-18</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="margin-bottom: 10pt;"><br>
      </div>
      <div style="font-family: 'Times New Roman',serif; font-weight: bold;">Euroseas Ltd. and Subsidiaries</div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">Notes to the consolidated financial statements</div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">as of December 31, 2018 and 2019 and for the</div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">Years ended December 31, 2017, 2018 and 2019</div>
      <div>
        <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">(All amounts expressed in U.S. Dollars)
          <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-family: 'Times New Roman',serif; font-weight: bold;">2.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; width: 36pt;">&#160;</font><font style="font-family: 'Times New Roman',serif; font-weight: bold;">Significant Accounting Policies &#8211; continued</font></div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif;">Both the lease component and non-lease component are earned by the passage of time. Since lessor accounting remains largely unchanged from previous U.S. GAAP, upon adoption of
        ASC 842, the timing and recognition of earnings from time charter contracts to which the Company is party did not change from prior policy, with the exception of ballast bonuses which were recognized during the ballast leg while they are now
        deferred and recognized over time during the charter period. The performance obligations in a time charter contract are recognized on a straight-line basis over the term of the respective time charter agreements, beginning when the vessel is
        delivered to the charterer until it is redelivered back to the Company, and is recorded in &#8220;Time charter revenue&#8221; in the consolidated statements of operations for the years ended December 31, 2017, 2018 and 2019.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif;">Voyage charter agreements are considered service contracts that fall under the provisions of ASC 606, because the Company as the shipowner retains the control over the operation
        of the vessel such as directing the routes taken or the vessel speed. The Company considered the provisions of ASC 842 and determined that its voyage charter agreements do not contain a lease because the charterer under such contracts does not have
        the right to control the use of the vessel since the Company, as the ship-owner, retains control over the operations of the vessel, provided also that the terms are pre-determined and any change requires the Company&#8217;s consent.&#160;The Company accounts
        for a voyage charter when all the following criteria are met: (i) the parties to the contract have approved the contract in the form of a written charter agreement or fixture recap and are committed to perform their respective obligations, (ii) the
        Company can identify each party&#8217;s rights regarding the services to be transferred, (iii) the Company can identify the payment terms for the services to be transferred, (iv) the charter agreement has commercial substance (that is, the risk, timing,
        or amount of the future cash flows is expected to change as a result of the contract) and (v) it is probable that the Company will collect substantially all of the consideration to which it will be entitled in exchange for the services that will be
        transferred to the charterer. The Company has determined that there is one single performance obligation for each of its voyage contracts, which is to provide the charterer with an integrated transportation service within a specified time period.
        In addition, the Company has concluded that a contract for a voyage charter meets the criteria to recognize revenue over time because the charterer simultaneously receives and consumes the benefits of the Company&#8217;s performance as the Company
        performs. Therefore, since the Company&#8217;s performance obligation under each voyage contract is met evenly as the voyage progresses, revenue is recognized on a straight line basis over the voyage days from the loading of cargo to its discharge. The
        majority of revenue from voyage charter agreements is usually collected in advance.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif;">Demurrage income is included in Voyage charter revenues, represents revenue earned from the charterer when loading or discharging time exceeded the stipulated time in the voyage
        charter agreement and is recognized when earned and collection is reasonably assured. Demurrage income for the years ended December 31, 2017, 2018 and 2019 was not material.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif;">Charter fees received in advance are recorded as a liability (deferred revenue) until charter services are rendered.</div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;" id="DSPFPageNumber">F-19</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
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      </div>
      <div style="margin-bottom: 10pt;"><br>
      </div>
      <div style="font-family: 'Times New Roman',serif; font-weight: bold;">Euroseas Ltd. and Subsidiaries</div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">Notes to the consolidated financial statements</div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">as of December 31, 2018 and 2019 and for the</div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">Years ended December 31, 2017, 2018 and 2019</div>
      <div>
        <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">(All amounts expressed in U.S. Dollars)
          <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-family: 'Times New Roman',serif; font-weight: bold;">2.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; width: 36pt;">&#160;</font><font style="font-family: 'Times New Roman',serif; font-weight: bold;">Significant Accounting Policies - continued</font></div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif;">Vessel operating expenses are comprised of all expenses relating to the operation of the vessels, including crewing, insurance, repairs and maintenance, stores, lubricants,
        spares and consumables, professional and legal fees and miscellaneous expenses. Vessel operating expenses are recognized as incurred; payments in advance of services or use are recorded as prepaid expenses. Under voyage charter agreements, voyage
        expenses relate to bunkers, port charges, canal tolls, and agency fees and are all paid by the Company. Costs incurred prior to loading which are directly related to the voyage are deferred by the Company if they meet certain conditions, and are
        amortized over the duration of the voyage from load port to discharge port. Costs incurred during the voyage are expensed as incurred. Under time charter agreements, voyage expenses which are also recognized as incurred by the Company include costs
        for draft surveys, holds cleaning, postage, extra war risk insurance and other minor miscellaneous expenses related to the voyage. The charterer is responsible for paying the cost of bunkers and other voyage expenses whilst the vessel is on time
        charter. Certain voyage expenses paid by the Company, such as extra war risk insurance and holds cleaning may be recovered from the charterer; such amounts recovered are recorded as other income within time charter revenue.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif;">Commissions (address and brokerage), regardless of charter type, are always paid by the Company, are deferred and amortized over the related charter period and are presented as a
        separate line item in revenues to arrive at net revenues in the accompanying consolidated statements of operations.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-style: italic; font-weight: bold;">Dry-docking and special survey expenses</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif;">Dry-docking and special survey expenses are expensed as incurred.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-style: italic; font-weight: bold;">Pension and retirement benefit obligations &#8211; crew</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif;">The ship-owning companies contract the crews on board the vessels under short-term contracts (usually up to 9 months).&#160; Accordingly, they are not liable for any pension or
        post-retirement benefits.</div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;" id="DSPFPageNumber">F-20</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="font-family: 'Times New Roman',serif; font-weight: bold;">Euroseas Ltd. and Subsidiaries</div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">Notes to the consolidated financial statements</div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">as of December 31, 2018 and 2019 and for the</div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">Years ended December 31, 2017, 2018 and 2019</div>
      <div>
        <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">(All amounts expressed in U.S. Dollars)
          <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify;">
        <div>
          <table cellspacing="0" cellpadding="0" id="zb22ca7e0380d4876b710bac3f00bef9a" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; font-family: 'Times New Roman',serif; font-weight: bold;">2.</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-family: 'Times New Roman',serif; font-weight: bold;">Significant Accounting Policies - continued</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-style: italic; font-weight: bold;">Financing costs</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif;">Loan arrangement fees are deferred and amortized to interest expense over the duration of the underlying loan using the effective interest method. Unamortized fees relating to
        loans repaid or refinanced are expensed in the period the repayment or refinancing occurs.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-style: italic; font-weight: bold;">Offering expenses</div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif;">Deferred offering expenses are charged against paid-in capital when financing is completed or expensed to &#8220;General and administrative expenses&#8221; in the consolidated statements of
        operations when the offering is aborted.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-style: italic; font-weight: bold;">Fair value of above/below market time charters acquired</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif;">The Company records all identified tangible and intangible assets or any liabilities associated with the acquisition of a vessel at fair value. Where vessels are acquired with
        existing time charters, the Company determines the present value of the difference between: (i) the contractual charter rate and (ii) the prevailing market rate for a charter of equivalent duration. In discounting the charter rate differences in
        future periods, the Company uses its Weighted Average Cost of Capital (WACC) adjusted to account for the credit quality of the counterparties, as deemed necessary.&#160; The capitalized above-market (assets) and below-market (liabilities) charters are
        amortized as a reduction and increase, respectively, to time charter revenues over the remaining term of the assumed time charter.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-style: italic; font-weight: bold;">Stock incentive plan awards</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif;">Share-based compensation represents vested and non-vested restricted shares granted to officers and directors as well as to non-employees and are included in &#8220;General and
        administrative expenses&#8221; in the consolidated statements of operations. In June 2018, the FASB issued ASU&#160;2018-07, Improvements to Nonemployee Share-Based Payment Accounting (Topic 718). ASU&#160;2018-07 simplifies the accounting for share-based payments
        to nonemployees by aligning it with the accounting for share-based payments to employees, with certain exceptions. Following the adoption of this ASU, the shares to employees and directors as well as to non-employees are measured at their fair
        value equal to the market value of the Company's common stock on the grant date. The shares that do not contain any future service vesting conditions are considered vested shares and the total fair value of such shares is expensed on the grant
        date. The shares that contain a time-based service vesting condition are considered non-vested shares on the grant date and the total fair value of such shares is recognized on a straight-line basis over the requisite service period. Prior to the
        adoption of this ASU, the fair value of the awards granted to non-employees was measured at the fair value at each reporting period until the non-vested shares vested and performance was complete.</div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;" id="DSPFPageNumber">F-21</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">Euroseas Ltd. and Subsidiaries</div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">Notes to the consolidated financial statements</div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">as of December 31, 2018 and 2019 and for the</div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">Years ended December 31, 2017, 2018 and 2019</div>
      <div>
        <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">(All amounts expressed in U.S. Dollars)
          <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify;">
        <div>
          <table cellspacing="0" cellpadding="0" id="ze4157c3bb3c44fb7a300142dfd7923d4" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; font-family: 'Times New Roman',serif; font-weight: bold;">2.</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-family: 'Times New Roman',serif; font-weight: bold;">Significant Accounting Policies - continued</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-style: italic; font-weight: bold;">Impairment of long-lived assets</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif;">The Company reviews its long-lived assets held for use and their related intangible assets and liabilities for impairment whenever events or changes in circumstances indicate
        that the carrying amount of the assets may not be recoverable. If indicators of impairment are present, the Company performs an analysis of the future undiscounted net operating cash flows of the related long-lived assets.<font style="background-color: rgb(255, 255, 255); color: rgb(0, 0, 0);">&#160;</font>When the estimate of future undiscounted net operating cash flows, excluding interest charges, expected to be generated by the use and eventual disposition of the asset is
        less than its carrying amount, the Company evaluates the asset for an impairment loss. Measurement of the impairment loss is based on the fair value of the asset. In this respect, management regularly reviews the carrying amount of the vessels in
        connection with the estimated recoverable amount for each of the Company&#8217;s vessels.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-style: italic; font-weight: bold;">Derivative financial instruments</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif;">Derivative instruments are&#160; recorded in the balance sheet as either an asset or liability measured at its fair value with changes in the instruments' fair value recognized as
        either a component in other comprehensive income if specific hedge accounting criteria are met in accordance with guidance relating to&#160; &#8220;Derivatives and Hedging&#8221;&#160; or in earnings if hedging criteria are not met.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-style: italic; font-weight: bold;">Preferred shares</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif;">Preferred shares are recorded at the initial consideration received less offering expenses and adjusted by including the redemption value of dividends paid in-kind. The Company
        recognizes changes in the redemption value of the preferred shares immediately as they occur and adjusts the carrying amount of the preferred shares to equal the redemption value at the end of each reporting period to that effect.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-style: italic; font-weight: bold;">Evaluation of purchase transactions</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif;">When the Company enters into an acquisition transaction, it determines whether the acquisition transaction was for the purchase of an asset or a business based on the facts and
        circumstances of the transaction. In accordance with ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business, if substantially all of the fair value of the gross assets acquired in an acquisition transaction are
        concentrated in a single identifiable asset or group of similar identifiable assets, then the set is not a business. To be considered a business, a set must include an input and a substantive process that together significantly contributes to the
        ability to create an output. All assets acquired and liabilities assumed in a business combination are measured at their acquisition-date fair values. For asset acquisitions, the cost of the acquisition is allocated to individual assets and
        liabilities on a relative fair value basis. Acquisition costs associated with business combinations are expensed as incurred. Acquisition costs associated with asset acquisitions are capitalized.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;" id="DSPFPageNumber">F-22</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div><br>
      </div>
      <div style="font-family: 'Times New Roman',serif; font-weight: bold;">Euroseas Ltd. and Subsidiaries</div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">Notes to the consolidated financial statements</div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">as of December 31, 2018 and 2019 and for the</div>
      <div>
        <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">Years ended December 31, 2017, 2018 and 2019</div>
        <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">(All amounts expressed in U.S. Dollars)
          <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify;">
        <div>
          <table cellspacing="0" cellpadding="0" id="zce10606939aa482cab311296063a2ca2" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; font-family: 'Times New Roman',serif; font-weight: bold;">2.</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-family: 'Times New Roman',serif; font-weight: bold;">Significant Accounting Policies - continued</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-style: italic; font-weight: bold;">Earnings / (loss) per common share</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif;">Basic earnings / (loss) per share is computed by dividing net income / (loss) attributable to common shareholders, after the deduction of dividends paid (in cash or in-kind) to
        preferred shareholders, by the weighted-average number of common shares outstanding during the period. The weighted-average number of common shares outstanding does not include any potentially dilutive securities or any non-vested restricted shares
        of common stock. These non-vested restricted shares, although classified as issued and outstanding as of December 31, 2018 and 2019, are considered contingently returnable until the restrictions lapse and will not be included in the basic earnings
        / (loss) per share calculation until the shares are vested.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif;">Diluted earnings / (loss) per share gives effect to all potentially dilutive securities to the extent that they are dilutive, using the treasury stock method. The Company uses
        the treasury stock method for non-vested restricted shares, while for the preferred shares issued the Company uses the if-converted method to assess the dilutive effect.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-style: italic; font-weight: bold;">Segment reporting</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif;">The Company reports financial information and evaluates its operations by charter revenue and not by the type of ship employment for its customers, i.e. voyage or time charters.&#160;
        The Company does not use discrete financial information to evaluate the operating results for each such type of charter. Although revenue can be identified for these types of charters, management cannot and does not identify expenses, profitability
        or other financial information for these charters.&#160; As a result, management, including the chief operating decision maker, reviews operating results solely by revenue per day and operating results of the fleet and thus the Company has determined
        that it operates under one operating segment. Furthermore, when the Company charters a vessel to a charterer, the charterer is free to trade the vessel worldwide and, as a result, the disclosure of geographical information is impracticable.</div>
      <div><font style="font-family: 'Times New Roman',serif; font-weight: bold;"> </font><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;" id="DSPFPageNumber">F-23</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="margin-bottom: 10pt;"><br>
      </div>
      <div style="font-family: 'Times New Roman',serif; font-weight: bold;">Euroseas Ltd. and Subsidiaries</div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">Notes to the consolidated financial statements</div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">as of December 31, 2018 and 2019 and for the</div>
      <div>
        <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">Years ended December 31, 2017, 2018 and 2019</div>
        <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">(All amounts expressed in U.S. Dollars)
          <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify;">
        <div>
          <table cellspacing="0" cellpadding="0" id="za1ea6a392390485886dad61ae31dca2f" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; font-family: 'Times New Roman',serif; font-weight: bold;">2.</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-family: 'Times New Roman',serif; font-weight: bold;">Significant Accounting Policies - continued</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div style="font-family: 'Times New Roman',serif; font-style: italic; font-weight: bold;">Recent accounting pronouncements</div>
      <div><br>
      </div>
      <div style="background-color: rgb(255, 255, 255);">
        <div style="text-align: justify; font-family: 'Times New Roman',serif;">In June 2016, the FASB issued Accounting Standards Update (&#8220;ASU&#8221;) 2016-13, &#8220;Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial
          Instruments&#8221;. The main objective of this update is to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting
          entity at each reporting date. The amendments in this update replace the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and
          supportable information to inform credit loss estimates. The ASU requires a financial asset (or a group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected. The allowance for credit
          losses is a valuation account that is deducted from the amortized cost basis of the financial asset(s) to present the net carrying value at the amount expected to be collected on the financial asset. In November 2018, FASB issued ASU 2018-19
          &#8220;Codification Improvements to Topic 326, Financial Instruments-Credit Losses&#8221;.&#160;The amendments in this update clarify that operating lease receivables are not within the scope of ASC 326-20 and should instead be accounted for under the new leasing
          standard, ASC 842.&#160;For public business entities, the amendments in this update are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early application is permitted. The adoption of
          this ASU is not expected to have a material effect on the Company&#8217;s consolidated financial statements and accompanying notes.</div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif;">In August 2018, the FASB issued ASU 2018-13, &#8220;Fair Value Measurement (Topic 820): Disclosure Framework &#8211; Changes to the disclosure requirements for fair value measurement&#8221;. The
        amendments in this update modify the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurement, based on the concepts in the Concepts Statement, including the consideration of costs and benefits. The amendments in this
        update are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The amendments on changes in unrealized gains and losses, the range and weighted average of significant
        unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of
        adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. Early adoption is permitted upon issuance of this update. An entity is permitted to early adopt any removed or modified disclosures
        upon issuance of this update and delay adoption of the additional disclosures until their effective date. The adoption of this ASU is not expected to have a material effect on the Company&#8217;s consolidated financial statements and accompanying notes.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;" id="DSPFPageNumber">F-24</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="margin-bottom: 10pt;"><br>
      </div>
      <div style="font-family: 'Times New Roman',serif; font-weight: bold;">Euroseas Ltd. and Subsidiaries</div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">Notes to the consolidated financial statements</div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">as of December 31, 2018 and 2019 and for the</div>
      <div>
        <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">Years ended December 31, 2017, 2018 and 2019</div>
        <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">(All amounts expressed in U.S. Dollars)
          <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
      </div>
      <div><br>
      </div>
      <div style="background-color: rgb(255, 255, 255);">
        <div><br>
        </div>
      </div>
      <div style="text-align: justify;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z05dd1d7bfb964a0daafbd42d54ff6350" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; font-family: 'Times New Roman',serif; font-weight: bold;">3.</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-family: 'Times New Roman',serif; font-weight: bold;">Inventories</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div style="font-family: 'Times New Roman',serif;">Inventories consisted of the following:</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="z2f009d4958ed4673bef618fb07ab20ab">

          <tr>
            <td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="text-align: center; font-weight: bold;"> 2018</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: center; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="text-align: center; font-weight: bold;">2019</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: center; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
              <div style="font-family: &#38;quot;">Lubricants</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: &#38;quot;">1,728,861</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(255, 255, 255);">
              <div style="font-family: &#38;quot;">Victualing</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
              <div style="font-family: &#38;quot;">79,965</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
              <div style="font-family: &#38;quot;">160,303</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
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            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: &#38;quot;">580,663</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: &#38;quot;">-</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
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            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
              <div style="font-family: &#38;quot; font-weight: bold;">1,704,391</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
              <div style="font-family: &#38;quot; font-weight: bold;">1,889,164</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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      <div style="background-color: rgb(255, 255, 255);">
        <div><br>
        </div>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;" id="DSPFPageNumber">F-25</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="font-family: 'Times New Roman',serif; font-weight: bold;">Euroseas Ltd. and Subsidiaries</div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">Notes to the consolidated financial statements</div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">as of December 31, 2018 and 2019 and for the</div>
      <div>
        <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">Years ended December 31, 2017, 2018 and 2019</div>
        <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">(All amounts expressed in U.S. Dollars)
          <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
      </div>
      <div><br>
      </div>
      <div style="background-color: rgb(255, 255, 255);">
        <div><br>
        </div>
      </div>
      <div>
        <div>
          <table cellspacing="0" cellpadding="0" id="zc13af78e3fef461b8a971fcb3df9f440" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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                <td style="width: 35.45pt; vertical-align: top; font-family: 'Times New Roman',serif; font-weight: bold;">4.</td>
                <td style="width: auto; vertical-align: top;">
                  <div style="font-family: 'Times New Roman',serif; font-weight: bold;">Vessels, net</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div style="font-family: 'Times New Roman',serif;">The amounts in the accompanying consolidated balance sheets are as follows:</div>
      <div><br>
      </div>
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          <tr>
            <td valign="bottom" rowspan="1" style="vertical-align: top; width: 64%;">&#160;</td>
            <td valign="bottom" rowspan="1" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" rowspan="1" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td rowspan="1" style="vertical-align: bottom; text-align: center; width: 9%; font-weight: bold;" colspan="1">Costs <br>
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            <td nowrap="nowrap" rowspan="1" style="vertical-align: bottom; width: 1%; font-weight: bold; text-align: center;" colspan="1">&#160;</td>
            <td rowspan="1" style="vertical-align: bottom; width: 1%; font-weight: bold; text-align: center;" colspan="1">&#160;</td>
            <td rowspan="1" style="vertical-align: bottom; width: 1%; font-weight: bold; text-align: center;" colspan="1">&#160;</td>
            <td rowspan="1" style="vertical-align: bottom; text-align: center; width: 9%; font-weight: bold;" colspan="1">Accumulated Depreciation&#160; <br>
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            <td nowrap="nowrap" rowspan="1" style="vertical-align: bottom; width: 1%; font-weight: bold; text-align: center;" colspan="1">&#160;</td>
            <td rowspan="1" style="vertical-align: bottom; width: 1%; font-weight: bold; text-align: center;" colspan="1">&#160;</td>
            <td rowspan="1" style="vertical-align: bottom; width: 1%; font-weight: bold; text-align: center;" colspan="1">&#160;</td>
            <td rowspan="1" style="vertical-align: bottom; text-align: center; width: 9%; font-weight: bold;" colspan="1">Net Book Value <br>
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            <td valign="bottom" nowrap="nowrap" rowspan="1" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-indent: -21.3pt; margin-left: 21.3pt; font-family: &#38;quot; font-weight: bold;">Balance, January 1, 2018</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: &#38;quot; font-weight: bold;">61,279,976</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: &#38;quot; font-weight: bold;">(9,147,897</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: &#38;quot; font-weight: bold;">)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: &#38;quot; font-weight: bold;">52,132,079</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-indent: -21.3pt; margin-left: 21.3pt; font-family: &#38;quot;">-&#160;&#160; Depreciation for the year</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: &#38;quot;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: &#38;quot;">(3,305,951</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: &#38;quot;">)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: &#38;quot;">(3,305,951</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: &#38;quot;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-indent: -21.3pt; margin-left: 21.3pt; font-family: &#38;quot; font-weight: bold;">Balance, December 31, 2018</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: &#38;quot; font-weight: bold;">61,279,976</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: &#38;quot; font-weight: bold;">(12,453,848</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: &#38;quot; font-weight: bold;">)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: &#38;quot; font-weight: bold;">48,826,128</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #FFFFFF;">
              <div style="text-indent: -21.3pt; margin-left: 21.3pt; font-family: &#38;quot;">-&#160;&#160; Depreciation for the year</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: &#38;quot;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: &#38;quot;">(4,178,886</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: &#38;quot;">)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: &#38;quot;">(4,178,886</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: &#38;quot;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #CCEEFF;">
              <div style="text-indent: -21.3pt; margin-left: 21.3pt; font-family: &#38;quot;">-&#160;&#160; Vessel acquisitions</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: &#38;quot;">71,214,470</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: &#38;quot;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: &#38;quot;">71,214,470</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-indent: -21.3pt; margin-left: 21.3pt; font-family: &#38;quot;">-&#160;&#160; Vessel improvements</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: &#38;quot;">368,621</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: &#38;quot;">-</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: &#38;quot;">368,621</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-indent: -21.3pt; margin-left: 21.3pt; font-family: &#38;quot; font-weight: bold;">Balance, December 31, 2019</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: &#38;quot; font-weight: bold;">132,863,067</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: &#38;quot; font-weight: bold;">(16,632,734</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: &#38;quot; font-weight: bold;">)</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: &#38;quot; font-weight: bold;">116,230,333</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif;">Vessel improvements refer to the installation of Water Ballast Treatment (&#8220;WBT&#8221;) systems. As of December 31, 2019, only one vessel has completed the installation of the WBT
        system with a total cost of $0.37 million.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif;">The Company considers the potential sale of its vessels, for scrap or further trading, depending on a vessel&#8217;s age, any additional capital expenditures required the expected
        revenues from continuing to own the vessel and the overall market prospects.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif;">On January 13, 2017, the Company&#160;agreed to sell for scrap M/V &#8220;RT Dagr&#8221;, for a net price of $2.3 million.&#160; The vessel was delivered to its buyers on January 31, 2017. The Company
        recorded a gain on sale of approximately $0.5 million presented in the &#8220;Net gain on sale of vessels&#8221; line in the &#8220;Operating Expenses&#8221; section of the consolidated statements of operations.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;" id="DSPFPageNumber">F-26</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="margin-bottom: 10pt;"><br>
      </div>
      <div style="font-family: 'Times New Roman',serif; font-weight: bold;">Euroseas Ltd. and Subsidiaries</div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">Notes to the consolidated financial statements</div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">as of December 31, 2018 and 2019 and for the</div>
      <div>
        <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">Years ended December 31, 2017, 2018 and 2019</div>
        <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">(All amounts expressed in U.S. Dollars)
          <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div>
        <div>
          <table cellspacing="0" cellpadding="0" id="zd4c8ac034b2e47a98cea0b4c7c67fdd3" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; font-family: 'Times New Roman',serif; font-weight: bold;">4.</td>
                <td style="width: auto; vertical-align: top;">
                  <div style="font-family: 'Times New Roman',serif; font-weight: bold;">Vessels, net - continued</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif;">On September 30, 2017 the Company decided to sell for scrap M/V &#8220;Aggeliki P.&#8221; a 2,008 teu 1998-built container carrier and M/V &#8220;Monica P&#8221; a 46,667 dwt 1998-built drybulk
        carrier.&#160; Both vessels were written down to their fair market value, resulting in a non-cash loss of $4.6 million, or $3.36 loss per share basic and diluted. These amounts are presented in the "Loss on write-down of vessels held for sale" line in
        the "Operating Expenses" section of the consolidated statements of operations.&#160; The Company sold M/V &#8220;Aggeliki P.&#8221; on December 6, 2017 for net proceeds of approximately $4.4 million and recorded a gain on sale of approximately $0.3 million for the
        year ended December 31, 2017, presented in the &#8220;Net gain on sale of vessels&#8221; line in the "Operating Expenses" section of the consolidated statements of operations. M/V &#8220;Monica P&#8221; was sold on June 25, 2018. The sale resulted in a gain of $1.34
        million for the year ended December 31, 2018, which is presented in the &#8220;Net gain on sale of vessels&#8221; line in the "Operating Expenses" section of the consolidated statements of operations.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif;">On June 20, 2017 the Company acquired the feeder containership (2,788 teu, 2004-built) M/V &#8220;EM Astoria&#8221; for a purchase price of $4.75 million.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif;">&#160;On September 29, 2017 the Company acquired the feeder containership (2,506 teu, 2000-built) M/V &#8220;EM Athens&#8221; for a purchase price of $4.24 million.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif;">On October 23, 2017 the Company acquired the feeder containership (2,506 teu, 2000-built) M/V &#8220;EM Oinousses&#8221; for a purchase price of $4.25 million.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif;">&#160;On October 29, 2017 the Company acquired the feeder containership (2,556 teu, 2001-built) M/V &#8220;EM Corfu&#8221; for a purchase price of $5.66 million.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif;">On December 21, 2017 the Company acquired the intermediate containership (5,610 teu, 2001-built) M/V &#8220;Akinada Bridge&#8221; for a purchase price of $11.12 million.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif;">On August 2, 2019 the Company acquired the feeder containership (1,740 teu, 2005-built) M/V &#8220;EM Hydra&#8221; and its attached time charter for a purchase price of $6.73 million.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif;">On August 2, 2019 the Company acquired the feeder containership (2,008 teu, 1998-built) M/V &#8220;Diamantis P&#8221; for a purchase price of $5.22 million.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif;">On August 7, 2019 the Company acquired the feeder containership (3,100 teu, 2007-built) M/V &#8220;EM Kea&#8221; and its attached time charter for a purchase price of $9.48 million.</div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;" id="DSPFPageNumber">F-27</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="margin-bottom: 10pt;"><br>
      </div>
      <div style="font-family: 'Times New Roman',serif; font-weight: bold;">Euroseas Ltd. and Subsidiaries</div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">Notes to the consolidated financial statements</div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">as of December 31, 2018 and 2019 and for the</div>
      <div>
        <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">Years ended December 31, 2017, 2018 and 2019</div>
        <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">(All amounts expressed in U.S. Dollars)
          <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
        <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;"> <br>
        </div>
        <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;"> <br>
        </div>
      </div>
      <div><br>
      </div>
      <div>
        <div>
          <table cellspacing="0" cellpadding="0" id="zb37a5794e24f413eb446a803a98595f6" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; font-family: 'Times New Roman',serif; font-weight: bold;">4.</td>
                <td style="width: auto; vertical-align: top;">
                  <div style="font-family: 'Times New Roman',serif; font-weight: bold;">Vessels, net - continued</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif;">On August 7, 2019 the Company acquired the feeder containership (1,740 teu, 2007-built) M/V &#8220;EM Spetses&#8221; and its attached time charter for a purchase price of $7.57 million.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif;">On November 19, 2019 the Company acquired the intermediate containership (4,253 teu, 2008-built) M/V &#8220;Synergy Antwerp&#8221; for a purchase price of $10.11 million.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif;">On November 18, 2019 the Company acquired the intermediate containership (4,253 teu, 2009-built) M/V &#8220;Synergy Keelung&#8221; for a purchase price of $11.44 million.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif;">On November 19, 2019 the Company acquired the intermediate containership (4,253 teu, 2009-built) M/V &#8220;Synergy Oakland&#8221; for a purchase price of $10.50 million.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif;">On November 21, 2019 the Company acquired the intermediate containership (4,253 teu, 2009-built) M/V &#8220;Synergy Busan&#8221; for a purchase price of $10.17 million.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif;">The Company performed the undiscounted cash flow test as of December 31, 2018 and 2019 for those operating vessels whose carrying values were above their respective market values
        and determined that the net book value of its vessels held for use was recoverable.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif;">All the Company&#8217;s vessels have been mortgaged as security for the Company&#8217;s loans (refer Note 8).</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;" id="DSPFPageNumber">F-28</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div><br>
      </div>
      <div style="font-family: 'Times New Roman',serif; font-weight: bold;">Euroseas Ltd. and Subsidiaries</div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">Notes to the consolidated financial statements</div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">as of December 31, 2018 and 2019 and for the</div>
      <div>
        <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">Years ended December 31, 2017, 2018 and 2019</div>
        <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">(All amounts expressed in U.S. Dollars)
          <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
      </div>
      <div><br>
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      <div><br>
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      <div><font style="font-family: 'Times New Roman',serif; font-weight: bold;">5.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; width: 36pt;">&#160;</font><font style="font-family: 'Times New Roman',serif; font-weight: bold;">Accrued Expenses</font></div>
      <div><br>
      </div>
      <div style="font-family: 'Times New Roman',serif;">The accrued expenses consisted of:</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="z700e7406da9b4b609d055d2376c382ce">

          <tr>
            <td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="text-align: right; font-family: &#38;quot; font-weight: bold;"> As of December 31, 2018</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="text-align: right; font-family: &#38;quot; font-weight: bold;"> As of December 31, 2019</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
              <div style="margin-left: 0.4pt; font-family: &#38;quot;">Accrued payroll expenses</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: &#38;quot;">93,404</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: &#38;quot;">231,093</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #FFFFFF;">
              <div style="margin-left: 0.4pt; font-family: &#38;quot;">Accrued interest expense</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: &#38;quot;">565,623</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: &#38;quot;">590,216</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
              <div style="margin-left: 0.4pt; font-family: &#38;quot;">Accrued general and administrative expenses</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: &#38;quot;">348,761</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: &#38;quot;">111,720</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #FFFFFF;">
              <div style="margin-left: 0.4pt; font-family: &#38;quot;">Accrued commissions</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: &#38;quot;">39,545</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: &#38;quot;">67,682</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="margin-left: 0.4pt; font-family: &#38;quot;">Other accrued expenses</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: &#38;quot;">254,472</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: &#38;quot;">724,610</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="margin-left: 0.4pt; font-family: &#38;quot; font-weight: bold;">Total</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
              <div style="font-family: &#38;quot; font-weight: bold;">1,301,805</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
              <div style="font-family: &#38;quot; font-weight: bold;">1,725,321</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          </tr>

      </table>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><font style="font-family: 'Times New Roman',serif; font-weight: bold;">6.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; width: 36pt;">&#160;</font><font style="font-family: 'Times New Roman',serif; font-weight: bold;">Fair Value of Below Market Time Charters Acquired</font></div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif;">As part of the Trinity / Diamantis Vessel Acquisition in August 2019 and with respect to the vessels &#8220;EM Hydra&#8221;, &#8220;EM Kea&#8221; and &#8220;EM Spetses&#8221;, which were acquired by the Company
        with time charter agreements attached, the Company recognized a liability of $778,287, included in &#8220;Fair value of below market time charters acquired&#8221; in the consolidated balance sheets, since it was determined that the respective charter rates
        were below market rates on the date of the transfer (Level 2).</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif;">In addition, as part of the Synergy Vessel Acquisition in November 2019 and with respect to the vessels &#8220;Synergy Keelung&#8221;, &#8220;Synergy Oakland&#8221; and &#8220;Synergy Busan&#8221;, which were
        acquired by the Company with time charter agreements attached, the Company recognized a liability of $1,794,028, included in &#8220;Fair value of below market time charters acquired&#8221; in the consolidated balance sheets, since it was determined that the
        respective charter rates were below market rates on the date of the transfer (Level 2).</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif;">For the year ended December 31, 2019, the amortization of fair value of the below market acquired time charters was $857,945 and is included under &#8220;Time charter revenue&#8221; in the
        consolidated statement of operations.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif;">The unamortized balance of this intangible liability as of December 31, 2019 of $1,714,370 is expected to be amortized within 2020.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;" id="DSPFPageNumber">F-29</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="margin-bottom: 10pt;"><br>
      </div>
      <div style="font-family: 'Times New Roman',serif; font-weight: bold;">Euroseas Ltd. and Subsidiaries</div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">Notes to the consolidated financial statements</div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">as of December 31, 2018 and 2019 and for the</div>
      <div>
        <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">Years ended December 31, 2017, 2018 and 2019</div>
        <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">(All amounts expressed in U.S. Dollars)
          <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z00b8cb3575a74d2b8a5d79c267ab83f1" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman',serif; font-weight: bold;">7.</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-family: 'Times New Roman',serif; font-weight: bold;">Related Party Transactions</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif;">The Company&#8217;s vessel owning companies are parties to management agreements with the Manager which is controlled by members of the Pittas family, whereby the Manager provides
        technical and commercial vessel management for a fixed daily fee of Euro 685 for each of 2017, 2018 and 2019, under the Company&#8217;s Master Management Agreement (&#8220;MMA&#8221;). An additional fixed management fee (see below) is paid to the Manager for the
        provision of other management services. Vessel management fees paid to the Manager amounted to $2,632,637, $3,536,094 and $3,671,335 in 2017, 2018 and 2019, respectively, and are recorded in &#8220;Related party management fees&#8221; in the consolidated
        statements of operations.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif;">The Company&#8217;s MMA with Eurobulk provides for an annual adjustment of the daily management fee due to inflation to take effect January 1 of each year. The vessel management fee
        for laid-up vessels is half of the daily fee for the period they are laid-up. The MMA, as periodically amended and restated, will automatically be extended after the initial five-year period for an additional five-year period unless terminated on
        or before the 90th day preceding the initial termination date. Pursuant to the MMA, each ship owning company has signed &#8211; and each future ship owning company when a vessel is acquired will sign - with the Manager, a management agreement with the
        rate and term of these agreements set in the MMA effective at such time.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif;">The MMA was amended and restated as of January 1, 2012 to provide for a 5% discount of the daily fixed vessel management fee for the period during which the number of the
        Euroseas-owned vessels (including vessels in which Euroseas is a part owner) managed by the Manager is greater than 20 (&#8220;volume discount&#8221;). The daily fixed vessel management fee was adjusted to Euro 720 per day per vessel in operation and Euro 360
        per day per vessel in lay-up before the 5% discount. The Company was entitled to the 5% discount for each of these years. The fee remained unchanged for the subsequent years starting January 1, 2014, 2015, 2016, 2017. The MMA was renewed as of
        January 1, 2014 for a new five year term until January 1, 2019.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif;">The MMA was further renewed on January 1, 2018 for an additional five year term until January 1, 2023 with the 5% volume discount permanently incorporated in the daily management
        fee and the daily fixed vessel management fee amounting to Euro 685 per day per vessel in operation <a name="z_Hlk38902363"></a>and Euro 342.5 for day per vessel in lay-up. The daily fixed vessel management fee remained unchanged for the year 2019
        and will be adjusted annually for inflation in the Eurozone. The fee remains unchanged for 2020.</div>
      <div style="text-align: justify;"><font style="font-family: 'Times New Roman',serif;"> </font><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;" id="DSPFPageNumber">F-30</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="margin-bottom: 10pt;"><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">Euroseas Ltd. and Subsidiaries</div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">Notes to the consolidated financial statements</div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">as of December 31, 2018 and 2019 and for the</div>
      <div>
        <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">Years ended December 31, 2017, 2018 and 2019</div>
        <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">(All amounts expressed in U.S. Dollars)
          <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
        <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;"> <br>
        </div>
        <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;"> <br>
        </div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify;">
        <div>
          <table cellspacing="0" cellpadding="0" id="zcef89ca967c84123ba484675984b550b" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman',serif; font-weight: bold;">7.</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-family: 'Times New Roman',serif; font-weight: bold;">Related Party Transactions - Continued</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif;">In addition to the vessel management services, the Manager provides executive services to the Company. In 2017 and 2018 up to the Spin-off, compensation for such services to the
        Company as a public company was $2,000,000 per annum for the Company pre-Spin-off. The amount of such executive compensation allocated to the Company prior to the Spin-off was based on the proportion of the number of calendar days that related to
        Euroseas post Spin-off vessels to the number of days of the entire fleet of Euroseas. After the Spin-off, the annual compensation for such services was set at $1,250,000.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif;">On November 15, 2019, the Company signed an addendum adjusting the fixed annual executive compensation to $2,000,000 to compensate the Manager for the increase in the fleet and
        certain management services provided by Synergy Marine Ltd., a company controlled by Andreas Papathomas and which became affiliated with the Company post-acquisition as a result of his appointment to the Board of Directors of the Company in
        November 2019. As a result, for the year 2019, the fixed cost was calculated at $1,250,000 pro-rated for the period of January 1, 2019 until November 15, 2019 and at $2,000,000 for the period of November 16, 2019 until December 31, 2019. The
        Company incurred costs of $1,306,476, $1,561,126 and $1,344,250 in 2017, 2018 and 2019, respectively, which are recorded in &#8220;General and administrative expenses&#8221; in the consolidated statements of operations.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif;">Amounts due to or from related company represent net disbursements and collections made on behalf of the vessel-owning companies by the Management Company during the normal
        course of operations for which a right of off-set exists.&#160; As of December 31, 2018 and 2019, the amounts due to related company were $2,672,895 and $795,562, respectively. Based on the MMA between Euroseas Ltd. and Euroseas&#8217; ship owning
        subsidiaries and the Manager an estimate of the quarter&#8217;s operating expenses, expected dry-dock expenses, vessel management fee and fee for management executive services are to be advanced by the Company&#8217;s ship-owning subsidiaries in the beginning
        of each quarter to the Manager.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif;"><a name="z_Hlk38840274"></a>On September 30, 2019, the Company reached an agreement with a related party, Colby Trading Ltd., a company controlled by the Pittas family and
        affiliated with the Company&#8217;s Chief Executive Officer, to draw a $2.5 million loan to finance the special survey and WBT system installation on M/V &#8220;Akinada Bridge&#8221;. The interest rate applied is 8% per annum. Interest on the loan is payable
        quarterly. <a name="z_Hlk38885301"></a>For further details refer to Note 8-g.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif;">On November 1, 2019, the Company entered into a second agreement with Colby Trading Ltd., to draw another $2.5 million loan to finance working capital needs. The interest rate
        applied is 8% per annum. Interest on the loan is payable quarterly. For further details refer to Note 8-g.</div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;" id="DSPFPageNumber">F-31</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="margin-bottom: 10pt;"><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">Euroseas Ltd. and Subsidiaries</div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">Notes to the consolidated financial statements</div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">as of December 31, 2018 and 2019 and for the</div>
      <div>
        <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">Years ended December 31, 2017, 2018 and 2019</div>
        <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">(All amounts expressed in U.S. Dollars)
          <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
        <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;"> <br>
        </div>
        <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;"> <br>
        </div>
        <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;"> <br>
        </div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z35e7199adfa7442c8faba97b0c4f58fe" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman',serif; font-weight: bold;">7.</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-family: 'Times New Roman',serif; font-weight: bold;">Related Party Transactions - continued</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif;">The Company uses brokers for various services, as is industry practice.&#160; Eurochart S.A., an affiliated company controlled by certain members of the Pittas family, provides vessel
        sale and purchase services, and chartering services to the Company whereby the Company pays commission of 1% of the vessel sales price and 1.25% of charter revenues. Commissions to Eurochart S.A. for vessel sales were $70,640, $64,500 and nil in
        2017, 2018 and 2019, respectively, recorded in &#8220;Net gain on sale of vessels&#8221; in the consolidated statements of operations. A commission of 1% of the purchase price is also paid to Eurochart S.A. by the seller of the vessel for the acquisitions the
        Company makes using Eurochart&#8217;s services. The Company withheld, on behalf of Eurochart, commissions of $118,526, nil and nil in 2017, 2018 and 2019, respectively, for vessels the Company acquired. Commissions to Eurochart S.A. for chartering
        services were, $310,467, $453,361 and $493,341 in 2017, 2018 and 2019, respectively, recorded in &#8220;Commissions&#8221; in the consolidated statements of operations.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif;">&#160;Certain members of the Pittas family, together with another unrelated ship management company, have formed a joint venture with the insurance broker Sentinel Maritime Services
        Inc. (&#8220;Sentinel&#8221;); and with a crewing agent Technomar Crew Management Services Corp (&#8220;Technomar&#8221;). Technomar is a company owned by certain members of the Pittas family, together with two other unrelated ship management companies. Sentinel is paid a
        commission on insurance premiums not exceeding 5%; Technomar is paid a fee of about<font style="color: rgb(0, 0, 128);">&#160;</font>$50 per crew member per month. Total fees charged by Sentinel and Technomar were $89,329 and $101,394 in 2017, $118,684
        and $137,385 in 2018, and $106,749 and $142,332 in 2019 respectively.&#160; These amounts are recorded in &#8220;Vessel operating expenses&#8221; in the consolidated statements of operations.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif;"><a name="z_Hlk38840095"></a>In August 2019, the Company completed the acquisition of the four feeder containerships, owned by affiliates of the Pittas family including the
        Company&#8217;s CEO (see Note 1), for a consideration of $28.2 million that included a cash payment of $15 million and the issuance of 2,816,901 common shares to the sellers. The vessels acquisition transactions were evaluated and approved by a special
        committee of independent members of the Board of Directors.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;" id="DSPFPageNumber">F-32</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="margin-bottom: 3pt;"><br>
      </div>
      <div style="font-family: 'Times New Roman',serif; font-weight: bold;">Euroseas Ltd. and Subsidiaries</div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">Notes to the consolidated financial statements</div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">as of December 31, 2018 and 2019 and for the</div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">Years ended December 31, 2017, 2018 and 2019</div>
      <div>
        <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">(All amounts expressed in U.S. Dollars)
          <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
        <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;"> <br>
        </div>
        <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;"> <br>
        </div>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z207a7aa761f14702997cb20a8f33f8fc" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; font-family: 'Times New Roman',serif; font-weight: bold;">8.</td>
                <td style="width: auto; vertical-align: top;">
                  <div style="font-family: 'Times New Roman',serif; font-weight: bold;">Long-Term Bank Loans</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif;">This consists of bank loans of the ship-owning companies and is as follows:</div>
      <div><br>
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      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="zc3cf3c01e8434eddbaea28b89d4bc6f1">

          <tr>
            <td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); width: 65%;">
              <div style="font-family: &#38;quot; font-weight: bold;"> <br>
              </div>
              <div style="font-family: &#38;quot; font-weight: bold;">Borrower</div>
            </td>
            <td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); width: 11%;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="text-align: center; font-family: &#38;quot; font-weight: bold;">December 31,<br>
                2018</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="text-align: right; font-family: &#38;quot; font-weight: bold;">December 31,<br>
                2019</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 65%; background-color: rgb(204, 238, 255);">
              <div style="font-family: &#38;quot;">Noumea Shipping Ltd.</div>
            </td>
            <td valign="bottom" style="vertical-align: top; width: 11%; background-color: rgb(204, 238, 255);">
              <div style="text-align: center; font-family: &#38;quot;">(a)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: &#38;quot;">3,341,000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: &#38;quot;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 65%; background-color: rgb(255, 255, 255);">
              <div style="font-family: &#38;quot;">Gregos Shiping Ltd.</div>
            </td>
            <td valign="bottom" style="vertical-align: top; width: 11%; background-color: rgb(255, 255, 255);">
              <div style="text-align: center; font-family: &#38;quot;">(b)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: &#38;quot;">4,150,000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: &#38;quot;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 65%; background-color: rgb(204, 238, 255);">
              <div style="font-family: &#38;quot;">Alterwall Business Inc. / Allendale Investments S.A. / Manolis Shipping Ltd. / Joanna Maritime Ltd. / Jonathan John Shipping Ltd. / Athens Shipping Ltd. / Oinousses Navigation Ltd. / Corfu Navigation Ltd.
                / Bridge Shipping Ltd. / Noumea Shipping Ltd. / Gregos Shiping Ltd.</div>
            </td>
            <td valign="bottom" style="vertical-align: top; width: 11%; background-color: rgb(204, 238, 255);">
              <div style="text-align: center; font-family: &#38;quot;">(c)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: &#38;quot;">30,000,000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: &#38;quot;">37,650,000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 65%; background-color: rgb(255, 255, 255);">
              <div style="font-family: &#38;quot;">Diamantis Shipowners Ltd.</div>
            </td>
            <td valign="bottom" style="vertical-align: top; width: 11%; background-color: rgb(255, 255, 255);">
              <div style="text-align: center; font-family: &#38;quot;">(d)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: &#38;quot;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: &#38;quot;">3,507,220</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 65%; background-color: rgb(204, 238, 255);">
              <div style="font-family: &#38;quot;">Kea Shipowners Ltd. / Spetses Shipowners Ltd. / Hydra Shipowners Ltd.</div>
            </td>
            <td valign="bottom" style="vertical-align: top; width: 11%; background-color: rgb(204, 238, 255);">
              <div style="text-align: center; font-family: &#38;quot;">(e)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: &#38;quot;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: &#38;quot;">12,050,000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 65%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-family: &#38;quot;">Antwerp Shipping Ltd. / Busan Shipping Ltd. / Keelung Shipping Ltd. / Oakland Shipping Ltd.</div>
            </td>
            <td valign="bottom" style="vertical-align: top; width: 11%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-family: &#38;quot;">(f)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: &#38;quot;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: &#38;quot;">32,000,000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 65%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" style="vertical-align: top; width: 11%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: &#38;quot;">37,491,000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: &#38;quot;">85,207,220</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 65%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-family: &#38;quot;">Less: Current portion</div>
            </td>
            <td valign="bottom" style="vertical-align: top; width: 11%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
              <div style="font-family: &#38;quot;">(5,212,000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
              <div style="font-family: &#38;quot;">)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
              <div style="font-family: &#38;quot;">(12,541,840</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
              <div style="font-family: &#38;quot;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 65%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-family: &#38;quot; font-weight: bold;">Long-term portion</div>
            </td>
            <td valign="bottom" style="vertical-align: top; width: 11%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: &#38;quot; font-weight: bold;">32,279,000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: &#38;quot; font-weight: bold;">72,665,380</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 65%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-family: &#38;quot;">Deferred charges, current portion</div>
            </td>
            <td valign="bottom" style="vertical-align: top; width: 11%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: &#38;quot;">125,357</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: &#38;quot;">246,520</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 65%; background-color: rgb(204, 238, 255);">
              <div style="font-family: &#38;quot;">Deferred charges, long-term portion</div>
            </td>
            <td valign="bottom" style="vertical-align: top; width: 11%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: &#38;quot;">237,848</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: &#38;quot;">477,595</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 65%; background-color: rgb(255, 255, 255);">
              <div style="font-family: &#38;quot;">Debt discount, current portion</div>
            </td>
            <td valign="bottom" style="vertical-align: top; width: 11%; background-color: rgb(255, 255, 255);">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: &#38;quot;">216,402</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: &#38;quot;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 65%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-family: &#38;quot;">Debt discount, long-term portion</div>
            </td>
            <td valign="bottom" style="vertical-align: top; width: 11%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: &#38;quot;">324,603</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: &#38;quot;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 65%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-family: &#38;quot; font-weight: bold;">Long-term bank loans, current portion net of deferred charges and debt discount</div>
            </td>
            <td valign="bottom" style="vertical-align: top; width: 11%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
              <div style="font-family: &#38;quot; font-weight: bold;">4,870,241</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
              <div style="font-family: &#38;quot; font-weight: bold;">12,295,320</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 65%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-family: &#38;quot; font-weight: bold;">Long-term bank loans, long-term portion net of deferred charges and debt discount</div>
            </td>
            <td valign="bottom" style="vertical-align: top; width: 11%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: &#38;quot; font-weight: bold;">31,716,549</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: &#38;quot; font-weight: bold;">72,187,785</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 65%; background-color: rgb(255, 255, 255);">&#160;</td>
            <td valign="bottom" style="vertical-align: top; width: 11%; background-color: rgb(255, 255, 255);">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 65%; background-color: rgb(204, 238, 255);">
              <div style="font-family: &#38;quot; font-weight: bold;">Loan from related party, current</div>
            </td>
            <td valign="bottom" style="vertical-align: top; width: 11%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 65%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-family: &#38;quot;">Euroseas Ltd.</div>
            </td>
            <td valign="bottom" style="vertical-align: top; width: 11%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-family: &#38;quot;">(g)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
              <div style="font-family: &#38;quot;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
              <div style="font-family: &#38;quot;">5,000,000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          </tr>

      </table>
      <div><br>
      </div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;" id="DSPFPageNumber">F-33</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="margin-bottom: 10pt;"><br>
      </div>
      <div style="font-family: 'Times New Roman',serif; font-weight: bold;">Euroseas Ltd. and Subsidiaries</div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">Notes to the consolidated financial statements</div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">as of December 31, 2018 and 2019 and for the</div>
      <div>
        <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">Years ended December 31, 2017, 2018 and 2019</div>
        <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">(All amounts expressed in U.S. Dollars)
          <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
        <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;"> <br>
        </div>
        <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;"> <br>
        </div>
      </div>
      <div><br>
      </div>
      <div><font style="font-family: 'Times New Roman',serif; font-weight: bold;">8.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; width: 36pt;">&#160;</font><font style="font-family: 'Times New Roman',serif; font-weight: bold;">Long-Term Bank Loans - continued</font></div>
      <div style="font-family: 'Times New Roman',serif;"> <br>
      </div>
      <div style="font-family: 'Times New Roman',serif;">The future annual loan repayments are as follows:</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="zb5676b663430402f93d66eceaf51cc3c">

          <tr>
            <td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-family: &#38;quot;">To December 31:</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #CCEEFF;">
              <div style="text-align: justify; font-family: &#38;quot;">2020</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: &#38;quot;">12,541,840</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #FFFFFF;">
              <div style="text-align: justify; font-family: &#38;quot;">2021</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: &#38;quot;">29,941,840</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #CCEEFF;">
              <div style="text-align: justify; font-family: &#38;quot;">2022</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: &#38;quot;">8,723,540</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: justify; font-family: &#38;quot;">2023</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: &#38;quot;">34,000,000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: justify; font-family: &#38;quot; font-weight: bold;">Total</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: &#38;quot; font-weight: bold;">85,207,220</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z0ef24ca672b244409521197b2faea240" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman',serif;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-family: 'Times New Roman',serif;">On December 22, 2016, the supplemental agreement between Credit Agricole and Noumea Shipping Ltd., owner of M/V &#8220;Evridiki G&#8221; was signed in order to refinance the final quarterly
                    instalment of $720,000 and the balloon payment of $6,360,000 originally due in December 2016. The borrower and the lender agreed to amend the repayment profile in respect of the loan of which $7,080,000 remained outstanding as of the
                    date of the supplemental agreement and to extend the final maturity date to January 2018. The loan will be repaid with three repayments of $720,000 each, due in December 2016, in July 2017 and in January 2018 together with the balloon
                    payment of $4,920,000 due in January 2018. On February 27, 2018, the Company signed and drew a term loan facility of $4,250,000 with Credit Agricole in order to partly refinance the existing indebtedness of M/V &#8220;Evridiki G&#8221; with the
                    bank. The loan was payable in thirteen consecutive quarterly instalments of $303,000 each and a final instalment in the amount of $311,000. The margin of the loan was 3.00% above LIBOR. The loan was secured with the following: (i) first
                    priority mortgages over M/V &#8220;Evridiki G&#8221; and collateral vessel (M/V &#8220;EM Astoria&#8221;), (ii) first assignment of earnings and insurance and (iii) other covenants and guarantees similar to the remaining loans of the Company. The Company
                    completed the refinancing of the specific loan using its revolving loan facility with Eurobank Ergasias S.A., as explained in note (c) below.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;" id="DSPFPageNumber">F-34</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">Euroseas Ltd. and Subsidiaries</div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">Notes to consolidated financial statements</div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">as of December 31, 2018 and 2019 and for the</div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">Years ended December 31, 2017, 2018 and 2019</div>
      <div>
        <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">(All amounts expressed in U.S. Dollars)
          <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
      </div>
      <div><br>
      </div>
      <div><font style="font-family: 'Times New Roman',serif; font-weight: bold;">8.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; width: 36pt;">&#160;</font><font style="font-family: 'Times New Roman',serif; font-weight: bold;">Long-Term Bank Loans - continued</font></div>
      <div><font style="font-family: 'Times New Roman',serif; font-weight: bold;"> <br>
        </font></div>
      <div style="text-align: justify;">
        <div>
          <table cellspacing="0" cellpadding="0" id="zff13dfd686f0466d9a09c60508c60799" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman',serif;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-family: 'Times New Roman',serif;">On June 15, 2017, the Company signed a term loan facility with Credit Agricole and on June 19, 2017 a loan of $4,750,000 was drawn by Gregos Shipping Ltd. to partly finance the
                    acquisition of M/V &#8220;EM Astoria&#8221;. The loan was payable in twenty or sixteen consecutive equal quarterly installments of $100,000 plus a balloon amount of $2,750,000 or $3,150,000. The margin of the loan was 2.65% above LIBOR. The loan
                    was secured with (i) first priority mortgage over M/V &#8220;EM Astoria&#8221;, (ii) first assignment of earnings and insurance of M/V &#8220;EM Astoria&#8221;, (iii) a corporate guarantee of Euroseas Ltd. and other covenants and guarantees similar to
                    remaining loans of the Company. The Company paid a loan arrangement fee of $50,000 in 2017 for this loan. The Company had also entered into a profit sharing agreement with Credit Agricole whereby it would share with the bank, 35% of the
                    excess of the fair market value of the vessel over the outstanding loan when the vessel was sold or when the loan matured. As a result of the lender's entitlement to participate in the appreciation of the market value of the mortgaged
                    vessel, the Company recognized a participation liability of an amount of $1,067,500 as of December 31, 2018, presented in "Vessel profit participation liability" in the consolidated balance sheets, with a corresponding debit to a debt
                    discount account, presented contra to the loan balance. In addition, 35% of the cash flow after debt service would be set aside and be used to repay the balloon payment with any excess funds to be paid to the bank. The Company completed
                    the refinancing of the specific loan in June 2019 using its revolving loan facility with Eurobank Ergasias S.A., as explained in note (c) below, with the final participation liability paid amounting to $950,000 included in the
                    &#8220;Repayment of long-term bank loans and vessel profit participation liability&#8221; in the consolidated statement of cash flows. The portion of debt discount remaining unamortized at the time of the refinancing was written-off and presented
                    as &#8220;Loss on debt extinguishment&#8221; in the consolidated statement of operations, partly offset by the lower amount of $950,000 at which the vessel profit participation liability was finally settled as described above.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;" id="DSPFPageNumber">F-35</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
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      </div>
      <div><br>
      </div>
      <div style="font-family: 'Times New Roman',serif; font-weight: bold;">Euroseas Ltd. and Subsidiaries</div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">Notes to consolidated financial statements</div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">as of December 31, 2018 and 2019 and for the</div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">Years ended December 31, 2017, 2018 and 2019</div>
      <div>
        <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">(All amounts expressed in U.S. Dollars)
          <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
      </div>
      <div><br>
      </div>
      <div><font style="font-family: 'Times New Roman',serif; font-weight: bold;">8.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; width: 36pt;">&#160;</font><font style="font-family: 'Times New Roman',serif; font-weight: bold;">Long-Term Bank Loans - continued</font></div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z0f403ba987444f34a985265af1d80068" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman',serif;">(c)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-family: 'Times New Roman',serif;">On November 21, 2018, the Company signed a reducing revolving credit facility with Eurobank Ergasias S.A (the &#8220;Lender&#8221;) for an amount of up to $45,000,000. A loan of $30,000,000 was drawn
                    on November 21, 2018 by Alterwall Business Inc., Allendale Investments S.A., Manolis Shipping Ltd., Joanna Maritime Ltd., Jonathan John Shipping Ltd., Athens Shipping Ltd., Oinousses Navigation Ltd., Corfu Navigation Ltd. and Bridge
                    Shipping Ltd. to fully refinance all of the Company&#8217;s existing facilities with this bank and provide working capital. The revolving tranche will be available for a period of 18 months from signing of the loan agreement for the purpose
                    of partly financing new vessel acquisitions or providing working capital and can be renewed subject to the bank&#8217;s approval and a fee to be determined. The loan is payable in 12 equal consecutive quarterly principal installments of
                    $900,000 and the balance will be repaid through balloon payment of $19,200,000 together with the last principal installment in November 2021. Each quarterly principal instalment paid is added to the revolving tranche and may be redrawn.
                    The interest rate margin is 3.90% over LIBOR, reduced from 4.40% as described below. The loan is secured with (i) first priority mortgages over M/V &#8220;Ninos&#8221;, M/V &#8220;Kuo Hsiung&#8221;, M/V &#8220;Aegean Express&#8221;, M/V &#8220;Manolis P.&#8221; M/V &#8220;Joanna&#8221;, M/V &#8220;EM
                    Athens&#8221;, M/V &#8220;EM Oinousses&#8221;, M/V &#8220;EM Corfu&#8221; and M/V &#8220;Akinada Bridge&#8221;, (ii) first assignment of earnings and insurance of the aforementioned vessels, (iii) a corporate guarantee of Euroseas Ltd. and other covenants and guarantees similar
                    to the remaining loans of the Company. The Company has the option (at the Lender&#8217;s absolute discretion) to substitute a mortgaged vessel by notifying the Lender in writing at least one (1) month prior to the intended substitution date,
                    provided that: a) the substitute vessel is of a similar type, of the same or younger age, having the same or enhanced characteristics (including, without limitation, deadweight, lightweight, shipyard pedigree and technical
                    specifications) and will be 100% owned by a shipowning company, incorporated in a jurisdiction acceptable to the Lender and owned by a ship owning company owned by the Company (directly or indirectly) and b) the new shipowning company
                    provides a first preferred mortgage over the new vessel and a corporate guarantee in favor of the Lender and executes any other security documentation as may be requested by the Lender at its discretion. The Company paid loan
                    arrangement fees of $300,000 within 2018 for this tranche.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;" id="DSPFPageNumber">F-36</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
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      </div>
      <div><br>
      </div>
      <div style="font-family: 'Times New Roman',serif; font-weight: bold;">Euroseas Ltd. and Subsidiaries</div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">Notes to consolidated financial statements</div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">as of December 31, 2018 and 2019 and for the</div>
      <div>
        <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">Years ended December 31, 2017, 2018 and 2019</div>
        <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">(All amounts expressed in U.S. Dollars)
          <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><font style="font-family: 'Times New Roman',serif; font-weight: bold;">8.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; width: 36pt;">&#160;</font><font style="font-family: 'Times New Roman',serif; font-weight: bold;">Long-Term Bank Loans &#8211; continued</font></div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 36pt; font-family: 'Times New Roman',serif;">On May 30, 2019, the Lender made available to the Company two new ship-related (M/V &#8220;EM Astoria&#8221; and M/V &#8220;Evridiki G&#8221;) advances totaling $12.0 million or 55%
        of the aggregate market value of the two aforementioned vessels, with a simultaneous reduction of the margin of the loan, from 4.40% to 3.90% per annum. The borrower also agreed, during the remaining facility period, to reduce the amount held as
        cash collateral from $5.0 million to $1.0 million and release the balance in favor of the borrower. The loan was used to refinance the existing facilities of Noumea Shipping Ltd. and Gregos Shiping Ltd. and to provide working capital. The loan is
        payable in 16 equal consecutive quarterly principal installments of $375,000 and the balance will be repaid through a balloon payment of $6,000,000 together with the last principal installment in May 2023. The loan is secured with (i) first
        priority mortgages over M/V &#8220;Evridiki G&#8221; and M/V &#8220;EM Astoria&#8221;, (ii) first assignment of earnings and insurance of the aforementioned vessels, (iii) a corporate guarantee of Euroseas Ltd. and other covenants and guarantees similar to the remaining
        loans of the Company. The Company paid a loan arrangement fee of $32,000 within 2019 for this tranche.</div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 36pt; font-family: 'Times New Roman',serif;">The security cover ratio covenant for the facility is set to 140%. The remaining $7,350,000 of the revolving facility, after including principal repayments up
        to December 31, 2019, remains available to the company in order to finance up to 55% of the market value of post 2001-built ships. The new tranches will be repaid through sixteen quarterly principal instalments with the amount of each such
        instalment being equal to such amount so that the balloon amount to be equal to 50% of the initially drawn relevant tranche. The undrawn amounts available under the revolving facility pay an annual commitment of 0.40% and any amount drawn will pay
        a 1% underwriting fee.</div>
      <div><br>
      </div>
      <div style="text-align: justify;">
        <div>
          <table cellspacing="0" cellpadding="0" id="za47690c0b869418a837668c1b0910f49" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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                <td style="width: 18pt;"><br>
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                <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman',serif;">(d)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-family: 'Times New Roman',serif;">On July 29, 2019, the Company signed a term loan facility with Piraeus Bank S.A. for an amount not exceeding the lesser between $4,000,000 and 90% of the scrap value of M/V &#8220;Diamantis P&#8221;.
                    On July 31, 2019, a loan of $3,667,680 was drawn by Diamantis Shipping Ltd. to partly finance the acquisition of M/V &#8220;Diamantis P&#8221;. The loan is payable in twelve equal consecutive quarterly instalments of $160,460 plus a balloon amount
                    of $1,742,160 paid together with the last instalment in July 2022. The margin of the loan is 3.50% over LIBOR. The loan is secured with (i) first priority mortgage over M/V &#8220;Diamantis P&#8221;, (ii) first assignment of earnings and insurance
                    of M/V &#8220;Diamantis P&#8221;, (iii) a corporate guarantee of Euroseas Ltd. and other covenants and guarantees similar to remaining loans of the Company. The Company paid a loan arrangement fee of $32,000 within 2019 for this loan. The security
                    cover ratio covenant for the facility is set to 110% until the first anniversary of the drawdown date and 120% thereafter.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;" id="DSPFPageNumber">F-37</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
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      </div>
      <div style="margin-bottom: 10pt;"><br>
      </div>
      <div><br>
      </div>
      <div style="font-family: 'Times New Roman',serif; font-weight: bold;">Euroseas Ltd. and Subsidiaries</div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">Notes to consolidated financial statements</div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">as of December 31, 2018 and 2019 and for the</div>
      <div>
        <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">Years ended December 31, 2017, 2018 and 2019</div>
        <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">(All amounts expressed in U.S. Dollars)
          <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><font style="font-family: 'Times New Roman',serif; font-weight: bold;">8.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; width: 36pt;">&#160;</font><font style="font-family: 'Times New Roman',serif; font-weight: bold;">Long-Term Bank Loans &#8211; continued</font></div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z211858b6969a4f50a8646a53daab3589" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
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                </td>
                <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman',serif;">(e)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-family: 'Times New Roman',serif;">On July 30, 2019, the Company signed a term loan facility with HSBC Bank plc. for an amount of $12,500,000. The loan was used to partly finance the acquisition of M/V &#8220;EM Hydra&#8221;, M/V &#8220;EM
                    Kea&#8221; and M/V &#8220;EM Spetses&#8221;. The loan was drawn in tranches upon the delivery of each vessel to the Company with the last drawdown taking place on August 8, 2019.The loan is payable in fourteen consecutive equal quarterly installments of
                    $450,000 and a balloon payment of $6,200,000 paid with the last instalment in February 2023. The loan bears interest at LIBOR plus a margin of 2.95%. The loan is secured with (i) first priority mortgages over M/V &#8220;EM Hydra&#8221;, M/V &#8220;EM
                    Kea&#8221; and M/V &#8220;EM Spetses&#8221; (ii) first assignment of earnings and insurance of the abovementioned vessels, (iii) a corporate guarantee of Euroseas Ltd. and other covenants and guarantees similar to the remaining loans of the Company. The
                    Company paid loan arrangement fees of $62,500 within 2019 for this loan. The security cover ratio covenant for the facility is set to 130%.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify;">
        <div>
          <table cellspacing="0" cellpadding="0" id="zdabbc0cbbf0849f58475f2b2d3f127cf" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman',serif;">(f)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-family: 'Times New Roman',serif;">On November 8, 2019, the Company signed a term loan facility with Piraeus Bank S.A. for an amount of $32,000,000. The loan was used to partly finance the acquisition of M/V &#8220;Synergy
                    Antwerp&#8221;, M/V &#8220;Synergy Busan&#8221;, M/V &#8220;Synergy Keelung&#8221; and M/V &#8220;Synergy Oakland&#8221;. The loan was drawn in tranches upon the delivery of each vessel to the Company with the last drawdown taking place on November 18, 2019. The loan is payable
                    in three consecutive equal quarterly instalments of $1,400,000 followed by thirteen consecutive equal quarterly instalments of $800,000 and a balloon payment of $17,400,000 paid with the last instalment. The loan bears interest at LIBOR
                    plus a margin of 3.50%. The loan is secured with (i) first priority mortgages over M/V &#8220;Synergy Antwerp&#8221;, M/V &#8220;Synergy Busan&#8221;, M/V &#8220;Synergy Keelung&#8221; and M/V &#8220;Synergy Oakland&#8221; (ii) first assignment of earnings and insurance of the
                    abovementioned vessels, (iii) a corporate guarantee of Euroseas Ltd. and other covenants and guarantees similar to the remaining loans of the Company. The Company paid loan arrangement fees of $352,000 within 2019 for this loan. The
                    security cover ratio covenant for the facility is set to 125%.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z1744db34117343fb927b2668e9dcd53e" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman',serif;">(g)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-family: 'Times New Roman',serif;">On September 30, 2019, Euroseas signed an agreement with Colby Trading Ltd., a company controlled by the Pittas family and affiliated with the Company&#8217;s Chief Executive Officer, as
                    further supplemented on December 20, 2019 and March 30, 2020, to draw down a $2.5 million loan to finance the special survey and WBT system installation on M/V &#8220;Akinada Bridge&#8221;. Interest on the loan is 8% per annum and is payable
                    quarterly. <a name="z_Hlk38840387"></a>Euroseas will repay the loan in four repayment instalments of a principal amount of $625,000 each. The first repayment instalment will be due on May 15, 2020 and the remaining three instalments
                    will be paid on a quarterly basis thereafter and the loan will be paid in full by November 2020. <a name="z_Hlk38840444"></a>Under certain circumstances, the Company can pay principal in equity, and the loan is convertible in common
                    stock of the Company at the option of the lender at certain times. <a name="z_Hlk38840423"></a><a name="z_Hlk38840404"></a>The Company paid $51,111 in interest for this loan for the fiscal year 2019.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;" id="DSPFPageNumber">F-38</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
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      </div>
      <div style="margin-bottom: 10pt;"><br>
      </div>
      <div style="font-family: 'Times New Roman',serif; font-weight: bold;">Euroseas Ltd. and Subsidiaries</div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">Notes to consolidated financial statements</div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">as of December 31, 2018 and 2019 and for the</div>
      <div>
        <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">Years ended December 31, 2017, 2018 and 2019</div>
        <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">(All amounts expressed in U.S. Dollars)
          <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><font style="font-family: 'Times New Roman',serif; font-weight: bold;">8.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; width: 36pt;">&#160;</font><font style="font-family: 'Times New Roman',serif; font-weight: bold;">Long-Term Bank Loans &#8211; continued</font></div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 36pt; font-family: 'Times New Roman',serif;">On November 1, 2019, Euroseas signed a second agreement with Colby Trading Ltd. to draw another $2.5 million loan to finance working capital needs. <a name="z_Hlk38840606"></a>Interest on the loan is 8% per annum and is payable quarterly. There are no principal repayments until December 31, 2020, when the loan matures. <a name="z_Hlk38840664"></a>Under certain circumstances, the Company can
        pay principal in equity, and the loan is convertible in common stock of the Company at the option of the lender at certain times.&#160; <a name="z_Hlk38840818"></a><a name="z_Hlk38641581"></a>The Company paid $33,333 in interest for this loan for the
        fiscal year 2019.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif;">In addition to the terms specific to each loan described above, all the above loans are secured with a pledge of all the issued shares of each borrower.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif;">The loan agreements also contain covenants such as minimum requirements regarding the hull ratio cover&#160; (the ratio of fair value of vessel to outstanding loan less cash in
        retention accounts ranging from 120% to 140%), restrictions as to changes in management and ownership of the ship-owning companies, distribution of profits or assets (i.e. not permitting dividend payment or other distributions in cases that an
        event of default has occurred), additional indebtedness and mortgage of vessels without the lender&#8217;s prior consent, sale of vessels, maximum fleet-wide leverage, sale of capital stock of our subsidiaries, ability to make investments and other
        capital expenditures, entering in mergers or acquisitions, minimum cash balance requirements and minimum cash retention accounts (restricted cash).&#160; The loan agreements also require the Company to make deposits in retention accounts with certain
        banks that can only be used to pay the current loan instalments. Minimum cash balance requirements are in addition to cash held in retention accounts. These cash deposits amounted to $5,717,063 and $4,410,376 as of December 31, 2018 and 2019,
        respectively, and are included in &#8220;Restricted cash&#8221; under &#8220;Current assets&#8221; and &#8220;Long-term assets&#8221; in the consolidated balance sheets. As of December 31, 2019, all the debt covenants are satisfied.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif;">Interest expense for the years ended December 31, 2017, 2018 and 2019 amounted to $1,380,458, $2,703,845 and $3,219,471 respectively.</div>
      <div style="margin-bottom: 12pt;"><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;" id="DSPFPageNumber">F-39</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
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      </div>
      <div style="margin-bottom: 10pt;"><br>
      </div>
      <div style="font-family: 'Times New Roman',serif; font-weight: bold;">Euroseas Ltd. and Subsidiaries</div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">Notes to consolidated financial statements</div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">as of December 31, 2018 and 2019 and for the</div>
      <div>
        <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">Years ended December 31, 2017, 2018 and 2019</div>
        <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">(All amounts expressed in U.S. Dollars)
          <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
        <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;"> <br>
        </div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-family: 'Times New Roman',serif; font-weight: bold;">9.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; width: 36pt;">&#160;</font><font style="font-family: 'Times New Roman',serif; font-weight: bold;">Income Taxes</font></div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif;">Under the laws of the countries of the companies&#8217; incorporation and/or vessels&#8217; registration, the companies are not subject to tax on international shipping income, however, they
        are subject to registration and tonnage taxes, which have been included in &#8220;Vessel operating expenses&#8221; in the consolidated statements of operations.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif;">Under the United States Internal Revenue Code of 1986, as amended (the "Code"), the U.S. source gross transportation income of a ship-owning or chartering corporation, such as
        the Company, is subject to a 4% U.S. Federal income tax without allowance for deduction, unless that corporation qualifies for exemption from tax under Section 883 of the Code and the Treasury Regulations promulgated thereunder. U.S. source gross
        transportation income consists of 50% of the gross shipping income that is attributable to transportation that begins or ends, but that does not both begin and end, in the United States.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif;">Under the Code, a corporation will be exempt from U.S. federal income tax if its stock is primarily and regularly traded on an established securities market in its country of
        organization, in another country that grants an "equivalent exemption" to United States corporations, or in the United States, which is referred to as the &#8220;Publicly Traded Test&#8221;. Under IRS regulations, a Company&#8217;s shares will be considered to be
        regularly traded on an established securities market if (i) one or more classes of its shares representing 50% or more of its outstanding shares, by voting power of all classes of shares of the corporation entitled to vote and of the total value of
        the shares of the corporation, are listed on the market and (ii) (A) such class of share is traded on the market, other than in minimal quantities, on at least 60 days during the taxable year or one sixth of the days in a short taxable year; and
        (B) the aggregate number of shares of such class of share traded on such market during the taxable year must be at least 10% of the average number of shares of such class of share outstanding during such year or as appropriately adjusted in the
        case of a short taxable year.&#160; Notwithstanding the foregoing, the treasury regulations provide, in pertinent part, that a class of the Company&#8217;s shares will not be considered to be &#8220;regularly traded&#8221; on an established securities market for any
        taxable year in which 50% or more of the vote and value of the outstanding shares of such class are owned, actually or constructively under specified share attribution rules, on more than half the days during the taxable year by persons who each
        own 5% or more of the vote and value of such class of the Company&#8217;s outstanding shares (&#8220;5% Override Rule&#8221;).</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 11pt;"><font style="background-color: rgb(255, 255, 255); font-family: 'Times New Roman',serif; font-size: 10pt; color: rgb(0, 0, 0);">For 2017 and 2018 the Company
          did not qualify for this exemption. The Company is subject to an effective 2% United States federal tax on the U.S. source shipping income that is attributable to the transport of cargoes to or from the United States which is not considered an
          income tax. The amount of this tax&#160;for the years ended December 31, 2017 and 2018 was $15,135 and $19,726, respectively. </font><font style="background-color: rgb(255, 255, 255); font-family: 'Times New Roman',serif; font-size: 10pt;">The amount
          of the 2017 tax was paid on September 17, 2018 and the amount of the 2018 tax was paid on June 15, 2019 and was recorded within "Vessel operating expenses" in the </font><font style="background-color: rgb(255, 255, 255); font-family: 'Times New Roman',serif; font-size: 10pt; color: rgb(0, 0, 0);">consolidated statements of operations </font><font style="background-color: rgb(255, 255, 255); font-family: 'Times New Roman',serif; font-size: 10pt;">when paid.</font></div>
      <div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 11pt;"><font style="background-color: rgb(255, 255, 255); font-family: 'Times New Roman',serif; font-size: 10pt;"> <br>
        </font></div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif;">For the taxable years 2019 the Company believes that it was exempt from U.S. federal income tax of 4% on U.S. source shipping income, as it believes that it satisfies the
        Publicly Traded Test for this year, although it is subject to the 5% Override Rule, because the non-qualified 5% shareholders did not own more than 50% of the Company&#8217;s common stock for more than half of the days during the taxable year.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;" id="DSPFPageNumber">F-40</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="margin-bottom: 10pt;"><br>
      </div>
      <div style="font-family: 'Times New Roman',serif; font-weight: bold;">Euroseas Ltd. and Subsidiaries</div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">Notes to consolidated financial statements</div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">as of December 31, 2018 and 2019 and for the</div>
      <div>
        <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">Years ended December 31, 2017, 2018 and 2019</div>
        <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">(All amounts expressed in U.S. Dollars)
          <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
        <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;"> <br>
        </div>
        <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;"> <br>
        </div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify;">
        <div>
          <table cellspacing="0" cellpadding="0" id="zf0663583b7d34938800fc9d8f15d9282" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman',serif; font-weight: bold;">10.</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-family: 'Times New Roman',serif; font-weight: bold;">Commitments and Contingencies</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify;">
        <div>
          <table cellspacing="0" cellpadding="0" id="zcbdfd19c74174044891dc56ab2d69713" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman',serif;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-family: 'Times New Roman',serif;">As of December 31, 2019 a subsidiary of the Company, Alterwall Business Inc. owner of M/V &#8220;Ninos&#8221;, is involved in a dispute with a fuel oil supplier who claimed a maritime lien against
                    the vessel after the company which had time-chartered the vessel from the Company went bankrupt in October 2009 and failed to pay certain invoices. The vessel was arrested in Karachi in November 2009 and released after a bank guarantee
                    for an amount of $0.53 million was provided on behalf of the Company, for which the bank has restricted an equal amount of the Company's cash which is presented within &#8220;Restricted Cash&#8221; in the consolidated balance sheets. The legal
                    proceedings are ongoing.&#160; Although the Company believes it will be successful in its claim, it made a provision of $0.15 million in 2016, for any costs that may be incurred.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z3ed9c29f445b460ba606031e3f6414f5" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman',serif;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-family: 'Times New Roman',serif;">On November 7, 2019, Euroseas Ltd. and Synergy Holdings Limited, on the basis of the acquisition of the vessels M/V &#8220;Synergy Busan&#8221;, M/V &#8220;Synergy Keelung&#8221;, M/V &#8220;Synergy Oakland&#8221; and M/V
                    &#8220;Synergy Antwerp&#8221; (refer Notes 1 and 4), have agreed that Euroseas will issue certain shares of its common stock to Synergy Holdings Limited under the following terms:</div>
                  <div style="font-family: 'Times New Roman',serif;"> <br>
                  </div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-left: 35.45pt; font-family: 'Times New Roman',serif;">If the 12-month New ConTex index for a 4,250 TEU vessel (as published on <font style="color: rgb(0, 0, 255);"><u>https://www.vhbs.de/index</u></font> or
        any successor website maintained by the Hamburg and Bremen Shipbrokers&#8217; Association) (the &#8220;Index Value&#8221;) is higher on November 16, 2020 at 4:00 p.m. New York time than the Index Value on November 15, 2019 at 4:00 p.m. New York time, then, on
        November 16, 2020, Euroseas shall issue to Synergy Holdings Limited, $500,000 divided by the 20-day volume weighted average price of the Company&#8217;s common shares calculated on November 16, 2020 at 4:00 p.m. New York time.</div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 36pt; font-family: 'Times New Roman',serif;">The Company based on its assessment of future rates as of December 31, 2019, concluded that it is not probable that it will have to pay the specific contingent
        consideration.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;" id="DSPFPageNumber">F-41</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="margin-bottom: 10pt;"><br>
      </div>
      <div style="font-family: 'Times New Roman',serif; font-weight: bold;">Euroseas Ltd. and Subsidiaries</div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">Notes to consolidated financial statements</div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">as of December 31, 2018 and 2019 and for the</div>
      <div>
        <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">Years ended December 31, 2017, 2018 and 2019</div>
        <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">(All amounts expressed in U.S. Dollars)
          <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
        <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;"> <br>
        </div>
        <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;"> <br>
        </div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify;">
        <div>
          <table cellspacing="0" cellpadding="0" id="zf5625b0d039542b894c3694008bd5bce" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman',serif; font-weight: bold;">10.</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-family: 'Times New Roman',serif; font-weight: bold;">Commitments and Contingencies - continued</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif;">There are no other material legal proceedings to which the Company is a party or to which any of its properties are subject, other than routine litigation incidental to the
        Company&#8217;s business.&#160; In the opinion of the management, the disposition of these lawsuits should not have a material impact on the consolidated results of operations, financial position and cash flows.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif;">As of December 31, 2019, future gross minimum revenues under non-cancellable time charter agreements total $17.2 million, all of which is due in the year ending December 31,
        2020. This amount does not include the future gross minimum revenues upon collection of hire under non-cancellable time charter agreements of M/V &#8220;Synergy Antwerp&#8221; which is on index linked charters. In arriving at the future gross minimum revenues,
        the Company has deducted an estimated one off-hire day per quarter. Such off-hire estimate may not be reflective of the actual off-hire in the future. In addition, the actual revenues could be affected by early delivery of the vessel by the
        charterers or any exercise of the charterers&#8217; options to extend the terms of the charters, which however cannot be estimated and hence not reflected above.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;" id="DSPFPageNumber">F-42</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">Euroseas Ltd. and Subsidiaries</div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">Notes to consolidated financial statements</div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">as of December 31, 2018 and 2019 and for the</div>
      <div>
        <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">Years ended December 31, 2017, 2018 and 2019</div>
        <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">(All amounts expressed in U.S. Dollars)
          <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
        <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;"> <br>
        </div>
        <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;"> <br>
        </div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-family: 'Times New Roman',serif; font-weight: bold;">11.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; width: 36pt;">&#160;</font><font style="font-family: 'Times New Roman',serif; font-weight: bold;">Stock Incentive Plan</font></div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif;">On July 31, 2014, the Board of Directors approved the Company&#8217;s 2014 Stock Incentive Plan (the<font style="background-color: rgb(255, 255, 255); color: rgb(0, 0, 0);">&#160;</font>&#8220;2014











        Plan&#8221;). On May 5, 2018, the Board of Directors approved a new equity incentive plan (the &#8220;2018 Plan&#8221;) to replace the 2014 Plan. The 2018 Plan is administered by the Board of Directors which can make awards totaling in aggregate up to 75,000 shares,
        over 10 years after the 2018 Plan&#8217;s adoption date. The persons eligible to receive awards under the 2018 Plan are officers, directors, and executive, managerial, administrative and professional employees of the Company or Eurobulk or Eurochart
        (collectively, &#8220;key persons&#8221;) as the Board, in its sole discretion, shall select based upon such factors as the Board shall deem relevant.&#160; Awards may be made under the 2018 Plan in the form of incentive stock options, non-qualified stock options,
        stock appreciation rights, dividend equivalent rights, restricted stock, unrestricted stock, restricted stock units and performance shares.&#160;Details of awards granted under the 2014 Plan and the 2018 Plan during the three year period ended December
        31, 2019 are noted below.</div>
      <div style="text-align: justify; margin-top: 12pt; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z1ed4e9dcb91c41e795913b84ea64562d" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman',serif;">a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-family: 'Times New Roman',serif;">On November 2, 2017 an award of 12,534 non-vested restricted shares, was made to 18 key persons of which 50% vested on July 1, 2018 and 50% vested on July 1, 2019; awards to officers and
                    directors amounted to 7,213 shares and the remaining 5,321 shares were awarded to employees of Eurobulk.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-top: 12pt; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z027f791f3d8f48b0bb06d136229f36f0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman',serif;">b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-family: 'Times New Roman',serif;">On November 21, 2018 an award of 15,681 non-vested restricted shares, was made to 18 key persons of which 50% vested on November 16, 2019 and 50% will vest on November 16, 2020; awards to
                    officers and directors amounted to 9,021 shares and the remaining 6,660 shares were awarded to employees of Eurobulk.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-top: 12pt; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" id="zdf7bbd215aff4493aa171f87c2269412" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman',serif;">c)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-family: 'Times New Roman',serif;">On November 4, 2019 an award of 15,444 non-vested restricted shares, was made to 17 key persons of which 50% will vest on July 1, 2020 and 50% will vest on July 1, 2021; awards to
                    officers and directors amounted to 8,713 shares and the remaining 6,731 shares were awarded to employees of Eurobulk.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif;">All non-vested restricted shares are conditional upon the grantee&#8217;s continued service as an employee of the Company, Eurobulk or as a director until the applicable vesting date.
        The grantee does not have the right to vote on such non-vested restricted shares until they vest or exercise any right as a shareholder of these shares, however, the non-vested shares will accrue dividends as declared and paid which will be
        retained by the Company until the shares vest at which time they are payable to the grantee. As non-vested restricted share grantees accrue dividends on awards that are expected to vest, such dividends are charged to retained earnings.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif;">The Company accounts for restricted share awards forfeitures as they occur. During 2017, 538 shares were forfeited with a weighted-average grant-date fair value of $22.24 per
        share. No forfeitures occurred in the years ended December 31, 2018 and 2019.</div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;" id="DSPFPageNumber">F-43</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="margin-bottom: 10pt;"><br>
      </div>
      <div style="font-family: 'Times New Roman',serif; font-weight: bold;">Euroseas Ltd. and Subsidiaries</div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">Notes to consolidated financial statements</div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">as of December 31, 2018 and 2019 and for the</div>
      <div>
        <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">Years ended December 31, 2017, 2018 and 2019</div>
        <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">(All amounts expressed in U.S. Dollars)
          <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
        <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;"> <br>
        </div>
        <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;"> <br>
        </div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-family: 'Times New Roman',serif; font-weight: bold;">11.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; width: 36pt;">&#160;</font><font style="font-family: 'Times New Roman',serif; font-weight: bold;">Stock Incentive Plan - continued</font></div>
      <div style="text-align: justify; margin-top: 12pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif;">The compensation cost that has been charged against income for awards was $116,562, $124,487 and $97,919, for the years ended December 31,
        2017, 2018 and 2019, respectively and is included within &#8220;General and administrative expenses&#8221; in the consolidated statements of operations. The Company has used the straight-line method to recognize the cost of the awards.</div>
      <div style="text-align: justify; margin-top: 12pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif;">A summary of the status of the Company&#8217;s non-vested shares as of December 31, 2019 and changes during the year ended December 31, 2019, are
        presented below:</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="z688dab3c46f3412282b1cc79366554e2">

          <tr>
            <td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-family: &#38;quot; font-weight: bold;"> <br>
              </div>
              <div style="font-family: &#38;quot; font-weight: bold;">Non-vested Shares</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
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              </div>
              <div style="text-align: center; font-family: &#38;quot; font-weight: bold;">Shares</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="font-family: &#38;quot; font-weight: bold;">Weighted-Average Grant-Date Fair Value</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
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          <tr>
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              <div style="font-family: &#38;quot;">Non-vested on January 1, 2019</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: &#38;quot;">21,948</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
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            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-family: &#38;quot;">Granted</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
              <div style="font-family: &#38;quot;">15,444</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
              <div style="font-family: &#38;quot;">5.84</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-family: &#38;quot;">Vested</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: &#38;quot;">(14,108</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: &#38;quot;">)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: &#38;quot;">11.01</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-family: &#38;quot;">Non-vested on December 31, 2019</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
              <div style="font-family: &#38;quot;">23,284</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
              <div style="font-family: &#38;quot;">6.77</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          </tr>

      </table>
      <div style="margin-top: 12pt; margin-bottom: 12pt;"><br>
      </div>
      <div style="text-align: justify; margin-top: 12pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif;">As of December 31, 2019, there was $172,887 of total unrecognized compensation cost related to non-vested share-based compensation
        arrangements granted under the 2018 Plan and is expected to be recognized over a weighted-average period of 0.75 years. The total fair value at grant-date of shares granted during the year ended December 31, 2017, December 31, 2018, and December
        31, 2019 was $176,475, $134,232 and $90,193 respectively.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;" id="DSPFPageNumber">F-44</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="margin-bottom: 10pt;"><br>
      </div>
      <div style="font-family: 'Times New Roman',serif; font-weight: bold;">Euroseas Ltd. and Subsidiaries</div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">Notes to consolidated financial statements</div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">as of December 31, 2018 and 2019 and for the</div>
      <div>
        <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">Years ended December 31, 2017, 2018 and 2019</div>
        <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">(All amounts expressed in U.S. Dollars)
          <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
      </div>
      <div style="margin-top: 12pt; margin-bottom: 12pt;"><br>
      </div>
      <div style="text-align: justify;">
        <div>
          <table cellspacing="0" cellpadding="0" id="zb425aeb6ffbb40a180db240592d58c23" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman',serif; font-weight: bold;">12.</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-family: 'Times New Roman',serif; font-weight: bold;">Loss Per Share</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif;">Basic and diluted loss per common share is computed as follows:</div>
      <div><br>
      </div>
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          <tr>
            <td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="text-align: center; font-weight: bold; text-indent: -18pt; margin-left: 18pt;"> 2017</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: center; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-indent: -18pt; margin-left: 18pt;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-indent: -18pt; margin-left: 18pt; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="text-align: center; font-weight: bold; text-indent: -18pt; margin-left: 18pt;">2018</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: center; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-indent: -18pt; margin-left: 18pt;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-indent: -18pt; margin-left: 18pt; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="text-align: center; font-weight: bold; text-indent: -18pt; margin-left: 18pt;">2019</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: center; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-indent: -18pt; margin-left: 18pt;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top;">
              <div style="margin-left: 0.4pt; font-family: &#38;quot; font-weight: bold;">Income:</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #CCEEFF;">
              <div style="margin-left: 0.4pt; font-family: &#38;quot;">Net loss, continuing operations</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: &#38;quot;">(6,944,261</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: &#38;quot;">)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: &#38;quot;">(663,396</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: &#38;quot;">)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: &#38;quot;">(1,682,671</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: &#38;quot;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #FFFFFF;">
              <div style="margin-left: 0.4pt; font-family: &#38;quot;">Dividends to Series B preferred shares</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: &#38;quot;">(1,808,811</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: &#38;quot;">)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: &#38;quot;">(1,335,733</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: &#38;quot;">)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: &#38;quot;">(1,271,782</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: &#38;quot;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #CCEEFF;">
              <div style="margin-left: 0.4pt; font-family: &#38;quot;">Preferred deemed dividend</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: &#38;quot;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: &#38;quot;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: &#38;quot;">(504,577</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: &#38;quot;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #FFFFFF;">
              <div style="margin-left: 0.4pt; font-family: &#38;quot;">Net loss attributable to common shareholders, continuing operations</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: &#38;quot;">(8,753,072</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: &#38;quot;">)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: &#38;quot;">(1,999,129</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: &#38;quot;">)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: &#38;quot;">(3,459,030</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: &#38;quot;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;">
              <div style="margin-left: 0.4pt; font-family: &#38;quot;">Weighted average common shares &#8211;outstanding , basic and diluted</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: &#38;quot;">1,383,440</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: &#38;quot;">2,861,928</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: &#38;quot;">(1.41</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: &#38;quot;">)</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: &#38;quot;">(1.21</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: &#38;quot;">)</div>
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          <tr>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: &#38;quot;">849,701</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: &#38;quot;">554,506</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #FFFFFF;">
              <div style="margin-left: 0.4pt; font-family: &#38;quot;">Net loss attributable to common shareholders</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: &#38;quot;">(7,903,371</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: &#38;quot;">)</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: &#38;quot;">(1,444,623</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: &#38;quot;">)</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: &#38;quot;">(3,459,030</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: &#38;quot;">)</div>
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          <tr>
            <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #CCEEFF;">
              <div style="margin-left: 0.4pt; font-family: &#38;quot;">Basic and diluted loss per share</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: &#38;quot;">(5.72</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: &#38;quot;">)</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: &#38;quot;">(1.02</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: &#38;quot;">)</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: &#38;quot;">(1.21</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: &#38;quot;">)</div>
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      <div style="text-align: justify; font-family: 'Times New Roman',serif;">During 2017, 2018 and 2019, the effect of the non-vested stock awards and of Series B Preferred Shares was anti-dilutive. The number of dilutive securities was nil shares in
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        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;" id="DSPFPageNumber">F-45</font></div>
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      <div style="margin-top: 12pt; margin-bottom: 12pt;"><br>
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      <div style="font-family: 'Times New Roman',serif; font-weight: bold;">Euroseas Ltd. and Subsidiaries</div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">Notes to the consolidated financial statements</div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">as of December 31, 2018 and 2019 and for the</div>
      <div>
        <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">Years ended December 31, 2017, 2018 and 2019</div>
        <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">(All amounts expressed in U.S. Dollars)
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      <div><br>
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      <div><br>
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      <div><br>
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      <div style="text-align: justify;"><font style="font-family: 'Times New Roman',serif; font-weight: bold;">13.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; width: 36pt;">&#160;</font><font style="font-family: 'Times New Roman',serif; font-weight: bold;">Voyage and Vessel Operating Expenses</font></div>
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      </div>
      <div><br>
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      <div style="text-align: justify; font-family: 'Times New Roman',serif;">These consisted of:</div>
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            <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="10">
              <div style="text-align: center; font-family: &#38;quot; font-weight: bold;">Year ended December 31,</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
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              <div style="text-align: center; font-weight: bold; text-indent: -9pt; margin-left: 9pt;"> 2017</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-indent: -9pt; margin-left: 9pt; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="text-align: center; font-weight: bold; text-indent: -9pt; margin-left: 9pt;">2018</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-indent: -9pt; margin-left: 9pt; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="text-align: center; font-weight: bold; text-indent: -9pt; margin-left: 9pt;">2019</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: top;">
              <div style="text-align: justify; font-family: &#38;quot; font-weight: bold;">Voyage expenses</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #CCEEFF;">
              <div style="text-align: justify; font-family: &#38;quot;">Port charges and canal dues</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: &#38;quot;">1,156,511</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: &#38;quot;">384,893</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: &#38;quot;">251,197</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: justify; font-family: &#38;quot;">Bunkers</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: &#38;quot;">407,978</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: &#38;quot;">876,195</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: &#38;quot;">804,211</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
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            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: &#38;quot; font-weight: bold;">1,564,489</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: &#38;quot; font-weight: bold;">1,261,088</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: &#38;quot; font-weight: bold;">1,055,408</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #CCEEFF;">
              <div style="text-align: justify; font-family: &#38;quot; font-weight: bold;">Vessel operating expenses</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #FFFFFF;">
              <div style="text-align: justify; font-family: &#38;quot;">Crew wages and related costs</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: &#38;quot;">8,771,386</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: &#38;quot;">11,020,924</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: &#38;quot;">13,111,682</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #CCEEFF;">
              <div style="text-align: justify; font-family: &#38;quot;">Insurance</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: &#38;quot;">1,261,976</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: &#38;quot;">1,537,539</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: &#38;quot;">1,844,088</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #FFFFFF;">
              <div style="text-align: justify; font-family: &#38;quot;">Repairs and maintenance</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: &#38;quot;">643,788</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: &#38;quot;">1,043,632</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: &#38;quot;">1,110,995</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #CCEEFF;">
              <div style="text-align: justify; font-family: &#38;quot;">Lubricants</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: &#38;quot;">1,169,412</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: &#38;quot;">1,665,849</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: &#38;quot;">2,029,230</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #FFFFFF;">
              <div style="text-align: justify; font-family: &#38;quot;">Spares and consumable stores</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: &#38;quot;">2,391,420</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: &#38;quot;">3,445,422</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="font-family: &#38;quot;">4,758,290</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #CCEEFF;">
              <div style="text-align: justify; font-family: &#38;quot;">Professional and legal fees</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: &#38;quot;">10,037</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: &#38;quot;">252,156</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: &#38;quot;">259,311</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: justify; font-family: &#38;quot;">Other</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
              <div style="font-family: &#38;quot;">771,323</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
              <div style="font-family: &#38;quot;">1,020,648</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
              <div style="font-family: &#38;quot;">869,686</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: justify; font-family: &#38;quot; font-weight: bold;">Total</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: &#38;quot; font-weight: bold;">15,019,342</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: &#38;quot; font-weight: bold;">19,986,170</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: &#38;quot; font-weight: bold;">23,983,282</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          </tr>

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      </div>
      <div style="text-align: justify;"><font style="font-family: 'Times New Roman',serif; font-weight: bold;">14.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; width: 36pt;">&#160;</font><font style="font-family: 'Times New Roman',serif; font-weight: bold;">Derivative Financial Instruments</font></div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">Interest rate swaps</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif;">Effective October 17, 2014, the Company entered into one interest rate swap with Eurobank&#160; Ergasias S.A. (&#8220;Eurobank&#8221;) for a notional amount of $10.0 million, in order to manage
        interest costs and the risk associated with changing interest rates of the Company&#8217;s loans. Under the terms of the swap, Eurobank made a quarterly payment to the Company equal to the 3-month LIBOR while the Company paid an adjustable rate averaging
        1.97% (more specifically, the Company paid the fixed rate of 0.50% until November 28, 2016 then 0.95% until November 28, 2017 and then 3.55% until May 28, 2019) based on the relevant notional amount.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;" id="DSPFPageNumber">F-46</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="font-family: 'Times New Roman',serif; font-weight: bold;">&#160;Euroseas Ltd. and Subsidiaries</div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">Notes to the consolidated financial statements</div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">as of December 31, 2018 and 2019 and for the</div>
      <div>
        <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">Years ended December 31, 2017, 2018 and 2019</div>
        <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">(All amounts expressed in U.S. Dollars)
          <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
        <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;"> <br>
        </div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-family: 'Times New Roman',serif; font-weight: bold;">14.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; width: 36pt;">&#160;</font><font style="font-family: 'Times New Roman',serif; font-weight: bold;">Derivative Financial Instruments - continued</font></div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif;">The interest rate swap contract did not qualify for hedge accounting as of December&#160;31, 2018. As of December 31, 2019, the Company had no interest rate swaps open positions.</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="3" border="0" id="z79b46bbc72f340f5b0de8b3d62c2c65b" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 30.06%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
              <div style="font-family: 'Times New Roman',serif; font-weight: bold;">Derivatives not designated as hedging instruments</div>
            </td>
            <td style="width: 27.89%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
              <div style="font-family: 'Times New Roman',serif; font-weight: bold;">Balance Sheet Location</div>
            </td>
            <td style="width: 21.56%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; font-family: 'Times New Roman',serif; font-weight: bold;">December 31, 2018</div>
            </td>
            <td style="width: 20.49%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; font-family: 'Times New Roman',serif; font-weight: bold;">&#160;December 31, 2019</div>
            </td>
          </tr>
          <tr>
            <td style="width: 30.06%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 27.89%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 21.56%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 20.49%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 30.06%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
              <div style="font-family: 'Times New Roman',serif;">Interest rate swap contract</div>
            </td>
            <td style="width: 27.89%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
              <div style="font-family: 'Times New Roman',serif;">Current liabilities &#8211; Derivatives</div>
            </td>
            <td style="width: 21.56%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; font-family: 'Times New Roman',serif;">41,435</div>
            </td>
            <td style="width: 20.49%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; font-family: 'Times New Roman',serif;">-</div>
            </td>
          </tr>
          <tr>
            <td style="width: 30.06%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-family: 'Times New Roman',serif; font-weight: bold;">Total derivative liabilities</div>
            </td>
            <td style="width: 27.89%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 21.56%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; font-family: 'Times New Roman',serif; font-weight: bold;">41,435</div>
            </td>
            <td style="width: 20.49%; vertical-align: top; border-color: rgb(0, 0, 0); border-style: solid; border-width: 2px;">
              <div style="text-align: right; font-family: 'Times New Roman',serif; font-weight: bold;">-</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="3" border="0" id="z68dbdf51180a4c01ac619b4a1de1006a" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 28.98%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
              <div style="font-family: 'Times New Roman',serif; font-weight: bold;">Derivatives not designated as hedging instruments</div>
            </td>
            <td style="width: 20.44%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
              <div style="font-family: 'Times New Roman',serif; font-weight: bold;">Location of gain (loss) recognized</div>
            </td>
            <td style="width: 18.53%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; font-family: 'Times New Roman',serif; font-weight: bold;">Year Ended December 31, 2017</div>
            </td>
            <td style="width: 15.44%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; font-family: 'Times New Roman',serif; font-weight: bold;">Year Ended December 31, 2018</div>
            </td>
            <td style="width: 16.62%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; font-family: 'Times New Roman',serif; font-weight: bold;">Year Ended December 31, 2019</div>
            </td>
          </tr>
          <tr>
            <td style="width: 28.98%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
              <div style="font-family: 'Times New Roman',serif;">Interest rate swap contract&#8211; Unrealized (loss) / gain</div>
            </td>
            <td style="width: 20.44%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
              <div>(Gain) / loss on derivatives, net <br>
              </div>
            </td>
            <td style="width: 18.53%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; font-family: 'Times New Roman',serif;">(5,901)</div>
            </td>
            <td style="width: 15.44%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; font-family: 'Times New Roman',serif;">204,647</div>
            </td>
            <td style="width: 16.62%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; font-family: 'Times New Roman',serif;">-</div>
            </td>
          </tr>
          <tr>
            <td style="width: 28.98%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
              <div style="font-family: 'Times New Roman',serif;">Interest rate swap contract - Realized&#160; gain / (loss)</div>
            </td>
            <td style="width: 20.44%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
              <div style="font-family: 'Times New Roman',serif;">Gain / (loss) on derivatives, net</div>
            </td>
            <td style="width: 18.53%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; font-family: 'Times New Roman',serif;">19,071</div>
            </td>
            <td style="width: 15.44%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; font-family: 'Times New Roman',serif;">(201,745)</div>
            </td>
            <td style="width: 16.62%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; font-family: 'Times New Roman',serif;">(2,885)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 28.98%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-family: 'Times New Roman',serif; font-weight: bold;">Total net gain / (loss) on interest rate swap contract</div>
            </td>
            <td style="width: 20.44%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 18.53%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; font-family: 'Times New Roman',serif; font-weight: bold;">13,170</div>
            </td>
            <td style="width: 15.44%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; font-family: 'Times New Roman',serif; font-weight: bold;">2,902</div>
            </td>
            <td style="width: 16.62%; vertical-align: top; border-color: rgb(0, 0, 0); border-style: solid; border-width: 2px;">
              <div style="text-align: right; font-family: 'Times New Roman',serif; font-weight: bold;">(2,885)</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">Freight Forward Agreements (&#8220;FFA&#8221;)</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif;">In December 2017, the Company entered into three FFA contracts on the Baltic Panamax Index (&#8220;BPI&#8221;) for the first three calendar months of 2018, totaling 90 days at an average
        time charter equivalent rate of $11,000 per day. <font style="color: rgb(0, 0, 0);">The </font>contracts are settled on a monthly basis using the average of the BPI for the days of the month the BPI is published.&#160;&#160;The Company receives a payment
        if the average BPI for the month is below the contract rate equal to the difference of the contract rate less the average BPI for the month times the number of contract days sold; if the average BPI for the month is greater than the contract rate,
        the Company makes a payment equal to the difference of the average BPI for the month less the contract rate times the number of contract days sold. If the Company buys contracts previously sold (or the opposite) the Company receives or pays the
        difference of the two rates for the period covered by the contracts.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;" id="DSPFPageNumber">F-47</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div><br>
      </div>
      <div style="font-family: 'Times New Roman',serif; font-weight: bold;">Euroseas Ltd. and Subsidiaries</div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">Notes to the consolidated financial statements</div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">as of December 31, 2018 and 2019 and for the</div>
      <div>
        <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">Years ended December 31, 2017, 2018 and 2019</div>
        <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">(All amounts expressed in U.S. Dollars)
          <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-family: 'Times New Roman',serif; font-weight: bold;">14.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; width: 36pt;">&#160;</font><font style="font-family: 'Times New Roman',serif; font-weight: bold;">Derivative Financial Instruments - continued</font></div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif;">The FFA contracts did not qualify for hedge accounting. The Company follows guidance relating to &#8220;Fair value measurements&#8221; to calculate the fair value of the FFA contracts (see
        Note 16).</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="3" border="0" id="zb8a8cbfe64b54fbea1cafc9eecccef79" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 23.09%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
              <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">FFA contracts not designated as hedging instruments</div>
            </td>
            <td style="width: 22.2%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
              <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">Location of gain (loss) recognized</div>
            </td>
            <td style="width: 15.48%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
              <div style="font-family: 'Times New Roman',serif; font-weight: bold;">Year Ended December 31, 2017</div>
            </td>
            <td style="width: 18.76%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
              <div style="font-family: 'Times New Roman',serif; font-weight: bold;">Year Ended December 31, 2018</div>
            </td>
            <td style="width: 20.47%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
              <div style="font-family: 'Times New Roman',serif; font-weight: bold;">Year Ended December 31, 2019</div>
            </td>
          </tr>
          <tr>
            <td style="width: 23.09%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
              <div style="text-align: justify; font-family: 'Times New Roman',serif;">FFA contracts &#8211; Unrealized loss</div>
            </td>
            <td style="width: 22.2%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
              <div style="font-family: 'Times New Roman',serif;">Gain / (loss) on derivatives, net</div>
            </td>
            <td style="width: 15.48%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-family: 'Times New Roman', serif;">(781)</div>
            </td>
            <td style="width: 18.76%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-family: 'Times New Roman',serif;">-</div>
            </td>
            <td style="width: 20.47%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-family: 'Times New Roman',serif;">-</div>
            </td>
          </tr>
          <tr>
            <td style="width: 23.09%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
              <div style="text-align: justify; font-family: 'Times New Roman',serif;">FFA contracts &#8211; Realized loss</div>
            </td>
            <td style="width: 22.2%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
              <div style="font-family: 'Times New Roman',serif;">Gain / (loss) on derivatives, net</div>
            </td>
            <td style="width: 15.48%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-family: 'Times New Roman',serif;">-</div>
            </td>
            <td style="width: 18.76%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-family: 'Times New Roman',serif;">(47,245)</div>
            </td>
            <td style="width: 20.47%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-family: 'Times New Roman',serif;">-</div>
            </td>
          </tr>
          <tr>
            <td style="width: 23.09%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">Total loss on FFA contracts</div>
            </td>
            <td style="width: 22.2%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 15.48%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-family: 'Times New Roman',serif; font-weight: bold;">(781)</div>
            </td>
            <td style="width: 18.76%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-family: 'Times New Roman',serif; font-weight: bold;">(47,245)</div>
            </td>
            <td style="width: 20.47%; vertical-align: top; border-color: rgb(0, 0, 0); border-style: solid; border-width: 2px;">
              <div style="text-align: center; font-family: 'Times New Roman',serif; font-weight: bold;">-</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;" id="DSPFPageNumber">F-48</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div><br>
      </div>
      <div style="font-family: 'Times New Roman',serif; font-weight: bold;">Euroseas Ltd. and Subsidiaries</div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">Notes to the consolidated financial statements</div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">as of December 31, 2018 and 2019 and for the</div>
      <div>
        <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">Years ended December 31, 2017, 2018 and 2019</div>
        <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">(All amounts expressed in U.S. Dollars)</div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-family: 'Times New Roman',serif; font-weight: bold;">15.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; width: 36pt;">&#160;</font><font style="font-family: 'Times New Roman',serif; font-weight: bold;">Preferred shares</font></div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="zfda6e3a7c43d40fea395fcff3156c23e">

          <tr>
            <td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="text-align: center; font-family: &#38;quot; font-weight: bold;"> Number of</div>
              <div style="text-align: center; font-family: &#38;quot; font-weight: bold;"> Shares</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
              <div> </div>
              <div style="text-align: right; font-family: &#38;quot; font-weight: bold;">Preferred Shares</div>
              <div style="text-align: right; font-family: &#38;quot; font-weight: bold;"> Amount</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="text-align: right;"><font style="font-family: &#38;quot; font-weight: bold;"> </font> </div>
              <div> </div>
              <div style="text-align: right; font-family: &#38;quot; font-weight: bold;">Dividends paid-in-kind</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
              <div> </div>
              <div> </div>
              <div style="text-align: right; font-family: 'Times New Roman', serif;"> <font style="font-family: &#38;quot; font-weight: bold;">Total</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 52%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-family: &#38;quot; font-weight: bold;">Balance,</div>
              <div style="font-family: &#38;quot; font-weight: bold;">January 1, 2017</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div></div>
              <div style="font-family: &#38;quot; font-weight: bold;">35,505</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div><font style="font-family: &#38;quot; font-weight: bold;"></font></div>
              <div style="font-family: &#38;quot; font-weight: bold;">29,000,000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div></div>
              <div style="font-family: &#38;quot; font-weight: bold;">4,804,948</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div></div>
              <div style="font-family: &#38;quot; font-weight: bold;">33,804,948</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 52%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-family: &#38;quot;">Dividends declared</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
              <div style="font-family: &#38;quot;">1,809</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
              <div style="font-family: &#38;quot; font-weight: bold;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
              <div style="font-family: &#38;quot;">1,808,811</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
              <div style="font-family: &#38;quot;">1,808,811</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 52%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-family: &#38;quot; font-weight: bold;">Balance,</div>
              <div style="font-family: &#38;quot; font-weight: bold;">December 31, 2017</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div></div>
              <div style="font-family: &#38;quot; font-weight: bold;">37,314</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div><font style="font-family: &#38;quot; font-weight: bold;"></font></div>
              <div style="font-family: &#38;quot; font-weight: bold;">29,000,000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div></div>
              <div style="font-family: &#38;quot; font-weight: bold;">6,613,759</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div></div>
              <div style="font-family: &#38;quot; font-weight: bold;">35,613,759</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 52%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-family: &#38;quot;">Dividends declared</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
              <div style="font-family: &#38;quot;">1,333</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
              <div style="font-family: &#38;quot; font-weight: bold;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
              <div style="font-family: &#38;quot;">1,335,733</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
              <div style="font-family: &#38;quot;">1,335,733</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 52%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-family: &#38;quot;">Shares distributed to EuroDry</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: &#38;quot;">(19,042</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: &#38;quot;">)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: &#38;quot; font-weight: bold;">(14,500,000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: &#38;quot; font-weight: bold;">)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: &#38;quot;">(3,692,131</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: &#38;quot;">)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: &#38;quot;">(18,192,131</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: &#38;quot;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 52%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-family: &#38;quot; font-weight: bold;">Balance,</div>
              <div style="font-family: &#38;quot; font-weight: bold;">December 31, 2018</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
              <div></div>
              <div style="font-family: &#38;quot; font-weight: bold;">19,605</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
              <div><font style="font-family: &#38;quot; font-weight: bold;"></font></div>
              <div style="font-family: &#38;quot; font-weight: bold;">14,500,000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
              <div></div>
              <div style="font-family: &#38;quot; font-weight: bold;">4,257,361</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
              <div></div>
              <div style="font-family: &#38;quot; font-weight: bold;">18,757,361</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 52%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-family: &#38;quot;">Dividends declared</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: &#38;quot;">81</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: &#38;quot; font-weight: bold;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: &#38;quot;">78,639</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: &#38;quot;">78,639</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 52%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-family: &#38;quot;">Redemption of shares</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
              <div style="font-family: &#38;quot;">(11,686</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
              <div style="font-family: &#38;quot;">)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
              <div style="font-family: &#38;quot;">(8,155,055</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
              <div style="font-family: &#38;quot;">)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
              <div style="font-family: &#38;quot;">(3,530,945</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
              <div style="font-family: &#38;quot;">)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
              <div style="font-family: &#38;quot;">(11,686,000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
              <div style="font-family: &#38;quot;">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 52%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-family: &#38;quot;">Preferred deemed dividend</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: &#38;quot;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: &#38;quot;">504,577</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: &#38;quot;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: &#38;quot;">504,577</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 52%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-family: &#38;quot; font-weight: bold;">Balance,</div>
              <div style="font-family: &#38;quot; font-weight: bold;">December 31, 2019</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
              <div style="font-family: &#38;quot; font-weight: bold;">8,000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
              <div style="font-family: &#38;quot; font-weight: bold;">6,849,522</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
              <div style="font-family: &#38;quot; font-weight: bold;">805,055</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
              <div style="font-family: &#38;quot; font-weight: bold;">7,654,577</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          </tr>

      </table>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif;">On January 27, 2014, the Company entered into an agreement to sell 25,000 shares of its Series B Convertible Perpetual Preferred Shares ("Series B Preferred Shares") to a fund
        managed by Tennenbaum Capital Partners, LLC ("TCP") and 5,700 shares to Preferred Friends Investment Company Inc, an affiliate of the Company, for total net proceeds of approximately $29 million. The redemption amount of the Company&#8217;s Series B
        Preferred Shares is $1,000 per share. The Company used the proceeds for the acquisition of vessels and general corporate purposes. The Series B Preferred Shares paid dividends in-kind until January 29, 2019 at a rate of 5%.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;" id="DSPFPageNumber">F-49</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="font-family: 'Times New Roman',serif; font-weight: bold;">Euroseas Ltd. and Subsidiaries</div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">Notes to the consolidated financial statements</div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">as of December 31, 2018 and 2019 and for the</div>
      <div>
        <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">Years ended December 31, 2017, 2018 and 2019</div>
        <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">(All amounts expressed in U.S. Dollars)
          <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-family: 'Times New Roman',serif; font-weight: bold;"> <br>
        </font></div>
      <div style="text-align: justify;"><font style="font-family: 'Times New Roman',serif; font-weight: bold;">15.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; width: 36pt;">&#160;</font><font style="font-family: 'Times New Roman',serif; font-weight: bold;">Preferred shares - continued</font></div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif;">The dividend rate increased to 12% for the two years following January 29, 2019 and to 14% thereafter and is payable only in cash. Cash dividends are declared at each quarter and
        actual payments are made within the following quarter. If a cash dividend is paid on the Company's common stock after January 29, 2019, the holders of Series B Preferred Shares shall receive an additional cash dividend in an amount equal to 40% of
        the common stock dividend it would have received on an as-converted basis.<font style="background-color: rgb(255, 255, 255); color: rgb(0, 0, 0);">&#160;</font>The Series B Preferred Shares can be converted at the option of their holders at any time,
        and at the option of the Company only if certain share price and liquidity milestones are met. Each Series B Preferred Share is convertible into common stock at a conversion price of $15.58 (as adjusted in September 2015 following the shareholders&#8217;
        rights offering of the Company) subject to further adjustment for certain events. <a name="z_Hlk38841677"></a>The Series B Preferred Shares are redeemable in cash by the Company at any time after the fifth anniversary of the original issue date.
        Holders of the Series B Preferred Shares may require the Company to redeem their shares only upon the occurrence of certain corporate events.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif;">At the Spin-off date Euroseas distributed EuroDry Series B Preferred Shares to holders of Euroseas' Series B Preferred Shares in exchange for a number of such Euroseas Series B
        Preferred Shares, representing 50% of Euroseas Series B Preferred Stock, i.e. $14,500,000 of the initial preferred shares amount of the Company and $3,692,131 of dividends paid in kind.&#160;Euroseas contributed to EuroDry its interests in seven of its
        drybulk subsidiaries and related intercompany debts and<font style="background-color: rgb(255, 255, 255); color: rgb(0, 0, 0);">&#160;</font>obligations in exchange for approximately 2,254,830 of EuroDry common shares and 19,042 of EuroDry Series B
        Preferred Shares (representing all of the EuroDry's issued and outstanding stock as of that time). Euroseas made a special dividend of 100% of EuroDry's outstanding common shares to holders of Euroseas' common stock as of the record date of the
        special dividend. In addition, Euroseas distributed 100% of EuroDry Series B Preferred Shares to holders of Euroseas' Series B Preferred Shares as described above.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif;">On June 10, 2019 the Company proceeded in the redemption of $11.7 million of value, or about 59.4%, of its outstanding Series B Preferred Shares <a name="z_Hlk38822309"></a>with
        a simultaneous reduction of 4% of the dividend rate for the $8 million value of preferred shares remaining outstanding until January 2021. After that date the dividend rate will increase to 14%. The difference between (1) the fair value of the
        consideration transferred to the holders of the Series B Preferred Shares (comprising the cash payment offered) and (2) the carrying amount of the Series B Preferred Shares before the redemption (net of issuance costs) amounted to $504,577, and was
        recorded as a preferred deemed dividend.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif;"><a name="z_Hlk38841847"></a>For each of the years ended December 31, 2017 and 2018, the Company declared four consecutive dividends totaling $1.81 million and $1.34 million,
        respectively, all of which were paid in kind. For the year ended December 31, 2019 the Company declared <a name="z_Hlk38837273"></a>dividends of $1.27 million, of which $0.08 million were paid in-kind, $1.03 million were paid in cash during 2019
        and another $0.16 million were accrued as of December 31, 2019 and were paid in cash in the first quarter of 2020. The redemption liability as of December 31, 2019 is $8,000,000.</div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;" id="DSPFPageNumber">F-50</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="margin-bottom: 10pt;"><br>
      </div>
      <div style="font-family: 'Times New Roman',serif; font-weight: bold;">Euroseas Ltd. and Subsidiaries</div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">Notes to the consolidated financial statements</div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">as of December 31, 2018 and 2019 and for the</div>
      <div>
        <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">Years ended December 31, 2017, 2018 and 2019</div>
        <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">(All amounts expressed in U.S. Dollars)
          <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-family: 'Times New Roman',serif; font-weight: bold;">15.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; width: 36pt;">&#160;</font><font style="font-family: 'Times New Roman',serif; font-weight: bold;">Preferred shares - continued</font></div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif;">Subject to certain ownership thresholds, holders of Series B Preferred Shares have the right to appoint one director to the Company's board of directors and TCP also has consent
        rights over certain corporate actions. In addition, the holders of Series B Preferred Shares will vote as one class with the Company's common stock on all matters on which shareholders are entitled to vote, with each Series B Preferred Share having
        a number of votes equal to 50% of the numbers of shares of common stock of the Company into which such Series B Preferred Share would be convertible on the applicable record date.</div>
      <div><br>
      </div>
      <div><font style="font-family: 'Times New Roman',serif; font-weight: bold;">16.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; width: 36pt;">&#160;</font><font style="font-family: 'Times New Roman',serif; font-weight: bold;">Financial Instruments</font></div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 0.7pt; font-family: 'Times New Roman',serif;">The principal financial assets of the Company consist of cash and cash equivalents, restricted cash, trade accounts receivable and other receivables. The
        principal financial liabilities of the Company consist of long-term bank loans, derivatives, trade accounts payable, accrued expenses and amount due to related company.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-style: italic; font-weight: bold;">Interest rate risk</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif;">From time to time, the Company enters into interest rate swap contracts as economic hedges to manage some of its exposure to variability in its floating rate long term bank
        loans. Under the terms of the interest rate swaps the Company and the bank agree to exchange, at specified intervals the difference between a paying fixed rate and receiving floating rate interest amount calculated by reference to the agreed
        principal amounts and maturities<font style="color: rgb(0, 0, 0);">.&#160; Interest rate swaps allow the Company to convert long-term borrowings issued at floating rates into equivalent fixed rates.</font> Even though, historically, the interest rate
        swaps were entered into for economic hedging purposes, as noted in Note 14 they did not qualify for hedge accounting, under the guidance relating to <font style="font-style: italic;">Derivatives and Hedging</font>, as the Company did not have
        written contemporaneous documentation identifying the risk being hedged and, both on a prospective and retrospective basis, performing an effectiveness test to support that the hedging relationship is highly effective. Consequently, the Company
        recognized the change in fair value of these derivatives in the &#8220;Gain / (loss) on derivatives, net&#8221; in the consolidated statements of operations. As of December 31, 2018, the Company had one open swap contract for a notional amount of $10.0
        million. As described above in Note 14, this contract matured at the end of May 2019 and as of December 31, 2019 the Company had no interest rate swaps open positions.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: -42.55pt; margin-left: 42.55pt; font-family: 'Times New Roman',serif; font-style: italic; font-weight: bold;">Concentration of credit risk</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif;">Financial instruments, which potentially subject the Company to significant concentration of credit risk consist primarily of cash and trade accounts receivable. The Company
        places its temporary cash investments, consisting mostly of deposits, with high credit qualified financial institutions. The Company performs periodic evaluation of the relative credit standing of these financial institutions that are considered in
        the Company&#8217;s investment strategy. The Company limits its credit risk with trade accounts receivable by performing ongoing credit evaluations of its customers&#8217; financial condition and generally does not require collateral for its trade accounts
        receivable.</div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;" id="DSPFPageNumber">F-51</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="font-family: 'Times New Roman',serif; font-weight: bold;">Euroseas Ltd. and Subsidiaries</div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">Notes to the consolidated financial statements</div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">as of December 31, 2018 and 2019 and for the</div>
      <div>
        <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">Years ended December 31, 2017, 2018 and 2019</div>
        <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">(All amounts expressed in U.S. Dollars)</div>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><font style="font-family: 'Times New Roman',serif; font-weight: bold;">16.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; width: 36pt;">&#160;</font><font style="font-family: 'Times New Roman',serif; font-weight: bold;">Financial Instruments - continued</font></div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: -42.55pt; margin-left: 42.55pt; font-family: 'Times New Roman',serif; font-style: italic; font-weight: bold;">Fair value of financial instruments</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif;">The Company follows guidance relating to &#8220;Fair value measurements&#8221;, which establishes a framework for measuring fair value in generally accepted accounting principles, and
        expands disclosure about fair value measurements.&#160;&#160;This statement enables the reader of the financial statements to assess the inputs used to develop those measurements by establishing a hierarchy for ranking the quality and reliability of the
        information used to determine fair values. The statement requires that assets and liabilities carried at fair value will be classified and disclosed in one of the following three categories:</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif;">Level 1: Quoted market prices in active markets for identical assets or liabilities;</div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif;">Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data;</div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif;">Level 3: Unobservable inputs that are not corroborated by market data.</div>
      <div style="text-align: justify;"><font style="font-family: 'Times New Roman',serif;"> </font><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif;">The fair value of the Company&#8217;s investments in FFA contracts are determined based on quoted prices in active markets and therefore are considered Level 1 of the fair value
        hierarchy as defined in guidance relating to "Fair value measurements".</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif;">The fair value of the Company&#8217;s interest rate swap agreements is determined using a discounted cash flow approach based on market-based LIBOR swap rates.&#160;&#160;LIBOR swap rates are
        observable at commonly quoted intervals for the full terms of the swaps and therefore are considered Level 2 items. The fair values of the interest rate swap determined through Level 2 of the fair value hierarchy as defined in guidance relating to
        "Fair value measurements" are derived principally from or corroborated by observable market data. Inputs include quoted prices for similar assets, liabilities (risk adjusted) and market-corroborated inputs, such as market comparables, interest
        rates, yield curves and other items that allow value to be determined.</div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;" id="DSPFPageNumber">F-52</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="margin-bottom: 10pt;"><br>
      </div>
      <div style="font-family: 'Times New Roman',serif; font-weight: bold;">Euroseas Ltd. and Subsidiaries</div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">Notes to the consolidated financial statements</div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">as of December 31, 2018 and 2019 and for the</div>
      <div>
        <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">Years ended December 31, 2017, 2018 and 2019</div>
        <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">(All amounts expressed in U.S. Dollars)</div>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><font style="font-family: 'Times New Roman',serif; font-weight: bold;">16.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; width: 36pt;">&#160;</font><font style="font-family: 'Times New Roman',serif; font-weight: bold;">Financial Instruments - continued</font></div>
      <div><br>
      </div>
      <div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif; font-style: italic; font-weight: bold;">Recurring Fair Value Measurements</div>
      <div><br>
      </div>
      <div style="background-color: rgb(255, 255, 255);">
        <div><br>
        </div>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="z750ca4a3378b4521beb50e8c23616fb9">

            <tr>
              <td valign="bottom" style="vertical-align: top;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: top;" colspan="14">
                <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">Fair Value Measurement as of December 31, 2018</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
                <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">Total,</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
                <div style="text-align: right; font-family: 'Times New Roman', serif; font-weight: bold; text-indent: 8pt;"> (Level 1)</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
                <div style="text-align: right; font-family: 'Times New Roman', serif; font-weight: bold;">(Level 2)</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
                <div style="text-align: right; font-family: 'Times New Roman', serif; font-weight: bold;"> (Level 3)</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top;">
                <div style="font-family: 'Times New Roman', serif;">Liabilities</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(204, 238, 255);">
                <div style="font-family: 'Times New Roman', serif;">Interest rate swap contract, current portion</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
                <div style="font-family: 'Times New Roman', serif;">$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
                <div style="font-family: 'Times New Roman', serif;">41,435</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
                <div style="font-family: 'Times New Roman', serif;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
                <div style="font-family: 'Times New Roman', serif;">$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
                <div style="font-family: 'Times New Roman', serif;">41,435</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
                <div style="font-family: 'Times New Roman', serif;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;" id="DSPFPageNumber">F-53</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div><br>
      </div>
      <div style="font-family: 'Times New Roman',serif; font-weight: bold;">Euroseas Ltd. and Subsidiaries</div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">Notes to the consolidated financial statements</div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">as of December 31, 2018 and 2019 and for the</div>
      <div>
        <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">Years ended December 31, 2017, 2018 and 2019</div>
        <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">(All amounts expressed in U.S. Dollars)
          <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
        <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;"> <br>
        </div>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><font style="font-family: 'Times New Roman',serif; font-weight: bold;">16.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; width: 36pt;">&#160;</font><font style="font-family: 'Times New Roman',serif; font-weight: bold;">Financial Instruments - continued</font></div>
      <div><br>
      </div>
      <div style="font-family: 'Times New Roman',serif; font-style: italic; font-weight: bold;">Asset Measured at Fair Value on a Non-recurring Basis</div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="background-color: #FFFFFF;">
        <div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 11pt;"><font style="font-family: 'Times New Roman',serif; font-size: 10pt; color: rgb(0, 0, 0);">On June 15, 2017, the Company entered into a profit sharing
            agreement with Credit Agricole whereby it would share with the bank 35% of the excess of the fair market value of M/V &#8220;EM Astoria&#8221; over the outstanding loan when the vessel was sold or when the loan matured. As a result of the lender's
            entitlement to participate in the appreciation of the market value of the mortgaged vessel, the Company recognized a participation liability of amount $1,067,500 as of December 31, 2018, presented in "Vessel profit participation liability" in
            the consolidated balance sheets, with a corresponding debit to a debt discount account, presented contra to the loan balance. The fair value of this participation agreement is considered Level 2, as it directly depends on the fair value or
            expected fair value of M/V &#8220;EM Astoria&#8221;. </font><font style="font-size: 10pt;">The Company completed the refinancing of the specific loan in June 2019 using its revolving loan facility with Eurobank Ergasias S.A., as explained in Note 8-c
            above, with the final participation liability paid amounting to $950,000.</font></div>
        <div><br>
        </div>
        <div><br>
        </div>
        <div style="text-align: justify; font-family: 'Times New Roman',serif;">As of September 30, 2017 the vessel M/V &#8220;Monica P&#8221; with a carrying amount of $8.23 million, was classified as vessel held for sale and written down to its fair value of $5.0
          million, less estimated costs to sell of $0.10 million, resulting in a loss of $3.33 million, which was included in the consolidated statements of operations under &#8220;Loss on write-down of vessels held for sale&#8221;. The fair value of M/V &#8220;Monica P&#8221; is
          considered Level 2.</div>
        <div><br>
        </div>
        <div><br>
        </div>
        <div style="text-align: justify; font-family: 'Times New Roman',serif;">As of September 30, 2017 the vessel M/V &#8220;Aggeliki P&#8221; with a carrying amount of $5.39 million, was classified as vessel held for sale and written down to its fair value of $4.3
          million, less estimated costs to sell of $0.17 million, resulting in a loss of $1.26 million, which was included in the accompanying consolidated statements of operations under &#8220;Loss on write-down of vessels held for sale&#8221;. The fair value of M/V
          &#8220;Aggeliki P&#8221; is considered Level 2.</div>
        <div><br>
        </div>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;" id="DSPFPageNumber">F-54</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="margin-bottom: 10pt;"><br>
      </div>
      <div style="font-family: 'Times New Roman',serif; font-weight: bold;">Euroseas Ltd. and Subsidiaries</div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">Notes to the consolidated financial statements</div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">as of December 31, 2018 and 2019 and for the</div>
      <div>
        <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">Years ended December 31, 2017, 2018 and 2019</div>
        <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">(All amounts expressed in U.S. Dollars)
          <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><font style="font-family: 'Times New Roman',serif; font-weight: bold;">16.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; width: 36pt;">&#160;</font><font style="font-family: 'Times New Roman',serif; font-weight: bold;">Financial Instruments - continued</font></div>
      <div><br>
      </div>
      <div style="font-family: 'Times New Roman',serif; font-style: italic; font-weight: bold;">Asset Measured at Fair Value on a Non-recurring Basis - continued</div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="background-color: #FFFFFF;">
        <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">Nonrecurring Fair Value Measurements at Reporting Date</div>
        <div><br>
        </div>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="zbe7b7fbdfab1455b9fbb4cce3a98c905">

          <tr>
            <td valign="bottom" style="vertical-align: middle; border-right: 2px solid rgb(0, 0, 0); padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="18">
              <div style="text-align: center; font-family: &#38;quot; font-weight: bold;"> December 31, 2017</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; border-right: 2px solid rgb(0, 0, 0); padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;" colspan="2">
              <div style="text-align: center; font-weight: bold;">Fair Value</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; padding-bottom: 2px; border-left: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;" colspan="2">
              <div style="text-align: center; font-weight: bold;">Level 1</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;" colspan="2">
              <div style="text-align: center; font-weight: bold;">Level 2</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;" colspan="2">
              <div style="text-align: center; font-weight: bold;">Level 3</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;" colspan="2">
              <div style="text-align: center; font-weight: bold;">Loss 2017</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 40%; background-color: rgb(204, 238, 255); border-color: rgb(0, 0, 0); border-style: solid; border-width: 2px;">
              <div style="margin-left: 9pt;">Vessel profit participating liability</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: &#38;quot;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: &#38;quot;">1,297,100</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: &#38;quot;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: &#38;quot;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: &#38;quot;">1,297,100</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: &#38;quot;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: &#38;quot;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 40%; background-color: rgb(255, 255, 255); border-right: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="margin-left: 9pt;">Vessels held for sale</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: &#38;quot;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: &#38;quot;">5,000,000</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: &#38;quot;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: &#38;quot;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: &#38;quot;">5,000,000</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: &#38;quot;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: &#38;quot;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: &#38;quot;">4,595,819</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; border-right: 2px solid rgb(0, 0, 0); padding-bottom: 2px;">
              <div style="margin-left: 9pt">&#160;</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="18">
              <div style="text-align: center; font-family: &#38;quot; font-weight: bold;"> December 31, 2018</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; background-color: rgb(255, 255, 255); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="margin-left: 9pt">&#160;</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="text-align: center; font-family: &#38;quot; font-weight: bold;">Fair Value</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="text-align: center; font-family: &#38;quot; font-weight: bold;">Level 1</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="text-align: center; font-family: &#38;quot; font-weight: bold;">Level 2</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="text-align: center; font-family: &#38;quot; font-weight: bold;">Level 3</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="text-align: center; font-family: &#38;quot; font-weight: bold;">Loss 2018</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 40%; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
              <div style="margin-left: 9pt;">Vessel profit participating liability</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: &#38;quot;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: &#38;quot;">1,067,500</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: &#38;quot;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: &#38;quot;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: &#38;quot;">1,067,500</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: &#38;quot;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: &#38;quot;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 40%; background-color: rgb(255, 255, 255); border-right: 2px solid rgb(0, 0, 0); padding-bottom: 2px;">
              <div style="margin-left: 9pt">&#160;</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px; border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; border-right: 2px solid rgb(0, 0, 0);">
              <div style="margin-left: 9pt">&#160;</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top; border-top: 2px solid rgb(0, 0, 0);" colspan="18">
              <div style="text-align: center; font-family: &#38;quot; font-weight: bold;"> December 31, 2019</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; background-color: rgb(255, 255, 255); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="margin-left: 9pt">&#160;</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="text-align: center; font-family: &#38;quot; font-weight: bold;">Fair Value</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="text-align: center; font-family: &#38;quot; font-weight: bold;">Level 1</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="text-align: center; font-family: &#38;quot; font-weight: bold;">Level 2</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="text-align: center; font-family: &#38;quot; font-weight: bold;">Level 3</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="text-align: center; font-family: &#38;quot; font-weight: bold;">Loss 2019</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 40%; background-color: rgb(204, 238, 255); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
              <div style="margin-left: 9pt;">Vessel profit participating liability</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: &#38;quot;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: &#38;quot;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: &#38;quot;">-</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: &#38;quot;">-</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-family: &#38;quot;">-</div>
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      </div>
      <div><br>
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      <div style="text-align: justify; margin-left: 0.7pt; font-family: 'Times New Roman',serif;">The estimated fair values of the Company&#8217;s financial instruments such as cash and cash equivalents and restricted cash approximate their individual carrying
        amounts as of December 31, 2018 and 2019, due to their short-term maturity.&#160; Cash and cash equivalents and restricted cash are considered Level 1 items as they represent liquid assets with short-term maturities. The fair value of the Company&#8217;s
        total borrowings approximates $87.1 million as of December 31, 2019 or $3.1 million less than their carrying value of $90.2 million. The fair value of the long term borrowings is estimated based on current interest rates offered to the Company for
        similar loans. LIBOR rates are observable at commonly quoted intervals for the full terms of the loans and hence fair values of the long-term bank loans are considered Level 2 items in accordance with the fair value hierarchy due to their variable
        interest rate, being the LIBOR.</div>
      <div><br>
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      <div><br>
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      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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        <div id="DSPFPageBreak" style="page-break-after:always;">
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      <div style="margin-bottom: 10pt;"><br>
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      <div style="font-family: 'Times New Roman',serif; font-weight: bold;">Euroseas Ltd. and Subsidiaries</div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">Notes to the consolidated financial statements</div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">as of December 31, 2018 and 2019 and for the</div>
      <div>
        <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">Years ended December 31, 2017, 2018 and 2019</div>
        <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">(All amounts expressed in U.S. Dollars)<br>
          <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"><br>
        </div>
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      <div><br>
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        <div>
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                  <div style="font-family: 'Times New Roman',serif; font-weight: bold;">Discontinued Operations</div>
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      <div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">Following the close of trading on the Nasdaq Capital Market on May 30, 2018, the Company completed the spin-off of its drybulk fleet (excluding M/V Monica P,
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        presented<font style="background-color: rgb(255, 255, 255);">. The revenue and loss for the discontinued operations for the periods ended December&#160;31, 2017, 2018 and 2019 are analyzed as follows:</font></div>
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          <tr>
            <td valign="bottom" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="6">
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              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">(discontinued operations)</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0); font-family: &#38;quot;">&#160;</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
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            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: center; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
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            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: center; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
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            <td valign="bottom" nowrap="nowrap" style="text-align: center; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); font-family: &#38;quot; font-weight: bold;">Statement of Operations Data</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle;" colspan="6">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 64%; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0); font-family: &#38;quot;">Voyage revenue</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: rgb(0, 0, 0); font-family: &#38;quot;">20,280,215</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: rgb(0, 0, 0); font-family: &#38;quot;">25,934,204</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: rgb(0, 0, 0); font-family: &#38;quot;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 64%; background-color: #FFFFFF;">
              <div style="font-family: 'Times New Roman', serif;"><font style="color: #000000;">Commissions </font>(including, $253,503, $324,178 and nil respectively, to related party)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="color: rgb(0, 0, 0); font-family: &#38;quot;">(1,122,196</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div style="color: rgb(0, 0, 0); font-family: &#38;quot;">)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="color: rgb(0, 0, 0); font-family: &#38;quot;">(1,411,333</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div style="color: rgb(0, 0, 0); font-family: &#38;quot;">)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="color: rgb(0, 0, 0); font-family: &#38;quot;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 64%; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0); font-family: &#38;quot;">Voyage expenses</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: rgb(0, 0, 0); font-family: &#38;quot;">(2,396,318</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="color: rgb(0, 0, 0); font-family: &#38;quot;">)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: rgb(0, 0, 0); font-family: &#38;quot;">(410,676</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="color: rgb(0, 0, 0); font-family: &#38;quot;">)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: rgb(0, 0, 0); font-family: &#38;quot;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 64%; background-color: #FFFFFF;">
              <div style="font-family: 'Times New Roman', serif;"><font style="color: #000000;">Vessel operating expenses </font>(including, $102,131, $115,026 and nil, respectively, to related party)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="color: rgb(0, 0, 0); font-family: &#38;quot;">(6,892,388</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div style="color: rgb(0, 0, 0); font-family: &#38;quot;">)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="color: rgb(0, 0, 0); font-family: &#38;quot;">(9,183,152</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div style="color: rgb(0, 0, 0); font-family: &#38;quot;">)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="color: rgb(0, 0, 0); font-family: &#38;quot;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 64%; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0); font-family: &#38;quot;">Drydocking expenses</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: rgb(0, 0, 0); font-family: &#38;quot;">(127,509</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="color: rgb(0, 0, 0); font-family: &#38;quot;">)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: rgb(0, 0, 0); font-family: &#38;quot;">(1,465,079</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="color: rgb(0, 0, 0); font-family: &#38;quot;">)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: rgb(0, 0, 0); font-family: &#38;quot;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 64%; background-color: #FFFFFF;">
              <div style="color: rgb(0, 0, 0); font-family: &#38;quot;">Related party management fees</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="color: rgb(0, 0, 0); font-family: &#38;quot;">(1,409,716</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div style="color: rgb(0, 0, 0); font-family: &#38;quot;">)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="color: rgb(0, 0, 0); font-family: &#38;quot;">(1,701,340</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div style="color: rgb(0, 0, 0); font-family: &#38;quot;">)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="color: rgb(0, 0, 0); font-family: &#38;quot;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 64%; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0); font-family: &#38;quot;">Vessel depreciation</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: rgb(0, 0, 0); font-family: &#38;quot;">(4,786,272</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="color: rgb(0, 0, 0); font-family: &#38;quot;">)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: rgb(0, 0, 0); font-family: &#38;quot;">(5,422,155</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="color: rgb(0, 0, 0); font-family: &#38;quot;">)</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: rgb(0, 0, 0); font-family: &#38;quot;">-</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 64%; background-color: #FFFFFF;">
              <div style="font-family: 'Times New Roman', serif;"><font style="color: #000000;">General and administrative expenses </font>(including $693,524, $731,456 and nil, respectively, to related party)</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="color: rgb(0, 0, 0); font-family: &#38;quot;">(917,160</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div style="color: rgb(0, 0, 0); font-family: &#38;quot;">)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="color: rgb(0, 0, 0); font-family: &#38;quot;">(2,346,502</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div style="color: rgb(0, 0, 0); font-family: &#38;quot;">)</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="color: rgb(0, 0, 0); font-family: &#38;quot;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 64%; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0); font-family: &#38;quot; font-weight: bold;">Operating income</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: rgb(0, 0, 0); font-family: &#38;quot; font-weight: bold;">2,628,656</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: rgb(0, 0, 0); font-family: &#38;quot; font-weight: bold;">3,993,967</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: rgb(0, 0, 0); font-family: &#38;quot; font-weight: bold;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 64%; background-color: #FFFFFF;">
              <div style="color: rgb(0, 0, 0); font-family: &#38;quot;">Total other expenses, net</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="color: rgb(0, 0, 0); font-family: &#38;quot;">(1,778,955</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div style="color: rgb(0, 0, 0); font-family: &#38;quot;">)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="color: rgb(0, 0, 0); font-family: &#38;quot;">(2,874,232</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div style="color: rgb(0, 0, 0); font-family: &#38;quot;">)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="color: rgb(0, 0, 0); font-family: &#38;quot;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 64%; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0); font-family: &#38;quot; font-weight: bold;">Net income</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: rgb(0, 0, 0); font-family: &#38;quot; font-weight: bold;">849,701</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: rgb(0, 0, 0); font-family: &#38;quot; font-weight: bold;">1,119,735</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: rgb(0, 0, 0); font-family: &#38;quot; font-weight: bold;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 64%; background-color: #FFFFFF;">
              <div style="color: rgb(0, 0, 0); font-family: &#38;quot;">Dividend Series B Preferred Shares</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="color: rgb(0, 0, 0); font-family: &#38;quot;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="color: rgb(0, 0, 0); font-family: &#38;quot;">(565,229</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div style="color: rgb(0, 0, 0); font-family: &#38;quot;">)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div style="color: rgb(0, 0, 0); font-family: &#38;quot;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 64%; background-color: #CCEEFF;">
              <div style="color: rgb(0, 0, 0); font-family: &#38;quot; font-weight: bold;">Net income attributable to common shareholders</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: rgb(0, 0, 0); font-family: &#38;quot; font-weight: bold;">849,701</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: rgb(0, 0, 0); font-family: &#38;quot; font-weight: bold;">554,506</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: rgb(0, 0, 0); font-family: &#38;quot; font-weight: bold;">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>

      </table>
      <div> <br>
      </div>
      <div> <br>
      </div>
      <div> <br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;" id="DSPFPageNumber">F-56</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="margin-bottom: 10pt;"><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">Euroseas Ltd. and Subsidiaries</div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">Notes to the consolidated financial statements</div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">as of December 31, 2018 and 2019 and for the</div>
      <div>
        <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">Years ended December 31, 2017, 2018 and 2019</div>
        <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">(All amounts expressed in U.S. Dollars)
          <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
        <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;"> <br>
        </div>
        <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;"> <br>
        </div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z566b4d5d0c6f4ddab7046e1d686b9eda" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman',serif; font-weight: bold;">17.</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-family: 'Times New Roman',serif; font-weight: bold;">Discontinued Operations - continued</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">Euroseas contributed to EuroDry its interests in seven of its drybulk subsidiaries and related intercompany debts and obligations in exchange for 2,254,830
        of EuroDry common shares and 19,042 of EuroDry Series B Preferred Shares (representing all of EuroDry's issued and outstanding stock as of May 30, 2018).&#160;</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">Up to the Spin-off date, Euroseas had contributed to EuroDry an amount of $52.52 million as equity in order to partly finance the acquisition of the vessels
        contributed to EuroDry (M/V Pantelis, M/V Eirini, M/V Xenia and M/V Ekaterini), other general and administrative expenses allocated from the Company to EuroDry as well as the amounts recognized as loss on termination and impairment of shipbuilding
        contracts described above. An amount of $9.66 million was also allocated to EuroDry from the Company&#8217;s accumulated deficit, comprising the accumulated deficit of the Subsidiaries. In total an amount of $42.86 million was allocated from the
        Company&#8217;s shareholders&#8217; equity to EuroDry&#8217;s shareholders&#8217; equity.</div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-family: 'Times New Roman',serif; font-weight: bold;">18.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; width: 36pt;">&#160;</font><font style="font-family: 'Times New Roman',serif; font-weight: bold;">Common Stock</font></div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif;">As per the Company&#8217;s Amended and Restated Articles of Incorporation, the Company is authorized to issue 200,000,000 shares of common stock, par value $0.03 per share.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif;">Each outstanding share of common stock is entitled to one vote, either in person or by proxy, on all matters that may be voted upon by their holders at meetings of the
        shareholders. Subject to preferences that may be applicable to any outstanding preferred shares, holders of our common stock (i) have equal ratable rights to dividends from funds legally available therefore, if declared by the Board of Directors;
        (ii) are entitled to share ratably in all of the Company&#8217;s assets available for distribution upon liquidation, dissolution or winding up; and (iii) do not have preemptive, subscription or conversion rights or redemption or sinking fund provisions.
        All issued shares of our common stock when issued will be fully paid for and non-assessable. The rights, preferences and privileges of holders of common shares are subject to the rights of the holders of any preferred shares which the Company has
        issued or may issue in the future.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif;">During January 2017, following the Company&#8217;s prospectus filed with the SEC on December 20, 2016, as further supplemented by the prospectus dated January 13, 2017, the Company
        issued and sold at-the-market (ATM) 37,723 shares of common stock for gross proceeds net of commissions of $0.6 million.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif;">In addition, during the year ended December 31, 2017, the Company issued 12,534 common shares to the Company&#8217;s directors and officers and employees of the Manager in connection
        with its equity incentive plans (Note 11).</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif;">During November 2018, following the Company&#8217;s prospectus supplement filed with the SEC on December 20, 2016, as further supplemented by the prospectus dated January 13, 2017 and
        October 30, 2018, the Company issued and sold at-the-market (ATM) 139,509 shares of common stock for gross proceeds net of commissions of $2.0 million.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;" id="DSPFPageNumber">F-57</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="margin-bottom: 10pt;"><br>
      </div>
      <div style="font-family: 'Times New Roman',serif; font-weight: bold;">Euroseas Ltd. and Subsidiaries</div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">Notes to the consolidated financial statements</div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">as of December 31, 2018 and 2019 and for the</div>
      <div>
        <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">Years ended December 31, 2017, 2018 and 2019</div>
        <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">(All amounts expressed in U.S. Dollars)
          <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-family: 'Times New Roman',serif; font-weight: bold;">18.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; width: 36pt;">&#160;</font><font style="font-family: 'Times New Roman',serif; font-weight: bold;">Common Stock-continued</font></div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif;">In addition, during the year ended December 31, 2018, the Company issued 15,681 common shares to the Company&#8217;s directors and officers and employees of the Manager in connection
        with its equity incentive plans (Note 11).</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif;">During October 2019, following the Company&#8217;s prospectus supplement filed with the SEC on December 20, 2016, as further supplemented by the prospectus dated January 13, 2017,&#160;
        October 30, 2018 and May 30, 2019, the Company issued and sold at-the-market (ATM) 144,727 shares of common stock for gross proceeds net of commissions of $0.9 million.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif;">As further discussed in Note 1, during the year ended December 31, 2019, the Company issued 2,816,901 common shares and 1,056,338 common shares in connection with the <a name="z_Hlk38645015"></a>Trinity/Diamantis Vessel Acquisition and the Synergy Vessel Acquisition.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif;">In addition, during the year ended December 31, 2019, the Company issued 15,444 common shares to the Company&#8217;s directors and officers and employees of the Manager in connection
        with its equity incentive plans (Note 11).</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif;">On December 19, 2019, the Company announced that it has completed a 1-for- 8 reverse stock split, effective at the close of trading on December 18, 2019. The Company&#8217;s common
        shares began trading on a split-adjusted basis on December 19, 2019.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;" id="DSPFPageNumber">F-58</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="margin-bottom: 10pt;"><br>
      </div>
      <div style="font-family: 'Times New Roman',serif; font-weight: bold;">Euroseas Ltd. and Subsidiaries</div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">Notes to the consolidated financial statements</div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">as of December 31, 2018 and 2019 and for the</div>
      <div>
        <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">Years ended December 31, 2017, 2018 and 2019</div>
        <div style="text-align: justify; font-family: 'Times New Roman',serif; font-weight: bold;">(All amounts expressed in U.S. Dollars)
          <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-family: 'Times New Roman',serif; font-weight: bold;">19.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; width: 36pt;">&#160;</font><font style="font-family: 'Times New Roman',serif; font-weight: bold;"> Subsequent Events</font></div>
      <div><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',serif;">The following events occurred after December 31, 2019:</div>
      <div style="text-align: justify;"><a name="z_Hlk38906065"></a><br>
      </div>
      <div style="text-align: justify;">
        <div>
          <table cellspacing="0" cellpadding="0" id="zc7297bf48f4d4c44955f36c8ba7e0173" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman',serif;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-family: 'Times New Roman',serif;">In January 2020, M/V EM Oinousses experienced an engine room fire while sailing off Mozambique carrying empty containers. The fire was extinguished without any injuries to the crew. The
                    vessel is currently undergoing evaluation for the type of repairs required and is idle during the evaluations. It is expected that the Company&#8217;s insurance will cover the majority of the costs. It is possible that the vessel may be
                    scrapped after the insurance process is complete.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify;">
        <div>
          <table cellspacing="0" cellpadding="0" id="zb101fef58ebf476e8706ad53f4859c30" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman',serif;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-family: 'Times New Roman',serif;">In February 2020, we entered into an agreement to sell the M/V Manolis P for scrap. The vessel reached her destination port on April 7, 2020, but so far has not been delivered to her new
                    owners due to COVID-19 restrictions and port lockdowns in the territory of arrival (Alang, India).&#160; The scrap price has dropped since the date of the agreement to sell the M/V Manolis P, and the buyers are now seeking to terminate the
                    agreement on the basis that timely delivery did not occur.&#160; The Company is in the process of seeking a settlement with the buyers<a name="z_Hlk38841920"></a>.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z05a2f82d349d439e8c845a55e767549e" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman',serif;">(c)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-family: 'Times New Roman',serif;">In April 2020, the Company entered into one interest rate swap with Eurobank for a notional amount of $30.0 million, in order to manage interest costs and the risk associated with
                    changing interest rates of the Company&#8217;s loans. Under the terms of the swap, Eurobank makes a quarterly payment to the Company equal to the 3-month LIBOR while the Company pays a fixed rate of 0.78% based on the notional amount. The
                    swap is effective from April 24, 2020 until April 24, 2025.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z4a5b010639684483b1d187346d253b65" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman',serif; font-weight: normal;">(d)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman',serif;">Coronavirus Outbreak:&#160;On March 11, 2020, the World Health Organization declared the 2019 Novel Coronavirus (the &#8220;COVID-19&#8221;) outbreak a pandemic. In response to the
                    outbreak, many countries, ports and organizations, including those where the Company conducts a large part of its operations, have implemented measures to combat the outbreak, such as quarantines and travel restrictions. Such measures
                    have and will likely continue to cause severe trade disruptions. The extent to which COVID-19 will impact the Company&#8217;s results of operations and financial condition will depend on future developments, which are highly uncertain and
                    cannot be predicted, including new information which may emerge concerning the severity of the virus and the actions to contain or treat its impact, among others. Accordingly, an estimate of the impact cannot be made at this time.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <br>
  </div>
  <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;" id="DSPFPageNumber">F-59</font></div>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.15
<SEQUENCE>2
<FILENAME>d8528017_ex4-15.htm
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Seward & Kissel LLP
         Document created using EDGARfilings PROfile 6.4.0.0
         Copyright 1995 - 2020 Broadridge -->
  </head>
<body bgcolor="#ffffff" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;">
  <div>
    <div style="text-align: right; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Exhibit 4.15</div>
    <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">ADDENDUM NO 10<br>
      to<br>
      MASTER MANAGEMENT AGREEMENT dated February 7<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>, 2008 between<br>
      Euroseas Ltd and Eurobulk Ltd</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">This Addendum is made as of November 15<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> 2019 between Euroseas Ltd. (the &#8220;<font style="font-weight: bold;">Company</font>&#8221;), in its own capacity
      and as agent for each of its vessel owning subsidiaries identified in Schedule A hereto together with any additional subsidiaries that may acquire vessels in the future (the &#8220;<font style="font-weight: bold;">Subsidiaries</font>&#8221;)<font style="font-weight: bold;">&#160;</font>and Eurobulk Ltd. (the &#8220;<font style="font-weight: bold;">Manager</font>&#8221;).</div>
    <div style="margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">REMUNERATION</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Daily management fees were kept at Euro 685/day/vessel, while with effect of November 16<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> 2019 due to the increased requirement for corporate
      &amp; executive services covered by this Agreement resulting from the recent acquisition of vessels and increase of the number of the vessels covered by this Agreement, executive services fees will be increased by US$750,000 per annum and will thus
      be adjusted to US$2,000,000 per annum.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">As a result for year 2019 only the executive services fee will be $1,250,000 pro rated for the period 01/01/19 until 15/11/19 and $2,000,000 thereafter for
      the period 16/11/19 - 31/12/19.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">IN WITNESS WHEREOF, the parties have executed this Addendum to the Management Agreement as of the date first written above.</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z982e3fe70db1432bbd412b2bbda33b39">

        <tr>
          <td style="width: 59.99%; vertical-align: top;">&#160;</td>
          <td colspan="2" style="width: 40.01%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">Euroseas Ltd.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 59.99%; vertical-align: top;">&#160;</td>
          <td style="width: 8.01%; vertical-align: top;">&#160;</td>
          <td style="width: 32%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 59.99%; vertical-align: top;">&#160;</td>
          <td style="width: 8.01%; vertical-align: top;">&#160;</td>
          <td style="width: 32%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 59.99%; vertical-align: top;">&#160;</td>
          <td style="width: 8.01%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">By:</div>
          </td>
          <td style="width: 32%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="font-family: 'Times New Roman', serif;">/s/ Aristides J. Pittas</div>
          </td>
        </tr>
        <tr>
          <td style="width: 59.99%; vertical-align: top;">&#160;</td>
          <td style="width: 8.01%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">Name:</div>
          </td>
          <td style="width: 32%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">Aristides J. Pittas</div>
          </td>
        </tr>
        <tr>
          <td style="width: 59.99%; vertical-align: top;">&#160;</td>
          <td style="width: 8.01%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">Title:</div>
          </td>
          <td style="width: 32%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">CEO</div>
          </td>
        </tr>
        <tr>
          <td style="width: 59.99%; vertical-align: top;">&#160;</td>
          <td style="width: 8.01%; vertical-align: top;">&#160;</td>
          <td style="width: 32%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 59.99%; vertical-align: top;">&#160;</td>
          <td style="width: 8.01%; vertical-align: top;">&#160;</td>
          <td style="width: 32%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 59.99%; vertical-align: top;">&#160;</td>
          <td style="width: 8.01%; vertical-align: top;">&#160;</td>
          <td style="width: 32%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 59.99%; vertical-align: top;">&#160;</td>
          <td colspan="2" style="width: 40.01%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">Eurobulk Ltd.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 59.99%; vertical-align: top;">&#160;</td>
          <td style="width: 8.01%; vertical-align: top;">&#160;</td>
          <td style="width: 32%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 59.99%; vertical-align: top;">&#160;</td>
          <td style="width: 8.01%; vertical-align: top;">&#160;</td>
          <td style="width: 32%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 59.99%; vertical-align: top;">&#160;</td>
          <td style="width: 8.01%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">By:</div>
          </td>
          <td style="width: 32%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="font-family: 'Times New Roman', serif;">/s/ Nikolaos Pittas</div>
          </td>
        </tr>
        <tr>
          <td style="width: 59.99%; vertical-align: top;">&#160;</td>
          <td style="width: 8.01%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">Name:</div>
          </td>
          <td style="width: 32%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">Nikolaos Pittas</div>
          </td>
        </tr>
        <tr>
          <td style="width: 59.99%; vertical-align: top;">&#160;</td>
          <td style="width: 8.01%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">Title:</div>
          </td>
          <td style="width: 32%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">Director</div>
          </td>
        </tr>
        <tr>
          <td style="width: 59.99%; vertical-align: top;">&#160;</td>
          <td style="width: 8.01%; vertical-align: top;">&#160;</td>
          <td style="width: 32%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 59.99%; vertical-align: top;">&#160;</td>
          <td style="width: 8.01%; vertical-align: top;">&#160;</td>
          <td style="width: 32%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 59.99%; vertical-align: top;">&#160;</td>
          <td style="width: 8.01%; vertical-align: top;">&#160;</td>
          <td style="width: 32%; vertical-align: top;">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
  </div>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.17
<SEQUENCE>3
<FILENAME>d8528089_ex4-17.htm
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Seward & Kissel LLP
         Document created using EDGARfilings PROfile 6.4.0.0
         Copyright 1995 - 2020 Broadridge -->
  </head>
<body bgcolor="#ffffff" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;">
  <div style="text-align: right;"><font style="font-weight: bold;">Exhibit 4.17</font><br>
  </div>
  <div> <br>
  </div>
  <div>
    <div style="margin-bottom: 12pt;"><img width="291" height="104" src="image0.jpg"></div>
    <div style="text-align: center; margin-bottom: 66pt; color: #000000; font-weight: bold;"><u>DATED: 30</u><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;"><u>Th</u></sup><u> MAY 2019</u></div>
    <div style="text-align: center; color: #000000; font-weight: bold;">EUROBANK ERGASIAS S.A.</div>
    <div style="text-align: center; margin-bottom: 36pt; color: #000000; font-weight: bold;">(THE BANK)</div>
    <div style="text-align: center; margin-bottom: 36pt; color: #000000; font-weight: bold;">-AND-</div>
    <div style="text-align: center; margin-bottom: 36pt; color: #000000; font-weight: bold;">EUROSEAS LTD.<br>
      (AS <font style="font-weight: bold;">&#8220;</font>BORROWER&#8221;)</div>
    <div style="text-align: center; margin-bottom: 36pt; color: #000000; font-weight: bold;"> <br>
    </div>
    <div style="text-align: center; margin-right: 18pt; margin-bottom: 12pt; color: #000000; font-weight: bold;">
      <hr noshade="noshade" align="left" style="height: 2px; width: 100%; color: #000000; background-color: #000000; text-align: left; margin-left: 0px; margin-right: auto; border: none;"></div>
    <div style="text-align: center; margin-right: 18pt; margin-bottom: 12pt; color: #000000; font-weight: bold;">SUPPLEMENTAL LETTER To FACILITY AGREEMENT (No.167)<br>
      OF UP TO $45,000,000</div>
    <div style="text-align: center; margin-right: 18pt; margin-bottom: 12pt; color: #000000; font-weight: bold;">
      <hr noshade="noshade" align="left" style="height: 2px; width: 100%; color: #000000; background-color: #000000; text-align: left; margin-left: 0px; margin-right: auto; border: none;"> </div>
    <div style="color: #2A79B3; font-weight: bold;"> <br>
    </div>
    <div style="color: #2A79B3; font-weight: bold;"> <br>
    </div>
    <div style="color: #2A79B3; font-weight: bold;"> <br>
    </div>
    <div style="color: #2A79B3; font-weight: bold;"> <br>
    </div>
    <div style="color: #2A79B3; font-weight: bold;"> <br>
    </div>
    <div style="color: #2A79B3; font-weight: bold;"> <br>
    </div>
    <div style="text-align: center; color: rgb(42, 121, 179); font-family: 'Times New Roman',Times,serif; font-weight: bold;">Alassia Building, 13 Defteras Merchias Street 185 35 Piraeus Greece. Tel +30 210 4138800, 210 8226801, Fax +30 210 4138809, 210
      8217869</div>
    <div style="text-align: center; color: rgb(42, 121, 179); font-family: 'Times New Roman',Times,serif; font-weight: bold;"> <br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z5c50adb01fd647e199c34f9464b8004c">

        <tr>
          <td style="width: 60.64%; vertical-align: top;">
            <div style="margin-bottom: 12pt; color: #2A79B3; font-style: italic; font-weight: bold;">In cooperation with Kyriakides Georgopoulos Law Firm</div>
          </td>
          <td style="width: 39.36%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 12pt; color: #0000FF; font-weight: bold;">www.daniolos.gr</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: center; margin-bottom: 12pt; color: #000000; font-weight: bold;">INDEX</div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z307f860dd1b04663a7d1b4f404a22711">

        <tr>
          <td colspan="2" style="vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 12pt; color: #000000; font-weight: bold;">CLAUSE</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 12pt; color: #000000; font-weight: bold;">PAGE</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 12pt; color: #000000; font-weight: bold;">1.</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 12pt; color: #000000; font-weight: bold;">AGREEMENT</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 12pt; color: #000000; font-weight: bold;">2</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 12pt; color: #000000; font-weight: bold;">2.</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 12pt; color: #000000; font-weight: bold;">AMENDMENTS TO THE PRINCIPAL AGREEMENT</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 12pt; color: #000000; font-weight: bold;">2</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 12pt; color: #000000; font-weight: bold;">3.</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 12pt; color: #000000; font-weight: bold;">CONDITIONS</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 12pt; color: #000000; font-weight: bold;">4</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 12pt; color: #000000; font-weight: bold;">4.</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 12pt; color: #000000; font-weight: bold;">REPRESENTATIONS AND WARRANTIES</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 12pt; color: #000000; font-weight: bold;">5</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 12pt; color: #000000; font-weight: bold;">5.</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 12pt; color: #000000; font-weight: bold;">UNDERTAKING AND COVENANTS</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 12pt; color: #000000; font-weight: bold;">5</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 12pt; color: #000000; font-weight: bold;">6.</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 12pt; color: #000000; font-weight: bold;">CONTINUED FORCE AND EFFECT</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 12pt; color: #000000; font-weight: bold;">5</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 12pt; color: #000000; font-weight: bold;">7.</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 12pt; color: #000000; font-weight: bold;">FEES AND EXPENSES</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 12pt; color: #000000; font-weight: bold;">5</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 12pt; color: #000000; font-weight: bold;">8.</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 12pt; color: #000000; font-weight: bold;">NOTICES</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 12pt; color: #000000; font-weight: bold;">5</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 12pt; color: #000000; font-weight: bold;">9.</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 12pt; color: #000000; font-weight: bold;">COUNTERPARTS</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 12pt; color: #000000; font-weight: bold;">5</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 12pt; color: #000000; font-weight: bold;">10.</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 12pt; color: #000000; font-weight: bold;">LAW AND JURISDICTION</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 12pt; color: #000000; font-weight: bold;">5</div>
          </td>
        </tr>
        <tr>
          <td colspan="2" style="vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 12pt; color: #000000; font-weight: bold;">SCHEDULE</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 12pt; color: #000000; font-weight: bold;">10</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: center; margin-bottom: 12pt; color: #000000; font-weight: bold;">SUPPLEMENTAL LETTER</div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za19570cb47134884a3a5019eb2663f19">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">To:</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;">EUROSEAS LTD.<br>
                  (as Borrower)</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb827c4186d3048a6a1b1cfc73a9f528a">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">To:</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;">Jonathan John Shipping Ltd<br>
                  Joanna Maritime Ltd<br>
                  Allendale Investments S.A.<br>
                  Manolis Shipping Limited<br>
                  Alterwall Business Inc.<br>
                  Athens shipping Ltd<br>
                  Oinousses Navigation Ltd<br>
                  Corfu Navigation Ltd<br>
                  and<br>
                  Bridge Shipping Ltd<br>
                  (as Guarantors and Existing Owners)</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zfaeef1dbe6df495ca3ccde1572ce58ba">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">To:</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;">Eurobulk Ltd.<br>
                  (as Approved Manager)</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: right; margin-bottom: 12pt; color: #000000;">Date: 30 May 2019</div>
    <div style="margin-bottom: 12pt; color: #000000;">Dear Sirs</div>
    <div style="text-align: justify; margin-right: 3.6pt; margin-bottom: 12pt; color: #000000; font-weight: bold;">Facility agreement dated 21 November 2018 relating to a reducing revolving credit facility of up to $45,000.000</div>
    <div style="margin-bottom: 12pt; color: #000000;">We refer to:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z57e00d3864cc492ebc6d3c576c59a2f1">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">a reducing revolving credit facility agreement dated 21 November 2018 (the <font style="font-weight: bold;">&#8220;Principal Agreement&#8221; </font>and as the same is hereby supplemented and/or amended and as it may
                  further amended, supplemented, novated or varied from time to time, the <font style="font-weight: bold;">&#8220;Facility Agreement&#8221;) </font>made between (i) Euroseas Ltd. as borrower, (ii) the banks and financial institutions listed in
                  Schedule 1 of the Principal Agreement, which on the date thereof and on the date hereof comprised only Eurobank Ergasias S.A., as lenders (the <font style="font-weight: bold;">&#8220;Lenders&#8221; </font>or <font style="font-weight: bold;">&#8220;a
                    Lender&#8221;) </font>and (iii) Eurobank Ergasias S.A., as security trustee (the <font style="font-weight: bold;">&#8220;Security Trustee&#8221;), </font>as agent (the <font style="font-weight: bold;">&#8220;Agent&#8221;), </font>as arranger (the <font style="font-weight: bold;">&#8220;Arranger&#8221;) </font>and as account bank (the <font style="font-weight: bold;">&#8220;Account Bank&#8221; </font>and together with the Lenders, the Security Trustee, the Agent, the Arranger and the Account Bank, the <font style="font-weight: bold;">&#8220;Creditor Parties&#8221;), </font>pursuant to which it was agreed that the Lender would make available for drawing through multiple advances to the Borrower a reducing revolving credit facility of up to Forty Five
                  Million Dollars ($45,000,000) (the <font style="font-weight: bold;">&#8220;Facility&#8221;, </font>which expression shall, where the context permits, also mean the amount of the facility from time to time outstanding) for the purposes and upon the
                  terms and conditions set out therein, of which the aggregate amount of Thirty Million Dollars ($30,000,000) representing all Existing Ship-Related Advances has been made available to the Borrower, out of which the amount of twenty eight
                  million two hundred thousand Dollars ($28,200,000) currently remains outstanding;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za854ace8ee814232a22c90ce3c35ca36">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">an Agency and Trust Deed dated 21 November 2018 and entered into pursuant to the Principal Agreement, it was, inter alia, agreed that the Security Trustee would hold the Trust Property on trust for the Lenders;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zff7b0fad9add4d23ba0c80196dd76050">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the Borrower&#8217;s request that:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <!--PROfilePageNumberReset%Num%2%%%-->
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="color: #000000;">(i)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="color: #000000;">the Lender make
        available to the Borrower in accordance with the terms of the Principal Agreement two (2) New Ship-Related Advances in the aggregate amount of up to Twelve Million Dollars ($12,000,000) or 55% of the aggregate Market Value of the New Ship A and the
        New Ship B described in Schedule 2 <font style="font-style: italic;">(Ship Information) </font>of the Principal Agreement as amended by this Supplemental Letter, both meeting the New Ship Financing Criteria;</font></div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="color: #000000;">(ii)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="color: #000000;">the Creditor
        Parties provide their consent to the reduction of the Margin from four point forty per cent (4.40%) per annum to three point ninety per cent (3,90%) per annum from the Effective Date; and</font></div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="color: #000000;">(iii)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="color: #000000;">the Creditor
        Parties provide their consent to the reduction of the amount to be held during the Facility Period as cash collateral to the Cash Collateral Deposit Account from the amount of Five Million Dollars ($5,000,000) to One Million Dollars ($1,000,000)
        and the release of the balance in the amount of Four Million Dollars ($4,000,000).</font></div>
    <div style="text-align: justify; margin-bottom: 12pt; color: #000000;">Words and expressions defined in the Principal Agreement shall, unless the context otherwise requires or unless otherwise defined herein, have the same meanings when used in this
      Supplemental Letter.</div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-weight: bold; color: #000000;">1.</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="color: #000000;"><font style="font-weight: bold;">Agreement. </font>Subject to the satisfaction (or, as the case may be, in respect of some conditions, the waiver by us) of the conditions set out in clause 3 of this Supplemental Letter (which includes the Borrower,
        the Existing Owners and the Approved Manager countersigning this Supplemental Letter), we hereby confirm our consent to the requests referred to in paragraph (c) above and agree subject to Capital Control Approval to make available to the Borrower
        the two (2) New Ship-Related Advances referred thereto and the Principal Agreement to be amended as set out in clause 3 of this Supplemental Letter.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-weight: bold; color: #000000;">2.</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="color: #000000;"><font style="font-weight: bold;">Amendments to the Principal Agreement. </font>The Principal Agreement shall, with effect on and from the Effective Date (as such term is defined below), be (and it is hereby) amended in accordance with the following
        provisions (and the Principal Agreement (as so amended) will continue to be binding upon each Obligor upon such terms as so amended):</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z97e2fa05438c4aa3a09d6133d3a2f365">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-weight: bold;">2.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">by inserting the following new definitions of <font style="font-weight: bold;">&#8220;Effective Date&#8221; </font>and <font style="font-weight: bold;">&#8220;Supplemental Letter&#8221; </font>in clause 1.2 of the Principal
                  Agreement in the correct alphabetical order:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="margin-left: 36pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">&#8220;Effective Date&#8221; </font>has the meaning given to such term in the Supplemental Letter;&#8221;; and</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">&#8216;&#8220;&#8216;Supplemental Letter&#8221; </font>means the supplemental letter dated 30 May 2019, supplemental to this Agreement issued by the
      Lender and the other Creditor Parties, accepted by the Borrower and countersigned (inter alias) by the Existing Owners and the Approved Manager at the time by way of confirmation of their obligations and consent to the arrangements of such letter;&#8221;;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5ad80e70b28a460da961bcb484540f77">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-weight: bold;">2.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">by inserting the words &#8220;(j) the Supplemental Letter;&#8221; after the words &#8220;(i) this Agreement;&#8221; and re-lettering accordingly the remaining paragraphs in the definition of <font style="font-weight: bold;">&#8220;Finance
                    Documents&#8221; </font>in clause 1.2 of the Principal Agreement;</div>
              </td>
            </tr>

        </table>
        <div> <br>
        </div>
        <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">2</font></div>
          <div id="DSPFPageBreak" style="page-break-after: always;">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
        </div>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zde2ddb6c8966451ba6d6654ee0466fe1">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-weight: bold;">2.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">by deleting the definitions of <font style="font-weight: bold;">&#8220;Cash Collateral Deposit&#8221; </font>and <font style="font-weight: bold;">&#8220;Margin&#8221; </font>in clause 1.2 of the Principal Agreement in their
                  entirety and by inserting in their place the following new definitions of <font style="font-weight: bold;">&#8220;Cash Collateral Deposit&#8221; </font>and <font style="font-weight: bold;">&#8220;Margin&#8221;:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="margin-left: 36pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">&#8220;&#8220;Cash Collateral Deposit&#8221; </font>means an interest bearing amount corresponding to One Million Dollars ($1,000,000) which is to be held during the
      Facility Period as cash collateral to the Cash Collateral Deposit Account;&#8221;;</div>
    <div style="margin-left: 36pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">&#8220;&#8220;Margin&#8221; </font>means three point ninety per cent (3.90%) per annum;&#8221;;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd6660b40db994f3ead9d17d9878aef6f">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-weight: bold;">2.4</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">by inserting the following new paragraph (c) after paragraph b) of clause 19.3 of <font style="font-weight: bold;">the </font>Principal Agreement:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;">&#8220;the Borrower does not comply with both terms of the written undertaking referred to in clause 3.2 (i) of the Supplemental Letter by 15 June 2019;&#8221;;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z05eaf0da59c34fe1a6d5fa6f78134cae">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-weight: bold;">2.5</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">by inserting in Schedule 2 <font style="font-style: italic;">(Ship information) </font>of the Principal Agreement after the block in relation to Ship 1, blocks for the New Ship A and the New Ship B as follows:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: center; margin-bottom: 12pt; color: #000000; font-weight: bold;">New Ship A</div>
    <table cellspacing="0" cellpadding="0" border="0" style="width: 90%; padding: 0px 0px 0px 36pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;" id="z6a1b43afbe894bd99c51f01611639a2f">

        <tr>
          <td style="width: 27.93%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 6.5pt; margin-bottom: 6pt; color: #000000; font-weight: bold;">Name of Ship</div>
          </td>
          <td style="width: 72.07%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.5pt; margin-bottom: 6pt; color: #000000; font-weight: bold;">EM ASTORIA</div>
          </td>
        </tr>
        <tr>
          <td style="width: 27.93%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 6.5pt; margin-bottom: 6pt; color: #000000; font-weight: bold;">Description</div>
          </td>
          <td style="width: 72.07%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.5pt; margin-bottom: 6pt; color: #000000;">Container</div>
          </td>
        </tr>
        <tr>
          <td style="width: 27.93%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 6.5pt; margin-bottom: 6pt; color: #000000; font-weight: bold;">Owner</div>
          </td>
          <td style="width: 72.07%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.5pt; margin-bottom: 6pt; color: #000000; font-weight: bold;">GREGOS SHIPPING LIMITED</div>
          </td>
        </tr>
        <tr>
          <td style="width: 27.93%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 6.5pt; margin-bottom: 6pt; color: #000000; font-weight: bold;">Year of Built</div>
          </td>
          <td style="width: 72.07%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.5pt; margin-bottom: 6pt; color: #000000;">2004</div>
          </td>
        </tr>
        <tr>
          <td style="width: 27.93%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 6.5pt; margin-bottom: 6pt; color: #000000; font-weight: bold;">Flag State</div>
          </td>
          <td style="width: 72.07%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.5pt; margin-bottom: 6pt; color: #000000;">Liberia</div>
          </td>
        </tr>
        <tr>
          <td style="width: 27.93%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 6.5pt; margin-bottom: 6pt; color: #000000; font-weight: bold;">IMO Number</div>
          </td>
          <td style="width: 72.07%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.5pt; margin-bottom: 6pt; color: #000000;">9243617</div>
          </td>
        </tr>
        <tr>
          <td style="width: 27.93%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.4pt; margin-bottom: 6pt; color: #000000; font-weight: bold;">Register/Official Number</div>
          </td>
          <td style="width: 72.07%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.5pt; margin-bottom: 6pt; color: #000000;">15321</div>
          </td>
        </tr>
        <tr>
          <td style="width: 27.93%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 6.5pt; margin-bottom: 6pt; color: #000000; font-weight: bold;">Ship Commitment</div>
          </td>
          <td style="width: 72.07%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="margin-left: 5.5pt; margin-bottom: 6pt; color: #000000;">$6,600,000</div>
          </td>
        </tr>

    </table>
    <div style="text-align: center; margin-top: 12pt; margin-bottom: 12pt; color: #000000; font-weight: bold;">New Ship B</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;">
      <table cellspacing="0" cellpadding="0" border="0" style="width: 90%; padding: 0px 0px 0px 36pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">

          <tr>
            <td style="width: 27.93%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
              <div style="margin-left: 6.5pt; margin-bottom: 6pt; color: #000000; font-weight: bold;">Name of Ship</div>
            </td>
            <td style="width: 72.07%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
              <div style="margin-left: 5.5pt; margin-bottom: 6pt; color: #000000; font-weight: bold;">EVRIDIKI G</div>
            </td>
          </tr>
          <tr>
            <td style="width: 27.93%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
              <div style="margin-left: 6.5pt; margin-bottom: 6pt; color: #000000; font-weight: bold;">Description</div>
            </td>
            <td style="width: 72.07%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
              <div style="margin-left: 5.5pt; margin-bottom: 6pt; color: #000000;">Container</div>
            </td>
          </tr>
          <tr>
            <td style="width: 27.93%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
              <div style="margin-left: 6.5pt; margin-bottom: 6pt; color: #000000; font-weight: bold;">Owner</div>
            </td>
            <td style="width: 72.07%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
              <div style="margin-left: 5.5pt; margin-bottom: 6pt; color: #000000; font-weight: bold;">NOUMEA SHIPPING LTD</div>
            </td>
          </tr>
          <tr>
            <td style="width: 27.93%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
              <div style="margin-left: 6.5pt; margin-bottom: 6pt; color: #000000; font-weight: bold;">Year of Built</div>
            </td>
            <td style="width: 72.07%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
              <div style="margin-left: 5.5pt; margin-bottom: 6pt; color: #000000;">2001</div>
            </td>
          </tr>
          <tr>
            <td style="width: 27.93%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
              <div style="margin-left: 6.5pt; margin-bottom: 6pt; color: #000000; font-weight: bold;">Flag State</div>
            </td>
            <td style="width: 72.07%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
              <div style="margin-left: 5.5pt; margin-bottom: 6pt; color: #000000;">Liberia</div>
            </td>
          </tr>
          <tr>
            <td style="width: 27.93%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
              <div style="margin-left: 6.5pt; margin-bottom: 6pt; color: #000000; font-weight: bold;">IMO Number</div>
            </td>
            <td style="width: 72.07%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
              <div style="margin-left: 5.5pt; margin-bottom: 6pt; color: #000000;">9231482</div>
            </td>
          </tr>
          <tr>
            <td style="width: 27.93%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
              <div style="margin-left: 5.4pt; margin-bottom: 6pt; color: #000000; font-weight: bold;">Register/Official Number</div>
            </td>
            <td style="width: 72.07%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
              <div style="margin-left: 5.5pt; margin-bottom: 6pt; color: #000000;">13898</div>
            </td>
          </tr>
          <tr>
            <td style="width: 27.93%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="margin-left: 6.5pt; margin-bottom: 6pt; color: #000000; font-weight: bold;">Ship Commitment</div>
            </td>
            <td style="width: 72.07%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="margin-left: 5.5pt; margin-bottom: 6pt; color: #000000;">$5,400,000</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="margin-bottom: 12pt; clear: both;"><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">3</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;">and by replacing Schedule 2 <font style="font-style: italic;">(Ship information) </font>of the Principal Agreement by the Schedule attached hereto;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6a217ccd4b5e4e70bae3ff239499a9d6">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-weight: bold;">2.6</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">by deleting paragraph 9. of Part C of Schedule 4 <font style="font-style: italic;">(Condition Precedent Documents)</font><font style="font-weight: bold;">&#160;</font>of the Principal Agreement in its entirety and
                  by inserting in its place the following new paragraph 6.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="color: #000000;">&#8220;9.</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="color: #000000;">Evidence that
        the sum of One Million Dollars ($1,000,000) is standing to the credit of the Cash Collateral Deposit Account pursuant to the provisions of clause 12.5 of this Agreement.&#8221;;</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7fcd605c6f1f44f7a9acabb2607b1a0b">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-weight: bold;">2.7</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">by construing all references in the Principal Agreement to &#8220;this Agreement&#8221;, &#8220;hereunder&#8221; and the like and in the Finance Documents to the &#8220;Facility Agreement&#8221; as references to the Principal Agreement as amended
                  and supplemented by this Supplemental Letter.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-weight: bold; color: #000000;">3.</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="color: #000000;"><font style="font-weight: bold; color: #000000;">Conditions.</font>The agreement set out in clause 1 of this Supplemental Letter, with the<font style="font-weight: bold;">&#160;</font>exception of the reduction of Margin from four point forty per cent
        (4.40%) per annum to three point ninety per cent (3,90%) per annum referred to in clause 2.3 above which shall become effective as of 21 May 2019, shall become effective on the date all the following conditions are either satisfied or, as the case
        may be in respect of certain conditions, waived (such date being the <font style="font-weight: bold;">&#8220;Effective Date&#8221;):</font></font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-weight: bold; color: #000000;">3.1</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="color: #000000;">the Borrower,
        the Existing Owners and the Approved Manager confirm their<font style="font-weight: bold;">&#160;</font>obligations under the Finance Documents to which they are a party and their agreement to the arrangements of this Supplemental Letter by accepting
        and counter-signing this Supplemental Letter by a duly authorised signatory or (as the case may be) by a director acceptable to us in all respects;</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7347b2ef1c2d4b5886f1415a686b3042">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-weight: bold;">3.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the Borrower deliver to us:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="color: #000000;">(i)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="color: #000000;">a written
        undertaking executed by the Borrower that it will procure so that prior to 15/06/2019, the outstanding &#8220;Preferred Equity Instrument&#8221; will be reduced to Eight Million Dollars ($8,000,000), of which an amount not exceeding Four Million Three Hundred
        and Fifty Thousand Dollars ($4,350,000) shall be held by entities affiliated and/or controlled by Blackrock and Three Million Six Hundred and Fifty Thousand Dollars ($3,650,000) shall be held by Preferred Friends Investment Company Inc., a Marshall
        Islands corporation affiliated to a family disclosed in writing and approved by us prior to the date of such undertaking (the <font style="font-weight: bold;">&#8220;Nominated Family&#8221;) </font>and that the &#8220;Preferred Equity&#8221; coupon will be reduced to
        eight percent (8%) with effect from the date of reduction of the outstanding &#8220;Preferred Equity Instrument&#8221; to Eight Million Dollars ($8,000,000) until 29/01/2021, when it will be increased to fourteen percent (14%) (the <font style="font-weight: bold;">&#8220;Preferred Equity Instrument Undertaking&#8221;); </font>and</font></div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="color: #000000;">(ii)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="color: #000000;">a legal opinion
        from a counselor with experience on the federal laws of the United States of America appointed by the Borrower and accepted by us, analyzing the risks for the Borrower under the &#8220;Preferred Equity Instrument&#8221;, in case the Borrower fails to service
        the preferred equity scheduled payments (or is otherwise in default) and confirming the seniority of <font style="font-weight: bold;">all </font>Borrower&#8217;s loans (including the Facility Agreement) towards the &#8220;Preferred Equity instrument&#8221;;</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">4</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0b846ffbd41c48fea00db64b576dd0a5">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-weight: bold;">3.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">all conditions of clause 4.1 to 4.6 and clause 9.1 of the Principal Agreement in relation to the advance of the two (2) New Ship-Related Advances have been fully satisfied and all documents and evidences
                  described in Schedule 4, Part C of the Principal Agreement have been received in form and substance satisfactory to the Agent and its lawyers on or before the Drawdown Date of such New Ship-Related Advances;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-weight: bold; color: #000000;">4.</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="color: #000000;"><font style="font-weight: bold;">Representations and Warranties. </font>Each of the Borrower and the Existing Owners by countersigning this Supplemental Letter represents and warrants to us that:</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z53966b404eba463eab738ebea902fdc8">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the representations and warranties contained in clause 10 of the Principal Agreement and in clause 10 of the Guarantee granted by each existing Owner are true and correct on the date of this Supplemental Letter
                  as if all references therein to &#8220;this Agreement&#8221; were references to the Principal Agreement as supplemented by this Supplemental Letter; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z877e2d137d6444e6aaf598cf2d3e34af">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">this Supplemental Letter comprises the legal, valid and binding obligations of the Borrower and the Existing Owners enforceable in accordance with its terms.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-weight: bold; color: #000000;">5.</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="color: #000000;"><font style="font-weight: bold;">Undertakings and Covenants. </font>Each of the undertakings and covenants contained in the Principal Agreement (including those contained in clause 11, clause 12, clause 13, clause 14 and clause 15 of the Principal
        Agreement) shall be deemed to be repeated by the Borrower on the date of this Supplemental Letter.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-weight: bold; color: #000000;">6.</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="color: #000000;"><font style="font-weight: bold;">Continued force and effect. </font>Save as amended or deemed amended by this Supplemental Letter, the provisions of the Principal Agreement and the Finance Documents shall be continue in full force and effect and the
        Principal Agreement and this Supplemental Letter shall be read and construed as one instrument.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-weight: bold; color: #000000;">7.</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="color: #000000;"><font style="font-weight: bold;">Fees and Expenses. </font>The provisions of clause 20 <font style="font-style: italic;">(Fees and Expenses) </font>of the Principal Agreement, as amended and supplemented by this Supplemental Letter, shall apply to
        this Supplemental Letter as if they were expressly incorporated in this Supplemental Letter with any necessary modification.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-weight: bold; color: #000000;">8.</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="color: #000000;"><font style="font-weight: bold;">Notices. </font>Clause 28 <font style="font-style: italic;">(Notices) </font>of the Principal Agreement shall extend and apply to this Supplemental Letter as if the same were (mutatis mutandis) herein expressly set
        forth.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-weight: bold; color: #000000;">9.</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="color: #000000;"><font style="font-weight: bold;">Counterparts. </font>This Supplemental Letter (and any non-contractual obligations connected with it) shall be governed by and construed in accordance with English law, and may be executed in any number of
        counterparts, each of which shall be deemed an original).</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-weight: bold; color: #000000;">10.</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="color: #000000;"><font style="font-weight: bold;">Law and Jurisdiction. </font>This Supplemental Letter (and any non-contractual<font style="font-weight: bold;">&#160;</font>obligations connected with it) shall be governed by and construed in accordance with English law
        and clause 30 <font style="font-style: italic;">(Law and Jurisdiction) </font>of the Principal Agreement shall extend and apply to this Supplemental Letter as if the same were (mutatis mutandis) herein expressly set forth.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt; color: #000000;">Please confirm your acceptance to the foregoing terms and conditions by signing the acceptance at the foot of this Supplemental Letter.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">5</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 8pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 24pt; color: #000000;">Yours faithfully,</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z033cb223f1c04b49b489cab433c54756">

        <tr>
          <td style="width: 50%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: justify; color: #000000;">/s/ Stavros Yagos</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: justify; color: #000000;">/s/ Maria Gripaiou</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: justify; color: #000000;">Stavros Yagos and Maria Gripaiou</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: justify; color: #000000; font-weight: bold;">Maria Gripaiou</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: justify; color: #000000;">Attorney -in-fact</div>
          </td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: justify; color: #000000;">for and on behalf of</div>
          </td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: justify; color: #000000; font-weight: bold;">EUROBANK ERGASIAS S.A</div>
          </td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td colspan="2" style="width: 100%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 24pt; color: #000000;">as Lender, Security Trustee, Agent, Arranger and Account Bank</div>
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 12pt; color: #000000; font-weight: bold;">Accepted and agreed</div>
            <div>&#160;</div>
          </td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div>/s/ S. Karmiri</div>
          </td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="color: #000000;">by S. Karmiri</div>
          </td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="color: #000000;">for and on behalf of</div>
          </td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="color: #000000; font-weight: bold;">EUROSEAS LTD.</div>
          </td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="color: #000000;">as Borrower</div>
          </td>
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        <tr>
          <td style="width: 50%; vertical-align: top;">
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        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="color: #000000;">by S. Karmiri</div>
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          <td style="width: 50%; vertical-align: top;">&#160;</td>
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        <tr>
          <td style="width: 50%; vertical-align: top;">
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          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
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        <tr>
          <td style="width: 50%; vertical-align: top;">
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          <td style="width: 50%; vertical-align: top;">&#160;</td>
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        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="color: #000000;">Dated: 30 May 2019</div>
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          <td style="width: 50%; vertical-align: top;">&#160;</td>
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    <div style="margin-bottom: 24pt;"><br>
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          </td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
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        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="color: #000000;">by S. Karmiri</div>
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          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="color: #000000;">for and on behalf of</div>
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          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
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          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="color: #000000;">as Guarantor/Existing Owner</div>
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          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="color: #000000;">Dated: 30 May 2019</div>
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          </td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
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        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="color: #000000;">by S. Karmiri</div>
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          <td style="width: 50%; vertical-align: top;">&#160;</td>
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        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="color: #000000;">for and on behalf of</div>
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          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
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          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="color: #000000;">as Guarantor/Existing Owner</div>
          </td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="color: #000000;">Dated: 30 May 2019</div>
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          <td style="width: 50%; vertical-align: top;">&#160;</td>
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          </td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
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        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="color: #000000;">by S. Karmiri</div>
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          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="color: #000000;">for and on behalf of</div>
          </td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
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          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="color: #000000;">as Guarantor/Existing Owner</div>
          </td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="color: #000000;">Dated: 30 May 2019</div>
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          <td style="width: 50%; vertical-align: top;">&#160;</td>
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            <div>/s/ S. Karmiri</div>
          </td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
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        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="color: #000000;">by S. Karmiri</div>
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          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="color: #000000;">for and on behalf of</div>
          </td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
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          </td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="color: #000000;">as Guarantor/Existing Owner</div>
          </td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="color: #000000;">Dated: 30 May 2019</div>
          </td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
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          </td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
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        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="color: #000000;">by S. Karmiri</div>
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          <td style="width: 50%; vertical-align: top;">&#160;</td>
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        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="color: #000000;">for and on behalf of</div>
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          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
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          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="color: #000000;">as Guarantor/Existing Owner</div>
          </td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
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          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>

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    <div style="margin-bottom: 12pt;"><br>
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        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
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        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="color: #000000;">for and on behalf of</div>
          </td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
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          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="color: #000000;">as Guarantor/Existing Owner</div>
          </td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="color: #000000;">Dated: 30 May 2019</div>
          </td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>

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          </td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
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          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="color: #000000;">for and on behalf of</div>
          </td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="margin-bottom: 12pt; color: #000000; font-weight: bold;">CORFU NAVIGATION LTD</div>
            <div>&#160;</div>
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          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="color: #000000;">as Guarantor/Existing Owner</div>
          </td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="color: #000000;">Dated: 30 May 2019</div>
          </td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
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    <div style="margin-bottom: 12pt;"><br>
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          </td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
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          <td style="width: 50%; vertical-align: top;">&#160;</td>
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        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="color: #000000;">for and on behalf of</div>
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          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="color: #000000; font-weight: bold;">BRIDGE SHIPPING LTD</div>
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          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="color: #000000;">as Guarantor/Existing Owner</div>
          </td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="color: #000000;">Dated: 30 May 2019</div>
          </td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>

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    <div style="margin-bottom: 12pt;"><br>
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          </td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="color: #000000;">by S. Karmiri</div>
          </td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="color: #000000;">for and on behalf of</div>
          </td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="color: #000000; font-weight: bold;">EUROBULK LTD.</div>
          </td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="color: #000000;">as Approved Manager</div>
          </td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="color: #000000;">Dated: 30 May 2019</div>
          </td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>

    </table>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">9</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 8pt;"><br>
    </div>
    <div style="text-align: center; color: #000000;">SCHEDULE</div>
    <div style="text-align: center; margin-bottom: 12pt; color: #000000; font-weight: bold;">Ship information</div>
    <div style="text-align: center; margin-bottom: 12pt; color: #000000; font-weight: bold;">Ship A</div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" id="zd5187a7858024dc68445699e0f52e980">

        <tr>
          <td style="width: 36.48%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="margin-right: 10.3pt; margin-left: 6.2pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Name of Ship</div>
          </td>
          <td style="width: 63.52%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="margin-right: 10.3pt; margin-left: 5.05pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">AEGEAN EXPRESS</div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.48%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="margin-right: 10.3pt; margin-left: 6.2pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Description</div>
          </td>
          <td style="width: 63.52%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="margin-right: 10.3pt; margin-left: 5.05pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif;">Container</div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.48%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="margin-right: 10.3pt; margin-left: 6.2pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Owner</div>
          </td>
          <td style="width: 63.52%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="margin-right: 0.05pt; margin-left: 5.05pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">JONATHAN JOHN SHIPPING LTD</div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.48%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="margin-right: 10.3pt; margin-left: 6.2pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Year of Built</div>
          </td>
          <td style="width: 63.52%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="margin-right: 10.3pt; margin-left: 5.05pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif;">1997</div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.48%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="margin-right: 10.3pt; margin-left: 6.2pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Flag State</div>
          </td>
          <td style="width: 63.52%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="margin-right: 10.3pt; margin-left: 5.05pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif;">Panama</div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.48%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="margin-right: 10.3pt; margin-left: 6.2pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">IMO Number</div>
          </td>
          <td style="width: 63.52%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="margin-right: 10.3pt; margin-left: 5.05pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif;">9138161</div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.48%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="margin-right: 10.3pt; margin-left: 6.2pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Register/Official Number</div>
          </td>
          <td style="width: 63.52%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="margin-right: 10.3pt; margin-left: 5.05pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif;">26618-PEXT-5</div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.48%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="margin-right: 10.3pt; margin-left: 6.2pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Ship Commitment</div>
          </td>
          <td style="width: 63.52%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="margin-right: 10.3pt; margin-left: 5.05pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif;">$2,375,000</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: center; margin-bottom: 12pt; color: #000000; font-weight: bold;">Ship B</div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" id="z949cb3f8340e4a3c9db2df15269a16e8">

        <tr>
          <td style="width: 36.52%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 6.75pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Name of Ship</div>
          </td>
          <td style="width: 63.48%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.55pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">JOANNA</div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.52%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 6.75pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Description</div>
          </td>
          <td style="width: 63.48%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.55pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif;">Container</div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.52%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 6.75pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Owner</div>
          </td>
          <td style="width: 63.48%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.55pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">JOANNA MARITIME LTD</div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.52%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 6.75pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Year of Built</div>
          </td>
          <td style="width: 63.48%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.55pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif;">1999</div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.52%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 6.75pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Flag State</div>
          </td>
          <td style="width: 63.48%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.55pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif;">Liberia</div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.52%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 6.75pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">IMO Number</div>
          </td>
          <td style="width: 63.48%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.55pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif;">9204477</div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.52%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 6.75pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Register/Official Number</div>
          </td>
          <td style="width: 63.48%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.55pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif;">16118</div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.52%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 6.75pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Ship Commitment</div>
          </td>
          <td style="width: 63.48%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="margin-left: 5.55pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif;">$3,250,000</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: center; margin-bottom: 12pt; color: #000000; font-weight: bold;">Ship C</div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" id="z0a1b5e7b81504435aacf877c80cbd74d">

        <tr>
          <td style="width: 36.52%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 6.25pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Name of Ship</div>
          </td>
          <td style="width: 63.48%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.5pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">KUO HSIUNG</div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.52%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 6.25pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Description</div>
          </td>
          <td style="width: 63.48%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.5pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif;">Container</div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.52%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 6.25pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Owner</div>
          </td>
          <td style="width: 63.48%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.5pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ALLENDALE INVESTMENTS S.A.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.52%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 6.25pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Year of Built</div>
          </td>
          <td style="width: 63.48%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.5pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif;">1993</div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.52%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 6.25pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Flag State</div>
          </td>
          <td style="width: 63.48%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.5pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif;">Panama</div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.52%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 6.25pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">IMO Number</div>
          </td>
          <td style="width: 63.48%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.5pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif;">9055448</div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.52%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 6.25pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Register/Official Number</div>
          </td>
          <td style="width: 63.48%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.5pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif;">20825-93-F</div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.52%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 6.25pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Ship Commitment</div>
          </td>
          <td style="width: 63.48%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="margin-left: 5.5pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif;">$1,875,000</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">10</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 8pt;"><br>
    </div>
    <div style="text-align: center; margin-bottom: 12pt; color: #000000; font-weight: bold;">Ship D</div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" id="ze4b10ddaeb95438bade8e61ee119be9c">

        <tr>
          <td style="width: 36.44%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 6.5pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Name of Ship</div>
          </td>
          <td style="width: 63.56%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">MANOLIS P.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.44%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 6.5pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Description</div>
          </td>
          <td style="width: 63.56%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif;">Container</div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.44%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 6.5pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Owner</div>
          </td>
          <td style="width: 63.56%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">MANOLIS SHIPPING LIMITED</div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.44%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 6.5pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Year of Built</div>
          </td>
          <td style="width: 63.56%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif;">1995</div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.44%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 6.5pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Flag State</div>
          </td>
          <td style="width: 63.56%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif;">Marshall Islands</div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.44%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 6.5pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">IMO Number</div>
          </td>
          <td style="width: 63.56%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif;">9101493</div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.44%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 6.5pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Register/Official Number</div>
          </td>
          <td style="width: 63.56%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif;">2849</div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.44%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 6.5pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Ship Commitment</div>
          </td>
          <td style="width: 63.56%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif;">$2,375,000</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: center; margin-bottom: 12pt; color: #000000; font-weight: bold;">Ship E</div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" id="zcd96fab30b274a4d95ef079ebe6cd44a">

        <tr>
          <td style="width: 36.46%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 6.5pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Name of Ship</div>
          </td>
          <td style="width: 63.54%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">NINOS</div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.46%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 6.5pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Description</div>
          </td>
          <td style="width: 63.54%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif;">Container</div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.46%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 6.5pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Owner</div>
          </td>
          <td style="width: 63.54%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ALTERWALL BUSINESS INC.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.46%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 6.5pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Year of Built</div>
          </td>
          <td style="width: 63.54%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif;">1990</div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.46%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 6.5pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Flag State</div>
          </td>
          <td style="width: 63.54%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif;">Panama</div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.46%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 6.5pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">IMO Number</div>
          </td>
          <td style="width: 63.54%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif;">8909082</div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.46%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 6.5pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Register/Official Number</div>
          </td>
          <td style="width: 63.54%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif;">27893-01-F</div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.46%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 6.5pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Ship Commitment</div>
          </td>
          <td style="width: 63.54%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif;">$1,500,000</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: center; color: #000000; font-weight: bold;">Ship F</div>
    <div style="text-align: center; color: #000000; font-weight: bold;"> <br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" id="ze7b90b5909ca4f72864f6bbeab6dac04">

        <tr>
          <td style="width: 36.43%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 6.45pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Name of Ship</div>
          </td>
          <td style="width: 63.57%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.25pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">EM ATHENS</div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.43%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 6.45pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Description</div>
          </td>
          <td style="width: 63.57%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.25pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif;">Container</div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.43%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 6.45pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Owner</div>
          </td>
          <td style="width: 63.57%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.25pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ATHENS SHIPPING LTD</div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.43%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 6.45pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Year of Built</div>
          </td>
          <td style="width: 63.57%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.25pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif;">2000</div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.43%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 6.45pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Flag State</div>
          </td>
          <td style="width: 63.57%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.25pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif;">Marshall Islands</div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.43%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 6.45pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">IMO Number</div>
          </td>
          <td style="width: 63.57%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.25pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif;">9203538</div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.43%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 6.45pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Register/Official Number</div>
          </td>
          <td style="width: 63.57%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.25pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif;">4019</div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.43%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 6.45pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Ship Commitment</div>
          </td>
          <td style="width: 63.57%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="margin-left: 5.25pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif;">$4,250,000</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">11</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 8pt;"><br>
    </div>
    <div style="text-align: center; margin-bottom: 12pt; color: #000000; font-weight: bold;">Ship G</div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" id="z6ed9ace7f870431abcb1a619d45519c6">

        <tr>
          <td style="width: 36.44%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 6.5pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Name of Ship</div>
          </td>
          <td style="width: 63.56%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">EM OINOUSSES</div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.44%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 6.5pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Description</div>
          </td>
          <td style="width: 63.56%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif;">Container</div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.44%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 6.5pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Owner</div>
          </td>
          <td style="width: 63.56%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">OINOUSSES NAVIGATION LTD</div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.44%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 6.5pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Year of Built</div>
          </td>
          <td style="width: 63.56%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif;">2000</div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.44%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 6.5pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Flag State</div>
          </td>
          <td style="width: 63.56%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif;">Marshall Islands</div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.44%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 6.5pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">IMO Number</div>
          </td>
          <td style="width: 63.56%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif;">9203514</div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.44%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 6.5pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Register/Official Number</div>
          </td>
          <td style="width: 63.56%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif;">4018</div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.44%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 6.5pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Ship Commitment</div>
          </td>
          <td style="width: 63.56%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="margin-left: 5.3pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif;">$4,250,000</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: center; margin-bottom: 12pt; color: #000000; font-weight: bold;">Ship H</div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" id="z5b5d1efeb796400ca7cabbde66e34758">

        <tr>
          <td style="width: 36.44%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 6.5pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Name of Ship</div>
          </td>
          <td style="width: 63.56%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.55pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">EM CORFU</div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.44%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 6.5pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Description</div>
          </td>
          <td style="width: 63.56%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.55pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif;">Container</div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.44%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 6.5pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Owner</div>
          </td>
          <td style="width: 63.56%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.55pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">CORFU NAVIGATION LTD</div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.44%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 6.5pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Year of Built</div>
          </td>
          <td style="width: 63.56%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.55pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif;">2001</div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.44%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 6.5pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Flag State</div>
          </td>
          <td style="width: 63.56%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.55pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif;">Marshall Islands</div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.44%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 6.5pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">IMO Number</div>
          </td>
          <td style="width: 63.56%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.55pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif;">9231494</div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.44%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 6.5pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Register/Official Number</div>
          </td>
          <td style="width: 63.56%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.55pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif;">7209</div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.44%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 6.5pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Ship Commitment</div>
          </td>
          <td style="width: 63.56%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="margin-left: 5.55pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif;">$4,750,000</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: center; margin-bottom: 12pt; color: #000000; font-weight: bold;">Ship I</div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z68da311e69694f25863fe2371ae65157">

        <tr>
          <td style="width: 36.44%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 6.45pt; margin-bottom: 6pt; color: #000000; font-weight: bold;">Name of Ship</div>
          </td>
          <td style="width: 63.56%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.5pt; margin-bottom: 6pt; color: #000000; font-weight: bold;">AKINADA BRIDGE</div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.44%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 6.45pt; margin-bottom: 6pt; color: #000000; font-weight: bold;">Description</div>
          </td>
          <td style="width: 63.56%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.5pt; margin-bottom: 6pt; color: #000000;">Container</div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.44%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 6.45pt; margin-bottom: 6pt; color: #000000; font-weight: bold;">Owner</div>
          </td>
          <td style="width: 63.56%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.5pt; margin-bottom: 6pt; color: #000000; font-weight: bold;">BRIDGE SHIPPING LTD</div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.44%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 6.45pt; margin-bottom: 6pt; color: #000000; font-weight: bold;">Year of Built</div>
          </td>
          <td style="width: 63.56%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.5pt; margin-bottom: 6pt; color: #000000;">2001</div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.44%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 6.45pt; margin-bottom: 6pt; color: #000000; font-weight: bold;">Flag State</div>
          </td>
          <td style="width: 63.56%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.5pt; margin-bottom: 6pt; color: #000000;">Panama</div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.44%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 6.45pt; margin-bottom: 6pt; color: #000000; font-weight: bold;">IMO Number</div>
          </td>
          <td style="width: 63.56%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.5pt; margin-bottom: 6pt; color: #000000;">9224532</div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.44%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 6.45pt; margin-bottom: 6pt; color: #000000; font-weight: bold;">Register/Official Number</div>
          </td>
          <td style="width: 63.56%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.5pt; margin-bottom: 6pt; color: #000000;">21874-01-D</div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.44%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 6.45pt; margin-bottom: 6pt; color: #000000; font-weight: bold;">Ship Commitment</div>
          </td>
          <td style="width: 63.56%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="margin-left: 5.5pt; margin-bottom: 6pt; color: #000000;">$5,375,000</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">12</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 8pt;"><br>
    </div>
    <div style="text-align: center; margin-bottom: 12pt; color: #000000; font-weight: bold;">New Ship A</div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" id="za161e6779b774e3fbf02a8d37a682675">

        <tr>
          <td style="width: 36.3%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 6.5pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Name of Ship</div>
          </td>
          <td style="width: 63.7%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.25pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">EM ASTORIA</div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.3%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 6.5pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Description</div>
          </td>
          <td style="width: 63.7%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.25pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif;">Container</div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.3%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 6.5pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Owner</div>
          </td>
          <td style="width: 63.7%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.25pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">GREGOS SHIPPING LIMITED</div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.3%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 6.5pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Year of Built</div>
          </td>
          <td style="width: 63.7%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.25pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif;">2004</div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.3%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 6.5pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Flag State</div>
          </td>
          <td style="width: 63.7%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.25pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif;">Liberia</div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.3%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 6.5pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">IMO Number</div>
          </td>
          <td style="width: 63.7%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.25pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif;">9243617</div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.3%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 6.5pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Register/Official Number</div>
          </td>
          <td style="width: 63.7%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.25pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif;">15321</div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.3%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 6.5pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Ship Commitment</div>
          </td>
          <td style="width: 63.7%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="margin-left: 5.25pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif;">$6,600,000</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: center; margin-bottom: 12pt; color: #000000; font-weight: bold;">New Ship B</div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" id="zc92d40db06804cedbf945c69c17bdbc3">

        <tr>
          <td style="width: 36.28%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 6.25pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Name of Ship</div>
          </td>
          <td style="width: 63.72%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.5pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">EVRIDIKI G</div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.28%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 6.25pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Description</div>
          </td>
          <td style="width: 63.72%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.5pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif;">Container</div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.28%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 6.25pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Owner</div>
          </td>
          <td style="width: 63.72%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.5pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">NOUMEA SHIPPING LTD</div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.28%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 6.25pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Year of Built</div>
          </td>
          <td style="width: 63.72%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.5pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif;">2001</div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.28%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 6.25pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Flag State</div>
          </td>
          <td style="width: 63.72%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.5pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif;">Liberia</div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.28%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 6.25pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">IMO Number</div>
          </td>
          <td style="width: 63.72%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.5pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif;">9231482</div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.28%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 6.25pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Register/Official Number</div>
          </td>
          <td style="width: 63.72%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 5.5pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif;">13898</div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.28%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 6.25pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Ship Commitment</div>
          </td>
          <td style="width: 63.72%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="margin-left: 5.5pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', Times, serif;">$5,400,000</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 12pt;"><br>
    </div>
  </div>
  <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">13</font></div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.18
<SEQUENCE>4
<FILENAME>d8528355_ex4-18.htm
<TEXT>
<html>
  <head>
    <title></title>
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<body bgcolor="#ffffff" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;">
  <div style="text-align: right;"><font style="font-weight: bold;">Exhibit 4.18</font><br>
  </div>
  <div> <br>
  </div>
  <div>
    <div style="margin-bottom: 12pt; color: #000000; font-weight: bold;">Private and Confidential</div>
    <div style="text-align: center; margin-bottom: 36pt; color: #000000; font-weight: bold;"><u>DATED 29</u><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;"><u>th</u></sup><u>&#160; July 2019</u></div>
    <div style="text-align: center; margin-bottom: 24pt; color: #000000; font-weight: bold;">DIAMANTIS SHIPOWNERS LTD (1)</div>
    <div style="text-align: center; margin-bottom: 24pt; color: #000000; font-weight: bold;">- and -</div>
    <div style="text-align: center; margin-bottom: 24pt; color: #000000; font-weight: bold;">PIRAEUS BANK S.A. (2)</div>
    <div style="text-align: center; margin-bottom: 24pt; color: #000000; font-weight: bold;"> <br>
    </div>
    <div style="margin: 0px 0px 12px; color: #000000; font-weight: bold; text-align: center;">
      <hr noshade="noshade" align="center" style="height: 2px; width: 30%; color: #000000; background-color: #000000; margin-left: auto; margin-right: auto; border: none;"></div>
    <div style="color: #000000; font-weight: bold; text-align: center;">FACILITY AGREEMENT<br>
      in respect of a loan of<br>
      up to USD4,000,000</div>
    <div style="color: #000000; font-weight: bold; text-align: center;">
      <hr noshade="noshade" align="center" style="height: 2px; width: 30%; color: #000000; background-color: #000000; margin-left: auto; margin-right: auto; border: none;"> </div>
    <div style="text-align: center; margin-bottom: 66pt; color: #000000; font-weight: bold;"> <br>
    </div>
    <div style="text-align: center; margin-bottom: 12pt; color: #000000; font-weight: bold;">INCE</div>
    <div style="text-align: center; margin-bottom: 12pt; color: #000000; font-weight: bold;">PIRAEUS</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <!--PROfilePageNumberReset%Num%2%%%-->
    <div style="margin-bottom: 8pt;"><br>
    </div>
    <div style="margin-left: 198pt; margin-bottom: 12pt; color: #000000; font-weight: bold;">Index</div>
    <table cellspacing="0" cellpadding="0" border="0" id="zcf4926df55054801b2fc7a62746ba226" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="vertical-align: top;" colspan="2">
            <div style="margin-right: 4.5pt; margin-bottom: 8pt; color: #000000; font-weight: bold;">Clause</div>
          </td>
          <td style="width: 9.6%; vertical-align: top;">
            <div style="text-align: right; margin-right: 4.5pt; margin-bottom: 8pt; color: #000000; font-weight: bold;">Page</div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top;" colspan="2">&#160;</td>
          <td style="width: 9.6%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="margin-right: 4.5pt; margin-bottom: 8pt; color: #000000;">1</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="margin-right: 4.5pt; margin-bottom: 8pt; color: #000000;">Purpose, definitions and construction</div>
          </td>
          <td style="width: 9.6%; vertical-align: top;">
            <div style="text-align: right; margin-right: 4.5pt; margin-bottom: 8pt; color: #000000;">3</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="margin-right: 4.5pt; margin-bottom: 8pt; color: #000000;">2</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="margin-right: 4.5pt; margin-bottom: 8pt; color: #000000;">The Commitment and cancellation</div>
          </td>
          <td style="width: 9.6%; vertical-align: top;">
            <div style="text-align: right; margin-right: 4.5pt; margin-bottom: 8pt; color: #000000;">17</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="margin-right: 4.5pt; margin-bottom: 8pt; color: #000000;">3</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="margin-right: 4.5pt; margin-bottom: 8pt; color: #000000;">Interest and Interest Periods</div>
          </td>
          <td style="width: 9.6%; vertical-align: top;">
            <div style="text-align: right; margin-right: 4.5pt; margin-bottom: 8pt; color: #000000;">18</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="margin-right: 4.5pt; margin-bottom: 8pt; color: #000000;">4</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="margin-right: 4.5pt; margin-bottom: 8pt; color: #000000;">Repayment and prepayment</div>
          </td>
          <td style="width: 9.6%; vertical-align: top;">
            <div style="text-align: right; margin-right: 4.5pt; margin-bottom: 8pt; color: #000000;">21</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="margin-right: 4.5pt; margin-bottom: 8pt; color: #000000;">5</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="margin-right: 4.5pt; margin-bottom: 8pt; color: #000000;">Fees and expenses</div>
          </td>
          <td style="width: 9.6%; vertical-align: top;">
            <div style="text-align: right; margin-right: 4.5pt; margin-bottom: 8pt; color: #000000;">23</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="margin-right: 4.5pt; margin-bottom: 8pt; color: #000000;">6</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="margin-right: 4.5pt; margin-bottom: 8pt; color: #000000;">Payments and taxes; accounts and calculations</div>
          </td>
          <td style="width: 9.6%; vertical-align: top;">
            <div style="text-align: right; margin-right: 4.5pt; margin-bottom: 8pt; color: #000000;">24</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="margin-right: 4.5pt; margin-bottom: 8pt; color: #000000;">7</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="margin-right: 4.5pt; margin-bottom: 8pt; color: #000000;">Representations and warranties</div>
          </td>
          <td style="width: 9.6%; vertical-align: top;">
            <div style="text-align: right; margin-right: 4.5pt; margin-bottom: 8pt; color: #000000;">26</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="margin-right: 4.5pt; margin-bottom: 8pt; color: #000000;">8</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="margin-right: 4.5pt; margin-bottom: 8pt; color: #000000;">Undertakings</div>
          </td>
          <td style="width: 9.6%; vertical-align: top;">
            <div style="text-align: right; margin-right: 4.5pt; margin-bottom: 8pt; color: #000000;">31</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="margin-right: 4.5pt; margin-bottom: 8pt; color: #000000;">9</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="margin-right: 4.5pt; margin-bottom: 8pt; color: #000000;">Conditions</div>
          </td>
          <td style="width: 9.6%; vertical-align: top;">
            <div style="text-align: right; margin-right: 4.5pt; margin-bottom: 8pt; color: #000000;">42</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="margin-right: 4.5pt; margin-bottom: 8pt; color: #000000;">10</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="margin-right: 4.5pt; margin-bottom: 8pt; color: #000000;">Events of Default</div>
          </td>
          <td style="width: 9.6%; vertical-align: top;">
            <div style="text-align: right; margin-right: 4.5pt; margin-bottom: 8pt; color: #000000;">43</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="margin-right: 4.5pt; margin-bottom: 8pt; color: #000000;">11</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="margin-right: 4.5pt; margin-bottom: 8pt; color: #000000;">Indemnities</div>
          </td>
          <td style="width: 9.6%; vertical-align: top;">
            <div style="text-align: right; margin-right: 4.5pt; margin-bottom: 8pt; color: #000000;">47</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="margin-right: 4.5pt; margin-bottom: 8pt; color: #000000;">12</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="margin-right: 4.5pt; margin-bottom: 8pt; color: #000000;">Unlawfulness, increased costs and bail-in</div>
          </td>
          <td style="width: 9.6%; vertical-align: top;">
            <div style="text-align: right; margin-right: 4.5pt; margin-bottom: 8pt; color: #000000;">48</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="margin-right: 4.5pt; margin-bottom: 8pt; color: #000000;">13</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="margin-right: 4.5pt; margin-bottom: 8pt; color: #000000;">Application of moneys, set off, pro-rata payments and miscellaneous</div>
          </td>
          <td style="width: 9.6%; vertical-align: top;">
            <div style="text-align: right; margin-right: 4.5pt; margin-bottom: 8pt; color: #000000;">50</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="margin-right: 4.5pt; margin-bottom: 8pt; color: #000000;">14</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="margin-right: 4.5pt; margin-bottom: 8pt; color: #000000;">Accounts</div>
          </td>
          <td style="width: 9.6%; vertical-align: top;">
            <div style="text-align: right; margin-right: 4.5pt; margin-bottom: 8pt; color: #000000;">52</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="margin-right: 4.5pt; margin-bottom: 8pt; color: #000000;">15</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="margin-right: 4.5pt; margin-bottom: 8pt; color: #000000;">Assignment, transfer and lending office</div>
          </td>
          <td style="width: 9.6%; vertical-align: top;">
            <div style="text-align: right; margin-right: 4.5pt; margin-bottom: 8pt; color: #000000;">53</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="margin-right: 4.5pt; margin-bottom: 8pt; color: #000000;">16</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="margin-right: 4.5pt; margin-bottom: 8pt; color: #000000;">Notices and other matters</div>
          </td>
          <td style="width: 9.6%; vertical-align: top;">
            <div style="text-align: right; margin-right: 4.5pt; margin-bottom: 8pt; color: #000000;">54</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="margin-right: 4.5pt; margin-bottom: 8pt; color: #000000;">17</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="margin-right: 4.5pt; margin-bottom: 8pt; color: #000000;">Governing law</div>
          </td>
          <td style="width: 9.6%; vertical-align: top;">
            <div style="text-align: right; margin-right: 4.5pt; margin-bottom: 8pt; color: #000000;">56</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="margin-right: 4.5pt; margin-bottom: 8pt; color: #000000;">18</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="margin-right: 4.5pt; margin-bottom: 8pt; color: #000000;">Jurisdiction</div>
          </td>
          <td style="width: 9.6%; vertical-align: top;">
            <div style="text-align: right; margin-right: 4.5pt; margin-bottom: 8pt; color: #000000;">56</div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top;" colspan="2">
            <div style="margin-right: 4.5pt; margin-bottom: 8pt; color: #000000;">Schedule 1 Form of Drawdown Notice</div>
          </td>
          <td style="width: 9.6%; vertical-align: top;">
            <div style="text-align: right; margin-right: 4.5pt; margin-bottom: 8pt; color: #000000;">59</div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top;" colspan="2">
            <div style="margin-right: 4.5pt; margin-bottom: 8pt; color: #000000;">Schedule 2 Conditions precedent</div>
          </td>
          <td style="width: 9.6%; vertical-align: top;">
            <div style="text-align: right; margin-right: 4.5pt; margin-bottom: 8pt; color: #000000;">60</div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top;" colspan="2">
            <div style="margin-right: 4.5pt; margin-bottom: 8pt; color: #000000;">Schedule 3 Form of Compliance Certificate</div>
          </td>
          <td style="width: 9.6%; vertical-align: top;">
            <div style="text-align: right; margin-right: 4.5pt; margin-bottom: 8pt; color: #000000;">65</div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top;" colspan="2">
            <div style="margin-right: 4.5pt; margin-bottom: 8pt; color: #000000;">Execution Page</div>
          </td>
          <td style="width: 9.6%; vertical-align: top;">
            <div style="text-align: right; margin-right: 4.5pt; margin-bottom: 8pt; color: #000000;">66</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">2</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">THIS AGREEMENT </font>dated 29<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> July 2019 is made <font style="font-weight: bold;">BY </font>and <font style="font-weight: bold;">BETWEEN:</font></div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z9ab9ebdc3784405c80fd549e32a6378d" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(1)</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;"><font style="font-weight: bold;">DIAMANTIS SHIPOWNERS LTD </font>as Borrower; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z50571184555844c2b9a613aece84f97a" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(2)</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;"><font style="font-weight: bold;">PIRAEUS BANK S.A. </font>as Lender.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-indent: -36pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-weight: bold;">NOW IT IS HEREBY AGREED AS FOLLOWS:</div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z0522c71318bd4305b70f4cc6204a027d" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">1</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000; font-weight: bold;">PURPOSE, DEFINITIONS AND CONSTRUCTION</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zb3e56cef1f194f2d8910d17ee90238be" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">1.1</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000; font-weight: bold;">Purpose</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;">This Agreement sets out the terms and conditions upon which the Lender agrees to make available to the Borrower a loan facility of up to four million Dollars
      (USD4,000,000) in a single advance for the purposes of enabling the Borrower to partially finance the purchase of the Vessel.</div>
    <div style="margin-bottom: 12pt;"><br>
      <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">1.2</td>
            <td style="width: auto; vertical-align: top;">
              <div style="color: #000000; font-weight: bold;"><font style="color: #000000; font-weight: bold;">Definitions</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="margin-left: 36pt; margin-bottom: 12pt; color: #000000;">In this Agreement, unless the context otherwise requires:</div>
    <div style="margin-left: 36pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">&#8220;Approved Broker&#8221; </font>means such second-hand ship sale and purchase broker as the Lender may agree is an Approved Broker for the purposes of this
      Agreement;</div>
    <div style="margin-left: 36pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">&#8220;Bail-In Action&#8221; </font>means the exercise of any Write-down and Conversion Powers;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">&#8220;Bail-In Legislation&#8221; </font>means, in relation to an EEA Member Country which has implemented, or which at any time implements,
      Article 55 of Directive 2014/59/EU establishing a framework for the recovery and resolution of credit institutions and investment firms, the relevant implementing law or regulation as described in the EU Bail-In Legislation Schedule from time to
      time;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">&#8220;Balloon Instalment&#8221; </font>has the meaning given to it in clause 4.1.1, as the same may reduce from time to time;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">&#8220;Banking Day&#8221; </font>means a day on which dealings in deposits in USD are carried on in the London Interbank Eurocurrency Market
      and (other than Saturday or Sunday) on which banks are open for business in London, Athens, Piraeus and New York City (or any other relevant place of payment under clause 6);</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">&#8220;Borrowed Money&#8221; </font>means Indebtedness in respect of (i) money borrowed or raised and debit balances at banks, (ii) any
      bond, note, loan stock, debenture or similar debt instrument, (iii) acceptance or documentary credit facilities, (iv) receivables sold or discounted (otherwise than on a non-recourse basis), (v) deferred payments for assets or services acquired, (vi)
      finance leases and hire purchase contracts, (vii) swaps, forward exchange contracts, futures and other derivatives, (viii) any other transaction (including without limitation forward sale or purchase agreements) having the commercial effect of a
      borrowing or raising of money or of any of (ii) to (vii) above and (ix) guarantees in respect of Indebtedness of any person falling within any of (i) to (viii) above;</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">3</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">&#8220;Borrower&#8221; </font>means Diamantis Shipowners Ltd, a corporation incorporated in Liberia and having its registered office at 80
      Broad Street, Monrovia, Liberia;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">&#8220;Break Costs&#8221; </font>means the aggregate amount of all losses, premiums, penalties, costs and expenses whatsoever certified by
      the Lender at any time and from time to time as having been incurred by the Lender in maintaining or funding the Loan or in liquidating or re-employing fixed deposits acquired to maintain the same as a result of either:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z7cd3cdcaa90e40cb9984e091e2b3d6b5" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any repayment or prepayment of the Loan or any part thereof otherwise than (i) in accordance with clause 4.1, or (ii) on an Interest Payment Date whether on a voluntary or involuntary basis or otherwise
                  howsoever; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zdbef50f79add4ba2abfd801c26fdbb10" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the Borrower failing or being incapable of drawing the Loan after the Drawdown Notice has been given;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">&#8220;Casualty Amount&#8221; </font>means three hundred thousand Dollars (USD300,000) (or the equivalent in any other currency);</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">&#8220;Certified Copy&#8221; </font>means in relation to any document delivered or issued by or on behalf of any company, a copy of such
      document certified as a true, complete and up to date copy of the original by any of the directors or officers for the time being of such company or by such company&#8217;s attorneys or solicitors;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">&#8220;Charter Assignment&#8221; </font>means a specific assignment of any Extended Employment Contract required to be executed hereunder by
      the Borrower in favour of the Lender (including any notices and/or acknowledgements and/or undertakings associated therewith) in such form as the Lender may require in its sole discretion;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">&#8220;Classification&#8221; </font>means, in relation to the Vessel, the highest class available for a vessel of her type with the
      Classification Society;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">&#8220;Classification Society&#8221; </font>means any classification society which is a member of the International Association of
      Classification Societies which the Lender shall, at the request of the Borrower, have agreed in writing shall be treated as the classification society in relation to the Vessel for the purposes of the relevant Ship Security Documents;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">&#8220;Code&#8221; </font>means the US Internal Revenue Code of 1986, as amended, and the regulations promulgated and rulings issued
      thereunder;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">&#8220;Commitment&#8221; </font>means four million Dollars (USD4,000,000) which the Lender is obliged to lend to the Borrower under this
      Agreement, as such amount may be reduced and/or cancelled under this Agreement;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">&#8220;Compliance Certificate&#8221; </font>means a certificate substantially in the form set out in schedule 3 signed by the chief
      financial officer of the Corporate Guarantor;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">&#8220;Compulsory Acquisition&#8221; </font>means, in respect of the Vessel, requisition for title or other compulsory acquisition
      including, if the Vessel is not released therefrom within the Relevant Period, capture, appropriation, forfeiture, seizure, detention, deprivation or confiscation howsoever for any reason (but excluding requisition for use or hire) by or on behalf of
      any Government Entity or other competent authority or by pirates,</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">4</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-left: 36pt; margin-bottom: 12pt; color: #000000;">hijackers, terrorists or similar persons; &#8220;<font style="font-weight: bold;">Relevant </font><font style="font-weight: bold;">Period&#8221; </font>means for the purposes of this definition
      of Compulsory Acquisition either (i) one (1) calendar month or, (ii) in respect of pirates, hijackers, terrorists or similar persons, if relevant underwriters confirm in writing (in terms satisfactory to the Lender) prior to the end of such one (1)
      month period that such capture, appropriation, forfeiture, seizure, detention, deprivation or confiscation will be fully covered by the Borrower&#8217;s relevant insurances, the shorter of twelve (12) months after the date upon which the relevant incident
      occurred and such period at the end of which the relevant cover expires;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">&#8220;Corporate Guarantee&#8221; </font>means the unconditional, irrevocable and on demand guarantee of the obligations of the Borrower
      under this Agreement required to be executed by the Corporate Guarantor in favour of the Lender in such form as the Lender may require;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">&#8220;Corporate Guarantor&#8221; </font>means Euroseas Ltd., a corporation listed on NASDAQ and incorporated in the Marshall Islands with
      its registered office at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, MH96960;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">&#8220;Default&#8221; </font>means any Event of Default or any event or circumstance which with the giving of notice or lapse of time or the
      satisfaction of any other condition (or any combination thereof) would constitute an Event of Default;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">&#8220;Dollars&#8221; </font>and <font style="font-weight: bold;">&#8220;USD&#8221; </font>mean the lawful currency of the USA and in respect of all
      payments to be made under any of the Security Documents means funds which are for same day settlement in the New York Clearing House Interbank Payments System (or such other US dollar funds as may at the relevant time be customary for the settlement
      of international banking transactions denominated in US dollars);</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">&#8220;Drawdown Date&#8221; </font>means any date being a Banking Day falling during the Drawdown Period on which the Loan is, or is to be,
      made available;</div>
    <div style="margin-left: 36pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">&#8220;Drawdown Notice&#8221; </font>means a notice substantially in the form of schedule 1;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">&#8220;Drawdown Period&#8221; </font>means the period commencing on the Execution Date and ending on the earliest, of (i) 31 July 2019, (ii)
      such later date as the Lender may agree in its sole discretion and (iii) any date on which the Commitment is finally cancelled or fully drawn under the terms of this Agreement;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">&#8220;Earnings&#8221; </font>means all moneys whatsoever from time to time due or payable to the Borrower during the Facility Period
      arising out of the use or operation of the Vessel including (but without limiting the generality of the foregoing) all freight, hire and passage moneys, income arising under pooling arrangements, compensation payable to the Borrower in event of
      requisition of the Vessel for hire, remuneration for salvage and towage services, demurrage and detention moneys, and damages for breach (or payments for variation or termination) of any charterparty or other contract (including any contract of
      affreightment) for the employment of the Vessel (including any proceeds under any loss of hire insurance, if applicable);</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">&#8220;Earnings Account&#8221; </font>means an interest bearing USD current account opened or (as the context may require) to be opened by
      the Borrower with the Lender and includes any sub-accounts thereof and any other account designated in writing by the Lender to be the Earnings Account for the purposes of this Agreement;</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">5</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">&#8220;Earnings Account Pledge&#8221; </font>means a first priority pledge required to be executed hereunder between the Borrower and the
      Lender in respect of the Earnings Account in such form as the Lender may require;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">&#8220;EIAPP Certificate&#8221; </font>means the Engine International Air Pollution Prevention Certificate issued or to be issued pursuant
      to Annex VI of the International Convention for the Prevention of Pollution from Ships, MARPOL 73/78 (Regulations for the Prevention of Air Pollution from Ships) in relation to the Vessel;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">&#8220;Encumbrance&#8221; </font>means any mortgage, charge, pledge, lien, hypothecation, assignment, title retention having a similar
      effect, preferential right, option, trust arrangement or security interest or other encumbrance, security or arrangement conferring howsoever a priority of payment in respect of any obligation of any person (excluding preferential payment rights
      granted by preferred shares);</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">&#8220;Environmental Affiliate&#8221; </font>means any agent or employee of the Borrower, the Manager or any other Group Member or any other
      person having a contractual relationship with the Borrower, the Manager or any other Group Member in connection with the Vessel or its operation or the carriage of cargo and/or passengers thereon and/or the provision of goods and/or services on or
      from the Vessel;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">&#8220;Environmental Approvals&#8221; </font>means all authorisations, consents, licences, permits, exemptions or other approvals required
      under applicable Environmental Laws;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">&#8220;Environmental Claim&#8221; </font>means (i) any claim by, or directive from, any applicable Government Entity alleging breach of, or
      non-compliance with, any Environmental Laws or Environmental Approvals or otherwise howsoever relating to or arising out of an Environmental Incident or (ii) any claim by any other third party howsoever relating to or arising out of an Environmental
      Incident (and, in each such case, &#8220;claim&#8221; shall include a claim for damages and/or direction for and/or enforcement relating to clean-up costs, removal, compliance, remedial action or otherwise) or (iii) any Proceedings arising from any of the
      foregoing;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">&#8220;Environmental Incident&#8221; </font>means, regardless of cause, (i) any discharge or release of Environmentally Sensitive Material
      from any Relevant Ship; (ii) any incident in which Environmentally Sensitive Material is discharged or released from a vessel other than a Relevant Ship which involves collision between a Relevant Ship and such other vessel or some other incident of
      navigation or operation, in either case, where the Relevant Ship, the Manager and/or the Borrower and/or the relevant Group Member and/or the relevant Operator are actually, contingently or allegedly at fault or otherwise howsoever liable (in whole
      or in part) or (iii) any incident in which Environmentally Sensitive Material is discharged or released from a vessel other than a Relevant Ship and where such Relevant Ship is actually or potentially liable to be arrested as a resull and/or where
      the Manager and/or the Borrower and/or other Group Member and/or the relevant Operator are actually, contingently or allegedly at fault or otherwise howsoever liable;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">&#8220;Environmental Laws&#8221; </font>means all laws, regulations, conventions and agreements whatsoever relating to pollution, human or
      wildlife well-being or protection of the environment (including, without limitation, the United States Oil Pollution Act of 1990 and any comparable laws of the individual States of the USA);</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">6</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">&#8220;Environmentally Sensitive Material&#8221; </font>means oil, oil products or any other products or substance which are polluting,
      toxic or hazardous or any substance the release of which into the environment is howsoever regulated, prohibited or penalised by or pursuant to any Environmental Law;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">&#8220;EU Bail-In Legislation Schedule&#8221; </font>means the document described as such and published by the Loan Market Association (or
      any successor person) from time to time;</div>
    <div style="margin-left: 36pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">&#8220;Event of Default&#8221; </font>means any of the events or circumstances listed in clause 10.1;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">&#8220;Execution Date&#8221; </font>means the date on which this Agreement has been executed by all the parties hereto;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">&#8220;Extended Employment Contract&#8221; </font>means, in respect of the Vessel and at any relevant time, any bareboat charterparty
      (irrespective of the duration of such charterparty) or any time charterparty or other contract of employment of such ship (including the entry of the Vessel in any pool) which has a remaining tenor exceeding twelve (12) months (including any options
      to renew or extend such tenor) at such time;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">&#8220;Facility Period&#8221; </font>means the period starting on the date of this Agreement and ending on such date as all obligations
      whatsoever of all of the Security Parties under or pursuant to the Security Documents whensoever arising, actual or contingent, have been irrevocably paid, performed and/or complied with;</div>
    <div style="margin-left: 36pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">&#8220;FATCA&#8221; </font>means:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z652a07e205d84cb4b5a6aaceb499b776" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">sections 1471 to 1474 of the US Internal Revenue Code of 1986 (the &#8220;Code&#8221;) or any associated regulations or other official guidance;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zb6505d0eab854fe1ad5958ec6665fb97" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any treaty, law, regulation or other official guidance enacted in any other jurisdiction, or relating to an intergovernmental agreement between the US and any other jurisdiction, which (in either case)
                  facilitates the implementation of paragraph (a) above; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z783b9c0ab3ec4dfc9a53cd288aa792ef" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(iii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any agreement pursuant to the implementation of paragraphs (a) or (b) above with the US Internal Revenue Service, the US government or any governmental or taxation authority in any other jurisdiction;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="margin-left: 36pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">&#8220;FATCA Application Date&#8221; </font>means:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z3a17dbbc19444312bc1724584416290a" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">in relation to a &#8220;withholdable payment&#8221; described in section 1473(1)(A)(i) of the Code (which relates to payments of interest and certain other payments from sources within the US), 1 July 2014; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z570eba936b9c401689c9e466562a6283" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">in relation to a &#8220;passthru payment&#8221; described in section 1471(d)(7) of the Code not falling within paragraph (a) above, the first date from which such payment may become subject to a deduction or withholding
                  required by FATCA;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">&#8220;FATCA Deduction&#8221; </font>means a deduction or withholding from a payment under a Security Document required by FATCA;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">&#8220;FATCA Exempt Party&#8221; </font>means a party to a Security Document that is entitled to receive payments free from any FATCA
      Deduction;</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">7</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">&#8220;FATCA FFI&#8221; </font>means a foreign financial institution as defined in section 1471(d)(4) of the Code which, if the Bank is not
      a FATCA Exempt Party, could be required to make a FATCA Deduction;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">&#8220;Flag State&#8221; </font>means the country, which is acceptable to the Lender, on whose flag the Vessel is or is to be registered in
      the ownership of the Borrower;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">&#8220;General Assignment&#8221; </font>means, in respect of the Vessel, the deed of assignment of its earnings, insurances and requisition
      compensation executed or to be executed by the Borrower in favour of the Lender in such form as the Lender may require;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">&#8220;Government Entity&#8221; </font>means any national or local government body, tribunal, court or regulatory or other agency and any
      organisation of which such body, tribunal, court or agency is a part or to which it is subject;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">&#8220;Group&#8221; </font>means, at any relevant time, the Corporate Guarantor and its Subsidiaries (including the Borrower);</div>
    <div style="margin-left: 36pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">&#8220;Group Member&#8221; </font>means any member of the Group;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">&#8220;IAPP Certificate&#8221; </font>means the International Air Pollution Prevention Certificate issued or to be issued pursuant to Annex
      VI of the International Convention for the Prevention of Pollution from Ships, MARPOL 73/78 (Regulations for the Prevention of Air Pollution from Ships) in relation to the Vessel;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">&#8220;Indebtedness&#8221; </font>means any obligation howsoever arising (whether present or future, actual or contingent, secured or
      unsecured as principal, surety or otherwise) for the payment or repayment of money;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">&#8220;Insurances&#8221; </font>means all policies and contracts of insurance (which expression includes all entries of the Vessel in a
      protection and indemnity or war risks association) which are from time to time during the Facility Period in place or taken out or entered into by or for the benefit of the Borrower (whether in the sole name of the Borrower, or in the joint names of
      the Borrower and the Mortgagee or otherwise) in respect of the Vessel or otherwise howsoever in connection with the Vessel and all benefits thereof (including claims of whatsoever nature and return of premiums);</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">&#8220;Interest Payment Date&#8221; </font>means the last day of an Interest Period and, if an Interest Period is longer than three (3)
      months, the date falling at the end of each successive period of three (3) months from the start of such Interest Period;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">&#8220;Interest Period&#8221; </font>means each period for the calculation of interest in respect of the Loan ascertained in accordance with
      clauses 3.2 and 3.3;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">&#8220;Interest Rate Determination Date&#8221; </font>means, in relation to any period for which an interest rate is to be determined, the
      date falling two (2) Banking Days before the first day of that period unless market practice differs in the London interbank market, in which case the Interest Rate Determination Date will be determined by the Lender in accordance with market
      practice in the London interbank market (and if quotations would normally be given by leading banks in the London interbank market on more than one day, the Interest Rate Determination Date will be the last of those days);</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">8</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">&#8220;ISM Code&#8221; </font>means in relation to its application to the Borrower, the Vessel and its operation:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zec73bb2d041b4a248dec18454a24d144" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">&#8216;The International Management Code for the Safe Operation of Ships and for Pollution Prevention&#8217;, currently known or referred to as the &#8216;ISM Code&#8217;, adopted by the Assembly of the International Maritime
                  Organisation by Resolution A.741(18) on 4 December 1993 and incorporated on 19 May 1994 into Chapter IX of the International Convention for Safety of Life at Sea 1974 (SOLAS 1974); and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z82aa34b47880405e8963932fe5cdea1c" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">all further resolutions, circulars, codes, guidelines, regulations and recommendations which are now or in the future issued by or on behalf of the International Maritime Organisation or any other entity with
                  responsibility for implementing the ISM Code, including, without limitation, the &#8216;Guidelines on implementation or administering of the International Safety Management (ISM) Code by Administrations&#8217; produced by the International Maritime
                  Organisation pursuant to Resolution A.788(19) adopted on 25 December 1995,</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="margin-left: 36pt; margin-bottom: 12pt; color: #000000;">as the same may be amended, supplemented or replaced from time to time;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">&#8220;ISM Code Documentation&#8221; </font>means, in relation to the Vessel, the document of compliance (DOC) and safety management
      certificate (SMC) issued by a Classification Society pursuant to the ISM Code in relation to the Vessel within the periods specified by the ISM Code;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">&#8220;ISM </font>SMS&#8221; means the safety management system which is required to be developed, implemented and maintained under the ISM
      Code;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">&#8220;ISPS Code&#8221; </font>means the International Ship and Port Security Code of the International Maritime Organisation and includes
      any amendments or extensions thereto and any regulations issued pursuant thereto;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;">&#8220;<font style="font-weight: bold;">ISSC</font>&#8221; means an International Ship Security Certificate issued in respect of the Vessel pursuant to the ISPS Code;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">&#8220;Latest Accounts&#8221; </font>means, in respect of any fiscal year of the Corporate Guarantor, the latest annual audited consolidated
      accounts of the Corporate Guarantor required to be prepared pursuant to clause 8.1.6;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">&#8220;Lender&#8221; </font>means Piraeus Bank S.A. having its registered office at 4 Amerikis Street, 105 64 Athens, Greece, acting through
      its branch at 170 Alexandras Ave., 115 21 Athens, Greece (fax no. +30 210 373 9783);</div>
    <div style="margin-left: 36pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">&#8220;LIBOR&#8221; </font>means for an Interest Period in relation to the Loan or any part thereof:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z2ce9091d664e4753b4863c0dd177ef9d" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the London interbank offered rate administered by ICE Benchmark Administration Limited <font style="font-weight: bold;">(&#8220;ICE&#8221;) </font>(or any other person which takes over the administration of that rate) for
                  deposits in Dollars for a period equal to, or as near as possible equal to, the relevant Interest Period which appears on page LIBOR 1 of the REUTERS screen at or about 11.45 a.m. (London time) on the Interest Rate Determination Date for
                  that Interest Period (and, for the purposes of this Agreement, &#8220;REUTERS LIBOR page 01&#8221; means the display designated as</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">9</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt; color: #000000;">the &#8220;REUTERS LIBOR 01&#8221; on the Reuters Money News Service or such other page as may replace REUTERS LIBOR page 01 on that service for the purpose of displaying
      rates comparable to that rate or on such other service as may be nominated by ICE as the information vendor for the purpose of displaying ICE Interest Settlement Rates for Dollars); or</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z0546562a9d814d0092e6bd39c16030a4" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">if on such date no rate is quoted on REUTERS LIBOR page 01, LIBOR for such period shall be the rate per annum (rounded upward if necessary to five decimal place) at which the Lender is able in accordance with
                  its usual practices to obtain deposits in Dollars in an amount approximately equal to the amount in relation to which LIBOR is to be determined for a period equivalent to such period in the London Interbank Market at or about 11:45 a.m.
                  (London time) on the Interest Rate Determination Date for that Interest Period for a period equal to that Interest Period and for delivery on the first Banking Day of it,</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;"><u>Provided, however, that</u> in case LIBOR is below zero, LIBOR shall be deemed to be zero;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">&#8220;Lightweight&#8221; </font>means the lightweight tonnage of the Ship as provided in (i) the Ship&#8217;s capacity plan or (ii) at the
      Lender&#8217;s discretion the Ship&#8217;s trim and stability booklet;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">&#8220;Loan&#8221; </font>means the aggregate principal amount in respect of the Loan Facility owing to the Lender under this Agreement at
      any relevant time;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">&#8220;Loan Facility&#8221; </font>means the loan facility provided by the Lender on the terms and subject to the conditions of this
      Agreement in an amount not exceeding the lesser of (i) four million Dollars (USD4,000,000) and (ii) 90% of the Scrap Value of the Vessel (to be determined immediately prior to the Drawdown Date);</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">&#8220;Management Agreement&#8221; means, </font>in respect of the Vessel, the agreement between the Borrower and the Manager, in a form
      approved by the Lender;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">&#8220;Manager&#8221; </font>means Eurobulk Ltd., a corporation incorporated in Liberia with its registered office at 80 Broad Street,
      Monrovia, Liberia and having its place of business at 4 Messogiou &amp; Evropis Street, 151 24 Maroussi, Greece, or any other commercial and/or technical manager appointed <font style="font-weight: bold;">by the Borrower, with the prior written
        consent of </font>the Lender, as the manager of the Vessel;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">&#8220;Manager&#8217;s Undertaking&#8221; </font>means, in respect of the Vessel, the undertaking and assignment of insurances required to be
      executed hereunder by the Manager in favour of the Lender in such form as the Lender may require;</div>
    <div style="margin-left: 36pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">&#8220;Margin&#8221; </font>means 3.50% (three point five per cent) per annum;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">&#8220;Material Adverse Effect&#8221; </font>means a material adverse effect on (i) the Lender&#8217;s rights under, or the security provided by,
      any Security Document, (ii) the ability of any Security Party to perform or comply with any of its obligations under any Security Document to which it is a party or <font style="font-weight: bold;">(iii) the </font>value or nature <font style="font-weight: bold;">of the financial condition of </font>any Security Party (other than the Manager);</div>
    <div style="margin-left: 36pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">&#8220;Maturity Date&#8221; </font>means the date falling 3 years after the Drawdown Date;</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">10</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">&#8220;MII &amp; MAP Policy&#8221;</font> means a mortgagee&#8217;s interest and (if required by the Lender) pollution risks insurance policy
      (including, but not limited to, additional perils (pollution) cover) in respect of the Vessel to be effected by the Lender on or before the Drawdown Date to cover the Vessel as the same may be renewed or replaced annually thereafter and maintained
      throughout the Facility Period through such brokers, with such underwriters and containing such coverage as may be acceptable to the Lender in its sole discretion, insuring a sum of at least one hundred and ten per cent (110%) of the Loan in respect
      of mortgagee&#8217;s interest insurance and one hundred and ten per cent (110%) of the Loan in respect of additional perils (pollution) cover;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">&#8220;MOA&#8221; </font>means the memorandum of agreement dated 31st May 2019 (as amended by Addendum No.1 dated 5 July 2019, Addendum No.2
      dated 8 July 2019 and addendum No.3 dated 17 July 2019 and as the same may be further amended and/or supplemented from time to time) in respect of the Vessel made between the Seller as seller and the Borrower as buyer of the Vessel;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">&#8220;month&#8221; </font>means a period beginning in one calendar month and ending in the next calendar month on the day numerically
      corresponding to the day of the calendar month on which it started, provided that (a) if the period started on the last Banking Day in a calendar month or if there is no such numerically corresponding day, it <font style="font-weight: bold;">shall
        end on </font>the last Banking Day in such next calendar month and (b) if such numerically corresponding day is not a Banking Day, the period shall end on the next following Banking Day in the same calendar month but if there is no the Banking Day
      it shall end on the preceding Banking Day and &#8220;months&#8221; and <font style="font-weight: bold;">&#8220;monthly&#8221; </font>shall be construed accordingly;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">&#8220;Mortgage&#8221; </font>means the first preferred Liberia ship mortgage of the Vessel required to be executed hereunder by the
      Borrower, to be in such form as the Lender may require in <font style="font-weight: bold;">its </font>sole discretion;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">&#8220;NASDAQ&#8221; </font>means the stock exchange run by the US National Association of Securities Dealers with the main exchange located
      in the United States of America, originally an acronym for the National Association of Securities Dealers Automatic Quotations;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">&#8220;Net Worth&#8221; </font>means by reference to the Latest Accounts, the Total Assets less Total Liabilities of the Group;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">&#8220;Operator&#8221; </font>means any person who is from time to time during the Facility Period concerned in the operation of a Relevant
      Ship and falls within the definition of &#8220;Company&#8221; set out in rule 1.1.2 of the ISM Code;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">&#8220;Permitted Encumbrance&#8221; </font>means any Encumbrance in favour of the Lender created pursuant to the Security Documents any
      Encumbrance created in favour of a plaintiff or defendant in any proceedings or arbitration as security for costs and expenses while the Borrower is actively prosecuting or defending such proceedings or arbitration in good faith; Encumbrances arising
      by operation of law in respect of taxes which are not overdue for payment or in respect of taxes being contested in good faith by appropriate steps and in respect of which appropriate reserves have been made and Permitted Liens;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">&#8220;Permitted Liens&#8221; </font>means any lien on the Vessel for master&#8217;s, officer&#8217;s or crew&#8217;s wages outstanding in the ordinary course
      of trading, any lien for salvage and any ship</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">11</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-left: 36pt; margin-bottom: 12pt; color: #000000;">repairer&#8217;s or outfitter&#8217;s possessory lien for a sum not (except with the prior written consent of the Lender) exceeding the Casualty Amount any lien arising in the ordinary course of
      trading by statute or by operation of law in respect of obligations which are not overdue (and while such obligations are not overdue) or which are being contested in good faith by bona fide and appropriate proceedings (and for the payment of which
      adequate, freely-available reserves have been provided) unless such proceedings or the continued existence of such lien makes likely the sale, forfeiture or loss of, or of any interest in, the Vessel, and liens securing liabilities for Taxes against
      which adequate, freely-available reserves have been provided;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">&#8220;Pertinent Jurisdiction&#8221; </font>means any jurisdiction in which or where any Security Party is incorporated, resident,
      domiciled, has a permanent establishment or assets, carries on, or has a place of business or is otherwise howsoever effectively connected;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">&#8220;Proceedings&#8221; </font>means any litigation, arbitration, legal action or complaint or judicial, quasi-judicial or administrative
      proceedings whatsoever arising or instigated by anyone (private or governmental) in any court, tribunal, public office or other forum whatsoever and wheresoever (including, without limitation, any action for provisional or permanent attachment of any
      thing or for injunctive remedies or interim relief and any action instigated on an ex parte basis);</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">&#8220;Registry&#8221; </font>means the office of the registrar, commissioner or representative of the Flag State, who is duly empowered to
      register the Vessel, the Borrower&#8217;s title thereto and the Mortgage under the laws and flag of the Flag State;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">&#8220;Relevant Ship&#8221; </font>means the Vessel and any other ship from time to time (whether before or after the date of this
      Agreement) owned by any Group Member;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">&#8220;Repayment Date&#8221; </font>means the date on which any instalment of the Loan is repayable under the provisions of clause 4.1.1;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">&#8220;Repayment Instalment&#8221; </font>means in respect of the Loan, each of the repayment instalments falling due under and in
      accordance with clause 4.1.1, as the same may be reduced in accordance with this Agreement;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">&#8220;Required Authorisation&#8221; </font>means any authorisation, consent, declaration, licence, permit, exemption, approval or other
      document, whether imposed by or arising in connection with any law, regulation, custom, contract, security or otherwise howsoever which must be obtained at any time from any person, Government Entity, central bank or other self-regulating or
      supra-national authority in order to enable the Borrower lawfully to borrow the Loan and/or to enable any Security Party lawfully and continuously to continue its corporate existence and/or perform all its obligations whatsoever whensoever arising
      and/or grant security under the relevant Security Documents and/or to ensure the continuous validity and enforceability thereof;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">&#8220;Required Security Amount&#8221; </font>means the amount in USD (as certified by the Lender) which is, until the first anniversary of
      the Drawdown Date, one hundred and ten per cent (110%) and, at all time thereafter, one hundred and twenty per cent (120%), of the Loan;</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">12</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">&#8220;Requisition Compensation&#8221; </font>means all moneys or other compensation from time to time payable during the Facility Period by
      reason of Compulsory Acquisition of the Vessel;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">&#8220;Resolution Authority&#8221; </font>means any body which has authority to exercise any Write-down and Conversion Powers;</div>
    <div style="margin-left: 36pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">&#8220;Restricted Person&#8221; </font>means a person that is:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z77c1721014a84a35ae1ccebf54a1c33a" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">listed on, or directly or indirectly owned or controlled (as such terms are defined by the relevant Sanctions Authority) by a person listed on, any Sanctions List;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zace8b839e5b8446c8c550f6776ce1bcc" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">located in, incorporated under the laws of, or owned or controlled by, or acting on behalf of, a person located in or organised under the laws of, a country or territory that is the target of country or
                  territory-wide Sanctions <font style="font-weight: bold;">(&#8220;Sanctions Restricted Jurisdiction&#8221;); </font>or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z268e081675f745159e4ab78f41fab4be" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(iii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">otherwise a target of Sanctions;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">&#8220;Sanctions&#8221; </font>means any economic, financial or trade sanctions laws, regulations, embargoes or restrictive measures
      administered, enacted or enforced by:</div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="ze108e9a55de448dcb1a538d0bb67aef8" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(i)</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;">the United States government;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zfc0b60a2fe3340a6974b60b60c4ddb28" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(ii)</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;">the United Nations;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z87c3a3075edf4e36afa8cb75b0b75215" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(iii)</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;">the European Union or any of its Member States;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z8fa4a1b15602444489d81906c17849ad" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(iv)</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;">the United Kingdom;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z444b5d8e908d40bcb64ce75e647eb3a6" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(v)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any country to which any Security Party or any other member of the Group or any affiliate of any of them is bound; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z6831672e56eb4c928f69c43bd29fa9c2" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(vi)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the respective governmental institutions and agencies of any of the foregoing, including without limitation, the Office of Foreign Assets Control of the US Department of Treasury <font style="font-weight: bold;">(&#8220;OFAC&#8221;), </font>the United States Department of State, and Her Majesty&#8217;s Treasury <font style="font-weight: bold;">(&#8220;HMT&#8221;) </font>(together <font style="font-weight: bold;">&#8220;Sanctions Authorities&#8221; </font>and each, <font style="font-weight: bold;">&#8220;Sanctions Authority&#8221;);</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">&#8220;Sanctions List&#8221; </font>means the &#8220;Specially Designated Nationals and Blocked Persons&#8221; list issued by OFAC, the &#8220;Consolidated
      List of Financial Sanctions Targets in the UK&#8221; issued by HMT, or any similar list issued or maintained or made public by any of the Sanctions Authorities;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">&#8220;Scrap Price&#8221; </font>means, in relation to a the Vessel, the Dollars price per ton for a vessel of the Vessel&#8217;s type quoted by
      scrap-yards in the Indian subcontinent as such price is reported at any relevant time in the most recent Clarksons Weekly Report or any other report acceptable to the Lender;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">&#8220;Scrap Value&#8221; </font>means, in relation to a the Ship, a sum in Dollars (as certified by the Lender whose certificate shall, in
      the absence of manifest error, be conclusive and binding on the Borrower) which is equal to the Lightweight of the Vessel multiplied by the Scrap Price of the Vessel, as such sum may be adjusted by the Lender in accordance with clause 8.2.2;</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">13</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-left: 43.2pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">&#8220;Security Documents&#8221; </font>means this Agreement, the Mortgage, the Corporate Guarantee, the General Assignment, any Charter
      Assignment, the Earnings Account Pledge, the Shares Pledge, the Manager&#8217;s Undertaking, any Tripartite Deed and any other documents as may have been or shall from time to time after the date of this Agreement be executed to guarantee and/or to govern
      and/or secure all or any part of the Loan, interest thereon and other moneys from time to time owing by the Borrower pursuant to this Agreement (whether or not any such document also secures moneys from time to time owing pursuant to any other
      document or agreement);</div>
    <div style="text-align: justify; margin-left: 43.2pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">&#8220;Security Party&#8221; </font>means the Borrower, the Corporate Guarantor, the Shareholder, the Manager or any other person who may
      at any time be a party to any of the Security Documents (other than the Lender);</div>
    <div style="text-align: justify; margin-left: 43.2pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">&#8220;Security Value&#8221; </font>means the amount in USD (as certified by the Lender) which is, at any relevant time, the aggregate of
      (a) the Scrap Value of the Vessel and (b) the net realizable market value of any additional security for the time being actually provided to the Lender pursuant to clause 8.2.1(b), it being agreed however that in case of additional security in the
      form of cash in Dollars, the same will be valued on a Dollar for Dollar basis;</div>
    <div style="margin-left: 43.2pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">&#8220;Seller&#8221; </font>means Diamantis Shipping Ltd of Liberia;</div>
    <div style="text-align: justify; margin-left: 43.2pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">&#8220;Shareholder&#8221; </font>means Eurocon Ltd., a corporation incorporated in the Marshall Islands with its registered office at
      Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, MH96960;</div>
    <div style="text-align: justify; margin-left: 43.2pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">&#8220;Shares Pledge&#8221; </font>means the pledge of the shares of and in the Borrower to be executed by the Shareholder in favour of
      the Lender, to be in such form as the Lender may require in its sole discretion;</div>
    <div style="text-align: justify; margin-left: 43.2pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">&#8220;Ship Security Documents&#8221; </font>means the Mortgage, the General Assignment, any Charter Assignment, any Tripartite Deed and
      the Manager&#8217;s Undertaking;</div>
    <div style="text-align: justify; margin-left: 43.2pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">&#8220;Subsidiary&#8221; </font>of a person means any company or entity directly or indirectly controlled by such person, and for this
      purpose &#8220;control&#8221; means either the ownership of more than fifty per cent (50%) of the voting share capital (or equivalent rights of ownership) of such company or entity or the power to direct its policies and management, whether by contract or
      otherwise;</div>
    <div style="text-align: justify; margin-left: 43.2pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">&#8220;Taxes&#8221; </font>includes all present and future income, corporation, capital or value-added taxes and all stamp and other taxes
      and levies, imposts, deductions, duties, charges and withholdings whatsoever together with interest thereon and penalties in respect thereto, if any, and charges, fees or other amounts made on or in respect thereof (and &#8220;Taxation&#8221; shall be construed
      accordingly);</div>
    <div style="text-align: justify; margin-left: 43.2pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">&#8220;Total Assets&#8221; </font>and <font style="font-weight: bold;">&#8220;Total Liabilities&#8221; </font>mean, respectively, the total assets
      and total liabilities of the Group as evidenced at any relevant time by the Latest Accounts, in which they <font style="font-weight: bold;">shall </font>have been calculated by reference to the meanings assigned to them in accordance with
      International Financial Reporting Standards or US GAAP provided that the value of any ship shall be the market value thereof calculated in accordance with clause 8.2.5(i) and not as set out in the Latest Accounts;</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">14</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">&#8220;Total Commitment&#8221; </font>means, at any relevant time, the aggregate of the Commitments of the Lender at such time;</div>
    <div style="margin-left: 36pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">&#8220;Total Loss&#8221; </font>means, in relation to the Vessel: the actual, constructive, compromised or arranged total loss of the Vessel; or</div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zf7918f403a26466e9f0bb6f778ae4fdd" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(ii)</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;">Compulsory Acquisition; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z2e8dbd845a1f406fa2a8825bdcde5805" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(iii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any hijacking, theft, condemnation, capture, seizure, arrest, detention or confiscation of the Vessel not falling within the definition of Compulsory Acquisition, unless the Vessel be released and restored to
                  the Borrower within sixty (60) days after such incident;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">&#8220;Tripartite Deed&#8221; </font>means, if the Vessel is subject to a bareboat charter, a deed containing (inter alia) an assignment of
      the relevant charterer&#8217;s interest in the insurances of the Vessel, required to be executed by the Borrower and the relevant charterer in favour of <font style="font-weight: bold;">the Lender in such </font>form as the Lender may require in its sole
      discretion and the relevant charterer may agree;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">&#8220;Underlying Documents&#8221; </font>means, together, the MOA, any Extended Employment Contracts and the Management Agreements;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">&#8220;Unlawfulness&#8221; </font>means any event or circumstance which is the subject of a notification by the Lender to the Borrower under
      clause 12.1;</div>
    <div style="margin-left: 36pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">&#8220;USA&#8221; </font>means the United States of America;</div>
    <div style="margin-left: 36pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">&#8220;US Tax Obligor&#8221; </font>means:</div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="za7f3702dfc5b414bbd942e8866b407b5" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;">the Borrower if it is resident for tax purposes in the USA; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z55e11e96a93d44059356e9339112c0ea" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">a Security Party some or all of whose payments under the Security Documents are from sources within the USA for US federal income tax purposes;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">&#8220;Vessel&#8221; </font>means the 1998-built container vessel of 2,078 TEU and 10,602 lwt named <font style="font-weight: bold;">&#8220;DIAMANTIS

        P.&#8221; </font>registered in the name of the Seller under the Liberia flag and which is to be acquired by the Borrower pursuant to the MOA and to be registered in the name of the Borrower under the Liberia flag with the name &#8220;DIAMANTIS P.&#8221;;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">&#8220;Write-down and Conversion Powers&#8221; </font>means, in relation to any Bail-In Legislation described in the EU Bail-In Legislation
      Schedule from time to time, the powers described as such in relation to that Bail-In Legislation in the EU Bail-In Legislation Schedule.</div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zaad634738f4542078734eadd33daa6fd" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">1.3</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000; font-weight: bold;">Construction</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="margin-left: 36pt; margin-bottom: 12pt; color: #000000;">In this Agreement, unless the context otherwise requires:</div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z171b4980cc0a4e788100fd844730f039" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">1.3.1</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;">clause headings and the index are inserted for convenience of reference only and shall be ignored in the construction of this Agreement;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">15</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zc4264ed628404a84828b3765bd8470ac" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">1.3.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">references to clauses and schedules are to be construed as references to clauses of, and schedules to, this Agreement and references to this Agreement include its schedules and any supplemental agreements
                  executed pursuant hereto;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z13e782789d31414ca870f4090a10aff9" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">1.3.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">references to (or to any specified provision of) this Agreement or any other document shall be construed as references to this Agreement, that provision or that document as in force for the time being and as
                  duly amended and/or supplemented and/or novated;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z0b373ee164a942f391b182c24bfa02f0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">1.3.4</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">references to a &#8220;regulation&#8221; include any present or future regulation, rule, directive, requirement, request or guideline (whether or not having the force of law) of any Government Entity, central bank or any
                  self-regulatory or other supra-national authority;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zdc974439a8f047498fb13729faedddce" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">1.3.5</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">references to any person in or party to this Agreement shall include reference to such person&#8217;s lawful successors and assigns and references to the Lender shall also include a Transferee Lender;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z0f43346d881f42bf94cbe067f50ab0da" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">1.3.6</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;">words importing the plural shall include the singular and vice versa;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zbefebf8e4d6b4240aef108e99668212e" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">1.3.7</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;">references to a time of day are, unless otherwise stated, to Athens time;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="za1e5a7b5941d43b5a049a34e2278e0b9" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">1.3.8</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">references to a person shall be construed as references to an individual, firm, company, corporation or unincorporated body of persons or any Government Entity;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z35262a96762a482fb3fef07e5e99a312" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">1.3.9</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">references to a &#8220;guarantee&#8221; include references to an indemnity or any other kind of assurance whatsoever (including, without limitation, any kind of negotiable instrument, bill or note) against financial loss or
                  other liability including, without limitation, an obligation to purchase assets or services as a consequence of a default by any other person to pay any Indebtedness and &#8220;guaranteed&#8221; shall be construed accordingly;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z8b27811f904e4898ac2444ab49855c14" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">1.3.10</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">references to any statute or other legislative provision are to be construed as references to any such statute or other legislative provision as the same may be re enacted or modified or substituted by any
                  subsequent statute or legislative provision (whether before or after the date hereof) and shall include any regulations, orders, instruments or other subordinate legislation issued or made under such statute or legislative provision;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="ze97b442e39224db4b0932d81230d2abb" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">1.3.11</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">a certificate by the Lender as to any amount due or calculation made or any matter whatsoever determined in connection with this Agreement shall be conclusive and binding on the Borrower except for manifest
                  error;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="za83da3932b044819a4c002d35dd0c567" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">1.3.12</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">if any document, term or other matter or thing is required to be approved, agreed or consented to by the Lender such approval, agreement or consent must be obtained in writing unless the contrary is stated;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="ze2dd9ea0c93f42a5a2886796a42ea0a0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">1.3.13</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">time shall be of the essence in respect of all obligations whatsoever of the Borrower under this Agreement, howsoever and whensoever arising;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z6ec59c3fd9964d958c25a8c5a692b31d" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">1.3.14</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">and the words &#8220;other&#8221; and &#8220;otherwise&#8221; shall not be construed eiusdem generis with any foregoing words where a wider construction is possible.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z368bce1095144680a2a16318914f7ef7" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">1.4</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000; font-weight: bold;">References to currencies</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">16</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;">Currencies are referred to in this Agreement by the three letter currency codes (ISO 4217) allocated to them by the International Organisation for
      Standardisation.</div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zde967d92d84341d5a529534d9a7f388a" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">1.5</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000; font-weight: bold;">Contracts (Rights of Third Parties Act) 1999</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;">Except for clause 18, no part of this Agreement shall be enforceable under the Contracts (Rights of Third Parties) Act 1999 by a person who is not a party to this
      Agreement.</div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z0ba6d07c5e8a40c8b9c308fcd364934b" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">2</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000; font-weight: bold;">THE COMMITMENT AND CANCELLATION</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z3c2fa7539dfd41729941c6507a000553" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">2.1</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000; font-weight: bold;">Agreement to lend</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;">The Lender, relying upon each of the representations and warranties in clause 7, agrees to make available to the Borrower upon and subject to the terms of this
      Agreement, the Loan Facility in a single advance for the purposes of enabling the Borrower to partially finance the purchase of the Vessel by the Borrower.</div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zf5f88634b9cb4d7db1eace25ea0d5408" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">2.2</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000; font-weight: bold;">Drawdown</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z3d11f746d8b44b4db52fff9f5c97f5d5" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">2.2.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Subject to the terms and conditions of this Agreement, the Loan shall be made available to the Borrower following receipt by the Lender from the Borrower of a Drawdown Notice not later than 10:00 a.m. on the
                  third Banking Day before the date, which shall be a Banking Day falling within the Drawdown Period, on which the Borrower proposes the Loan is made available.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zdc775fa9d48049a2b70ba090fb0a692f" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">2.2.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">The Drawdown Notice shall be effective on actual receipt by the Lender and, once given, shall, subject as provided in clause 3.5, be irrevocable.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z7f6ed1f097e344b7ac5d1a81510658be" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">2.3</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000; font-weight: bold;">Limitation and application of the Loan</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="ze71b5bb9135e4983b8f0aa29821d1aea" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">2.3.1</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;">The amount of the Loan shall not exceed the amount of the Loan Facility.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z1d8e4a6099a54d899f58b9b73d0f4e04" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">2.3.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">The principal amount specified in the Drawdown Notice for borrowing on the Drawdown Date shall, subject to the terms of this Agreement, not exceed the lesser of (i) four million Dollars (USD4,000,000) and (ii)
                  90% of the Scrap Value of the Vessel (to be determined immediately prior to the Drawdown Date), to be applied in or towards financing the purchase of the Vessel by the Borrower.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z05d55499ca8d4012a2b5f356a5a1783f" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">2.3.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">The Loan shall be paid forthwith upon drawdown to such account as the Borrower shall stipulate in the Drawdown Notice.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z75652754168f4443af293e16f1822910" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">2.4</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000; font-weight: bold;">Availability</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z3a16b3d85280482d8382519a4229d9e2" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">2.4.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">The Borrower acknowledges that payment of the Loan referred to in clause 2.3.2 to the account or accounts specified in the Drawdown Notice shall satisfy the obligation of the Lender to lend the Loan to the
                  Borrower under this Agreement.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z4691578c94364684b3260138ac00a57b" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">2.5</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000; font-weight: bold;">Cancellation in changed circumstances</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z7342bb4be68a4a3f9e99a1b14731cdf1" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">2.5.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">The Borrower may at any time during the Facility Period by notice to the Lender (effective only on actual receipt) cancel with effect from a date not less than ten (10) Banking Days after receipt by the Lender
                  of such notice, all or part of the undrawn Total Commitment.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">17</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z7629702f6bd949dab50d470603ef5539" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">2.5.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">The Borrower may also at any time during the Facility Period by notice to the Lender (effective only on actual receipt) prepay and/or cancel with effect from a date not less than ten (10) Banking Days after
                  receipt by the Lender of such notice, the whole but not part only, but without prejudice to the Borrower&#8217;s obligations under clauses 3.5, 6.6 and 12, of the Commitment (if any). Upon any notice of such prepayment and cancellation being
                  given, the Commitment shall be reduced to zero, the Borrower shall be obliged to prepay the Loan and the Lender&#8217;s related costs (including but not limited to Break Costs, if any) on such date, but always without any premium or penalty if
                  such prepayment is effected on the next Interest Payment Date, and the Lender shall be under no obligation to make available the Loan.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zd46fce8e11ef4ad6882ade85e8155af1" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">2.6</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000; font-weight: bold;">Use of proceeds</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z8627048a27ed4a6b9ea533a0d05c27d3" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">2.6.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Without prejudice to the Borrower&#8217;s obligations under clause 8.1.4, the Lender shall not have any responsibility for the application of the proceeds of the Loan or any part thereof by the Borrower.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z6e4087ca029f4c219f41208c91373726" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">2.6.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">The Borrower shall not, and shall procure that each Security Party and each other Group Member and any Subsidiary of any of them shall not, permit or authorise any other person to, directly or indirectly, use,
                  lend, make payments of, contribute or otherwise make available, all or any part of the proceeds of the Loan or other transactions contemplated by this Agreement to fund or facilitate trade, business or other activities: (i) involving or
                  for the benefit of any Restricted Person; or (ii) in any other manner that could result in the Borrower or any other Security Party being in breach of any Sanctions or becoming a Restricted Person.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z5afa41f128e1441c847ebef9c8543e20" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">2.6.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">It is prohibited to use any part of the proceeds of the Loan for the purposes of acquiring shares in the share capital of the Lender or other banks and/or financial institutions or acquiring hybrid capital
                  debentures (T12Aoug u(3gibticdiv <font style="font-style: italic;">Kupculaicov) </font>of the Lender or other banks and/or financial institutions.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z02ec719b060144c7be140a67c05e9441" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: normal;">3</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000; font-weight: bold;">INTEREST AND INTEREST PERIODS</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z7c611dccaab24e89b8e349dbed27c3eb" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">3.1</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000; font-weight: bold;">Normal interest rate</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="margin-left: 36pt; margin-bottom: 12pt; color: #000000;">The Borrower<font style="font-weight: bold;">&#160;</font>must pay interest on the Loan in respect of each Interest Period relating thereto on each Interest Payment Date at the rate per
      annum determined by the Lender to be the aggregate of (a) the Margin in respect thereof and (b) LIBOR for such period.</div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z9eb6103488764dccaca2a053258b4a1a" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">3.2</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000; font-weight: bold;">Selection of Interest Periods</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="margin-left: 36pt; margin-bottom: 12pt; color: #000000;">Subject to clause 3.3, the Borrower may by notice received by the Lender not later than 10:00 a.m. on the second Banking Day before the beginning of each Interest Period specify
      whether such Interest Period shall have a duration of one (1), three (3) or six (6) months or such other period as the Borrower may select and the Lender may agree.</div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zbe08d74da11e4674a1716f9170c2b12d" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">3.3</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000; font-weight: bold;">Determination of Interest Periods</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="margin: 0px 0px 12pt 36pt; color: #000000; text-align: justify;">Subject to clause 3.3.1 every Interest Period shall be of the duration specified by the Borrower pursuant to clause 3.2 but so that:</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">18</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 8pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zd3702dc6ca7340f2a9a1c91860887b7c" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">3.3.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the first Interest Period in respect of the Loan shall start on the date the Loan is drawn and each subsequent Interest Period shall start on the last day of the previous Interest Period;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z6e8d12e5bf1845d0a3e1c1d4efce9468" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">3.3.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">if any Interest Period would otherwise overrun a Repayment Date, then, in the case of the last Interest Period, such Interest Period shall end on the Maturity Date, and in the case of any other Interest Period,
                  the Loan shall be divided into parts so that there is one part in the amount of the Repayment Instalment due on such Repayment Date and having an Interest Period ending on the relevant Repayment Date and another part in the amount of the
                  balance of the Loan having an Interest Period ascertained in accordance with clause 3.2 and the other provisions of this clause 3.3; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zb7e1ab2264ae4e248c7dfe47d973cc2b" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">3.3.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">if the Borrower fails to specify the duration of an Interest Period in accordance with the provisions of clause 3.2 and this clause 3.3, such Interest Period shall have a duration of three (3) months or such
                  other period as shall comply with this clause 3.3.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zafa4170855f64f33a2d439f9ad5c5795" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">3.4</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000; font-weight: bold;">Default interest</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;">If the Borrower fails to pay any sum (including, without limitation, any sum payable pursuant to this clause 3.4) on its due date for payment under any of the
      Security Documents, the Borrower must pay interest on such sum on demand from the due date up to the date of actual payment (as well after as before judgment) at a rate determined by the Lender pursuant to this clause 3.4. The period starting on such
      due date and ending on such date of payment shall be divided into successive periods selected by the Lender each of which (other than the first, which shall start on such due date) shall start on the last day of the preceding such period. The rate of
      interest applicable to each such period shall be the aggregate (as determined by the Lender) of (a) two per cent (2%) per annum, (b) the Margin and (c) LIBOR for such periods. Such interest shall be due and payable on demand, or, if no demand is
      made, then on the last day of each such period as determined by the Lender and on the day on which all amounts in respect of which interest is being paid under this clause are paid, and each such day shall, for the purposes of this Agreement, be
      treated as an Interest Payment Date, provided that if such unpaid sum is an amount of principal which became due and payable by reason of a declaration by the Lender under clause 10.2.2 or a prepayment pursuant to clauses 4.3, 4.4, 8.2.1(a) or 12.1,
      on a date other than an Interest Payment Date relating thereto, the first such period selected by the Lender shall be of a duration equal to the period between the due date of such principal sum and such Interest Payment Date and interest shall be
      payable on such principal sum during such period at a rate of two per cent (2%) above the rate applicable thereto immediately before it shall have become so due and payable. If, for the reasons specified in clause 3.5.1, the Lender is unable to
      determine a rate in accordance with the foregoing provisions of this clause 3.4, interest on any sum not paid on its due date for payment shall be calculated at a rate determined by the Lender to be two per cent (2%) per annum above the aggregate of
      the Margin and the cost of funds to the Lender compounded at such intervals as the Lender selects.</div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z26783e507bc24885889e8549d126a5ef" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">3.5</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000; font-weight: bold;">Market disruption; non-availability</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zfb90068f136c4bb7adef117bb25f338e" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">3.5.1</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;">If at any time prior to the commencement of any Interest Period:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">19</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zdacb795ba6224eca8c664a27da271aad" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the Lender for any reason is unable to obtain Dollars in the London Interbank Market in order to fund the Loan (or any part of it) during that Interest Period; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z3871a7cffb56451488d15cc4d65fbca9" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the Lender considers that LIBOR would not accurately reflect the cost to it of funding the Loan (or any part of them) during that Interest Period&#160;</div>
              </td>
            </tr>

        </table>
        <div> <br>
        </div>
        <div style="margin: 0px 0px 0px 72pt;">then the Lender must promptly give notice (a <font style="font-weight: bold;">&#8220;Determination Notice&#8221;) </font>thereof to the Borrower. A Determination Notice shall contain particulars of the relevant
          circumstances giving rise to its issue. After the giving of any Determination Notice, regardless of any other provision of this Agreement, no Commitment shall be borrowed until notice to the contrary is given to the Borrower by the Lender. </div>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z713ef33591b744f9a9d00376494e6853" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">3.5.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Within ten (10) Banking Days of any Determination Notice being given by the Lender under clause 3.5.1, the Lender must certify an alternative basis in place of LIBOR (the <font style="font-weight: bold;">&#8220;Alternative

                    Basis&#8221;) </font>for maintaining the Loan. The Alternative Basis may at the Lender&#8217;s sole discretion include (without limitation) alternative interest periods, alternative currencies or alternative rates of interest but shall include the
                  relevant Margin above the cost of funds to the Lender.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 3.6pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000;">Once the Alternative Basis has been received by the Borrower, the Borrower and the Lender shall negotiate in good faith for a period of
      thirty (30) Banking Days in order to arrive at a mutually acceptable substitute basis for the Lender to continue to make available the Loan and, if within such thirty (30) Banking Day period the Borrower and the Lender shall agree in writing upon
      such an alternative basis (the <font style="font-weight: bold;">&#8220;Substitute Basis&#8221;) </font>the Substitute Basis should be retroactive to and effective from the first day of the relevant Interest Period.</div>
    <div style="text-align: justify; margin-right: 3.6pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000;">The Substitute Basis so certified shall be binding upon the Borrower, and shall take effect in accordance with its terms from the date
      specified in the Determination Notice until such time as the Lender notifies the Borrower that none of the circumstances specified in clause 3.5.1 continues to exist whereupon the normal interest rate fixing provisions of this Agreement shall again
      apply and, subject to the other provisions of this Agreement, the Commitment may again be borrowed.</div>
    <div style="text-align: justify; margin-right: 3.6pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000;">If the Borrower does not agree the Substitute Basis, then the Borrower shall have the right to repay the Loan without any premium or penalty
      on the next Interest Payment Date after receiving notice of the Substitute Basis, together with accrued interest thereon payable to the Lender at the rate certified by the Lender and notified to the Borrower as being a reasonable interest reflecting
      the cost to the Lender of funding the Loan during the period ending on the date of such prepayment, plus the Margin.</div>
    <div style="text-align: justify; margin-right: 3.6pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000;">So long as any Substitute Basis is in force, the Lender shall from time to time (but at least monthly) review whether or not the
      circumstances are such that such Substitute Basis is no longer necessary and, if the Lender so determines it shall notify the Borrower that the Substitute Basis shall cease to be effective from such date as the Lender shall reasonably specify.</div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="ze03fe0511e9942a5822fc708dec8776d" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">3.5.3</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000; font-weight: bold;">Interest Rate Swaps</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">20</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;">The Borrower may not enter into any interest hedging arrangements without the prior written consent of the Lender.</div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z53cd627752ec464f9441d90adfa0d80d" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">4</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000; font-weight: bold;">REPAYMENT AND PREPAYMENT</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z806da752599d4313b7c9f734b506d0dc" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">4.1</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000; font-weight: bold;">Repayment</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z02d551323da843ac94e147840fcbd4e3" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">4.1.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Subject to any obligation to pay earlier under this Agreement, the Borrower must repay the Loan by:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="za309466bd7a1462f98f33038dca17fb7" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;">twelve (12) equal quarterly instalments of USD175,000 each; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="ze9e49e1e90964644b5b2c1a0fb2921f6" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">an instalment (the <font style="font-weight: bold;">&#8220;Balloon Instalment&#8221;) </font>of USD1,900,000, the first repayment instalment falling due 3 months after the Drawdown Date and subsequent instalments falling
                  due at quarterly intervals thereafter, with the final instalment falling due on the Maturity Date and the Balloon Instalment being repayable together with the final such instalment.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z2daeb3d38c1b4a28b73dfc2785d93dbb" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">4.1.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">If less than the full amount of the Loan is drawn down, then each of the said repayment instalments and the Balloon Instalment shall be reduced pro rata by the amount of, in aggregate, such undrawn amount.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z3533207f45634ac6a5e8fd54d9cf3abe" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">4.1.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">The Borrower shall on the Maturity Date also pay to the Lender all other amounts in respect of interest or otherwise then due and payable under this Agreement and the Security Documents.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z295c5e92ceca4ce780b2be57471f88eb" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">4.2</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000; font-weight: bold;">Voluntary prepayment</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;">Subject to clauses 4.3, 4.4, 4.5 and 4.6, the Borrower may, subject to having given 15 days&#8217; prior written notice thereof to the Lender, prepay any specified
      amount (such part being in an amount of one hundred thousand Dollars (USD 100,000) or any larger sum which is an integral multiple of such amount) of the Loan on any relevant Interest Payment Date without premium or penalty.</div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z8a0b0b1fb6524d5c8b1c78277e579f2f" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">4.3</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000; font-weight: bold;">Mandatory Prepayment on Total Loss</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;">On the date falling one hundred and eighty (180) days after that on which the Vessel became a Total Loss or, if earlier, on the date upon which the relevant
      insurance proceeds are, or Requisition Compensation is, received by the Borrower (or the Lender pursuant to the Security Documents) the Borrower must prepay the Loan in full.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z945a5b1c23d8447e8cb05389a4ae48e9" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">4.3.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Interpretation</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="margin-left: 36pt; margin-bottom: 12pt; color: #000000;">For the purpose of this Agreement, a Total Loss shall be deemed to have occurred:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z89eb990623ac42c8bbc9bd12df834c89" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">in the case of an actual total loss of the Vessel, on the actual date and at the time the Vessel was lost or, if such date is not known, on the date on which the Vessel was last reported;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z56ccffcbdee94187a322214a20aa663c" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">in the case of a constructive total loss of the Vessel, upon the date and at the time notice of abandonment of the Vessel is given to the then insurers of the Vessel (provided a claim for total loss is admitted
                  by such insurers) or, if such</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">21</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt; color: #000000;">insurers do not immediately admit such a claim, at the date and at the time at which either a total loss is subsequently admitted by such insurers or a total loss
      is subsequently adjudged by a competent court of law or arbitration tribunal to have occurred;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zb74c5934ffb24164839465041650fbd7" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">in the case of a compromised or arranged total loss of the Vessel, on the date upon which a binding agreement as to such compromised or arranged total loss has been entered into by the then insurers of the
                  Vessel;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z27af64ec4cda45d8a6765abb0b4c6c32" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(d)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">in the case of Compulsory Acquisition, on the date upon which the relevant requisition of title or other compulsory acquisition occurs; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zd1d80c278ab0435c90481a18d4df8a1a" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(e)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">in the case of hijacking, theft, condemnation, capture, seizure, arrest, detention or confiscation of the Vessel (other than within the definition of Compulsory Acquisition) by any Government Entity, or by
                  persons allegedly acting or purporting to act on behalf of any Government Entity, which deprives the Borrower of the use of the Vessel for more than sixty (60) days, upon the expiry of the period of sixty (60) days after the date upon
                  which the relevant incident occurred.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zea013686b46e40738e92aaad4dbf8dfc" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">4.4</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000; font-weight: bold;">Mandatory prepayment on sale of the Vessel</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 3.6pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000;">On the date of completion of the sale of the Vessel, the Borrower must prepay the Loan in full.</div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z9e03d38367e94a80a55186e90ffbafd2" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">4.5</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000; font-weight: bold;">Amounts payable on prepayment</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zca9b9084ad9a4251a28a8436eeb8057e" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">4.5.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Any prepayment of all or part of the Loan under this Agreement shall be made together with:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z4d7942d95aab43f59a9827e8aef91cd0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">accrued interest on the amount to be prepaid to the date of such prepayment;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z1d73ee4857f84144a3d99b1d776905a6" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any additional amount payable under clauses 3.5, 6.6 or 12.2; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zaeb35117991a4f638fe88464102a8be2" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">all other sums payable by the Borrower to the Lender under this Agreement or any of the other Security Documents including, without limitation any Break Costs.</div>
              </td>
            </tr>

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

          <tr>
            <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0);">4.6</td>
            <td style="width: auto; vertical-align: top;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;"><font style="color: rgb(0, 0, 0); font-weight: bold;">Notice of prepayment; reduction of Repayment Instalments</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z07d52fd8af3945a8b8eae10f15236c82" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">4.6.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Every notice of prepayment shall be effective only on actual receipt by the Lender, shall be irrevocable, shall specify the amount to be prepaid and shall oblige the Borrower to make such prepayment on the date
                  specified.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z04b2ae9f7ef8478a9ae71b083123cf1b" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">4.6.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Any amount prepaid pursuant to clause 4.2 shall be applied pro rata against the remaining Repayment Instalments (including the Balloon Instalment) specified in clause 4.1.1.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z047f552a025a4820902d9373d3e9e57f" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">4.6.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">The Borrower may not prepay the Loan or any part thereof except <font style="font-weight: bold;">as </font>expressly provided in this Agreement.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z5a09321a16434ceab495ed6c5b071fdb" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">4.6.4</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;">No amount repaid or prepaid may be re-borrowed.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">22</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 8pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zfdcb30da1e134d078e923cdeb434c095" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: normal;">5</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">FEES AND EXPENSES</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z8d900b5e72294bd29a016abfde5737db" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: normal;">5.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Arrangement fee</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;">The Borrower agrees to pay to the Lender on the Drawdown Date a non-refundable arrangement fee equal to zero point nine per cent (0.9%) of the amount of the Loan
      which is made available on the Drawdown Date.</div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z2dea4f722b5c41048b16333ab70e4f31" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">5.2</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000; font-weight: bold;">Expenses</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;">The Borrower agrees to reimburse the Lender on a full indemnity basis within ten (10) days of demand all reasonable expenses and/or disbursements whatsoever
      (including without limitation legal, printing and out of pocket expenses) certified by the Lender as having been incurred by them from time to time:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z28594ce826af424cbee67dd35dfb9434" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">5.2.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">in connection with the negotiation, preparation, execution and, where relevant, registration of the Security Documents and of any contemplated or actual amendment, or indulgence or the granting of any waiver or
                  consent howsoever in connection with, any of the Security Documents (including legal fees) (but excluding any such expense incurred in connection with the transfer, assignment or sub-participation of any of the rights and/or obligations
                  of the Lender under the Security Documents);</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z44f601d989b64849941c11107f17b2ff" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">5.2.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">in contemplation or furtherance of, or otherwise howsoever in connection with, the exercise or enforcement of, or preservation of any rights, powers, remedies or discretions under any of the Security Documents,
                  or in consideration of the Lender&#8217;s rights thereunder or any action proposed or taken following the occurrence of a Default or otherwise in respect of the moneys owing under any of the Security Documents; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z48ad819a076d4ee6bd618895cfdb45b5" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">5.2.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">in connection with obtaining a written report from a maritime insurance consultant or broker acceptable to the Lender in relation to the Insurances of the Vessel (which the Lender may obtain not more than once a
                  year, and at any time when there has been a change of insurer or terms of cover for the Vessel, other than in respect of the insured value of the Vessel), <br>
                </div>
              </td>
            </tr>

        </table>
        <div> <br>
        </div>
        <div style="margin: 0px 0px 0px 36pt;"> together with interest at the rate referred to in clause 3.4 from the date on which reimbursement of such expenses and/or disbursements were due following demand to the date of payment (as well after as
          before judgment).</div>
      </div>
    </div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z46729c057bdd43a8ba1815a367e17437" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">5.3</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000; font-weight: bold;">Value added tax</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;">All fees and expenses payable pursuant to this Agreement must be paid together with value added tax or any similar tax (if any) properly chargeable thereon in any
      jurisdiction. Any value added tax chargeable in respect of any services supplied by the Lender under this Agreement shall, on delivery of the value added tax invoice, be paid in addition to any sum agreed to be paid hereunder.</div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zc31653f8ad94471695a74616237fa6d9" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">5.4</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000; font-weight: bold;">Stamp and other duties</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;">The Borrower must pay all stamp, documentary, registration or other like duties or taxes, but excluding any FATCA Deduction (except for any such Taxes incurred in
      connection with any transfer, assignment or sub-participation of any of the rights and/or obligations of the Lender under any of the Security Documents) (including any duties or taxes payable by the Lender) imposed on or in connection with any of the</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">23</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-right: 3.6pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000;">Underlying Documents, the Security Documents or the Loan and agree to indemnify the Lender against any liability arising by reason of any
      delay or omission by the Borrower to pay such duties or taxes.</div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z1460c8e9515a4c2d926e5fce23401bbe" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">6</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000; font-weight: bold;">PAYMENTS AND TAXES; ACCOUNTS AND CALCULATIONS</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z32be39ef0d53409892a4e92462ae0919" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">6.1</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000; font-weight: bold;">No set-off or counterclaim</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 3.6pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000;">All payments to be made by the Borrower under any of the Security Documents must be made in full, without any set off or counterclaim
      whatsoever and, subject as provided in clause 6.6, free and clear of any deductions or withholdings, in USD on or before 11:00 am (London time) on the due date in freely available funds to such account at the Lender and in such place as the Lender
      may from time to time specify for this purpose.</div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z01e342aaf4394275abb9e777821e1878" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">6.2</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000; font-weight: bold;">Payment by the Lender</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 3.6pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000;">All sums to be advanced by the Lender to the Borrower under this Agreement shall be remitted in USD on the Drawdown Date to the account
      specified in the Drawdown Notice.</div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zb103cd28a8f043c4ac0a5ecd387582fc" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">6.3</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000; font-weight: bold;">Non-Banking Days</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 3.6pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000;">When any payment under any of the Security Documents would otherwise be due on a day which is not a Banking Day, the due date for payment
      shall be extended to the next following Banking Day unless the Banking Day falls in the next calendar month in which case payment shall be made on the immediately preceding Banking Day.</div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z849fc6ace48944598efb46c76c08e71c" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">6.4</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000; font-weight: bold;">Calculations</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 3.6pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000;">All interest and other payments of an annual nature under any of the Security Documents shall accrue from day to day and be calculated on the
      basis of actual days elapsed and a three hundred and sixty (360) day year.</div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z40af7d2d51b44c2a96af7586bd3572b2" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">6.5</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000; font-weight: bold;">Currency of account</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 3.6pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000;">If any sum due from the Borrower under any of the Security Documents, or under any order or judgment given or made in relation thereto, must
      be converted from the currency (&#8220;the first currency&#8221;) in which the same is payable thereunder into another currency (&#8220;the second currency&#8221;) for the purpose of (i) making or filing a claim or proof against the Borrower, (ii) obtaining an order or
      judgment in any court or other tribunal or (iii) enforcing any order or judgment given or made in relation thereto, the Borrower undertakes to indemnify and hold harmless the Lender from and against any loss suffered as a result of any discrepancy
      between (a) the rate of exchange used for such purpose to convert the sum in question from the first currency into the second currency and (b) the rate or rates of exchange at which the Lender may in the ordinary course of business purchase the first
      currency with the second currency upon receipt of a sum paid to it in satisfaction, in whole or in part, of any such order, judgment, claim or proof. Any amount due from the Borrower under this clause 6.5 shall be due as a separate debt and shall not
      be affected by judgment being obtained for any other sums due under or in respect of any of the Security Documents and the term &#8220;rate of</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">24</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="margin-left: 36pt; margin-bottom: 12pt; color: #000000;">exchange&#8221; includes any premium and costs of exchange payable in connection with the purchase of the first currency with the second currency.</div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zfa179b786261486c93425b37c13c64fe" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">6.6</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000; font-weight: bold;">Grossing-up for Taxes - by the Borrower</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;">If at any time the Borrower must make any deduction or withholding in respect of Taxes (other than a FATCA Deduction) or otherwise from any payment due under any
      of the Security Documents for the account of the Lender or withholding in respect of Taxes from any payment due under any of the Security Documents, the sum due from the Borrower in respect of such payment must be increased to the extent necessary to
      ensure that, after the making of such deduction or withholding, the Lender receives on the due date for such payment (and retains, free from any liability in respect of such deduction or withholding), a net sum equal to the sum which it would have
      received had no such deduction or withholding been required to be made and the Borrower must indemnify the Lender against any losses or costs incurred by it by reason of any failure of the Borrower to make any such deduction or withholding or by
      reason of any increased payment not being made on the due date for such payment. The Borrower must promptly deliver to the Lender any receipts, certificates or other proof evidencing the amounts (if any) paid or payable in respect of any deduction or
      withholding as aforesaid.</div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z37a48191e2a24fcdb7e960dfd135761a" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">6.7</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000; font-weight: bold;">Claw back of Tax benefit</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;">If, following any such deduction or withholding as is referred to in clause 6.6 from any payment by the Borrower, the Lender shall receive or be granted a credit
      against or remission for any Taxes payable by it, the Lender shall, and to the extent that it can do so without prejudicing the retention of the amount of such credit or remission and without prejudice to the right of the Lender to obtain any other
      relief or allowance which may be available to it, reimburse the Borrower with such amount as Lender shall in its absolute discretion certify to be the proportion of such credit or remission as will leave the Lender (after such reimbursement) in no
      worse position than it would have been in had there been no such deduction or withholding from the payment by the Borrower as aforesaid. Such reimbursement shall be made forthwith upon the Lender certifying that the amount of such credit or remission
      has been received by it. Nothing contained in this Agreement shall oblige the Lender to rearrange its tax affairs or to disclose any information regarding its tax affairs and computations. Without prejudice to the generality of the foregoing, the
      Borrower shall not, by virtue of this clause 6.7, be entitled to enquire about the Lender&#8217;s tax affairs.</div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zc5038729548741f7b11508eda12a6022" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">6.8</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000; font-weight: bold;">Loan account</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;">The Lender shall maintain, in accordance with its usual practice, an account evidencing the amounts from time to time lent by, owing to and paid to it under the
      Security Documents. The Lender shall maintain a control account or accounts (as the Lender may deem necessary) showing the Loan and other sums owing by the Borrower under the Security Documents and all payments in respect thereof being made from time
      to time. The control account shall, in the absence of manifest error, be prima facie evidence of the amount from time to time owing by the Borrower under ate Securily Documents.</div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z1b565da933114b5991175bfb5a4a6961" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">6.9</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000; font-weight: bold;">Partial payments</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">25</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 8pt;"><br>
    </div>
    <div style="text-align: justify; margin-right: 3.6pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000;">If, on any date on which a payment is due to be made by the Borrower under any of the Security Documents, the amount received by the Lender
      from the Borrower falls short of the total amount of the payment due to be made by the Borrower on such date then, without prejudice to any rights or remedies available to the Lender under any of the Security Documents, the Lender must apply the
      amount actually received from the Borrower in or towards discharge of the obligations of the Borrower under the Security Documents in the following order, notwithstanding any appropriation made, or purported to be made, by the Borrower:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z8b9b0939399440e292319bd720c232ba" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">6.9.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">first, in or towards payment, in such order as the Lender may decide, of any unpaid costs and expenses of the Lender under any of the Security Documents;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="za1a1d28157174bf298a6078d1447a357" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">6.9.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">secondly, in or towards payment of any fees payable to the Lender under, or in relation to, the Security Documents which remain unpaid;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z6dae318705ba43ba8e6603f533512da5" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">6.9.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">thirdly, in or towards payment to the Lender of any accrued default interest owing pursuant to clause 3.4 but remains unpaid;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z482b1b22ffbd4fdcbead7c2f67f4559a" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">6.9.4</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">fourthly, in or towards payment to the Lender of any accrued interest owing in respect of the Loan which shall have become due under any of the Security Documents but remains unpaid;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z1869f830318d49f78c310ef17b57cc4a" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">6.9.5</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">fifthly, in or towards payment to the Lender of any due but unpaid Repayment Instalments; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z3bc754541f2c4aa3963980d9858918d9" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">6.9.6</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">sixthly, in or towards payment to the Lender, on a pro rata basis, for any loss suffered by reason of any such payment in respect of principal not being effected on an Interest Payment Date relating to the part
                  of the Loan repaid and which amounts are so payable under this Agreement and any other sum relating to the Loan which shall have become due under any of the Security Documents but remains unpaid.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 3.6pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000;">The order of application set out in clauses 6.9.1 to 6.9.6 may be varied by the Lender without any reference to, or consent or approval from,
      the Borrower.</div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zc1703cae1d4e444191943e3abd9e9fa8" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">7</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000; font-weight: bold;">REPRESENTATIONS AND WARRANTIES</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z403fff3f625c4164b4d732042f696f89" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">7.1</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000; font-weight: bold;">Continuing representations and warranties</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 3.6pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000;">The Borrower represents and warrants to the Lender that:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="za0ac633fb063422aa6f76f8e41083ae6" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">7.1.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Due incorporation</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 3.6pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000;">each of the corporate Security Parties is duly incorporated, validly existing and in good standing under the laws of its respective country
      of incorporation, in each case, as a corporation and has power to carry on its respective businesses as it is now being conducted and to own its respective property and other assets, to which it has unencumbered legal and beneficial title except as
      disclosed to the Lender, and the shares of the Borrower are in registered form;</div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z9c8084688b6e4c778c4515efb269b7f6" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">7.1.2</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;">Corporate power</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 3.6pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000;">each of the Security Parties has power to execute, deliver and perform its obligations and, as the case may be, to exercise its rights under
      the Underlying Documents and the</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">26</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;">Security Documents to which it is a party; all necessary corporate, shareholder (if applicable) and other action has been taken to authorise the execution,
      delivery and on the execution of the Security Documents performance of the same and no limitation on the powers of the Borrower to borrow or any other Security Party to howsoever incur liability and/or to provide or grant security will be exceeded as
      a result of borrowing any part of the Loan;</div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z79372e196a464fc399ce3a5762fd88fa" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">7.1.3</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;">Binding obligations</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;">the Underlying Documents and the Security Documents, when executed, will constitute valid and legally binding obligations of the relevant Security Parties
      enforceable in accordance with their respective terms;</div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z64848803271e4f12bd9169f238f0c487" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">7.1.4</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;">No conflict with other obligations</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;">the execution and delivery of, the performance of their obligations under, and compliance with the provisions of, the Underlying Documents and the Security
      Documents by the relevant Security Parties will not (i) contravene any existing applicable law, statute, rule or regulation or any judgment, decree or permit to which any Security Party or other member of the Group is subject, (ii) conflict with, or
      result in any breach of any of the terms of, or constitute a default under, any agreement or other instrument to which any Security Party or other member of the Group is a party or is subject or by which it or any of its property is bound, (iii)
      contravene or conflict with any provision of the constitutional documents of any Security Party or (iv) result in the creation or imposition of, or oblige any of the Security Parties to create, any Encumbrance (other than a Permitted Encumbrance) on
      any of the undertakings, assets, rights or revenues of any of the Security Parties;</div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z9e8724218cc944fb8126f5b0605dc606" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">7.1.5</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;">No default</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;">no Event of Default has occurred;</div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z28652aed0ec34bb7beddf1fc21b2d4b8" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">7.1.6</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;">No litigation or judgments</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;">no Proceedings are current, pending or threatened against any of the Security Parties or their assets which could have a Material Adverse Effect and there exist
      no judgments, orders, injunctions which would materially affect the obligations of the Security Parties under the Security Documents to which they are a party;</div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zbc9a39d32f58424a8be05aba228be7e2" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">7.1.7</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;">No filings required</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;">except for the registration of the Mortgage in the relevant register under the laws of the Flag State through the Registry, it is not necessary to ensure the
      legality, validity, enforceability or admissibility in evidence of any of the Underlying Documents or any of the Security Documents that they or any other instrument be notarised, filed, recorded, registered or enrolled in any court, public office or
      elsewhere in any Pertinent Jurisdiction or that any stamp, registration or similar tax or charge be paid in any Pertinent Jurisdiction on or in relation to any of the Underlying Documents or the Security Documents and each of the Underlying Documents
      and the Security Documents is in proper form for its enforcement in the courts of each Pertinent Jurisdiction;</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">27</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 8pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z1afaa68dc4e54212b4f9abc9fc8ab656" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">7.1.8</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Required Authorisations and legal compliance</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt; color: #000000;">all Required Authorisations have been obtained or effected or waived by the person requiring the same and, to the extent no such waiver exists, are in full force
      and effect and no Security Party has in any way contravened any applicable law, statute, rule or regulation (including all such as relate to money laundering) to which such Security Party is subject;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zd50b381cfeba4ed5a4fe14ede0d585a4" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">7.1.9</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Choice of law</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt; color: #000000;">the choice of English law to govern the Underlying Documents and the Security Documents (other than the Mortgage and the Earnings Account Pledge), the choice of
      the law of the Flag State to govern the Mortgage, the choice of Greek law to govern the Earnings Account Pledge and the submissions by the Security Parties to the jurisdiction of the English courts and the obligations of such Security Parties
      associated therewith, are valid and binding;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z5457afe9e16347ff99644400c0dd9329" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">7.1.10</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">No immunity</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt; color: #000000;">no Security Party nor any of their assets is entitled to immunity on the grounds of sovereignty or otherwise from any Proceedings whatsoever;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z164cab1fb22648d2844ac2aed4b1eb94" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">7.1.11</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Financial statements correct and complete</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt; color: #000000;">the latest audited consolidated accounts of the Corporate Guarantor in respect of the relevant financial year as delivered to the Lender present or will present
      fairly and accurately the consolidated financial position of the Corporate Guarantor as at the date thereof and the results of the operations of the Corporate Guarantor and, as at such date, the Corporate Guarantor does not have any significant
      liabilities (contingent or otherwise) or any unrealised or anticipated losses which are not disclosed by, or reserved against or provided for in, such financial statements;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z029d5374f1a94e0ea193207553cb8f21" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">7.1.12</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Pari passu</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt; color: #000000;">the obligations of the Borrower under this Agreement are direct, general and unconditional obligations of the Borrower and rank at least pari passu with all other
      present and future unsecured and unsubordinated Indebtedness of the Borrower except for obligations which are rnandatorily preferred by operation of law and not by contract;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z2009c9e8e53f4609bc01c1b074880834" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">7.1.13</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Information</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt; color: #000000;">all information, whatsoever provided by any Security Party to the Lender in connection with the negotiation and preparation of the Security Documents or otherwise
      provided hereafter in relation to, or pursuant to this Agreement is, or will be, true and accurate in all material respects and not misleading, does or will not omit material facts and all reasonable enquiries have been, or shall have been, made to
      verify the facts and statements contained therein; there are, or will be, no other facts the omission of which would make any fact or statement therein misleading in any (in the reasonable opinion of the Lender) material respect;</div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z62bf5caac8ad4eb8a49dd112cb1ccebe" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">7.1.14</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;">No withholding Taxes</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">28</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 8pt;"><br>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt; color: #000000;">no Taxes anywhere are imposed whatsoever by withholding or otherwise on any payment to be made by any Security Party under the Underlying Documents or the
      Security Documents to which such Security Party is or is to be a party or are imposed on or by virtue of the execution or delivery by the Security Parties of the Underlying Documents or the Security Documents or any other document or instrument to be
      executed or delivered under any of the Security Documents;</div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z6bd0ffceba2e4409a67419acac2f6df6" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">7.1.15</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;">No Default under Underlying Documents</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="margin-left: 54pt; margin-bottom: 12pt; color: #000000;">except as disclosed in writing by the Borrower to the Lender, no Security Party is in material default of any of its obligations under any relevant Underlying Document;</div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zc0a8752d883d409da2881a373c78cd20" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">7.1.16</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;">Use of proceeds</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="margin-left: 54pt; margin-bottom: 12pt; color: #000000;">the Borrower shall apply the Loan only for the purposes specified in clause 2.1;</div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z251b285e9be841098b4a7b8da898ab14" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">7.1.17</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;">Copies true and complete</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="margin-left: 54pt; margin-bottom: 12pt; color: #000000;">the Certified Copies of the Underlying Documents delivered or to be delivered to the Lender pursuant to clause 9.1 are, or will when delivered be, true and complete copies or, as the
      case may be, originals of such documents; and such documents constitute valid and binding obligations of the parties thereto enforceable in accordance with their respective terms and there have been no amendments or variations thereof or defaults
      thereunder;</div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="za516baf1c8ce4ea1828c8f05b26b9453" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">7.1.18</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;">Ownership of Borrower</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="margin-left: 54pt; margin-bottom: 12pt; color: #000000;">all the shares in the Borrower are legally owned by the Shareholder and ultimately owned and controlled by the Corporate Guarantor and are not held on trust for any third party;</div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z4d86722ab6fa46028a8d3e0b07260f2c" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">7.1.19</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;">No Indebtedness</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="margin-left: 54pt; margin-bottom: 12pt; color: #000000;">the Borrower has not incurred any Borrowed Moneys save as envisaged by this Agreement or as otherwise disclosed to the Lender or incurred in the ordinary course of its business of
      owning, operating and chartering the Vessel;</div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="ze91dfeda5084447b89e9f131cf52c8ae" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">7.1.20</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;">Tax returns</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="margin-left: 54pt; margin-bottom: 12pt; color: #000000;">the Borrower and the Corporate Guarantor have filed all tax and other fiscal returns (if any) which may be required to be filed by any tax authority to which they are subject;</div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zdeb6e842718449aca70eaf70574a6f36" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">7.1.21</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;">Freedom from Encumbrances</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="margin-left: 54pt; margin-bottom: 12pt; color: #000000;">neither the Vessel nor its Earnings, Insurances or Requisition Compensation (each as defined in the relevant Ship Security Documents) nor the Earnings Account nor any Extended
      Employment Contract in respect of the Vessel nor any other properties or rights which are, or are to be, the subject of any of the Security Documents nor any part thereof will be subject to any Encumbrance except Permitted Encumbrances;</div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z365ffd080d2941cbbfa01d7e54867527" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">7.1.22</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;">Environmental Matters</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">29</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="margin-left: 54pt; margin-bottom: 12pt; color: #000000;">except as may already have been disclosed by the Borrower in writing to, and acknowledged in writing by, the Lender:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zf89bc751f05945f7b2a4363579133470" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the Borrower, the Manager and the other Group Members and, to the best of the Borrower&#8217;s knowledge and belief (having made due enquiry), their respective Environmental Affiliates have complied with the
                  provisions of all Environmental Laws;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zae8c826ec4d2425bbb45617a0de3ee13" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the Borrower, the Manager and the other Group Members and, to the best of the Borrower&#8217;s knowledge and belief (having made due enquiry), their respective Environmental Affiliates have obtained all Environmental
                  Approvals and are in compliance with all such Environmental Approvals;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z9ed8e43d43e94a5d988f1ba74e70f865" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">no Environmental Claim has been made or threatened or pending against any of the Borrower, the Manager, any other Group Member or, to the best of the Borrower&#8217;s knowledge and belief (having made due enquiry),
                  any of their respective Environmental Affiliates; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z48a639e5a5db4afc9a3cc867dd3efe3b" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(d)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">there has been no Environmental Incident;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z7ce416af15b741c5b0e211b8ef391f2d" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">7.1.23</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">ISM and ISPS Code</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt; color: #000000;">the Borrower has complied with and continue to comply with and have procured that the Manager of the Vessel has complied with and continues to comply with the ISM
      Code, the ISPS Code and all other statutory and other requirements relative to their business and in particular they or the Manager have obtained and maintains a valid DOC, IAPP Certificate, EIAPP Certificate (if applicable) and SMC for the Vessel
      and that they and the Manager have implemented and continue to implement an ISM SMS;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="ze589140d98e247978ae7f311657556eb" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">7.1.24</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Accounting reference date</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt; color: #000000;">the Borrower&#8217;s and the Corporate Guarantor&#8217;s accounting reference date is 31 December.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z78961461266742b599b726a77566c9d7" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">7.1.25</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Office</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt; color: #000000;">the Borrower does not have an office in England or the United States of America;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z7f32702dc3d1441d834c44234f1e52f8" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">7.1.26</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Restricted Persons, unlawful activity</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z22b799d70d80479db1c032d9fa83294e" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">none of the shares in the Borrower, in (to the best of its knowledge) the Corporate Guarantor, or in any other Security Party or the Vessel are or will be at any time during the Facility Period legally or
                  beneficially owned or controlled by a Restricted Person;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z841820ebabe74dca87b65ebc608c612c" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">no Restricted Person has or will have at any time during the Facility Period any legal or beneficial interest of any nature whatsoever in any of the shares of the Borrower, (to the best of its knowledge) the
                  Corporate Guarantor, or any other Security Party or the Vessel;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z598ea822ec6c4f829aa6f7b4d44b7e2f" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">7.1.27</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Sanctions</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">30</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 8pt;"><br>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt; color: #000000;">(to the best of its knowledge only in respect of an agent) no Security Party nor any director, officer, agent, employee of any Security Party or any person acting
      on behalf of any Security Party, is a Restricted Person nor acts directly or indirectly on behalf of a Restricted Person; and</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zb0ee24e71c0847e6aa5c950ac4d58af5" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">7.1.28</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">FATCA <br>
                </div>
              </td>
            </tr>

        </table>
        <div> <br>
        </div>
        <div style="margin: 0px 0px 0px 54pt;"> none of the Security Parties is a FATCA FFI or a US Tax Obligor.</div>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zf78433c0d7834b048b7781eb793e7270" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">7.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Repetition of representations and warranties</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt; color: #000000;">On each day throughout the Facility Period, the Borrower shall be deemed to repeat the representations and warranties in clause 7 updated mutatis mutandis as if
      made with reference to the facts and circumstances existing on such day and in clause 7.1.11 as if made with reference to the Latest Account at any relevant time.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zd60f9fb8f2724387ba72cb0d5ae671ac" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">8</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">UNDERTAKINGS</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zaacc57e59097477e83bf2768337d3dee" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">8.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">General</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt; color: #000000;">The Borrower undertakes with the Lender that, from the Execution Date until the end of the Facility Period, it will:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zddf33c2d97ad48c6891fef437e311c31" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">8.1.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Notice of Event of Default and Proceedings</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt; color: #000000;">promptly inform the Lender of (a) any Event of Default and of any other circumstances or occurrence which might adversely affect the ability of any Security Party
      to perform its obligations under any of the Security Documents to which it is a party and (b) as soon as the same is commenced or threatened, details of any Proceedings involving any Security Party which could have a Material Adverse Effect on that
      Security Party and/or the operation of the Vessel (including, but not limited to any Total Loss of the Vessel or the occurrence of any Environmental Incident) and will from time to time, if so requested by the Lender, confirm to the Lender in writing
      that, save as otherwise stated in such confirmation, no Event of Default has occurred and is continuing unremedied and unwaived and no such Proceedings have been commenced or threatened;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zad4a2283fb0d444d9f76a85890d8be4a" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">8.1.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Authorisation</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt; color: #000000;">to the extent a waiver has not been obtained, obtain or cause to be obtained, maintain in full force and effect and comply fully with all Required Authorisations,
      provide the Lender with Certified Copies of the same and do, or cause to be done, all other acts and things which may from time to time be necessary or desirable under any applicable law (whether or not in the Pertinent Jurisdiction) for the
      continued due performance of all the obligations of the Security Parties under each of the Security Documents;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z7558d958d92548038d15cfa4609a539c" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">8.1.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Corporate Existence</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt; color: #000000;">ensure that each Security Party maintains its corporate existence as a body corporate duly organised and validly existing and in good standing under the laws of
      the Pertinent Jurisdiction;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z6f17d851991c4fada45d58043484bcc2" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">8.1.4</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Use of proceeds</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">31</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 8pt;"><br>
    </div>
    <div style="margin-left: 54pt; margin-bottom: 12pt; color: #000000;">use the Loan exclusively for the purposes specified in clauses 1.1 and 2.1;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z12872bf4af5e4c3a8860877046e0a7bd" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">8.1.5</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Pari passu</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt; color: #000000;">ensure that its obligations under this Agreement shall, without prejudice to the provisions of clause 8.3, at all times rank at least pari passu with all its
      other present and future unsecured and unsubordinated Indebtedness with the exception of any obligations which are mandatorily preferred by law and not by contract;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z0a509211bbf64fe3a55e8ac1c7681676" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">8.1.6</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Financial statements</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt; color: #000000;">as soon as possible, but in no event later than 180 days after the end of each of its financial years, annual audited (prepared in accordance with US GAAP by a
      first class international firm of accountants) consolidated financial statements of the Corporate Guarantor (commencing with the financial year ending 31 December 2018), together with updated details (in a form acceptable to the Lender) of all
      off-balance sheet and time-charter hire commitments of the Vessel; and the first audited accounts of the Corporate Guarantor shall evidence that all amounts payable under the MOA (in addition to the part to be financed by the Loan) have been funded
      by the Borrower through equity contribution and/or common shares contribution provided exclusively by the Corporate Guarantor;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z1e8c6f467edf4c0ebdcb2384ee310d23" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">8.1.7</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Compliance Certificates</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt; color: #000000;">deliver to the Lender on the date on which the audited consolidated accounts are delivered under clause 8.1.6 a Compliance Certificate together with such
      supporting information as the Lender may reasonably require;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z48ba0e7e8005430abd411792933d1b35" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">8.1.8</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Financial Covenants</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt; color: #000000;">procure that</div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z2f98ddc108674f588b98e3267adfc9d4" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;">the Net Worth of the Group will at all times exceed USD15,000,000; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z8fea60919b584b1588b8b8c17f53ce44" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the Total Liabilities divided by the Total Assets (each net of cash balance) shall at all times be no more than 75%;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z4a9f98daaf314af18aac8a68ef67c536" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">8.1.9</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Reimbursement of MII &amp; MAP Policy premiums</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt; color: #000000;">reimburse the Lender on the Lender&#8217;s written demand the amount of the premium payable by the Lender for the inception or, as the case may be, extension and/or
      continuance of the MII &amp; MAP Policy (including any insurance tax thereon);</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zbb759a925ee347dbbbfc834823f72ab0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">8.1.10</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Provision of further information</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt; color: #000000;">provide the Lender, and procure that the Corporate Guarantor (including its Subsidiaries), shall provide the Lender, with such financial or other information
      (including, but not limited to, financial standing, Indebtedness, balance sheet, off-balance sheet commitments, repayment schedules, operating expenses, charter arrangements concerning the Borrower, the Corporate Guarantor (including its
      Subsidiaries), the Group and their respective affairs, activities, financial standing, Indebtedness and operations and the performance of the Vessel as the Lender may from time to time reasonably require save for any information which is confidential
      in</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">32</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 8pt;"><br>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt; color: #000000;">relation to arms-length third parties or is not disclosable by law, convention or regulatory requirements;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="ze8c0d0040eb6478586f4c832c75c8d5a" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">8.1.11</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Obligations under Security Documents, etc.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt; color: #000000;">duly and punctually perform each of the obligations expressed to be imposed or assumed by them under the Security Documents and any Extended Employment Contact
      and will procure that each of the other Security Parties will, duly and punctually perform each of the obligations expressed to be assumed by it under the Security Documents and any Extended Employment Contract to which it is a party;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z0eadc18f4de54c109db99d46b561f07f" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">8.1.12</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Compliance with ISM Code</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt; color: #000000;">and will procure that any Operator will, comply with and ensure that the Vessel and any Operator complies with the requirements of the ISM Code, including (but
      not limited to) the maintenance and renewal of valid certificates pursuant thereto throughout the Security Period (as defined in the relevant Ship Security Documents);</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zc14a47a538924458a3f6a712b90b82c7" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">8.1.13</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Withdrawal of DOC and SMC</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt; color: #000000;">immediately inform the Lender if there is any actual withdrawal of its or any Operator&#8217;s DOC, IAPP Certificate, EIAPP Certificate or the SMC of the Vessel;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zd0964844badf4fa3b7025ad996c38d77" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">8.1.14</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Issuance of DOC and SMC</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt; color: #000000;">and will procure that any Operator will promptly inform the Lender of the receipt by the Borrower or any Operator of notification that its application for a DOC
      or any application for an SMC or IAPP Certificate or EIAPP Certificate for the Vessel has been refused;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z9cfa408a1e2647fd9394f5ea239622b4" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">8.1.15</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">ISPS Code Compliance</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt; color: #000000;">and will procure that the Manager or any Operator will:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zf3ce72d5a1724be39b4ef31fc65cbbb9" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">maintain at all times a valid and current ISSC in respect of the Vessel;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z2fb3ff5073174871a18e04f346611afc" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">immediately notify the Lender in writing of any actual or threatened withdrawal, suspension, cancellation or material modification of the ISSC in respect of the Vessel; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="ze0cd3cb5392040a49614b67b2e680861" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">procure that the Vessel will comply at all times with the ISPS Code;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z355f90cb8ed8482981715df005c5e6be" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">8.1.16</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Compliance with Laws and payment of taxes</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z1de5e2ec18e047508dc98d7ef2f4e7e5" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">comply with all relevant Environmental Laws, laws, statutes and regulations applicable to it and pay all taxes for which it is liable as they fall due; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z51c6d7be1bc44feab0f62431f88e6434" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">comply in all respects with, and will procure that each Security Party and each other Group Member will comply in all respects with, all Sanctions;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z0194fa8a9e6244959619f1501fa1b4dc" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">8.1.17</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Inspection</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">33</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt; color: #000000;">ensure that the Lender, by independent marine surveyors or other persons appointed by it for such purpose (who shall be appointed by the Lender at the Borrower&#8217;s
      expense), may board the Vessel, once per calendar year or whenever the Lender deems necessary after the occurrence of an Event of Default which is continuing, provided in each case that the Lender shall use reasonable endeavours to ensure that such
      inspections or surveys shall not interfere with the operation of the Vessel, for the purpose of inspecting or surveying her and will afford all proper facilities for such inspections or survey and for this purpose will give the Lender reasonable
      advance notice of any intended drydocking of the Vessel (whether for the purpose of classification, survey or otherwise) and will pay the costs in respect of each such inspection or survey and will provide the Lender with or ensure that the Lender
      receives on request all reports of such inspections, to be in such form as the Lender may approve, and, if the Vessel shall not be in a condition and state which complies with the requirements of this Agreement and the other Security Documents, will
      effect such repairs as in the opinion of the Lender be desirable to ensure such compliance;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z6b1af621ef554f70afef3df8452a8b74" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">8.1.18</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">The Vessel</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt; color: #000000;">ensure that throughout the Facility Period the Vessel will at all times after her delivery (except as the Lender may otherwise permit) be:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z582f97f9ed6f40e9b2dac73f292fe3e4" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">in the absolute sole, legal and beneficial ownership of the Borrower and not held on trust for any third party;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z5526c5168ec54152a7b81e5d081ab350" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">registered through the offices of the Registry as a ship under the laws and flag of the Flag State;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z1ebe8d2698f9425482d27f26ee937509" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(iii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">in compliance with the ISM Code and the ISPS Code and operationally seaworthy and in every way fit for service;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zc367048e5aaf4fc8998596f47e920e86" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(iv)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">classed with the Classification free of all overdue requirements and recommendations of the Classification Society affecting the Classification;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z12a5dc12f07c48a2b54791b71a36e5a8" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(v)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">insured in accordance with the Ship Security Documents; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z1c6653f7514a4106bb1c89227a9c51ca" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(vi)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">managed by the Manager in accordance with the terms of the Management Agreement, which shall be acceptable to the Lender.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z59dbf93f965c4ab0ae9e33ba223b9b27" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">8.1.19</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Charters</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt; color: #000000;">deliver to the Lender, a Certified Copy of each Extended Employment Contract upon its execution, forthwith on the Lender&#8217;s request execute (a) a Charter
      Assignment in respect thereof and (b) any notice of assignment required in connection therewith and use reasonable efforts to procure the acknowledgement of any such notice of assignment by the relevant charterer (provided that any failure to procure
      the acknowledgement shall not constitute an Event of Default) and (c) (if the Vessel is subject to a bareboat charter) procure execution by the Borrower and the charterer of a Tripartite Deed, together with all notices required to be determined
      thereunder and will provide evidence acceptable to the Lender that such notice has been given to the relevant charterer and the Borrower shall pay all legal and other costs incurred by the Lender in connection with any such Charter Assignment and
      Tripartite Deed, forthwith following the Lender&#8217;s demand;</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">34</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 8pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zf5aeb8aa1a884445bdfc7bba8fa295d5" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">8.1.20</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Chartering</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt; color: #000000;">not without the prior written consent of the Lender and, if such consent is given, only subject to such conditions as the Lender may impose (and in the case of
      (b) only, such consent not to be unreasonably withheld), to let the Vessel:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z8058b44148e74530bc1abec0271af1b5" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">on demise charter for any period; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z5225118441f84a6d9c4c69399b8ad9bb" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">by any time or consecutive voyage charter for a term which exceeds or which by virtue of any optional extensions therein contained might exceed twelve (12) months&#8217; duration; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z719d3c0a7bb64f6094977f8704216be6" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">on terms whereby more than two (2) months&#8217; hire (or the equivalent) is payable in advance;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z842c8b68f24d4e5aa4dcb1d89036d5b8" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">8.1.21</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Sanctions</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z33d17428c9aa4998888350eadd7ff184" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">(to the best of its knowledge only in respect of an agent) not be, and shall procure that any Security Party and other Group Member, or any director, officer, agent, employee or person acting on behalf of the
                  foregoing is not, a Restricted Person and does not act directly or indirectly on behalf of a Restricted Person;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z76d27f409fd043459eeea5c27fd1c0e3" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">and shall procure that each Security Party and each other Group Member shall, not use any revenue or benefit derived from any activity or dealing with a Restricted Person in discharging any obligation due or
                  owing to the Lender;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z47d5739b4aeb4b0f8f96d8cd72589728" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">procure that no proceeds from any activity or dealing with a Restricted Person are credited to any bank account held with the Lender in its name or in the name of any other member of the Group;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zcf560c45a55940fcb968fb84eb2f3f89" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(d)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">take, and shall procure that each Security Party and each other Group Member has taken, reasonable measures to ensure compliance with Sanctions;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z5ac061f7dfc84c098391d8f5bcfb4d51" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(e)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">and shall procure that each Security Party and each other Group Member shall, to the extent permitted by law promptly upon becoming aware of them, supply to the Lender details of any claim, action, suit,
                  proceedings or investigation against it with respect to Sanctions by any Sanctions Authority; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z3ead510da58846c0921d168e57d97593" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(f)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">not accept, obtain or receive any goods or services from any Restricted Person, except (without limiting clause 8.1.21(b)), to the extent relating to any warranties and/or guarantees given and/or liabilities
                  incurred in respect of an activity or dealing with a Restricted Person by the Borrower, any other Security Party or any other Group Member in accordance with this Agreement;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z469ac5c7eff248fd829675daec72e820" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">8.1.22</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Ownership</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="margin-right: 3.6pt; margin-left: 54pt; margin-bottom: 12pt; color: #000000;">ensure that all the shares in the Borrower are legally owned by the Shareholder and ultimately owned and controlled by the Corporate Guarantor and are not held on
      trust for any third party;</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">35</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 8pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z26feb7bcb9564bd5bab1ef5d82ae37b8" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">8.1.23</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Unencumbered liquidity</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt; color: #000000;">procure that at all times during the Facility Period, the Corporate Guarantor shall maintain in an account or accounts with the Lender free deposit cash which is
      (other than the Earnings Account Pledge) free of any Encumbrance in an average aggregate amount of not less than USD250,000 for the preceding six-months period, to be tested first on the date falling six months after the Drawdown date and
      semi-annually thereafter;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zbeeaecc452a646beae5c1065ec3f1b2a" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">8.1.24</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Listing</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt; color: #000000;">procure that the Corporate Guarantor shall maintain its listing as a public limited company on NASDAQ or any other stock exchange acceptable to the Lender and
      comply with all of the listing rules, laws and regulations applicable to public companies listed on NASDAQ or such other acceptable stock exchange and shall take no steps to de-list without the prior consent of the Lender (such consent not to be
      unreasonably withheld);</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zc33be9fb56744598a978ace5ddf81aa3" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">8.1.25</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Shipping activities</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt; color: #000000;">procure that the Corporate Guarantor shall at all times remain the ultimate holding company of shipowning companies engaged in shipping activities acceptable to
      the Lender;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="ze5ead75469b34ccea63a1749606fbe77" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">8.1.26</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Executive management</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt; color: #000000;">procure that at all times throughout the Facility Period:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z738a9b22a8234be79bd565a9443a30cf" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Mr Aristeidis Pittas shall be the Chief Executive Officer or Chairman of the Corporate Guarantor; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z45fa170fd7ec4864800fd17b48e65a78" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the manager shall be managed and/or controlled by Mr Aristeidis Pittas or any other person acceptable to the Lender;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z8e987e1968c34bedbf53399ec7eb23b7" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">8.1.27</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">FATCA Information</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z1569badd0c08453c86a38a2cf4d2f767" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">subject to paragraph (c) below each party to any Security Document shall, within 10 Banking Days of a reasonable request by the other party to that Security Documents:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z066617c0bdf4497faa2532a28e1d5cfb" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">confirm to that other party whether it is:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z6b45f29c5af54dd2bc812ec6df596a23" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 126pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(A)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">a FATCA Exempt Party; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zf34a668168644412b17c4a8c2bc6ccbc" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 126pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(B)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">not a FATCA Exempt Party; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zdcd7c33b3d7b4d5fb5544bdd76a5fa13" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">supply to that other party such forms, documentation and other information relating to its status under FATCA as that other party reasonably requests for the purposes of that other party&#8217;s compliance with FATCA;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z963b79a16bbb4d9ea40d17538198e469" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(iii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">supply to that other party such forms, documentation and other information relating to its status as that other party reasonably requests for</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">36</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-left: 126pt; margin-bottom: 12pt; color: #000000;">the purposes of that other party&#8217;s compliance with any other law, regulation, or exchange of information regime;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z2aa826e440194669ab0bb49d7531256f" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">if a party to any Security Document confirms to another party pursuant to paragraph (a)(i) above that it is a FATCA Exempt Party and it subsequently becomes aware that it is not, or has ceased to be a FATCA
                  Exempt Party, that party shall notify the other party reasonably promptly;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z8c3c2400a7f147eda66a8b0fde062371" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">paragraph (a) above shall not oblige the Lender to do anything, and paragraph (a)(iii) above shall not oblige any other party to any Security Document to do anything, which would or might in its reasonable
                  opinion constitute a breach of:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="za1c663d5579044c6bc63a8eec7f56569" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any law or regulation;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z0ab93815f150427ea91392a48c9273fb" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any policy of the Lender;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z81e6b8cb92a9498ab621c72fdc6b78cb" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(iii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any fiduciary duty; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="ze37055bd3d1d4ac689b2325c8e5ee4d0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(iv)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any duty of confidentiality;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z3cca2acbf3b6446ab7215f6539a21bde" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(d)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">paragraph (a) above shall not oblige the Lender to do anything, and paragraph (a)(iii) above shall not oblige any other party to any Security Document to do anything, which would or might in its reasonable
                  opinion cause it to disclose any confidential information (including, without limitation, its tax returns and calculations); provided, however, that information required (or equivalent to the information so required) by United States
                  Internal Revenue Service Forms W-8 or W-9 (or any successor forms) shall not be treated as confidential information of such Lender for purposes of this paragraph (d);</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z61f02976a0a14f34bcc0907925a8d9b7" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(e)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">if a party to any Security Document fails to confirm whether or not it is a FATCA Exempt Party, or to supply forms, documentation or other information requested in accordance with paragraph (a) (i) or (ii) above
                  (including, for the avoidance of doubt, where paragraph (c) above applies), then such party shall be treated for the purposes of the Security Documents (and payments under them) as if it is not a FATCA Exempt Party until (in each case)
                  such time as that party provides the requested confirmation, forms, documentation or other information.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z058f40623ec94470a504ff6515cfd263" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">8.1.28</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;">FATCA Deduction</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z765e799710ae4154965bad6360ee65ba" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">A party to any Security Document may make any FATCA Deduction it is required to make by FATCA, and any payment required in connection with that FATCA Deduction, and no party to any Security Document shall be
                  required to increase any payment in respect of which it makes such a FATCA Deduction or otherwise compensate the recipient of the payment for that FATCA Deduction.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z57a18c3c886748898bf81f8723acbb5f" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">A party to any Security Document shall promptly, upon becoming aware that it must make a FATCA Deduction (or that there is any change in the rate or the basis of such FATCA Deduction) notify the party to whom it
                  is making the payment and, in addition, shall notify the Borrower and the Lender.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">37</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 8pt;"><br>
    </div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="ze1cecaf21b7d40538010871ba2843cd5" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">8.1.29</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;">Equal treatment of lenders</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt; color: #000000;">If the Corporate Guarantor enters into an agreement or instrument with any of its banks, financiers or any other financial institution pursuant to which the
      Corporate Guarantor grants to such banks, financiers or other financial institutions any financial covenant, or amends any financial covenant given to such banks, financiers or other financial institutions, measured by reference to the financial
      statements of the Corporate Guarantor, the Borrower must give immediate notice of those new or amended financial covenants to the Lender, and if the Lender (acting reasonably) considers those covenants (taken as a whole) to be more favourable to
      those banks, financiers or other financial institutions than those contained in clause 8.1.8 of this Agreement (also taken as a whole) then the Borrower and/or the Corporate Guarantor shall enter into such documentation as the Lender shall reasonably
      require so that additional or amended financial covenants (taken as a whole) are given also to the Lender until the end of (i) the Facility Period or (ii) the period during which the additional or amended financial covenants will apply in favour of
      such banks, financiers or other financial institutions (whichever is the earlier) (PROVIDED THAT, for the avoidance of doubt, for the purpose of this clause any covenant regarding the provision of cash collateral or restricted cash of any sort
      granted to other banks, financiers or other financial institutions shall not constitute a financial covenant under this clause requiring the Borrower and/or the Corporate Guarantor to extend the same to the Lender as well).</div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="ze93040a3a77d43c385d899b463b80f8b" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">8.2</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000; font-weight: bold;">Security value maintenance</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="za8c24877083e4386827a557372a8e2c4" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">8.2.1</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;">Security shortfall</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt; color: #000000;">If at any time throughout the Facility Period the Security Value shall be less than the Required Security Amount, the Lender shall give notice to the Borrower
      requiring that such deficiency be remedied and then the Borrower must within 30 days of receipt of the Lender&#8217;s said notice, either:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zdcea3181c1d64a74ba4628d6ed3af17e" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">prepay such part of the Loan as will result in the Security Value after such prepayment (taking into account any other repayment of the Loan made between the date of the notice and the date of such prepayment)
                  being equal to or higher than the Required Security Amount; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z87bcc1a227fe4d1d852529702f73e094" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">constitute to the satisfaction of the Lender such further security for the Loan as shall be acceptable to the Lender having a value for security purposes (as determined by the Lender in accordance with clause
                  8.2.5) at the date upon which such further security shall be constituted which, when added to the Security Value, shall not be less than the Required Security Amount as at such date.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt; color: #000000;">The provisions of clauses 4.5 and 4.6 shall apply to prepayments under clause 8.2.1(a) provided that the Lender shall apply such prepayments pro rata against the
      Loan and the amount of the Loan prepaid hereunder shall not be available to be re-borrowed.</div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z5520e3639bda4caea037dde63318f9be" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">8.2.2</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;">Valuation of the Vessel</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt; color: #000000;">The Lender shall calculate the Scrap Value of the Vessel as and when the Lender shall require in its sole discretion.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">38</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 8pt;"><br>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt; color: #000000;">The calculation of the Scrap Value of the Vessel made in accordance with the provisions of this clause 8.2.2 shall be binding upon the parties hereto (absent
      manifest error) until such time as any such further calculation shall be made by the Lender.</div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zf20f5abf1acd4458ad30f869c40d9119" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">8.2.3</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;">Information</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt; color: #000000;">The Borrower undertakes with the Lender to supply to the Lender such information concerning the Vessel and its condition as the Lender may require for the purpose
      of determining the Scrap Value.</div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z9895d0945b884f4288064c12909c3239" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">8.2.4</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;">Costs</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt; color: #000000;">The Borrower shall pay all costs in connection with any determination of the Scrap Value (which the Lender may determine at any time).</div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z0c1a06af6fdc4916b59ac885312b2891" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">8.2.5</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;">Valuation of additional security</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt; color: #000000;">For the purposes of this clause 8.2, the market value (i) of any additional security over a ship (other than the Vessel) shall be determined (at the Borrower&#8217;s
      expense) in USD by an Approved Broker appointed by, and reporting to, the Lender, such valuation to be made without physical inspection, and on the basis of a sale for prompt delivery for cash at arms&#8217; length, on normal commercial terms, as between a
      willing buyer and a willing seller, without taking into account the benefit or burden of any charterparty or other engagement concerning the Vessel and (ii) of any other additional security provided or to be provided to the Lender shall be determined
      by the Lender in its absolute discretion, Provided that additional security in the form of cash in Dollars will be valued on a Dollar for Dollar basis.</div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="ze1b52cd75d024840be8996c28201508e" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">8.2.6</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;">Documents and evidence</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt; color: #000000;">In connection with any additional security provided in accordance with this clause 8.2, the Lender shall be entitled to receive (at the Borrower&#8217;s expense) such
      evidence and documents of the kind referred to in schedule 2 as may in the Lender&#8217;s opinion be appropriate and such favourable legal opinions as the Lender shall in its absolute discretion require.</div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z5458bd11681a44ffa203332b2cec959d" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">8.2.7</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;">Release of Security</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt; color: #000000;">If the Security Value shall at any time exceeds the Required Security Amount, and the Borrower shall previously have provided further security to the Lender
      pursuant to clause 8.2.1, the Lender shall, as soon as reasonably practicable after notice from the Borrower to do so and subject to being indemnified to its reasonable satisfaction against the cost of doing so, release any such further security
      specified by the Borrower provided that the Lender is satisfied that, immediately following such release, the Security Value will equal or exceed the Required Security Amount.</div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z6f4ee9c1e0bc4acd8a9a45156acb7499" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">8.3</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000; font-weight: bold;">Negative undertakings relating to the Borrower</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt; color: #000000;">The Borrower undertakes with the Lender that, from the Execution Date until the end of the Facility Period, it will procure that, except with the prior written
      consent of the Lender (and such consent in respect of any change of name of the Vessel not to be unreasonably withheld), it will not:</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">39</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z49880d86ec6a44f4803eb307dfa8c2ec" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">8.3.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Negative pledge</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt; color: #000000;">permit any Encumbrance (other than a Permitted Encumbrance) to subsist, arise or be created or extended over all or any part of its present or future
      undertakings, assets, rights or revenues to secure or prefer any present or future Indebtedness or other liability or obligation of any Group Member or any other person;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z7d181fe613ca47518ebedca7361340f1" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">8.3.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">No merger or transfer</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt; color: #000000;">merge or consolidate with any other person or permit any change to the legal or beneficial ownership of its shares from that existing at the Execution Date (and
      for the avoidance of doubt any change in the ownership of shares of and in the Corporate Guarantor occurring in the normal course of business shall not constitute a breach of this clause);</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zc7db9e933fdd498fbe77128b73700da6" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">8.3.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Disposals</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt; color: #000000;">sell, transfer, assign, create security or option over, pledge, pool, abandon, lend or otherwise dispose of or cease to exercise direct control over any part of
      their present or future undertaking, assets, rights or revenues (otherwise than by transfers, sales or disposals for full consideration in the ordinary course of trading) whether by one or a series of transactions related or not;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zb85445d0632f46d3bf42de1d05305f3f" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">8.3.4</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Other business or manager</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt; color: #000000;">undertake any type of business other than the ownership and operation of the Vessel or (without the prior consent of the Lender) employ anyone other than the
      Manager as commercial and technical manager of the Vessel;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z108abc4932764555b95e528a827e3db1" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">8.3.5</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Acquisitions</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt; color: #000000;">acquire, any assets other than the Vessel and rights arising under contracts entered into by or on behalf of the Borrower in the ordinary course of its business
      of owning, operating and chartering the Vessel;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z6cbce5319ed147a4a2508b83c1a3f7ff" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">8.3.6</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Other obligations</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt; color: #000000;">incur, any obligations except for obligations arising under the Underlying Documents or the Security Documents or contracts entered into in the ordinary course of
      its business of owning, operating and chartering the Vessel;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z4b4607e586a742b7a3018d8ee9aab969" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">8.3.7</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">No borrowing</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt; color: #000000;">incur any Borrowed Money except for Borrowed Money pursuant to the Security Documents or incurred in the ordinary course of its business of owning, operating and
      chartering the Vessel;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zbdc62a9ad41b49a594b67a4019beee1b" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">8.3.8</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Repayment of borrowings</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt; color: #000000;">repay or prepay the principal of, or pay interest on or any other sum in connection with any of their Borrowed Money except for Borrowed Money pursuant to the
      Security Documents;</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">40</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 8pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z4561fe38eae344419ed79eec78c0740f" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">8.3.9</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Guarantees</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt; color: #000000;">issue any guarantees or otherwise become directly or contingently liable for the obligations of any person, firm, or corporation except pursuant to the Security
      Documents and except for guarantees from time to time required in the ordinary course by any protection and indemnity or war risks association with which the Vessel is entered, guarantees required to procure the release of the Vessel from any arrest,
      detention, attachment or levy or guarantees required for the salvage of the Vessel;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zd9e2501573184bf7b3e82b66f72c64e4" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">8.3.10</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Loans</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt; color: #000000;">make any loans or grant any credit (save for normal trade credit in the ordinary course of business) to any person or agree to do so;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z6a9779c290f44722baeb01c0471c80cc" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">8.3.11</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Sureties</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt; color: #000000;">permit any Indebtedness of the Borrower to any person (other than to the Lender pursuant to the Security Documents) to be guaranteed by any person (except for
      guarantees from time to time required in the ordinary course by any protection and indemnity or war risks association with which the Vessel is entered, guarantees required to procure the release of the Vessel from any arrest, detention, attachment or
      levy or guarantees or undertakings required for the salvage of the Vessel); or</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zb37bb41577464547b135ada768390a2a" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">8.3.12</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Flag, Class etc.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="margin-left: 54pt; margin-bottom: 12pt; color: #000000;">permit:</div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="za9266257951046dfb4937ee6f3f5e5ee" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;">any change in the name or flag of the Vessel;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z46d962dd27a84d09866bcfd72b07d46c" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;">any change of Classification or Classification Society in respect of the Vessel;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z557f7d1772aa4230ba69e769739ad6a2" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(c)</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;">any change of Manager in respect of the Vessel; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="ze0a04edc6bb34016a3fc206027fcd428" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(d)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any change in the ownership (including ultimate beneficial ownership) or control of the Borrower from that existing as at the date hereof and shall procure that there is no change in the ownership (including
                  ultimate beneficial ownership) or control of the Manager (if other than the Corporate Guarantor) from that existing as at the date hereof (and for the avoidance of doubt any change in the ownership of shares of and in the Corporate
                  Guarantor occurring in the normal course of business shall not constitute a breach of this clause);</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zd6955f54946647cdbffa0ed2d5006d7c" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">8.3.13</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Underlying Documents</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt; color: #000000;">terminate or materially amend or vary an Extended Employment Contract or a Management Agreement (and for the avoidance of doubt, material amendments include, but
      are not limited to, reductions of rate of hire, increase of management fees not already provided for in the Management Agreement and termination rights); or</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zc68798379ee04bff95891869dba91f0e" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">8.3.14</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Lay-up</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt; color: #000000;">de-activate or lay up the Vessel; or</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">41</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 8pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z548dc5e4272f4810afaea8b9183bed3e" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">8.3.15</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Place of business</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt; color: #000000;">own or operate and will procure that no Security Party shall own or operate a place of business situate in England or the United States of America (save that the
      Lender acknowledges and agrees that the Corporate Guarantor is listed as a public limited company on NASDAQ); or</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z177c456afaaa46ed9a682cda520195f1" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">8.3.16</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Share capital and distribution</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt; color: #000000;">declare or pay any dividends if an Event of Default has occurred and is continuing or would occur as a result of such declaration or payment or distribute any of
      its present or future assets, undertakings, rights or revenue;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z0098b31f67d549c7ba6bffd2008e91eb" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">8.3.17</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Sharing of Earnings</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt; color: #000000;">permit there to be any agreement or arrangement whereby the Earnings (as defined in the relevant Ship Security Documents) of the Vessel may be shared or pooled
      howsoever with any other person except for customary profit sharing arrangements under a charterparty;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zbd877739c8ee4ceabca8b02a1a9c0ac8" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">8.3.18</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Lawful use <br>
                </div>
              </td>
            </tr>

        </table>
        <div> <br>
        </div>
        <div style="margin: 0px 0px 0px 54pt;">permit the Vessel to be employed: </div>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zff6819ba255d45609260c8f7406bdcc2" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">in any way or in any activity with a Restricted Person or in any Sanctions Restricted Jurisdiction or which is (i) unlawful under international law or the domestic laws of any relevant country or (ii) contrary
                  to any Sanctions;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zb69e389d0f7b4a618f51f3179eaa9dd6" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">to the best of its knowledge, in carrying illicit or prohibited goods;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z100f40ace4424dd78ecb5cf8e3c567c1" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(iii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">in a way which may make the Vessel liable to be condemned by a prize court or destroyed, seized or confiscated;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z787f39f5905b4f6e8cbc3cdb69447047" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(iv)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">in any part of the world where there are hostilities (whether war has been declared or not), unless such employment has been notified to, and approved by, the relevant insurers of the Vessel; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zaff6ba3dbc024cf7aec8364af9fb819e" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(v)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">to the best of its knowledge, in carrying contraband goods,</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 3.6pt; margin-left: 54pt; margin-bottom: 12pt; color: #000000;">and the Borrower shall procure that the persons responsible for the operation of the Vessel shall take all necessary and proper precautions
      to ensure that this does not happen, including participation in industry or other voluntary schemes available to the Vessel and in which leading operators of ships operating under the same flag or engaged in similar trades generally participate at
      the relevant time;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z39b818de18c94f31bc691cfaa8d4d564" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">8.3.19</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">FATCA</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt; color: #000000;">become a FATCA FFI or a US Tax Obligor and shall procure that no Security Party shall do so.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zd5b4bd7bbc664b0dbcb596abcecc9d43" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">9</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">CONDITIONS</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z033b90c51e3f459f9a7be472e8fac12d" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">9.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Availability of the Loan</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">42</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 8pt;"><br>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt; color: #000000;">The obligation of the Lender to make available the Loan is conditional upon:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z2d1a2d3c5a6c4fe79ed5fe18d97e3508" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">9.1.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the Lender, or its authorised representative, having received, not later than two (2) Banking Days before the day on which the Drawdown Notice is given, the documents and evidence specified in Part 1 of schedule
                  2 in form and substance satisfactory to the Lender; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z12fd0cda4c5f487bab785e2b8a009ab9" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">9.1.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the representations and warranties contained in clause 7 being then true and correct as if each was made with respect to the facts and circumstances existing at such time and the same being unaffected by the
                  drawdown of the Loan; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z93f06908ce5f4ea4aa9c20fc612f5843" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">9.1.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">no Default having occurred and being continuing and there being no Default which would result from the lending of the Loan.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z45821c9bda914cf4955bcbea61e0719b" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">9.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Advance of the Loan</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt; color: #000000;">The obligation of the Lender to make available the Loan is conditional upon the Lender, or its authorised representative, having received, on or prior to the
      Drawdown Date, the documents and evidence specified in Part 2 of schedule 2 in form and substance satisfactory to the Lender.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zffadd48866b04be892f40c1382d94fc1" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">9.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Waiver of conditions precedent</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt; color: #000000;">The conditions specified in this clause 9 are inserted solely for the benefit of the Lender and may be waived by the Lender in whole or in part and with or
      without conditions.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zabefc89b3dd74a2b9a3c8c91caa2d2ee" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">9.4</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Further conditions precedent</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt; color: #000000;">Not later than five (5) Banking Days prior to the Drawdown Date the Lender may request and the Borrower must, not later than two (2) Banking Days prior to such
      date, deliver to the Lender (at the Borrower&#8217;s expense) on such request further favourable certificates and/or opinions as to any or all of the matters which are the subject of clauses 7, 8, 9 and 10.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z99a1c52c90694b768016dde6f8ab8f5a" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">10</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">EVENTS OF DEFAULT</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zf4e6bd0c5f45466980ef94065988df99" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">10.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Events</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt; color: #000000;">Each of the following events shall constitute an Event of Default (whether such event shall occur voluntarily or involuntarily or by operation of law or
      regulation or in connection with any judgment, decree or order of any court or other authority or otherwise, howsoever):</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z7c8a674573ee46e0953aecd54b125bd8" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">10.1.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;"><font style="font-weight: bold;">Non-payment: </font>any Security Party fails to pay any sum payable by it under any of the Security Documents to which it is a party at the time, in the currency and in the
                  manner stipulated in the Security Documents (and so that, for this purpose, sums payable (i) under clauses 3.1 and 4.1 shall be treated as having been paid at the stipulated time if (aa) received by the Lender within three (3) Banking
                  Days of the dates therein referred to and (bb) such delay in receipt is caused by administrative or other delays or errors within the banking system and (ii) on demand shall be treated as having been paid at the stipulated time if paid
                  within three (3) Banking Days of demand); or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">43</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zb701d5b2d3c347d092d3e731b4abbf75" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">10.1.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;"><font style="font-weight: bold;">Breach of Insurance and certain other obligations: </font>the Borrower or, as the context may require, the Manager or any other person fails to obtain and/or maintain the
                  Insurances (as defined in, and in accordance with the requirements of, the Ship Security Documents) for the Vessel or if any insurer in respect of such Insurances cancels the Insurances or disclaims liability by reason, in either case, of
                  mis-statement in any proposal for the Insurances or for any other failure or default on the part of the Borrower or any other person or the Borrower commits any breach of or omits to observe any of the obligations or undertakings
                  expressed to be assumed by it under clause 8 or clause 14; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z0bfa49d6ec8e4b2797b43beb132ea2b7" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">10.1.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;"><font style="font-weight: bold;">Breach of other obligations: </font>any Security Party commits any breach of or omits to observe Documents (other than those referred to in clauses 10.1.1 and 10.1.2 above)
                  unless such breach or omission, in the opinion of the Lender is capable of remedy, in which case the same shall constitute an Event of Default if it has not been remedied within fifteen (15) days of the occurrence thereof; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z926da254859c4bc4a0f2d2125bc5ed98" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">10.1.4</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;"><font style="font-weight: bold;">Misrepresentation: </font>any representation or warranty made or deemed to be made or repeated by or in respect of any Security Party in or pursuant to any of the Security
                  Documents or in any notice, certificate or statement referred to in or delivered under any of the Security Documents is or proves to have been incorrect or misleading in any material respect; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z1423280fb8f7438b9e4892f19d6428aa" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">10.1.5</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;"><font style="font-weight: bold;">Cross-default: </font>any Indebtedness of the Borrower or any Indebtedness of the Corporate Guarantor exceeding USD1,000,000 is not paid when due (subject to applicable grace
                  periods) or any Indebtedness of the Borrower or any Indebtedness of the Corporate Guarantor exceeding USD1,000,000 becomes (whether by declaration or automatically in accordance with the relevant agreement or instrument constituting the
                  same) due and payable prior to the date when it would otherwise have become due (unless as a result of the exercise by the Borrower or the Corporate Guarantor of a voluntary right of prepayment), or any creditor of the Borrower or the
                  Corporate Guarantor becomes entitled to declare any such Indebtedness due and payable or any facility or commitment available to the Borrower or the Corporate Guarantor relating to Indebtedness is withdrawn, suspended or cancelled by
                  reason of any default (however described) of the person concerned, and such Indebtedness of the Borrower or the Corporate Guarantor (as the case may be) is not paid within fourteen (14) Banking Days from the due date for payment; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zdd1d18d0d791427f84f66100ee784c2d" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">10.1.6</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;"><font style="font-weight: bold;">Execution: </font>any uninsured judgment or order made against any Security Party is not stayed, appealed against or complied with within fifteen (15) days or a creditor
                  attaches or takes possession of, or a distress, execution, sequestration or other process is levied or enforced upon or sued out against, any of the undertakings, assets, rights or revenues of any Security Party and is not discharged
                  within twenty (20) days; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zde540f0a9c364b9b847565a0abdf585e" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">10.1.7</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;"><font style="font-weight: bold;">Insolvency: </font>any Security Party is unable or admits inability to pay its debts as they fall due; suspends making payments on any of its debts or announces an intention to
                  do so; becomes insolvent; or has negative net worth (taking into account contingent liabilities); or suffers the declaration of a moratorium in respect of any of its Indebtedness; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z18a49946fdc04735b0db4c34e2b2da04" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">10.1.8</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;"><font style="font-weight: bold;">Dissolution: </font>any corporate action, Proceedings or other steps are taken to dissolve or wind-up any Security Party unless the Borrower can demonstrate to the satisfaction
                  of the Lender, by providing an opinion of leading counsel that such corporate action,</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">44</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 8pt;"><br>
    </div>
    <div style="text-align: justify; margin-right: 3.6pt; margin-left: 54pt; margin-bottom: 12pt; color: #000000;">Proceedings or other steps are frivolous, vexatious or an abuse of the process of the court or an order is made or resolution passed for the
      dissolution or winding up of any Security Party or a notice is issued convening a meeting for such purpose; or</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z2fbcf7dc50774839b14b2a589cb41069" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">10.1.9</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;"><font style="font-weight: bold;">Administration: </font>any petition is presented, notice given or other steps are taken anywhere to appoint an administrator of any Security Party or an administration order is
                  made in relation to any Security Party; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zfcd3f3d3194e43799776860c057e3898" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">10.1.10</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;"><font style="font-weight: bold;">Appointment of receivers and managers: </font>any administrative or other receiver is appointed anywhere of any Security Party or any material part of its assets and/or
                  undertaking or any other steps are taken to enforce any Encumbrance over all or any substantial part of the assets of any Security Party; or</div>
              </td>
            </tr>

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

          <tr>
            <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">10.1.11</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000;"><font style="font-weight: bold;">Compositions: </font>any corporate action, legal proceedings or other procedures or steps are taken or negotiations commenced, by any Security Party or by any of its creditors
                with a view to the general readjustment or rescheduling of all or a substantial part of its Indebtedness or to proposing any kind of composition, compromise or arrangement involving such company and any of its creditors (excluding always
                negotiations with holders of preferred shares); or</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z8a356c1032be46fb8c5c51a5f9164ffd" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">10.1.12</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;"><font style="font-weight: bold;">Analogous proceedings: </font>there occurs, in relation to any Security Party, in any country or territory in which any of them carries on business or to the jurisdiction of
                  whose courts any part of their assets is subject, any event which, in the reasonable opinion of the Lender, appears in that country or territory to correspond with, or have an effect equivalent or similar to, any of those mentioned in
                  clauses 10.1.6 to 10.1.11 (inclusive) or any Security Party otherwise becomes subject, in any such country or territory, to the operation of any law relating to insolvency, bankruptcy or liquidation; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z1621a14621b04084b002e0055b34d76e" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">10.1.13</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;"><font style="font-weight: bold;">Cessation of business: </font>any Security Party suspends or ceases or threatens to suspend or cease to carry on its business without the prior consent of the Tender; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z240ce4e6d99c4480b8956e574e786e1a" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">10.1.14</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;"><font style="font-weight: bold;">Seizure: </font>all or a material part of the undertaking, assets, rights or revenues of, or shares or other ownership interests in, any Security Party are seized, nationalised,
                  expropriated or compulsorily acquired by or under the authority of any Government Entity and the same are not returned to the relevant Security Party within 45 days of such seizure, nationalisation, expropriation or compulsory
                  acquisition; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z9302575f9dd249bfab00f74685ca1c35" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">10.1.15</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;"><font style="font-weight: bold;">Invalidity: </font>any of the Security Documents shall at any time and for any reason become invalid or unenforceable or otherwise cease to remain in full force and effect, or
                  if the validity or enforceability of any of the Security Documents shall at any time and for any reason be contested by any Security Party which is a party thereto, or if any such Security Party shall deny that it has any, or any further,
                  liability thereunder; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z502e086771ed466093999583b7c4ca1b" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">10.1.16</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;"><font style="font-weight: bold;">Unlawfulness: </font>any Unlawfulness occurs or it becomes impossible or unlawful at any time for any Security Party, to fulfil any of the covenants and obligations expressed to
                  be assumed by it in any of the Security Documents or for the Lender to exercise the rights or any of them vested in it under any of the Security Documents or otherwise; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zfcfa587c588f491992051308afa21833" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">10.1.17</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;"><font style="font-weight: bold;">Repudiation: </font>any Security Party repudiates any of the Security Documents or does or causes or permits to be done any act or thing evidencing an intention to repudiate any
                  of the Security Documents; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">45</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z802b59f7868e4219b3876bea35d23f78" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">10.1.18</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;"><font style="font-weight: bold;">Encumbrances enforceable: </font>any Encumbrance (other than Permitted Encumbrances) in respect of any of the property (or part thereof) which is the subject of any of the
                  Security Documents becomes enforceable; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z8e892b76eb7b42219b48dfc51d142818" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">10.1.19</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;"><font style="font-weight: bold;">Arrest: </font>the Vessel is arrested, confiscated, seized, taken in execution, impounded, forfeited, detained in exercise or purported exercise of any possessory lien or other
                  claim or otherwise taken from the possession of the Borrower and the Borrower shall fail to procure the release of the Vessel within a period of fifteen (15) days thereafter; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z4a23e2e86d2a449f8171cf897d4dd24e" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">10.1.20</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;"><font style="font-weight: bold;">Registration: </font>the registration of the Vessel under the laws and flag of the Flag State is cancelled or terminated without the prior written consent of the Lender; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zc25c364eecdb471fb50c7ac7c87d3639" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">10.1.21</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;"><font style="font-weight: bold;">Unrest: </font>the Flag State of the Vessel becomes involved in hostilities or civil war or there is a seizure of power in the Flag State by unconstitutional means unless the
                  Borrower shall have transferred the Vessel onto a new flag acceptable to the Lender within thirty (30) days of the Lender&#8217;s written request to the Borrower to effect such transfer; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="ze2c59f95e7bd474b90c8e62097d98b54" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">10.1.22</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;"><font style="font-weight: bold;">Environmental Incidents: </font>an Environmental Incident occurs which gives rise, or may give rise, to an Environmental Claim which could, in the opinion of the Lender be
                  expected to have a Material Adverse Effect (i) on the financial condition of any Security Party or the Group taken as a whole or (ii) on the security constituted by any of the Security Documents or the enforceability of that security in
                  accordance with its terms; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z339ecef113dc44f6a5f826a2a908787c" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">10.1.23</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;"><font style="font-weight: bold;">P&amp;I: </font>the Borrower or the Manager or any other person fails or omits to comply with any requirements of the protection and indemnity association or other insurer with
                  which the Vessel is entered for insurance or insured against protection and indemnity risks (including oil pollution risks) to the effect that any cover (including, without limitation, any cover in respect of liability for Environmental
                  Claims arising in jurisdictions where the Vessel operates or trades) is or may be liable to cancellation, qualification or exclusion at any time; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z5d86473ccb964cb1a0aca910c451f9be" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">10.1.24</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;"><font style="font-weight: bold;">Material events: </font>any other event occurs or circumstance arises which, in the reasonable opinion of the Lender, is likely materially and adversely to affect either (i) the
                  ability of any Security Party to perform all or any of its obligations under or otherwise to comply with the terms of any of the Security Documents to which it is a party or (ii) the security created by any of the Security Documents or
                  (iii) the value or nature of the financial condition of any Security Party (other than the Manager); or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="za49294fbe31a4855bffb50d40b745e33" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">10.1.25</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;"><font style="font-weight: bold;">Required Authorisations: </font>to the extent it has not been waived, any Required Authorisation is revoked or withheld or modified or is otherwise not granted or fails to
                  remain in full force and effect; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z4b3f350d0ba0408ea40c5f1101ebf408" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">10.1.26</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;"><font style="font-weight: bold;">Money Laundering: </font>any Security Party is in breach of or fails to observe any law, requirement, measure or procedure implemented to combat &#8220;money laundering&#8221; as defined in
                  Article 1 of the Directive (91/308 EEC) of the Council of the European Communities; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z12e0b1494a6d426887e87caa5c252dca" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">10.1.27</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;"><font style="font-weight: bold;">Management Agreement: </font>a Management Agreement is terminated, revoked, suspended, rescinded, transferred, novated or otherwise ceases to remain in full force and effect for
                  any reason except with the prior consent of the Lender; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">46</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z8364a60c90e04faeab2f6a7959d9748e" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">10.1.28</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;"><font style="font-weight: bold;">Change of Ownership: </font>there is any change in the immediate and/or ultimate legal and/or beneficial ownership or control of any of the shares of the Borrower or the
                  Shareholder from that existing on the Execution Date (and for the avoidance of doubt any change in the ownership of shares of and in the Corporate Guarantor occurring in the normal course of business shall not constitute a breach of this
                  clause); or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z19baab74df664a71bc3a6e7785f0bd9d" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">10.1.29</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;"><font style="font-weight: bold;">Sanctions: </font>A Security Party fails to comply with clauses 7.1.25 (Restricted Persons, unlawful activity), 7.1.26 (Sanctions) or 8.1.21 (Sanctions) of this Agreement.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z959e6ded5c904db69201057c03ba1155" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">10.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Acceleration</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 3.6pt; margin-left: 54pt; margin-bottom: 12pt; color: #000000;">The Lender may at any time after the occurrence of an Event of Default, and only while the same is continuing and has not been remedied or
      waived, by notice to the Borrower declare that:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="za73dca08726b480195a492a662da26c9" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">10.2.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the obligation of the Lender to make its Commitment available shall be terminated, whereupon the Total Commitment shall be reduced to zero forthwith; and/or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="ze68584e33d8f424aab9e6fa35791b3ef" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">10.2.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the Loan and all interest accrued and all other sums payable whatsoever under the Security Documents have become due and payable, whereupon the same shall, immediately or in accordance with the terms of such
                  notice, become due and payable.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zc2cacf389d4d435fa9317094da751ed4" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">10.3</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000; font-weight: bold;">Demand Basis</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 3.6pt; margin-left: 54pt; margin-bottom: 12pt; color: #000000;">If,<font style="font-weight: bold;">&#160;</font>under clause 10.2.2, the Lender has declared the Loan to be due and payable on demand, at any
      time thereafter the Lender shall by written notice to the Borrower (a) demand repayment of the Loan on such date as may be specified whereupon, regardless of any other provision of this Agreement, the Loan shall become due and payable on the date so
      specified together with all interest accrued and all other sums payable under this Agreement or (b) withdraw such declaration with effect from the date specified in such notice.</div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z58e10a77e41c43c3854034f6cfe038e0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">11</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000; font-weight: bold;">INDEMNITIES</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zac4060998ff54f81b1a98ce555c48b20" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">11.1</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000; font-weight: bold;">General indemnity</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 3.6pt; margin-left: 54pt; margin-bottom: 12pt; color: #000000;">The Borrower agrees to indemnify the Lender on demand, without prejudice to any of the Lender&#8217;s other rights under any of the Security
      Documents, against any loss (including loss of Margin) or expense (including, without limitation, Break Costs) which the Lender shall certify as sustained by it as a consequence of any Default, any prepayment of the Loan being made under clauses 4.3,
      4.4, 8.2.1(a) or 12.1 or any other repayment or prepayment of the Loan being made otherwise than on an Interest Payment Date relating to the part of the Loan prepaid or repaid; and/or the Loan not being made for any reason (excluding any default by
      the Lender) after the Drawdown Notice has been given.</div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z8da0448bbdcc4713a614ceceb277d2cb" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">11.2</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000; font-weight: bold;">Environmental indemnity</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 3.6pt; margin-left: 54pt; margin-bottom: 12pt; color: #000000;">The Borrower shall indemnify the Lender on demand and hold it harmless from and against all costs, claims, expenses, payments, charges,
      losses, demands, liabilities, actions, Proceedings, penalties, fines, damages, judgements, orders, sanctions or other outgoings of whatever nature which may be incurred or made or asserted whensoever against the Lender at any time, whether before or
      after the repayment in full of</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">47</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-right: 3.6pt; margin-left: 54pt; margin-bottom: 12pt; color: #000000;">principal and interest under this Agreement, arising howsoever out of an Environmental Claim made or asserted against the Lender which would
      not have been, or been capable of being, made or asserted against the Lender had it not entered into any of the Security Documents or been involved in any of the resulting or associated transactions.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z42a8e65b06094f0198152e607ef5426d" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">11.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Capital adequacy and reserve requirements indemnity</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 3.6pt; margin-left: 54pt; margin-bottom: 12pt; color: #000000;">The Borrower shall promptly indemnify the Lender on demand against any cost incurred or loss suffered by the Lender as a result of its
      complying with (i) the minimum reserve requirements from time to time of the European Central Bank (ii) any capital adequacy directive of the European Union and/or (iii) any revised framework for international convergence of capital measurements and
      capital standards and/or any regulation imposed by any Government Entity in connection therewith, and/or in connection with maintaining required reserves with a relevant national central bank to the extent that such compliance or maintenance relates
      to the Commitment and/or the Loan or deposits obtained by it to fund the whole or part thereof and to the extent such cost or loss is not recoverable by the Lender under clause 12.2.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zb841330df62e442caaa8348519b9962c" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">12</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">UNLAWFULNESS, INCREASED COSTS AND BAIL-IN</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zeec015550cb74e7291672041124d43f0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">12.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Unlawfulness</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 3.6pt; margin-left: 54pt; margin-bottom: 12pt; color: #000000;">If it is or becomes contrary to any law, directive or regulation for the Lender to contribute to the Loan or to maintain its Commitment or
      fund the Loan, the Lender shall promptly give notice to the Borrower whereupon (a) the Loan and Commitment shall be reduced to zero and (b) the Borrower shall be obliged to prepay the Loan either (i) forthwith or (ii) on a future specified date not
      being earlier than the latest date permitted by the relevant law, directive or regulation together with interest accrued to the date of prepayment and all other sums payable by the Borrower under this Agreement.</div>
    <div style="text-align: justify; margin-right: 3.6pt; margin-left: 54pt; margin-bottom: 12pt; color: #000000;">Provided that if circumstances arise which would result in a notification under this clause 12.1 then, prior to giving such notice, the
      Lender shall use reasonable endeavours to transfer its obligations, liabilities and rights under this Agreement and the Security Documents to another office of the Lender not affected by the circumstances but the Lender shall not be under any
      obligation to take any such action if, in its opinion, to do would or might:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z33b46cb033134efcb3a3d862863eef61" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">have an adverse effect on its business, operations or financial condition; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="za1dc03c75d344807b032687b419843cd" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">involve it in any activity which is unlawful or prohibited or any activity that is contrary to, or inconsistent with, any regulation; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="ze5d87281cea54630a733864487e8cd28" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">involve it in any expense (unless indemnified to its satisfaction) or tax disadvantage.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z9862f26973d74785867c5931af9bbc7b" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">12.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Increased costs</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 3.6pt; margin-left: 54pt; margin-bottom: 12pt; color: #000000;">If the result of any change in, or in the interpretation or application of, or the introduction of, any law or any regulation, request or
      requirement (whether or not having the force of law, but, if not having the force of law, with which the Lender or, as</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">48</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-left: 54pt; margin-bottom: 12pt; color: #000000;">the case may be, its holding company habitually complies), including (without limitation) those relating to Taxation, capital adequacy, liquidity, reserve assets, cash ratio deposits
      and special deposits, is to:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z693c5b3e88bc424abc3b8a35d8e27879" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">12.2.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">subject the Lender to Taxes or change the basis of Taxation of the Lender with respect to any payment under any of the Security Documents (other than Taxes or Taxation on the overall net income, profits or gains
                  of the Lender imposed in the jurisdiction in which its principal or lending office under this Agreement is located); and/or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="za7ff1e8e4dad4f01954b76ad64e1d541" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">12.2.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">increase the cost to, or impose an additional cost on, the Lender or its holding company in making or keeping the Commitment available or maintaining or funding all or part of the Loan; and/or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zb7bb22c39ade41748f82a37cd71b572f" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">12.2.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">reduce the amount payable or the effective return to the Lender under any of the Security Documents; and/or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="za36ad0ad99e144749270a4e6355c170f" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">12.2.4</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">reduce the Lender&#8217;s or its holding company&#8217;s rate of return on its overall capital by reason of a change in the manner in which it is required to allocate capital resources to its obligations under any of the
                  Security Documents; and/or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z5dde48fa1225460cb7ca46111bc1e78f" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">12.2.5</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">require the Lender or its holding company to make a payment or forgo a return on or calculated by reference to any amount received or receivable by it under any of the Security Documents; and/or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z0c12824bf348454ea717917cbba35f6f" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">12.2.6</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">require the Lender or its holding company to incur or sustain a loss (including a loss of future potential profits) by reason of being obliged to deduct all or part of the Commitment or the Loan from its capital
                  for regulatory purposes, then and in each such case (subject to clause 12.3);</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z5c509b93732e462797e415bd0161811c" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the Lender shall notify the Borrower in writing of such event promptly upon its becoming aware of the same; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z72298469738045a5b4bb73e6d03b510d" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the Borrower shall on demand made at any time whether or not the Loan has been repaid, pay to the Lender the amount which the Lender specifies (in a certificate setting forth the basis of the computation of such
                  amount but not including any matters which the Lender or its holding company regards as confidential) is required to compensate the Lender and/or (as the case may be) its holding company for such liability to Taxes, cost, reduction,
                  payment, forgone return or loss.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 3.6pt; margin-left: 54pt; margin-bottom: 12pt; color: #000000;">For the purposes of this clause 12.2 &#8220;holding company&#8221; means the company or entity (if any) within the consolidated supervision of which the
      Lender is included.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z35ef1d753b244fb2ade8b88ce4a93c68" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">12.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Exception</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 3.6pt; margin-left: 54pt; margin-bottom: 12pt; color: #000000;">Nothing in clause 12. shall entitle the Lender to receive any amount in respect of compensation for any such liability to Taxes, increased or
      additional cost, reduction, payment, foregone return or loss to the extent that the same is the subject of an additional payment under clause 6.6.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z515e41743bd8482c8fd81b2ba8aad5ee" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">12.4</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Contractual recognition of bail-in</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">49</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-right: 3.6pt; margin-left: 54pt; margin-bottom: 12pt; color: #000000;">Notwithstanding any other term of any Security Document or any other agreement, arrangement or understanding between the parties to this
      Agreement, each such party acknowledges and accepts that any liability of any party to this Agreement to any other party to this Agreement under or in connection with the Security Documents may be subject to Bail-In Action by the relevant Resolution
      Authority and acknowledges and accepts to be bound by the effect of:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z9ba6c837f84a40db9fa0d3371b251392" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any Bail-In Action in relation to any such liability, including (without limitation):</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z7196a30fffdf406e96fff5d535416ae5" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">a reduction, in full or in part, in the principal amount, or outstanding amount due (including any accrued but unpaid interest) in respect of any such liability;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="za1840e4a6f484d4d9cd425abc9c2e718" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">a conversion of all, or part of, any such liability into shares or other instruments of ownership that may be issued to, or conferred on, it; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zbbd7e2d4647d460986b3e531720ed9ce" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(iii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">a cancellation of any such liability; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z49b706ff439348f395c2f7d9dacee137" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">a variation of any term of any Security Document to the extent necessary to give effect to any Bail-In Action in relation to any such liability</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zd6eb3de31ae5463888d3b6cd5511c74d" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">13</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">APPLICATION OF MONEYS, SET OFF, PRO-RATA PAYMENTS AND MISCELLANEOUS</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zdff2e37eb13349eabe2ea3d72d7f48b4" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">13.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Application of moneys</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 3.6pt; margin-left: 54pt; margin-bottom: 12pt; color: #000000;">All moneys received by the Lender under or pursuant to any of the Security Documents and expressed to be applicable in accordance with the
      provisions of this clause 13.1 or in a manner determined in the Lender&#8217;s discretion, shall be applied in the following manner:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z4f3d4eb4d435419f8aedde60546b912d" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">13.1.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">first, in or towards payment, in such order as the Lender may decide, of any unpaid costs and expenses of the Lender and the Lender under any of the Security Documents;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z02d7b435f86d4865bc0b746f6ed1e322" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">13.1.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">secondly, in or towards payment of any fees payable to the Lender under, or in relation to, the Security Documents which remain unpaid;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z5b4f31a63c62419985262f8d1d2504f5" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">13.1.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">thirdly, in or towards payment to the Lender of any accrued default interest owing pursuant to clause 3.4 but remains unpaid;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zed85bc0d8fd64096990ee005e9e1c3d4" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">13.1.4</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">fourthly, in or towards payment to the Lender of any accrued interest owing in respect of the Loan which shall have become due under any of the Security Documents but remains unpaid;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zf69635ed44ba4954a969a479e81d98d7" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">13.1.5</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">fifthly, in or towards payment to the Lender of any due but unpaid Repayment Instalments;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z3ac59f199e6947b7ad78d6c617923dcf" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">13.1.6</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">sixthly, in or towards payment to the Lender in application in repayment of the Loan in accordance with clause 4.6.2;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z6096de7bbe5a4b809f6f2a04c1433f14" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">13.1.7</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">seventhly, in or towards payment for any loss suffered by reason of any such payment in respect of principal not being effected on an Interest Payment Date relating to the</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">50</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-left: 54pt; margin-bottom: 12pt; color: #000000;">part of the Loan repaid and which amounts are so payable under this Agreement and any other sum relating to the Loan which shall have become due under any of the Security Documents
      but remains unpaid; and</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z00601bc4bab645d6bceb46348b1f4424" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">13.1.8</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">eighthly, the surplus (if any) shall be paid to the Borrower or to whomsoever else may then be entitled to receive such surplus.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 3.6pt; margin-left: 54pt; margin-bottom: 12pt; color: #000000;">The order of application set out in clauses 13.1.1 to 13.1.8 may be varied by the Lender without any reference to, or consent or approval
      from, the Borrower.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z1c6dacd639c642c8b1226012c748f9dd" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">13.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Set-off</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z72abb970578c4f29841fc3f9009f7678" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">13.2.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">The Borrower irrevocably authorises the Lender (without prejudice to any of the Lender&#8217;s rights at law, in equity or otherwise), following the occurrence of an Event of Default which is continuing and without
                  notice to the Borrower, to apply any credit balance to which the Borrower is then entitled standing upon any account of the Borrower with any branch of the Lender in or towards satisfaction of any sum due and payable from the Borrower to
                  the Lender under any of the Security Documents. For this purpose, the Lender is authorised to purchase with the moneys standing to the credit of such account such other currencies as may be necessary to effect such application.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z984f26ac5caf444bafaf7db7066cafe4" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">13.2.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">The Lender shall not be obliged to exercise any right given to it by this clause 13.2. The Lender shall notify the Borrower forthwith upon the exercise or purported exercise of any right of set off giving full
                  details in relation thereto.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z08ba37ab20884a2696f6c175f9c943e2" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">13.2.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Nothing in this clause 13.2 shall be effective to create a charge or other security interest.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z3c011350dd704cad88b6b0bae03a274e" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">13.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Further assurance</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 3.6pt; margin-left: 54pt; margin-bottom: 12pt; color: #000000;">The Borrower undertakes with the Lender that the Security Documents shall both at the date of execution and delivery thereof and throughout
      the Facility Period be valid and binding obligations of the respective parties thereto which, with the rights of the Lender thereunder, are enforceable in accordance with their respective terms and that it will, at its expense, execute, sign,
      perfect. and do, and will procure the execution, signing, perfecting and doing by each of the other Security Parties of, any and every such further assurance, document, act or thing as in the reasonable opinion of the Lender may be necessary for
      perfecting the security contemplated or constituted by the Security Documents.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z3293395ae14447c1a15318aa9d5f80f8" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">13.4</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Conflicts</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 3.6pt; margin-left: 54pt; margin-bottom: 12pt; color: #000000;">In the event of any conflict between this Agreement and any of the other Security Documents, the provisions of this Agreement shall prevail.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zde70ef1581c34615a2bbeb88f94c86e7" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">13.5</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">No implied waivers, remedies cumulative</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 3.6pt; margin-left: 54pt; margin-bottom: 12pt; color: #000000;">No failure or delay on the part of the Lender to exercise any power, right or remedy under any of the Security Documents shall operate as a
      waiver thereof, nor shall any single or partial exercise by the Lender of any power, right or remedy preclude any other or further exercise thereof or the exercise of any other power, right or remedy. The remedies provided in the Security Documents
      are cumulative and are not exclusive</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">51</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-right: 3.6pt; margin-left: 54pt; margin-bottom: 12pt; color: #000000;">of any remedies provided by law. No waiver by the Lender shall be effective unless it is in writing.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z651890a5d4db4d978290f4a34d60ef6f" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">13.6</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Severability</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 3.6pt; margin-left: 54pt; margin-bottom: 12pt; color: #000000;">If any provision of this Agreement is prohibited, invalid, illegal or unenforceable in any jurisdiction, such prohibition, invalidity,
      illegality or unenforceability shall not affect or impair howsoever the remaining provisions thereof or affect the validity, legality or enforceability of such provision in any other jurisdiction.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zdf07358917c54b6087527dfc451a92eb" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">13.7</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Force Majeure</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 3.6pt; margin-left: 54pt; margin-bottom: 12pt; color: #000000;">Regardless of any other provision of this Agreement, the Lender shall not be liable for any failure to perform the whole or any part of this
      Agreement resulting directly or indirectly from (i) the action or inaction or purported action of any governmental or local authority (ii) any strike, lockout, boycott or blockade (including any strike, lockout, boycott or blockade effected by or
      upon the Lender or any of its representatives or employees) (iii) any act of God (iv) any act of war (whether declared or not) or terrorism or (v) any other circumstances whatsoever outside the Lender&#8217;s control.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z307100ba1db74bc08ab58e08901acc70" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">13.8</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Amendments</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 3.6pt; margin-left: 54pt; margin-bottom: 12pt; color: #000000;">This Agreement may be amended or varied only by an instrument in writing executed by all parties hereto who irrevocably agree that the
      provisions of this clause 13.8 may not be waived or modified except by an instrument in writing to that effect signed by all of them.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zf0b9a1f13c5142ab9ec96b4280f1d1bc" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">13.9</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Counterparts</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 3.6pt; margin-left: 54pt; margin-bottom: 12pt; color: #000000;">This Agreement may be executed in any number of counterparts and all such counterparts taken together shall be deemed to constitute one and
      the same agreement which may be sufficiently evidenced by one counterpart.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zd6590c9fcb4640cfbb51bbded147e32b" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">13.10</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">English language</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 3.6pt; margin-left: 54pt; margin-bottom: 12pt; color: #000000;">All documents required to be delivered under and/or supplied whensoever in connection howsoever with any of the Security Documents and all
      notices, communications, information and other written material whatsoever given or provided in connection howsoever therewith must either be in the English language or accompanied, at the Lender&#8217;s request, by an English translation certified by a
      notary, lawyer or consulate acceptable to the Lender.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z7abcf058dc9c432095d7c1f74e2c0c2d" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">14</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">ACCOUNTS</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z9d9bf5344a774e51a103b4676ee61b2f" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">14.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">General</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt; color: #000000;">The Borrower undertakes with the Lender that it will ensure that:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z02db0fd0f33d4aeab96e8c5783f762fd" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">14.1.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">it will on or before the Drawdown Date, open the Earnings Account in its name; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z242d7fd0ed4c4baa9dce9fca39d9b979" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">14.1.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">all moneys payable to the Borrower in respect of the Earnings of the Vessel shall, unless and until the Lender directs to the contrary pursuant to the provisions of the Mortgage, be paid to the Earnings Account,
                  Provided however that if any of the moneys paid to</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">52</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt; color: #000000;">such Earnings Account are payable in a currency other than USD, they shall be paid to a sub-account of that Earnings Account denominated in such currency (except
      that if the Borrower fails to open such a sub-account, the Lender shall then convert such moneys into USD at the Lender&#8217;s spot rate of exchange at the relevant time for the purchase of USD with such currency and the term &#8220;spot rate of exchange&#8221; shall
      include any premium and costs of exchange payable in connection with the purchase of USD with such currency).</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z1dc0535570094d53ba080191f34b03c0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">14.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Earnings Account: withdrawals</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 3.6pt; margin-left: 54pt; margin-bottom: 12pt; color: #000000;">Any sums standing to the credit of the Earnings Account may be applied by the Borrower from time to time, subject to no Event of Default
      having occurred which is continuing unremedied and unwaived, in (i) making the payments required under this Agreement (ii) the supply, crewing, management, maintenance, repair, insurance, operation and trading of the Vessel and (iii) payment of
      dividends to their shareholders annually.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z1c728786324f4e7e9c60df34543ad225" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">14.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Application of accounts</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 3.6pt; margin-left: 54pt; margin-bottom: 12pt; color: #000000;">At any time after the occurrence of an Event of Default and while the same is continuing unwaived and unremedied, the Lender may, without
      prior notice to the Borrower apply all moneys then standing to the credit of the Earnings Account (together with interest from time to time accruing or accrued thereon) in or towards satisfaction of any sums due to Lender under the Security Documents
      at the time of such applications in the manner specified in clause 13.1. Following such application, the Lender shall give notice thereof to the Borrower.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="ze10927a920674d4f873f5743912ee135" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">15</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">ASSIGNMENT, TRANSFER AND LENDING OFFICE</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z78448659c4cc4366a404aa13153ef148" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000; font-weight: bold;">15.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Benefit and burden</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 3.6pt; margin-left: 54pt; margin-bottom: 12pt; color: #000000;">This Agreement shall be binding upon, and ensure for the benefit of, the Lender and the Borrower and their respective successors in title.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z09613bafdd184cbb8dee2fc221bb3d81" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">15.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">No assignment by Borrower</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 3.6pt; margin-left: 54pt; margin-bottom: 12pt; color: #000000;">The Borrower may not assign or transfer any of its rights or obligations under this Agreement.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z558ae035fbed4c88889f8bef8d7e8755" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">15.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Transfer by Lender</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 3.6pt; margin-left: 54pt; margin-bottom: 12pt; color: #000000;">The Lender may at any time (i) change its office through which the Loan is made available or (ii) cause all or any part of its rights,
      benefits and/or obligations under this Agreement and the other Security Documents to be transferred or assigned without the consent of the Borrower to a wholly-owned banking subsidiary or associated company of the Lender or to any third party (in
      either case a <font style="font-weight: bold;">&#8220;Transferee Lender&#8221;) </font>provided always that any such Transferee Lender, by delivery of such undertaking as the Lender may approve, becomes bound by the terms of this Agreement and agrees to
      perform <font style="font-weight: bold;">all </font>or, as the case may be, relevant part of the Lender&#8217;s obligations under this Agreement the rights and equities of the Borrower or of any other Security Party referred to above include, but are not
      limited to, any right of set-off and any other kind of cross-claim.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z85dadd1ae0ee4168a7773a834274dab3" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">15.4</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Documenting transfers</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">53</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-right: 3.6pt; margin-left: 54pt; margin-bottom: 12pt; color: #000000;">If the Lender assigns all or any part of its rights or transfers all or any part of its rights, benefits and/or obligations as provided in
      clause 15.3, the Borrower undertakes, immediately on being requested to do so by the Lender and at the cost of the Transferee Lender, to enter into, and procure that the other Security Parties shall (at the cost of the Transferee Lender) enter into,
      such documents as may be necessary or desirable to transfer to the Transferee Lender all or the relevant part of the Lender&#8217;s interest in the Security Documents and all relevant references in this Agreement to the Lender shall thereafter be construed
      as a reference to the Lender and/or its Transferee Lender (as the case may be) to the extent of their respective interests. For the avoidance of doubt there will be no expense for the Borrower in connection with an assignment or transfer, as provided
      in clauses 15.3 and 15.5.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z123132e1a66d404eafed0b74d315bd74" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">15.5</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Sub-Participation</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 3.6pt; margin-left: 54pt; margin-bottom: 12pt; color: #000000;">The Lender may sub-participate all or any part of its rights and/or obligations under the Security Documents at its own expense without the
      consent of, or notice to, the Borrower. Any such sub-participation shall have no effect on the Lender&#8217;s rights under the Security Documents and shall not affect the Borrower at all.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zca0a4eb490464ab69e352979472ecc79" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">15.6</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Disclosure of information</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 3.6pt; margin-left: 54pt; margin-bottom: 12pt; color: #000000;">The Lender may disclose to a prospective assignee, transferee or to any other person (a <font style="font-weight: bold;">&#8220;Prospective
        Assignee&#8221;) </font>who may propose entering into contractual relations with the Lender in relation to this Agreement such information about the Borrower and/or the other Security Parties as the Lender shall consider appropriate, but only if the
      Prospective assignee has first undertaken to the Borrower to keep secret and confidential and, not without the prior written consent of the Borrower, disclose to any third party, any of the information, reports or documents to be supplied by the
      Lender.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z2234c5f87c904b43bfa07710c1bc15d2" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">15.7</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">No additional costs</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 3.6pt; margin-left: 54pt; margin-bottom: 12pt; color: #000000;">If at the time of, or immediately after, any assignment or transfer by the Lender of all or any part of its rights or benefits or obligations
      under this Agreement, or any change in the office through which it lends for the purposes of this Agreement, the Borrower would be obliged to pay to the Lender or, as the case may be, the Transferee Lender under clause 3.5, 6.6 or clause 12.2 any sum
      in excess of the sum (if any) which it would have been obliged to pay to the Lender or the Transferor Lender, as the case may be, under the relevant clause in the absence of such assignment, transfer or change, the Borrower shall not be obliged to
      pay that excess.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z3356ac5f03034f37824cce948e11f98c" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">16</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">NOTICES AND OTHER MATTERS</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z0d711ad7cc0141cd80c92995e95d9c3b" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">16.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Notices</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z0d85eb8fb2374eb3a2971792d58279af" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">16.1.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">unless otherwise specifically provided herein, every notice under or in connection with this Agreement shall be given in English by letter delivered personally and/or sent by post and/or transmitted by fax
                  and/or electronically;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z3ed5488d3a1f4f4a889af3bfcf1bd44c" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">16.1.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">in this clause &#8220;notice&#8221; includes any demand, consent, authorisation, approval, instruction, certificate, request, waiver or other communication.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zd9504587e9804c32addc6b374df1be70" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">16.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Addresses for communications, effective date of notices</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">54</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 8pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z27e55ba0e0984a378e79b07b6993fc86" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">16.2.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Subject to clause 16.2.2 and clause 16.2.5 notices to the Borrower shall be deemed to have been given and shall take effect when received in full legible form by the Borrower at the address and/or the fax number
                  appearing below (or at such other address or fax number as the Borrower may hereafter specify for such purpose to the Lender by notice in writing);</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>
      <div>
        <table cellspacing="0" cellpadding="0" id="z245d99635e504ba9aab374b6d3e33906" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 72pt; vertical-align: top; align: right; color: #000000;">Address:</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;">c/o Euroseas Ltd.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="margin-left: 126pt; margin-bottom: 12pt; color: #000000;">4 Messogiou &amp; Evropis Street<br>
      151 24 Maroussi<br>
      Greece</div>
    <div>
      <div>
        <table cellspacing="0" cellpadding="0" id="z21667269a46c40a7aac26184876d5020" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 72pt; vertical-align: top; align: right; color: #000000;">Fax:</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;">+30 211 1804097</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>
      <div>
        <table cellspacing="0" cellpadding="0" id="z61d36f56577743d79da45d85272ed931" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 72pt; vertical-align: top; align: right; color: #000000;">Attn:</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;">Anastasios Aslidis / George Kavalis</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z43f938f7b29e4e32a20c0c1b9908f379" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 72pt; vertical-align: top; align: right; color: #000000;">Email:</td>
              <td style="width: auto; vertical-align: top;">
                <div><u>aha@euroseas.gr</u><font style="color: #000000;"> / </font><u>gik@euroseas.gr</u></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zd59b3cf4639c40df8f82865b630e521d" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">16.2.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">notwithstanding the provisions of clause 16.2.1 or clause 16.2.5, a notice of Default and/or a notice given pursuant to clause 10.2 or clause 10.3 to the Borrower shall be deemed to have been given and shall
                  take effect when delivered, sent or transmitted by the Lender to the Borrower to the address or fax number referred to in clause 16.2.1;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z89a3c60382304982951c1e5a7d9df8a6" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">16.2.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">subject to clause 16.2.5, notices to the Lender shall be deemed to be given, and shall take effect, when received in full legible form by the Lender at the address and/or the fax number appearing below (or at
                  any such other address or fax number as the Lender may hereafter specify for such purpose to the Borrower in writing);</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>
      <div>
        <table cellspacing="0" cellpadding="0" id="z811e47810f324c7b9ae7291f818db09c" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 72pt; vertical-align: top; align: right; color: #000000;">Address:</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;">170 Alexandras Ave.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="margin-left: 126pt; margin-bottom: 12pt; color: #000000;">11521 Athens<br>
      Greece</div>
    <div>
      <div>
        <table cellspacing="0" cellpadding="0" id="zc0c4899eb91c40489a901cf8b48469d5" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 72pt; vertical-align: top; align: right; color: #000000;">Fax No.</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;">+30 210 3739783</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>
      <div>
        <table cellspacing="0" cellpadding="0" id="zd1d27ee33fe144b698d9f48e6db77762" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 72pt; vertical-align: top; align: right; color: #000000;">Attention:</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;">Thanassis Doudoulas / Olga Voutsa</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z5773b9646c974853bd5978776aed1f6e" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 72pt; vertical-align: top; align: right; color: #000000;">Email:</td>
              <td style="width: auto; vertical-align: top;">
                <div><u>DoudouiasA@piraeusbank.gr</u><font style="color: #000000;"> / </font><font style="color: #000000;"><u>VoutsaOlOpiraeusbank.gr</u></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zaf014ee1a0384bc5a625d0a2f18dcd34" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">16.2.4</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">subject to clause 16.2.5, notices to the Lender shall be deemed to be given and shall take effect when received in full legible form by the Lender at its address and/or fax number specified in the definition of
                  &#8220;Lender&#8221; (or at any other address or fax number as the Lender may hereafter specify for such purpose); and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z87154362985445199a9b32e06018217f" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">16.2.5</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">if under clause 16.2.1 or clause 16.2.3 a notice would be deemed to have been given and effective on a day which is not a working day in the place of receipt or is outside the normal business hours in the place
                  of receipt, the notice shall be deemed to have been given and to have taken effect at the opening of business on the next working day in such place.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z12a5b88e53104e76a52d1f18bdb96cc4" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">16.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Electronic Communication</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z4970b26e781a4de1af32c38300effeed" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">16.3.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Any communication to be made by and/or between the Lender and the Security Parties or any of them under or in connection with the Security Documents or any of them may be made by electronic mail or other
                  electronic means, if and provided that all such parties:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">55</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z764a9fab2e2e4d50a37fc5f63e5b8732" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">notify each other in writing of their electronic mail address and/or any other information required to enable the sending and receipt of information by that means; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zca2f9d33239642baac1993abfbb902fd" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">notify each other of any change to their electronic mail address or any other such information supplied by them.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z1fa56d61930b4e11bad074874640f246" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">16.3.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Any electronic communication made by and/or between the Lender and the Security Parties or any of them will be effective only when actually received in readable form.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="za034ac82e6004b558eb9b41fb9ee288e" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">17</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">GOVERNING LAW</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt; color: #000000;">This Agreement and any non-contractual obligations arising out of or in connection with it is governed by and shall be construed in accordance with English law.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z845f47294d2c430d9a0b3c2e9983fce3" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">18</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">JURISDICTION</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z12f26f7b5c9d4ba9a073969f6d6314b4" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">18.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Exclusive Jurisdiction</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt; color: #000000;">For the benefit of the Lender, and subject to clause 18.4 below, the Borrower hereby irrevocably agrees that the courts of England shall have exclusive
      jurisdiction:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zde28db17efc24a4880e37c031c7044a8" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">18.1.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">to settle any disputes or other matters whatsoever arising under or in connection with this Agreement or any non-contractual obligation arising out of or in connection with this Agreement and any disputes or
                  other such matters arising in connection with the negotiation, validity or enforceability of this Agreement or any part thereof, whether the alleged liability shall arise under the laws of England or under the laws of some other country
                  and regardless of whether a particular cause of action may successfully be brought in the English courts; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zfaa81d3644a144389ab4554c78ceb684" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">18.1.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">to grant interim remedies or other provisional or protective relief.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z084fd4fede5e4e31b1c7e8d13fb1ecde" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">18.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Submission and service of process</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt; color: #000000;">The Borrower accordingly irrevocably and unconditionally submits to the jurisdiction of the English courts. Without prejudice to any other mode of service the
      Borrower:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zfe3be4e678774d18821f5bd0bcc8ca07" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">18.2.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">irrevocably empowers and appoints Messrs Hill Dickinson Services (London) Ltd at present of The Broadgate Tower, 20 Primrose Street, London EC2A 2EW, England, as its agent to receive and accept on its behalf any
                  process or other document relating to any proceedings before the English courts in connection with this Agreement;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zef91648e6a33403385a6aee793dc2733" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">18.2.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">agrees to maintain such an agent for service of process in England from the date hereof until the end of the Facility Period;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zc9e686d75a1142328e1114f2dd69e28a" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">18.2.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">agrees that failure by a process agent to notify the Borrower of service of process will not invalidate the proceedings concerned;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z98e77b2e650c4393b7fa44259b81158e" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">18.2.4</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">without prejudice to the effectiveness of service of process on its agent under clause 18.2.1 above but as an alternative method, consents to the service of process relating to any such proceedings by mailing or
                  delivering a copy of the process to its address for the time being applying under clause 16.2; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">56</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 8pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z067b69a9ac084a939876505da08ea830" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">18.2.5</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">agrees that if the appointment of any person mentioned in clause 18.2.1 ceases to be effective, the Borrower shall immediately appoint a further person in England to accept service of process on its behalf in
                  England and, failing such appointment within seven (7) days the Lender shall thereupon be entitled and is hereby irrevocably authorised by the Borrower in those circumstances to appoint such person by notice to the Borrower.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zafccaee23860480c90259b8c4e0d0ff6" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">18.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Forum non conveniens and enforcement abroad</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 3.6pt; margin-left: 54pt; margin-bottom: 12pt; color: #000000;">The Borrower:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z167934428c9443d7adec05f55e222dac" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">18.3.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">waives any right and agrees not to apply to the English court or other court in any jurisdiction whatsoever to stay or strike out any proceedings commenced in England on the ground that England is an
                  inappropriate forum and/or that Proceedings have been or will be started in any other jurisdiction in connection with any dispute or related matter falling within clause 18.1; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z8b2a3822d3624730ae4ee33c01adb497" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">18.3.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">agrees that a judgment or order of an English court in a dispute or other matter falling within clause 18.1 shall be conclusive and binding on the Borrower and may be enforced against it in the courts of any
                  other jurisdiction.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="ze2eac0dc27cb4b0faaff359e3f3bd3ee" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">18.4</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Right of Lender, but not Borrower, to bring proceedings in any other jurisdiction</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zf4118186a5974061a070074529b79135" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">18.4.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Nothing in this clause 18 limits the right of the Lender to bring Proceedings, including third party proceedings, against the Borrower, or to apply for interim remedies, in connection with this Agreement in any
                  other court and/or concurrently in more than one jurisdiction;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z70706c8fa221471899bdf5971f7deafe" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">18.4.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the obtaining by the Lender of judgment in one jurisdiction shall not prevent the Lender from bringing or continuing proceedings in any other jurisdiction, whether or not these shall be founded on the same cause
                  of action.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zcd851c91738b414695923bdc5101ce9a" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">18.5</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Enforceability despite invalidity of Agreement</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 3.6pt; margin-left: 54pt; margin-bottom: 12pt; color: #000000;">Without prejudice to the generality of clause 13.6, the jurisdiction agreement contained in this clause 18 shall be severable from the rest
      of this Agreement and shall remain valid, binding and in full force and shall continue to apply notwithstanding this Agreement or any part thereof being held to be avoided, rescinded, terminated, discharged, frustrated, invalid, unenforceable,
      illegal and/or otherwise of no effect for any reason.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z241784c862ee40d5bf7c0685d63b3abe" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">18.6</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Effect in relation to claims by and against non-parties</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zdbf31530c35547389c00e9a196b38395" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">18.6.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">For the purpose of this clause &#8220;Foreign Proceedings&#8221; shall mean any Proceedings except proceedings brought or pursued in England arising out of or in connection with (i) or in any way related to any of the
                  Security Documents or any assets subject thereto or (ii) any action of any kind whatsoever taken by the Lender pursuant thereto or which would, if brought by the Borrower against the Lender, have been required to be brought in the English
                  courts;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z6e9a7b1a9847456ab7a15e5cde14ab11" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">18.6.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the Borrower shall not bring or pursue any Foreign Proceedings against the Lender and the Borrower shall use its best endeavours to prevent persons not party to this Agreement from bringing or pursuing any
                  Foreign Proceedings against the Lender;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">57</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zf4ea8ffc262c41759fd1cad758aa27ed" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">18.6.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">If, for any reason whatsoever, any Security Party and/or any person connected howsoever with any Security Party (including but not limited to any shareholder of the Borrower) brings or pursues against the Lender
                  any Foreign Proceedings, the Borrower shall indemnify the Lender on demand in respect of any and all claims, losses, damages, demands, causes of action, liabilities, costs and expenses (including, but not limited to, legal costs) of
                  whatsoever nature howsoever arising from or in connection with such Foreign Proceedings which the Lender certifies as having been incurred by it;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt; color: #000000;">the Lender and the Borrower hereby agree and declare that the benefit of this clause 18 shall extend to and may be enforced by any officer, employee, agent or
      business associate of the Lender against whom the Borrower brings a claim in connection howsoever with any of the Security Documents or any assets subject thereto or any action of any kind whatsoever taken by, or on behalf of or for the purported
      benefit of the Lender pursuant thereto or which, if it were brought against the Lender, would fall within the material scope of clause 18.1. In those circumstances this clause 18 shall be read and construed as if references to the Lender were
      references to such officer, employee, agent or business associate, as the case may be.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">58</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 8pt;"><br>
    </div>
    <div style="text-align: center; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">Schedule </font>1<br>
      <font style="font-weight: bold;">Form of Drawdown Notice</font></div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z7dcc036eaa64482787a27fb8ca0ccdee" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">To:</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;">Piraeus Bank S.A.<br>
                  170 Alexandras Ave.<br>
                  11521 Athens Greece</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: right; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">[&#8226;] </font>2019</div>
    <div style="margin-bottom: 12pt; color: #000000;">Dear Sirs</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z2b5055ac3f874618b9cd8ac1101ceb13" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-weight: bold;">Re:</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Facility agreement dated&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;July 2019 in respect of a loan of up to USD4,000,000 (the &#8220;Loan Agreement&#8221;) made between (1) Diamantis Shipowners Ltd as <font style="font-style: italic;">Borrower </font>and (2) Piraeus Bank S.A. as Lender</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt; color: #000000;">We refer to the Loan Agreement. Words and expressions whose meanings are defined therein shall have the same meanings when used herein.</div>
    <div style="text-align: justify; margin-bottom: 12pt; color: #000000;">We hereby give you notice that we wish to draw the sum of USD[&#160;&#160;&#160;&#160;&#160;&#160;] on <font style="font-style: italic;">[date]&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>2019 and select a first Interest Period in respect
      of such drawing of <font style="font-weight: bold;">[&#8226;] </font>months. The funds should be credited to the account of [&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;] and numbered [&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;] with [&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;] of [&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;].</div>
    <div style="margin-bottom: 12pt; color: #000000;">We confirm that:</div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z05a4ad903ad24932be70cc087180b870" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;">no Default has occurred and is continuing;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zb82fe0dc7edc4b10acc292e950b93340" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the representations and warranties contained in clause 7 of the Loan Agreement are true and correct at the date hereof as if made with respect to the facts and circumstances existing at such date;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z0a87cefd32064758aada1226e81aaeef" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the borrowing to be effected by the drawdown of the Loan will be within our corporate powers, has been validly authorised by appropriate corporate action and will not cause any limit on our borrowings (whether
                  imposed by statute, regulation, agreement or otherwise howsoever) to be exceeded;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z2d73e128a26b476b8ec3a901359b53a9" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(d)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">there has been no material adverse change in our financial position or in the consolidated financial position of the Borrower or the Corporate Guarantor from that described by us to the Lender in the negotiation
                  of the Loan Agreement and/or in any documents or statements already delivered to the Lender in connection therewith;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="ze22976a763854c9f9a8af7d4cdf53d97" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(e)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">there are no Required Authorisations;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zb7df3049154b4acfba9c9e6ef454caf9" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(f)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">there has occurred nothing which would have a Material Adverse Effect; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z6e243f23a83744229ada6c3bab38fb47" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(g)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">no part of the proceeds of the Loan shall be used for the purpose of acquiring shares in the share capital of the Lender or other banks and/or financial institutions or acquiring hybrid capital debentures
                  (thAouc u(3Qt.bucv icepoulotimv) of the Lender or other banks and/or financial institutions.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <table cellspacing="0" cellpadding="0" id="z9ade5f8afbd8451097bea3f77def0026" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 6.73%; vertical-align: top;">
            <div style="margin-bottom: 8pt; color: #000000;">By</div>
          </td>
          <td style="width: 39.42%; vertical-align: top; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 53.85%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 6.73%; vertical-align: top;">&#160;</td>
          <td style="width: 39.42%; vertical-align: top;">
            <div style="margin-bottom: 8pt; color: #000000;">Authorised Signatory</div>
          </td>
          <td style="width: 53.85%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 6.73%; vertical-align: top;">&#160;</td>
          <td style="width: 39.42%; vertical-align: top;">
            <div style="margin-bottom: 8pt; color: #000000; font-weight: bold;">DIAMANTIS SHIPOWNERS LTD</div>
          </td>
          <td style="width: 53.85%; vertical-align: top;">&#160;</td>
        </tr>

    </table>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">59</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 8pt;"><br>
    </div>
    <div style="text-align: center; margin-bottom: 12pt; color: #000000; font-weight: bold;">Schedule 2<br>
      Conditions precedent</div>
    <div style="text-align: center; margin-bottom: 12pt; color: #000000; font-weight: bold;">Part 1</div>
    <div style="text-align: center; margin-bottom: 12pt; color: #000000;">(referred to in clause 9.1)</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z6074c2e3b75f4a608c41d6b11713efe9" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Corporate documents</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="margin: 0px 0px 12pt 36pt; color: #000000; text-align: justify;">Certified Copies of all documents which evidence or relate to the constitution of each Security Party and its current corporate existence;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z4d5ccf5fff5d44cd8148c0dd2316e5a9" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Corporate authorities</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z47bf57176a9144778115a01a8fab59af" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Certified Copies of resolutions of the directors of each Security Party and shareholders of the Borrower approving such of the MOA and the Security Documents to which such Security Party is a party and
                  authorising the execution and delivery thereof and performance of such Security Party&#8217;s obligations thereunder, additionally certified by an officer of such Security Party, as having been duly passed at a duly convened meeting of the
                  directors and shareholders of such Security Party and not having been amended, modified or revoked and being in full force and effect; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z202bf0e6c286419c9c7a686f4110a6dc" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">an original of any power of attorney issued by each Security Party pursuant to such resolutions;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z28f15256f15f41b0bd17b2f88ef76185" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Required Authorisations</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 3.6pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000;">a certificate (dated no earlier than 5 Banking Days prior to the Drawdown Date) that there are no Required Authorisations or that there are
      no Required Authorisations except those described in such certificate and Certified Copies of which as duly executed (including any conditions and/or documents ancillary thereto) are appended thereto;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z017e94186a234eee99d043380de3b563" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(d)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Certificate of incumbency</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 3.6pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000;">a list of directors, shareholders and officers of each Security Party specifying the names and positions of such persons, certified by an
      officer of the relevant Security Party to be true, complete and up to date;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z8f65886af8294785a3bedc8197eae7a9" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(e)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Shareholders</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 3.6pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000;">evidence acceptable to the Lender that all of the issued shares of and in the Borrower are issued in registered form and legally owned by the
      Shareholder and ultimately beneficially owned and controlled by the Corporate Guarantor;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z334d8b83901c4d0180748a7c9d95dc5f" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(f)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Security Documents</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 3.6pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000;">the Corporate Guarantee and the Shares Pledge duly executed and delivered, and all documents to be executed and delivered thereunder;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zf7132e2d4b5c457d957513e5b52b47ce" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(g)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Declaration of compliance / &#8220;know your customer&#8221;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">60</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 8pt;"><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;">written confirmation (in a form acceptable to the Lender) that:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z1b5c3303dfbb44a2b93bd94efc1cda7f" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the Borrower has complied at all times and in all respects with (i) any relevant employment legislation and employment regulations applicable to it, (ii) all documentation required by the Lender in relation to
                  the Lender&#8217;s &#8220;know your customer&#8221; requirements and (iii) all documentation required by the Lender for the opening of the Earnings Account with the Lender; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z21ab2bfc0493413a898a873a2e3b7faf" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the Guarantor and the Shareholder has complied at all times and in all respects with all documentation required by the Lender in relation to the Lender&#8217;s &#8220;know your customer&#8221; requirements; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="za94fdef3afb844339f6907d52f750823" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(h)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">process agent</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;">a letter from the agent for receipt of service of proceedings referred to in clause 18.2.1 accepting its appointment under the said clause and under each of the
      other Security Documents in which it is or is to be appointed as the agent for any Security Party.</div>
    <div style="text-align: center; margin-bottom: 12pt; color: #000000; font-weight: bold;">Part 2</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zc8c16584ee0f4f3d823d8dcf052ec483" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Approval of drawdown</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;">the approval of the competent authorities of Greece of the drawdown and application of the Loan in accordance with the applicable regulations of the Bank of
      Greece and legislation relating to capital controls and/or other economic measures imposed by the Government of Greece;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z753595cd860a46978cf52fea44adf40f" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Copies of Underlying Documents</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;">a Certified Copy of the MOA, the Management Agreement, any Extended Employment Contract and all ISM Code Documentation for the Vessel;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="za2abd0a2bd3948c6a3b77ef12228dcf4" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Evidence satisfactory to the Lender that the Vessel:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z7d4452b5268a4214bcc7b7289979ce7c" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Purchase</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt; color: #000000;">has been unconditionally delivered by the Seller to, and accepted by, the Borrower under the MOA, and all other amounts payable under the MOA (in addition to the
      part to be financed by the Loan) has been duly paid (and funded by the Borrower through equity contribution and/or common shares contribution provided exclusively by the Corporate Guarantor), together with copies of the bill of sale and protocol of
      delivery and acceptance relating thereto, certificate showing the Vessel as being free of encumbrance (other than the Mortgage) relating thereto;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="ze96c59aaeb79404d975071eaf73adf36" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Registration and Encumbrances</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt; color: #000000;">is registered in the name of the Borrower through the Registry and that the Vessel, her Earnings, Insurances and Requisition Compensation are free of
      EncuinbranLes except Permitted Encumbrances (such evidence to include relevant certificates issued by the Flag State and results of searches carried out against the said Registry by the Lender or its lawyers);</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">61</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 8pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z45758f3e1f7a4314ab12cbea229d2299" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(iii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Classification</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt; color: #000000;">maintains the Classification free of all overdue recommendations and requirements of the Classification Society affecting the Classification;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zeaaf3249dd6548ee9bc230e7e9976669" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(iv)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Insurance</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt; color: #000000;">is insured in accordance with the provisions of the relevant Ship Security Documents and all requirements of such Ship Security Documents in respect of such
      insurance have been complied with (including without limitation, receipt by the Lender of customary brokers&#8217; letters of undertaking regarding the placing of hull and machinery and war risks cover and confirmation from the protection and indemnity
      association or other insurer with which the Vessel is, or is to be, entered for insurance or insured against protection and indemnity risks, that any necessary declarations required by the association or insurer for the removal of any oil pollution
      exclusion have been made and that any such exclusion does not apply to the Vessel); and</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z1ace6f6d08c44532a8d5f56f15b49dca" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(v)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Management</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt; color: #000000;">is managed by the Manager on terms in all material respects acceptable to the Lender;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z84d682a69f4248d8b36fc98d8a2c1f55" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(vi)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Charter</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt; color: #000000;">is employed under the time charterparty dated 25 January 2019 initially made between the Seller as owner and Mediterranean Shipping Co. S.A. of Switzerland as
      charterer of the Vessel, as amended by an Addendum No. 1 dated 29 April 2019;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="za20178c60f074535b2c6030c80894017" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(d)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Security Documents</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;">the Mortgage, the Earnings Account Pledge, the General Assignment and any Charter Assignment duly executed by the Borrower and the Manager&#8217;s Undertaking duly
      executed by the Manager;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z20daef1fb2d345d2acf5e1306797dff9" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(e)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Notices of assignment and acknowledgments</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;">counterpart originals of duly executed notices of assignment and acknowledgments (where relevant) required by the terms of the Security Documents referred to in
      (c) above in the forms prescribed by those Security Documents and any other documents required to be delivered pursuant thereto;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z970a2ef1b050459f9e418d3bf2eb9953" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(f)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Mortgage registration</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;">evidence that the Mortgage has been duly registered against the Vessel in accordance with the laws of the Registry;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z04b9c9d094c042b4bb40e2f6d6406803" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(g)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Bank accounts</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;">evidence that the Earnings Account has been opened by the Borrower and duly completed mandates in relation thereto have been delivered to the Lender;</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">62</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 8pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z2a537ab9370b4518973ad091a229e5f9" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(h)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Laws of Marshall Islands: opinion</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;">an opinion of Messrs Ince, special legal advisers to the Lender on the laws of Marshal Islands;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z1c198c52dff2437d8434f98f1a52b869" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Laws of Liberia: opinion</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;">an opinion of Messrs Ince, special legal advisers to the Lender on the laws of Liberia;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z46b793c748f944aa80845b73217908dd" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">ISPS Code</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;">evidence satisfactory to the Lender that the Vessel is subject to a ship security plan which complies with the ISPS Code and a copy of the ISSC for the Vessel;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z1c3614e5e68649d4803470afe24057f8" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(j)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">DOC and Application for SMC</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;">Certified Copies of the DOC, ISSC, (if applicable) IAPP and EIAPP Certificates in respect of the Vessel and a Certified Copy of the SMC therefor and evidence that
      the Vessel and the Manager are in compliance with the ISM Code;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z900cc44dcd7b4dae9f865d0e6b0fe625" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(k)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Additional Vessel&#8217;s Certificates</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;">Certified Copies of Classification Certificate, Safety Radio Equipment Certificate, Safety Equipment Certificate, International Oil Pollution Certificate,
      International Loadline Certificate, Safety Construction Certificate, International Tonnage Certificate, Minimum Safety Manning Certificate and Continuous Synopsis Record for the Vessel;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zfcb49ed985624dcaa2e7c13c973e3017" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(l)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Lightweight</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;">evidence satisfactory to the Lender of the Lightweight tonnage of the Vessel;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z8dbcf511a0ef45409a4b1091cc047aea" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(m)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Scrap Value</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;">evidence satisfactory to the Lender of the Scrap Value of the Vessel;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z7a7ec64ef69e41d29a49b17c5523488c" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(n)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Manager&#8217;s confirmation</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;">written confirmation addressed by the Manager to the Lender that the representations and warranties set out in clause 7.1.22 (Environmental Matters) and clause
      7.1.23 (ISM Code) are true and correct;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z733cc470228b4e63b8b654460d9f09c6" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(o)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Insurance Report</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;">a written report from a maritime insurance consultant or broker acceptable to the Lender in a form and content acceptable to the Lender (at the cost of the
      Borrower) in respect of the insurances on the Vessel which report shall certify that such insurances are placed through or with insurance brokers and clubs, in amounts, covering risks and on terms acceptable to the Lender and that the same are in
      accordance with the terms of the Mortgage in respect of the Vessel;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z919718cfffb24f88b0a935d9289aadaa" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(p)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Fees</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;">evidence that all fees due and payable have been paid in full;</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">63</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 8pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z12bf5db7dd224469b85c0f8b2db1970d" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(q)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Material Adverse Effect</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;">the Lender is satisfied that there has occurred nothing which would have a Material Adverse Effect, including in respect of the Manager;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z74bc2e0ca7e6449ca66aa919bf60be82" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(r)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">MIT and MAP Policy premium</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;">evidence that the Borrower has reimbursed the Lender in the amount of the first annual premium or, as the case may be, any additional premium for the MII and MAP
      Policy; and</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zbb0b90d3a2ac4826acdf5d778adb9414" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(s)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Further conditions precedent</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000;">such further evidence or opinions as may reasonably be required by the Lender.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">64</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 8pt;"><br>
    </div>
    <div style="text-align: center; margin-bottom: 12pt; color: #000000; font-weight: bold;">Schedule 3</div>
    <div style="text-align: center; margin-bottom: 12pt; color: #000000; font-weight: bold;">Form of Compliance Certificate</div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zd7b66c128e694c85b857ad073fb39da0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">To:</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;">Piraeus Bank S.A.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-indent: -36pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000;">From: Euroseas Ltd.</div>
    <div style="text-align: right; margin-bottom: 12pt; color: #000000;">Date [&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;] 200[ ]</div>
    <div style="margin-bottom: 12pt; color: #000000;">Dear Sirs</div>
    <div style="text-align: justify; margin-bottom: 12pt; color: #000000; font-weight: bold;">Loan facility agreement dated [&#8226;] July 2019 (the &#8220;Loan Agreement&#8221;) for a loan of up to USD4,000,000 made between (1) Diamantis Shipowners Ltd as Borrower and (2)
      Piraeus Bank S.A. as Lender</div>
    <div style="text-align: justify; margin-bottom: 12pt; color: #000000;">We refer to the Loan Agreement. Words and expressions whose meanings are defined in the Loan Agreement shall have the same meanings when used herein.</div>
    <div style="text-align: justify; margin-bottom: 12pt; color: #000000;">We hereby confirm that [except as stated below] as at the date hereof to the best of our knowledge and belief after due inquiry:-</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z923871abb4124b7cbf8b4513201b7ee8" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">1.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">all the Borrower&#8217;s financial covenants in the Loan Agreement set out in clause 8 are being fully complied with, and, in particular, by reference to the latest audited financial statements, management accounts
                  and all other current relevant information available to us:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zeea83a01d0944d4c8990111596622b7b" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 45pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the Net Worth of the Group is USD [&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;];</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="ze768889fa6de4023a83639363fcc6b19" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 45pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the Total Liabilities are USD [&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;] and the Total Assets (adjusted for market values of vessels calculated in accordance with clause 8.2.5(i)) are USD [&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;]; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z48daf3eff3b54df29d157a132abbaf25" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 45pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the Total Liabilities divided by the Total Assets (each net of cash balance) (adjusted for market values of vessels calculated in accordance with clause 8.2.5(i)) is [&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;]%;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z0de1d6386ee549a7b9b0e46d8ba5e848" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">2.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">no Default has occurred which is continuing;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z178df146471049bcbe5c8bcbe3235100" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">3.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the representations set out in clause 7 of the Loan Agreement are true and accurate with reference to all facts and circumstances now existing and all Required Authorisations have been obtained and are in full
                  force and effect.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="margin-bottom: 12pt; color: #000000;">[State any exceptions/qualifications to the above statements]</div>
    <div style="margin-bottom: 12pt; color: #000000;">Yours faithfully</div>
    <div style="margin-bottom: 12pt; color: #000000;">Euroseas Ltd.</div>
    <table cellspacing="0" cellpadding="0" id="zeb5abc14ba664ccbbe99de93982b6705" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 5.78%; vertical-align: top; padding-bottom: 2px;">
            <div style="color: #000000;">By</div>
          </td>
          <td style="width: 26.95%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 67.27%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="margin-bottom: 12pt; color: #000000;">Chief Financial Officer: Euroseas Ltd.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">65</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: center; margin-bottom: 12pt; color: #000000; font-weight: bold;">Execution Page</div>
    <div style="text-align: justify; margin-right: 3.6pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">IN WITNESS </font>whereof the parties to this Agreement have caused this Agreement to be duly executed on the date first above
      written.</div>
  </div>
  <div>
    <table cellspacing="0" cellpadding="0" border="0" id="za65ea58ee42848d095ce9cafd26c7e1a" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 45%; vertical-align: top;">
            <div style="margin-right: 1.3pt; color: #000000;">SIGNED by <font style="font-weight: bold;">STEFANIA KARMIRI</font></div>
          </td>
          <td style="width: 5%; vertical-align: top;">
            <div style="margin-right: 4.3pt; color: #000000; font-weight: bold;">)</div>
          </td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 45%; vertical-align: top;">
            <div style="margin-right: 1.3pt; color: #000000;">attorney-in-fact for and on behalf of</div>
          </td>
          <td style="width: 5%; vertical-align: top;">
            <div style="margin-right: 4.3pt; color: #000000;">)</div>
          </td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 45%; vertical-align: top;">
            <div style="margin-right: 1.3pt; color: #000000; font-weight: bold;">DIAMANTIS SHIPOWNERS LTD</div>
          </td>
          <td style="width: 5%; vertical-align: top;">
            <div style="margin-right: 4.3pt; color: #000000; font-weight: bold;">)</div>
          </td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 45%; vertical-align: top;">
            <div style="margin-right: 1.3pt; color: #000000;">pursuant to a Power of Attorney</div>
          </td>
          <td style="width: 5%; vertical-align: top;">
            <div style="margin-right: 4.3pt; color: #000000;">)</div>
          </td>
          <td style="width: 50%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; margin-right: 3.05pt; color: #000000;">/s/<font style="font-weight: bold;"> STEFANIA KARMIRI</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 45%; vertical-align: top;">
            <div style="margin-right: 1.3pt; color: #000000;">dated 15 July 2019</div>
          </td>
          <td style="width: 5%; vertical-align: top;">
            <div style="margin-right: 4.3pt;">)</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: center; margin-right: 3.05pt; color: #000000;">Attorney-in-fact</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" id="zd6ab0bbda46c49cf937ee74da412eb62" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 45%; vertical-align: top;">
            <div style="color: #000000;">SIGNED by <font style="font-weight: bold;">OLGA VOUTSA</font></div>
          </td>
          <td style="width: 5%; vertical-align: top;">
            <div style="margin: 0px 4.3pt 0px 0px; color: #000000; font-weight: bold;">)</div>
          </td>
          <td style="width: 23%; vertical-align: top;"><br>
          </td>
          <td style="width: 4%; vertical-align: top;"><br>
          </td>
          <td style="width: 23%; vertical-align: top;"><br>
          </td>
        </tr>
        <tr>
          <td style="width: 45%; vertical-align: top;">
            <div style="color: #000000;">and by <font style="font-weight: bold;">EUGENIA KOUVARA</font></div>
          </td>
          <td style="width: 5%; vertical-align: top;">
            <div style="margin: 0px 4.3pt 0px 0px; color: #000000;">)</div>
          </td>
          <td style="width: 23%; vertical-align: top;"><br>
          </td>
          <td style="width: 4%; vertical-align: top;"><br>
          </td>
          <td style="width: 23%; vertical-align: top;"><br>
          </td>
        </tr>
        <tr>
          <td style="width: 45%; vertical-align: top;">
            <div style="color: #000000;">for and on behalf of</div>
          </td>
          <td style="width: 5%; vertical-align: top;">
            <div style="margin: 0px 4.3pt 0px 0px; color: #000000; font-weight: bold;">)</div>
          </td>
          <td style="width: 23%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="color: #000000;">/s/ Olga Voutsa</div>
          </td>
          <td style="width: 4%; vertical-align: top;"><br>
          </td>
          <td style="width: 23%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="color: #000000;">/s/ Eugenia Kouvara</div>
          </td>
        </tr>
        <tr>
          <td style="width: 45%; vertical-align: top;">
            <div style="color: #000000; font-weight: bold;">PIRAEUS BANK S.A.</div>
          </td>
          <td style="width: 5%; vertical-align: top;">
            <div style="margin: 0px 4.3pt 0px 0px; color: #000000;">)</div>
          </td>
          <td style="width: 23%; vertical-align: top;">
            <div style="color: #000000;">Olga Voutsa</div>
          </td>
          <td style="width: 4%; vertical-align: top;"><br>
          </td>
          <td style="width: 23%; vertical-align: top;">
            <div style="color: #000000;">Eugenia Kouvara</div>
          </td>
        </tr>
        <tr>
          <td style="width: 45%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="vertical-align: top;" colspan="3">
            <div style="margin-bottom: 12pt; color: #000000;">Authorised signatories</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" id="zb79935bba235447e8272945810f1eaa8" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="vertical-align: top;" colspan="2">
            <div style="color: #000000;">Witness to all the above signatures</div>
          </td>
          <td style="width: 5%; vertical-align: top;">
            <div style="color: #000000;">)</div>
          </td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="color: #000000;">Name:</div>
          </td>
          <td style="width: 35%; vertical-align: top;">
            <div style="color: #000000;">VASILIKI TZOANNOU</div>
          </td>
          <td style="width: 5%; vertical-align: top;">
            <div style="margin-right: 4.3pt; color: #000000; font-weight: bold;">)</div>
          </td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="color: #000000;">Address:</div>
          </td>
          <td style="width: 35%; vertical-align: top;">
            <div style="color: #000000;">47-49 Akti Miaouli</div>
          </td>
          <td style="width: 5%; vertical-align: top;">
            <div style="margin-right: 4.3pt; color: #000000;">)</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div style="color: #000000;">/s/ VASILIKI TZOANNOU</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">&#160;</td>
          <td style="width: 35%; vertical-align: top;">
            <div style="color: #000000;">185 36 Piraeus</div>
          </td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">&#160;</td>
          <td style="width: 35%; vertical-align: top;">
            <div style="color: #000000;">Greece</div>
          </td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>

    </table>
  </div>
  <div style="text-align: center;" id="DSPFPageNumberArea"><br>
  </div>
  <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">66</font></div>
</body>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.19
<SEQUENCE>5
<FILENAME>d8530444_ex4-19.htm
<TEXT>
<html>
  <head>
    <title></title>
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<body bgcolor="#ffffff" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;">
  <div style="text-align: right;"><font style="font-weight: bold;">Exhibit 4.19</font><br>
  </div>
  <div> <br>
  </div>
  <div>
    <div style="margin-bottom: 12pt; font-weight: bold;">US$12,500,000 </div>
    <div style="margin-bottom: 12pt; font-weight: bold;">Secured Loan Agreement</div>
    <div style="margin-bottom: 12pt; font-weight: bold;">Dated&#160; <u>30 July</u>&#160; 2019</div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
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            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">(1)</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">Kea Shipowners Ltd<br>
                  Spetses Shipowners Ltd<br>
                  Hydra Shipowners Ltd<br>
                  (as Borrowers)</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
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      <div>
        <table cellspacing="0" cellpadding="0" id="zec9e059343224ef0ade69acaec1839d7" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">(2)</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">HSBC Bank plc<br>
                  (as Lender)</div>
              </td>
            </tr>

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    <div style="margin-bottom: 12pt; font-weight: bold;">Contents</div>
    <table cellspacing="0" cellpadding="0" border="0" id="z57422bc30a9d46cf89986fa49a656655" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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          <td style="width: 10%; vertical-align: top;">
            <div style="margin-right: 20.7pt; margin-bottom: 6pt;">1</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="margin-right: 20.7pt; margin-bottom: 6pt;">Definitions and Interpretation</div>
          </td>
          <td style="width: 3%; vertical-align: top;">&#160;</td>
          <td style="width: 7%; vertical-align: top;">
            <div style="margin: 0px 0px 6pt; text-align: right;">2</div>
          </td>
        </tr>
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          <td style="width: 10%; vertical-align: top;">
            <div style="margin-right: 20.7pt; margin-bottom: 6pt;">2</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="margin-right: 20.7pt; margin-bottom: 6pt;">The Loan</div>
          </td>
          <td style="width: 3%; vertical-align: top;">&#160;</td>
          <td style="width: 7%; vertical-align: top;">
            <div style="margin: 0px 0px 6pt; text-align: right;">21</div>
          </td>
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          <td style="width: 10%; vertical-align: top;">
            <div style="margin-right: 20.7pt; margin-bottom: 6pt;">3</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="margin-right: 20.7pt; margin-bottom: 6pt;">Purpose</div>
          </td>
          <td style="width: 3%; vertical-align: top;">&#160;</td>
          <td style="width: 7%; vertical-align: top;">
            <div style="margin: 0px 0px 6pt; text-align: right;">21</div>
          </td>
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          <td style="width: 10%; vertical-align: top;">
            <div style="margin-right: 20.7pt; margin-bottom: 6pt;">4</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="margin-right: 20.7pt; margin-bottom: 6pt;">Conditions of Utilisation</div>
          </td>
          <td style="width: 3%; vertical-align: top;">&#160;</td>
          <td style="width: 7%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt; font-family: 'Times New Roman',Times,serif;">21</div>
          </td>
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          <td style="width: 10%; vertical-align: top;">
            <div style="margin-right: 20.7pt; margin-bottom: 6pt;">5</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="margin-right: 20.7pt; margin-bottom: 6pt;">Advance</div>
          </td>
          <td style="width: 3%; vertical-align: top;">&#160;</td>
          <td style="width: 7%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt; font-family: 'Times New Roman',Times,serif;">23</div>
          </td>
        </tr>
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          <td style="width: 10%; vertical-align: top;">
            <div style="margin-right: 20.7pt; margin-bottom: 6pt;">6</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="margin-right: 20.7pt; margin-bottom: 6pt;">Repayment</div>
          </td>
          <td style="width: 3%; vertical-align: top;">&#160;</td>
          <td style="width: 7%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt; font-family: 'Times New Roman',Times,serif;">24</div>
          </td>
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          <td style="width: 10%; vertical-align: top;">
            <div style="margin-right: 20.7pt; margin-bottom: 6pt;">7</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="margin-right: 20.7pt; margin-bottom: 6pt;">Illegality, Prepayment and Cancellation</div>
          </td>
          <td style="width: 3%; vertical-align: top;">&#160;</td>
          <td style="width: 7%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt; font-family: 'Times New Roman',Times,serif;">25</div>
          </td>
        </tr>
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          <td style="width: 10%; vertical-align: top;">
            <div style="margin-right: 20.7pt; margin-bottom: 6pt;">8</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="margin-right: 20.7pt; margin-bottom: 6pt;">Interest</div>
          </td>
          <td style="width: 3%; vertical-align: top;">&#160;</td>
          <td style="width: 7%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt; font-family: 'Times New Roman',Times,serif;">28</div>
          </td>
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          <td style="width: 10%; vertical-align: top;">
            <div style="margin-right: 20.7pt; margin-bottom: 6pt;">9</div>
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          <td style="width: 80%; vertical-align: top;">
            <div style="margin-right: 20.7pt; margin-bottom: 6pt;">Interest Periods</div>
          </td>
          <td style="width: 3%; vertical-align: top;">&#160;</td>
          <td style="width: 7%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt; font-family: 'Times New Roman',Times,serif;">28</div>
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            <div style="margin-right: 20.7pt; margin-bottom: 6pt;">10</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="margin-right: 20.7pt; margin-bottom: 6pt;">Changes to the Calculation of Interest</div>
          </td>
          <td style="width: 3%; vertical-align: top;">&#160;</td>
          <td style="width: 7%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt; font-family: 'Times New Roman',Times,serif;">29</div>
          </td>
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          <td style="width: 10%; vertical-align: top;">
            <div style="margin-right: 20.7pt; margin-bottom: 6pt;">11</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="margin-right: 20.7pt; margin-bottom: 6pt;">Fees</div>
          </td>
          <td style="width: 3%; vertical-align: top;">&#160;</td>
          <td style="width: 7%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt; font-family: 'Times New Roman',Times,serif;">30</div>
          </td>
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          <td style="width: 10%; vertical-align: top;">
            <div style="margin-right: 20.7pt; margin-bottom: 6pt;">12</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="margin-right: 20.7pt; margin-bottom: 6pt;">Tax Gross Up and Indemnities</div>
          </td>
          <td style="width: 3%; vertical-align: top;">&#160;</td>
          <td style="width: 7%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt; font-family: 'Times New Roman',Times,serif;">31</div>
          </td>
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          <td style="width: 10%; vertical-align: top;">
            <div style="margin-right: 20.7pt; margin-bottom: 6pt;">13</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="margin-right: 20.7pt; margin-bottom: 6pt;">Increased Costs</div>
          </td>
          <td style="width: 3%; vertical-align: top;">&#160;</td>
          <td style="width: 7%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt; font-family: 'Times New Roman',Times,serif;">37</div>
          </td>
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          <td style="width: 10%; vertical-align: top;">
            <div style="margin-right: 20.7pt; margin-bottom: 6pt;">14</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="margin-right: 20.7pt; margin-bottom: 6pt;">Other Indemnities</div>
          </td>
          <td style="width: 3%; vertical-align: top;">&#160;</td>
          <td style="width: 7%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt; font-family: 'Times New Roman',Times,serif;">38</div>
          </td>
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          <td style="width: 10%; vertical-align: top;">
            <div style="margin-right: 20.7pt; margin-bottom: 6pt;">15</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="margin-right: 20.7pt; margin-bottom: 6pt;">Mitigation by the Lender</div>
          </td>
          <td style="width: 3%; vertical-align: top;">&#160;</td>
          <td style="width: 7%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt; font-family: 'Times New Roman',Times,serif;">40</div>
          </td>
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          <td style="width: 10%; vertical-align: top;">
            <div style="margin-right: 20.7pt; margin-bottom: 6pt;">16</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="margin-right: 20.7pt; margin-bottom: 6pt;">Costs and Expenses</div>
          </td>
          <td style="width: 3%; vertical-align: top;">&#160;</td>
          <td style="width: 7%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt; font-family: 'Times New Roman',Times,serif;">40</div>
          </td>
        </tr>
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          <td style="width: 10%; vertical-align: top;">
            <div style="margin-right: 20.7pt; margin-bottom: 6pt;">17</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="margin-right: 20.7pt; margin-bottom: 6pt;">Security Documents and Application of Moneys</div>
          </td>
          <td style="width: 3%; vertical-align: top;">&#160;</td>
          <td style="width: 7%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt; font-family: 'Times New Roman',Times,serif;">42</div>
          </td>
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          <td style="width: 10%; vertical-align: top;">
            <div style="margin-right: 20.7pt; margin-bottom: 6pt;">18</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="margin-right: 20.7pt; margin-bottom: 6pt;">Representations</div>
          </td>
          <td style="width: 3%; vertical-align: top;">&#160;</td>
          <td style="width: 7%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt; font-family: 'Times New Roman',Times,serif;">46</div>
          </td>
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          <td style="width: 10%; vertical-align: top;">
            <div style="margin-right: 20.7pt; margin-bottom: 6pt;">19</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="margin-right: 20.7pt; margin-bottom: 6pt;">Information Undertakings</div>
          </td>
          <td style="width: 3%; vertical-align: top;">&#160;</td>
          <td style="width: 7%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt; font-family: 'Times New Roman',Times,serif;">52</div>
          </td>
        </tr>
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          <td style="width: 10%; vertical-align: top;">
            <div style="margin-right: 20.7pt; margin-bottom: 6pt;">20</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="margin-right: 20.7pt; margin-bottom: 6pt;">Financial Covenants</div>
          </td>
          <td style="width: 3%; vertical-align: top;">&#160;</td>
          <td style="width: 7%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt; font-family: 'Times New Roman',Times,serif;">54</div>
          </td>
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          <td style="width: 10%; vertical-align: top;">
            <div style="margin-right: 20.7pt; margin-bottom: 6pt;">21</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="margin-right: 20.7pt; margin-bottom: 6pt;">General Undertakings</div>
          </td>
          <td style="width: 3%; vertical-align: top;">&#160;</td>
          <td style="width: 7%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt; font-family: 'Times New Roman',Times,serif;">56</div>
          </td>
        </tr>
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          <td style="width: 10%; vertical-align: top;">
            <div style="margin-right: 20.7pt; margin-bottom: 6pt;">22</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="margin-right: 20.7pt; margin-bottom: 6pt;">Events of Default</div>
          </td>
          <td style="width: 3%; vertical-align: top;">&#160;</td>
          <td style="width: 7%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt; font-family: 'Times New Roman',Times,serif;">62</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="margin-right: 20.7pt; margin-bottom: 6pt;">23</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="margin-right: 20.7pt; margin-bottom: 6pt;">Changes to the Lender</div>
          </td>
          <td style="width: 3%; vertical-align: top;">&#160;</td>
          <td style="width: 7%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt; font-family: 'Times New Roman',Times,serif;">68</div>
          </td>
        </tr>
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          <td style="width: 10%; vertical-align: top;">
            <div style="margin-right: 20.7pt; margin-bottom: 6pt;">24</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="margin-right: 20.7pt; margin-bottom: 6pt;">Changes to the Obligors</div>
          </td>
          <td style="width: 3%; vertical-align: top;">&#160;</td>
          <td style="width: 7%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt; font-family: 'Times New Roman',Times,serif;">69</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="margin-right: 20.7pt; margin-bottom: 6pt;">25</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="margin-right: 20.7pt; margin-bottom: 6pt;">Conduct of Business by the Lender</div>
          </td>
          <td style="width: 3%; vertical-align: top;">&#160;</td>
          <td style="width: 7%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt; font-family: 'Times New Roman',Times,serif;">70</div>
          </td>
        </tr>
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          <td style="width: 10%; vertical-align: top;">
            <div style="margin-right: 20.7pt; margin-bottom: 6pt;">26</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="margin-right: 20.7pt; margin-bottom: 6pt;">Payment Mechanics</div>
          </td>
          <td style="width: 3%; vertical-align: top;">&#160;</td>
          <td style="width: 7%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt; font-family: 'Times New Roman',Times,serif;">71</div>
          </td>
        </tr>
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          <td style="width: 10%; vertical-align: top;">
            <div style="margin-right: 20.7pt; margin-bottom: 6pt;">27</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="margin-right: 20.7pt; margin-bottom: 6pt;">Set-Off</div>
          </td>
          <td style="width: 3%; vertical-align: top;">&#160;</td>
          <td style="width: 7%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt; font-family: 'Times New Roman',Times,serif;">75</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 12pt;"><br>
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    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt; font-family: 'Times New Roman',Times,serif; font-weight: normal;">28</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt; font-family: 'Times New Roman',Times,serif; font-weight: normal;">Notices</div>
          </td>
          <td style="width: 9.52%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt; font-family: 'Times New Roman',Times,serif; font-weight: normal;">75</div>
          </td>
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          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt; font-family: 'Times New Roman',Times,serif; font-weight: normal;">29</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt; font-family: 'Times New Roman',Times,serif; font-weight: normal;">Calculations and Certificates</div>
          </td>
          <td style="width: 9.52%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt; font-family: 'Times New Roman',Times,serif; font-weight: normal;">76</div>
          </td>
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          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt; font-family: 'Times New Roman',Times,serif; font-weight: normal;">30</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt; font-family: 'Times New Roman',Times,serif; font-weight: normal;">Partial Invalidity</div>
          </td>
          <td style="width: 9.52%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt; font-family: 'Times New Roman',Times,serif; font-weight: normal;">&#160;77</div>
          </td>
        </tr>
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          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt; font-family: 'Times New Roman',Times,serif; font-weight: normal;">31</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt; font-family: 'Times New Roman',Times,serif; font-weight: normal;">Remedies and Waivers</div>
          </td>
          <td style="width: 9.52%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt; font-family: 'Times New Roman',Times,serif; font-weight: normal;">&#160;77</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt; font-family: 'Times New Roman',Times,serif; font-weight: normal;">32</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt; font-family: 'Times New Roman',Times,serif; font-weight: normal;">Confidentiality</div>
          </td>
          <td style="width: 9.52%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt; font-family: 'Times New Roman',Times,serif; font-weight: normal;">&#160;77</div>
          </td>
        </tr>
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          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt; font-family: 'Times New Roman',Times,serif; font-weight: normal;">33</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt; font-family: 'Times New Roman',Times,serif; font-weight: normal;">Counterparts</div>
          </td>
          <td style="width: 9.52%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt; font-family: 'Times New Roman',Times,serif; font-weight: normal;">&#160;81</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt; font-family: 'Times New Roman',Times,serif; font-weight: normal;">34</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt; font-family: 'Times New Roman',Times,serif; font-weight: normal;">Governing Law</div>
          </td>
          <td style="width: 9.52%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt; font-family: 'Times New Roman',Times,serif; font-weight: normal;">82</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt; font-family: 'Times New Roman',Times,serif; font-weight: normal;">35</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt; font-family: 'Times New Roman',Times,serif; font-weight: normal;">Enforcement</div>
          </td>
          <td style="width: 9.52%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt; font-family: 'Times New Roman',Times,serif; font-weight: normal;">82</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt; font-family: 'Times New Roman',Times,serif; font-weight: normal;">Schedule 1</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt; font-family: 'Times New Roman',Times,serif; font-weight: normal;">Part I Conditions Precedent</div>
          </td>
          <td style="width: 9.52%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt; font-family: 'Times New Roman',Times,serif; font-weight: normal;">83</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt; font-family: 'Times New Roman',Times,serif; font-weight: normal;">Schedule 2</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt; font-family: 'Times New Roman',Times,serif; font-weight: normal;">Utilisation Request</div>
          </td>
          <td style="width: 9.52%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt; font-family: 'Times New Roman',Times,serif; font-weight: normal;">88</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt; font-family: 'Times New Roman',Times,serif; font-weight: normal;">Schedule 3</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="text-align: justify; margin-bottom: 6pt; font-family: 'Times New Roman',Times,serif; font-weight: normal;">Form of Compliance Certificate</div>
          </td>
          <td style="width: 9.52%; vertical-align: top;">
            <div style="text-align: right; margin-bottom: 6pt; font-family: 'Times New Roman',Times,serif; font-weight: normal;">&#160;89</div>
          </td>
        </tr>

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    <div style="margin-bottom: 12pt; font-weight: bold;">Loan Agreement</div>
    <div style="margin-bottom: 12pt;"><font style="font-weight: bold;">Dated </font><u> 30 July</u>&#160;<font style="font-weight: bold;">2019</font></div>
    <div style="margin-bottom: 12pt; font-weight: bold;">Between:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z17c76f10848a449bb23836131f9a6aa8" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">(1)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Kea Shipowners Ltd, </font>a company incorporated under the law of
                  the Republic of Liberia, with its registered office at 80 Broad Street, Monrovia, Republic of Liberia and company number C-120948 <font style="font-weight: bold;">(&#8220;Kea&#8221;);
                    Spetses Shipowners Ltd, </font>a company incorporated under the law of the Republic of Liberia, with its registered office at 80 Broad Street, Monrovia, Republic of Liberia and company number C-120949 <font style="font-weight: bold;">(&#8220;Spetses&#8221;) </font>and <font style="font-weight: bold;">Hydra Shipowners Ltd, </font>a company
                  incorporated under the law of the Republic of Liberia, with its registered office at 80 Broad Street, Monrovia, Republic of Liberia and company number C-120950 <font style="font-weight: bold;">(&#8220;Hydra&#8221; </font>and, together with Kea and Spetses, the <font style="font-weight: bold;">&#8220;Borrowers&#8221; </font>and each a <font style="font-weight: bold;">&#8220;Borrower&#8221;); </font>and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z2d4a4c42649c4ed3826ca61f043ecca2" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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              <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">(2)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">HSBC BANK plc, </font>of 8 Canada Square, London, E14 SHQ, England
                  (the <font style="font-weight: bold;">&#8220;Lender&#8221;). Preliminary</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z3eb2d39f30424952b304e302b2ff5b05" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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              <td style="width: 36pt; vertical-align: top; align: right;">(A)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Kea has agreed to purchase the Kea Vessel from the Kea Seller on the terms of the Kea MOA and intends to register the Kea Vessel in its ownership under the laws and
                  the flag of the Republic of Liberia.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z572033b8a45b48419871ac45079c95a7" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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              <td style="width: 36pt; vertical-align: top; align: right;">(B)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Spetses has agreed to purchase the Spetses Vessel from the Spetses Seller on the terms of the Spetses MOA and intends to register the Spetses Vessel in its
                  ownership under the laws and the flag of the Republic of Liberia.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z374aed10edce4ff88327f5458f44b0f6" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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              <td style="width: 36pt; vertical-align: top; align: right;">(C)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Hydra has agreed to purchase the Hydra Vessel from the Hydra Seller on the terms of the Hydra MOA and intends to register the Hydra Vessel in its ownership under
                  the laws and the flag of the Republic of Liberia.</div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="ze453f136b0a1409f81a42b86704d2ce3" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">(D)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>The Lender has agreed to advance to the Borrowers on a joint and several basis up to the lesser of (a) $12,500,000 and (b) 49.9% of the aggregate Market Values of
                  the Vessels to assist the Borrowers to finance part of the purchase prices of the Vessels.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="margin-bottom: 12pt;"><font style="font-weight: bold;">It is agreed </font>as follows:</div>
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      <div>
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              <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">Section 1</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">Interpretation</div>
              </td>
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              <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Definitions and Interpretation</div>
              </td>
            </tr>

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      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
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              <td style="width: 36pt; vertical-align: top; align: right;">1.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Definitions</font> In this Agreement:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">&#8220;Account Holder&#8221;</font>
      means HSBC BANK plc of 8 Canada Square, London, E14 5HQ, England or any other branch of the Lender or any other bank or financial institution which at any time, with the Lender&#8217;s prior written consent, holds the Earnings Account.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">&#8220;Accounts&#8221;</font>
      means the Earnings Accounts and the Cash Collateral Account and <font style="font-weight: bold;">&#8220;Account&#8221; </font>means any of them.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">&#8220;Account Security
        Deeds&#8221;</font> means the account security deeds referred to In Clauses 17.1.5 and 17.1.6<font style="font-style: italic;"> (Security Documents).</font></div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">&#8220;Administration&#8221; </font>has
      the meaning given to it in paragraph 1.1.3 of the ISM Code.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">&#8220;Affiliate&#8221;</font>
      means, in relation to any person, a Subsidiary of that person or a Holding Company of that person or any other Subsidiary of that Holding Company.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">&#8220;Annex VI&#8221; </font>means
      Annex VI (Regulations for the Prevention of Air Pollution from Ships) to the International Convention for the Prevention of Pollution from Ships 1973 (as modified in 1978 and 1997).</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">&#8220;Approved
        Shipbroker&#8221;</font> means each of Hartland Shipping Services Limited, H. Clarkson &amp; Company Limited, Maersk Brokers K/S, Arrow Sale and Purchase (U.K.) Ltd., Fearnley AS, Simpson Spence &amp; Young (SSY), Barry Rogliano Salles of France,
      Galbraith&#8217;s Limited Shipbrokers, Braemar Shipping Services PLC, Banchero-Costa &amp; C. S.p.A, Associated Shipbroking S.A.M., Howe Robinson &amp; Co Ltd., Maritime Strategies International (MSI), E.A. Gibson Shipbrokers Ltd., Oslo Shipbrokers A.S,
      Inge Steensland Shipbrokers AS and any other reputable, independent and first class firm of ship brokers appointed by a Borrower with the Lender&#8217;s prior approval.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">&#8220;Assignments&#8221; </font>means
      all the forms of assignment referred to in Clause 17.1.2 <font style="font-style: italic;">(Security Documents).</font></div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">&#8220;Authorisation&#8221; </font>means
      an authorisation, consent, approval, resolution, licence, exemption, filing, notarisation or registration.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">&#8220;Availability
        Period&#8221; </font>means the period from and including the date of<font style="font-weight: bold;"> this </font>Agreement to and including 31 August 2019 or any other later date
      acceptable to the Lender in its absolute discretion.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">&#8220;Basel III&#8221;</font>
      means (a) the agreements on capital requirements, a leverage ratio and liquidity standards contained in &#8220;Basel III: A global regulatory framework for more resilient banks and banking systems&#8221;, &#8220;Basel III: International framework for liquidity risk
      measurement, standards and monitoring&#8221; and &#8220;Guidance for national authorities operating the countercyclical capital buffer&#8221; published by the Basel Committee on Banking Supervision in December 2010, each as amended, supplemented or restated, (b) the
      rules for global systemically important banks contained in &#8220;Global systemically important banks: assessment methodology and the</div>
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    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">additional Doss absorbency requirement - Rules text&#8221; published by the Basel Committee on Banking Supervision in
      November 2011, (c) any further guidance or standards published by the Basel Committee on Banking Supervision relating to &#8220;Basel III&#8221; and (d) CRD IV or CRR.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">Break Costs</font>&#8221;
      means the amount (if any) by which:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zb39378c175df4e1f9764949adcb502b4" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the interest which the Lender should have received Per the period from the date of receipt of all or tiny part of the Loan or an Unpaid Sum to the last day of the
                  current Interest Period in respect of the Loan or Unpaid Sum, had the principal amount or Unpaid Sum received been paid on the last day of that Interest Period,</div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">exceeds:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z26e4e037a3f24320b100fe2551bae971" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the amount which the Lender would be able to obtain by placing an amount equal to the principal amount or Unpaid Sum received by it on deposit with a leading bank
                  in the Relevant Interbank Market for a period starting on the Business Day following receipt or recovery and ending on the last day of the current Interest Period.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">&#8220;Business Day&#8221; </font>means&#160;
      they (other than a Saturday or Sunday) on which banks are open for general business in London, New York and Athens.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">&#8220;Cash Collateral
        Account</font>" means the bank account opened or to be opened in the name of the Borrowers with the Account Holder and designated &#8220;HSBC Bank Plc, Re: Kea Shipowners Ltd, Spetses Shipowners Ltd, Hydra Shipowners Ltd - Cash Collateral Account&#8221;.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">&#8220;Cash Collateral
        Amount</font>&#8221; means the amounts set out under Clause 20.2 (<font style="font-style: italic;">Cash</font>&#160;<font style="font-style: italic;">Collateral Amount).</font></div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">&#8220;Charged Property&#8221;
      </font>means all of the assets of the Obligors which from time to time are, or are expressed to be, the subject of the Security Documents,</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">Chargor</font>&#8221;
      means Eurocon Ltd. a company incorporated under the laws of the Republic of the Marshall islands, with its registered address at Trust Company Complex&#8222; Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">Charter</font>&#8220;
      means, in respect of a Vessel, any charter, or other contract for its employment of twelve (12) months or more duration (including any extension options), whether or not already in existence, entered or to be entered into from time to time between
      the relevant Borrower, as owner of the relevant Vessel and a Charterer, as charterer of the relevant Vessel,&#8221; as approved by the Lender.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">&#8220;Charterer" </font>means,
      in respect of a Vessel, any person who enters into any Charter with the relevant Borrower.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">&#8220;Charter </font>Rights&#8221;
      means the benefit of any Charter and any and all Earnings due and/or to become, due to a Borrower under or pursuant to any Charter.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">Code</font>&#8221; means
      the US Internal Revenue Code of 1986.</div>
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    </div>
    <br>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">&#8220;Commitment Fee&#8221;</font>
      means the commitment fee to be paid by the Borrowers to the Lender under Clause 11.1 <font style="font-style: italic;">(Commitment Fee).</font></div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">&#8220;Compliance
        Certificate&#8221;</font> means a certificate substantially in the form set out in Schedule 3 <font style="font-style: italic;">(Form of Compliance Certificate).</font></div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">&#8220;Confidential
        Information&#8221;</font> means all information relating to any Obligor, any other member of the Group, the Finance Documents or the Loan of which the Lender becomes aware in its capacity as, or for the purpose of becoming, the Lender which is received
      by the Lender in relation to, or for the purpose of becoming the Lender under, the Finance Documents or the Loan from any Obligor, any other member of the Group or any of its advisers in whatever form, and includes information given orally and any
      document, electronic file or any other way of representing or recording information which contains or is derived or copied from such information but excludes information that:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z14fa0cef8a044c3dbbb557b0262766b5" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>is or becomes public information other than as a direct or indirect result of any breach by the Lender of Clause 32<font style="font-style: italic;"> (Confidentiality); </font>or</div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zbfe69f2c18cb49be9ba9cba8b66d9855" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>is identified in writing at the time of delivery as non-confidential by any Obligor, any other member of the Group or any of its advisers; or</div>
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      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z86c58eed395145058914686dd13d52bb" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(iii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>is known by the Lender before the date the information is disclosed to it by any Obligor, any other member of the Group or any of its advisers or is lawfully
                  obtained by the Lender after that date, from a source which is, as far as the Lender is aware, unconnected with any Obligor or any other member of the Group and which, in either case, as far as the Lender is aware, has not been obtained
                  in breach of, and is not otherwise subject to, any obligation of confidentiality.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">&#8220;Confidentiality
        Undertaking&#8221;</font> means a confidentiality undertaking substantially in a recommended form of the Loan Market Association at the relevant time.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">&#8220;CRD IV&#8221;</font>
      means Directive 2013/36/EU of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directive 2006/48/EC and 2006/49/EC.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">&#8220;CRR&#8221;</font> means
      Regulation (EU) no. 575/2013 of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending regulation (EU) No. 648/2012.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">&#8220;CTA&#8221;</font> means
      the Corporation Tax Act 2009.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">&#8220;Default&#8221;</font>
      means an Event of Default or any event or circumstance which would (with the expiry of a grace period, the giving of notice, the making of any determination under the Finance Documents or any combination of any of the foregoing) be an Event of
      Default.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">&#8220;Delegate&#8221;</font>
      means any delegate, agent or attorney or co-trustee appointed by the Lender as holder of any of the Security Documents.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">&#8220;Disruption Event&#8221;</font>
      means either or both of:</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 4</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z8792697ecaa444ec8c55a180b0a3b299" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>a material disruption to those payment or communications systems or to those financial markets which are, in each case&#8222; required to operate in order for payments to
                  be made in connection with the Loan (or otherwise in order for the transactions contemplated by the Finance&#8217; Documents to be carried out) which disruption is not caused by. and is beyond the control of, any of the Parties; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z8e01f9f754d34b978a4ffbaced5bb24e" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the occurrence of any other event which results in a disruption (of a technical or systems-related nature) to the treasury or payments operations of a Party
                  preventing that, or any other Party:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z5dbdd4e25e4a48d49c0cb3daa7fb0b2c" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 72pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>from performing its payment obligations under the Finance Documents; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z918e226d7b724008986a63987e6ff762" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 72pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">from communicating with other Parties in accordance with the terms of the Finanog Documents,</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">and which (in either such case) is not caused by, and is beyond the contrail of the Party whose operations are
      disrupted.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">DOC</font>&#8217;&#8221;
      means, in relation to the ISM Company, a valid Document of Compliance issued for the ISM Company by the Administration under paragraph 13.2 of the ISM Code.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">Earnings</font>&#8221;
      means all hires, freights, pool income and other sums payable to or for the account of a Borrower in respect of a Vessel including (without limitation) all remuneration for salvage and towage services demurrage and detention moneys, contributions in
      general average, compensation in respect of any requisition for hire, and damages and other payments (whether awarded by any court or arbitral tribunal or by agreement or otherwise) for breach, termination or variation of any&#160; contract for the
      operation, employment or use of a Vessel.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">Earnings Accounts</font>&#8221;
      means, together, the Kea Earnings Account, the Spetses Earnings Account and the Hydra Earnings Account and &#8220;<font style="font-weight: bold;">Earnings Account</font>&#8221; means either of them.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">Encumbrance</font>&#8221;
      means a mortgage, charge, assignment, pledge, lien or other security interest securing any obligation of any person or any other agreement or arrangement having a similar effect.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">Environmental
        Approval</font>&#8221; means any present or future permit, ruling, variance or other Authorisation required under Environmental Laws.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">Environmental
        Claim</font>&#8221; means any claim, proceeding, formal notice or investigation by any governmental, judicial or regulatory authority or any other person which arises <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">,</sup>out of an Environmental Incident or an alleged Environmental Incident or
      which relates to any Environmental Law and, for this purpose, &#8220;claim&#8221; includes claim for damages, compensation, contribution, injury, fines, losses and penalties or any other payment of any kind, including in relation to clean-up and removal, whether
      or oat similar to the foregoing; an order or direction to take, or not to take, certain action or to desist from or suspend certain action; and any form of enforcement or regulatory action, including the arrest or attachment of any asset.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 5</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">Environmental
        Incident</font>&#8221; means:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zca17b2e4b1a447edb6a142564fdf3d3e" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>any release, emission, spill or discharge into a Vessel or into or upon the air, sea, land or soils (including the seabed) or surface water of Environmentally
                  Sensitive Material within or from a Vessel; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z2b0b6cc24ee4486392ab131534364b50" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>any incident in which Environmentally Sensitive Material is released, emitted, spilled or discharged into or upon the air, sea, land or soils (including the seabed)
                  or surface water from a vessel other than a Vessel and which involves a collision between a Vessel and such other vessel or some other incident of navigation or operation, in either case, in connection with which a Vessel is actually or
                  potentially liable to be arrested, attached, detained or injuncted and/or a Vessel and/or any Obligor and/or any operator or manager of a Vessel is at fault or allegedly at fault or otherwise liable to any legal or administrative action;
                  or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zd635fc4427e0457882482c17f2aae49d" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>any other incident in which Environmentally Sensitive Material is released, emitted, spilled or discharged into or upon the air, sea, land or soils (including the
                  seabed) or surface water otherwise than from a Vessel and in connection with which a Vessel is actually or potentially liable to be arrested and/or where any Obligor and/or any operator or manager of a Vessel is at fault or allegedly at
                  fault or otherwise liable to any legal or administrative action, other than in accordance with an Environmental Approval.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">&#8220;Environmental Law&#8221;</font>
      means any present or future law or regulation relating to pollution or protection of human health or the environment, to conditions in the workplace, to the carriage, generation, handling, storage, use, release or spillage of Environmentally
      Sensitive Material or to actual or threatened releases of Environmentally Sensitive Material.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">&#8220;Environmentally
        Sensitive Material&#8221;</font> means and includes all contaminants, oil, oil products, toxic substances and any other substance (including any chemical, gas or other hazardous or noxious substance) which is (or is capable of being or becoming)
      polluting, toxic or hazardous.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">&#8220;Event of Default&#8221;</font>
      means any event or circumstance specified as such in Clause 22 <font style="font-style: italic;">(Events of Default).</font></div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">&#8220;Facility Office&#8217;</font>
      means the Lender&#8217;s office at 8 Canada Square, London E14 5HQ, England or such other office as the Lender may designate in writing.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">&#8220;Facility Period&#8221;</font>
      means the period beginning on the date of this Agreement and ending on the date on which the Lender is satisfied that there is no outstanding amount under the Loan in force and that the Indebtedness has been irrevocably and unconditionally paid and
      discharged in full.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">&#8220;FATCA&#8221;</font>
      means:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z5194b1201de34a829f743471ee6800f4" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>sections 1471 to 1474 of the Code or any associated regulations;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z561667c6eee7449db95d57fe4c167f04" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>any treaty, law or regulation of any other jurisdiction, or relating to an intergovernmental agreement between the US and any other jurisdiction,</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 6</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-left: 72pt; margin-bottom: 12pt;">which (in either case) facilitates the implementation of any law or regulation referred to in (a) or</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z471e2a7bf4de495eb8bc14631a827883" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>any agreement pursuant to the implementation of any treaty, law or regulation referred to in (a) or (b) with the US Internal Revenue Service, the US government or
                  any government&amp; or taxation authority in any other jurisdiction.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">FATCA Deduction</font>&#8221;
      means a deduction or withholding from a payment under a Finance Document required by FATCA.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">FATCA Exempt Party</font>"
      means a Party that is entitled to receive payments free from any FATCA Deduction.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">FCPA</font>,&#8221;
      means the US Foreign Corrupt Practices Act of 1977.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">Finance Documents</font>&#8221;
      means this Agreement&#8222; the Security Documents and any other document designated as such by the Lender and the Borrowers and &#8220;<font style="font-weight: bold;">Finance Documents</font>&#8221;
      means any one of them.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">&#8220;Financial
        Indebtedness&#8221; </font>means any<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">,</sup> indebtedness for or in respect of:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zec5209016c0d42f98357e440f55c8fc3" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>moneys borrowed and debit balances at banks or other financial institutons;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zaf947ceaec1644dc82ac42e3213e88a3" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>any acceptance under any acceptance credit or bill discounting facility (or dematerialised equivalent);</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zfd2eec72148645d39a8cf547a0abe04b" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>any note purchase facility or the issue of bonds&#8222; notes, debentures, loan stock or any similar instrument&#176;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z2f9a208624dc4c0495f938271fb6c83b" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(d)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the amount of any liability in respect of any finance or capital lease;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zf1d0fb37586640d9b85b5473ab642d42" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(e)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>receivables sold or discounted (other than any receivables to the extent they are sold on a non-recourse basis);</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z7c44c1a119fb4aa49b9650b1b2f92c22" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(f)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>any Treasury Transaction (and, when calculating the value of that Treasury Transaction, only the marked to market value (or, if any actual amount is due as a result
                  of the termination or dose-out of that Treasury Transaction, that amount) shall be taken into account);</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z70f3383ec99345a0925588a134ff59d3" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(g)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>any counter-indemnity obligation in respect of a guarantee, bond, standby or documentary letter of credit or any other instrument issued by a bank or financial
                  institution in respect of (i) an underlying liability of an entity which is not an Obligor which liability would fall within one of the other sections of this definition or (ii) any liabilities of any Obligor relating to any
                  post-retirement benefit scheme;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z78219346a87e44b295e8db5c26bbc8f1" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(h)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>any amount raised by the issue of shares which are redeemable (other than at the option of the issuer) before the Termination Date or are otherwise classified as
                  borrowings under GAAP;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zb3e38e4fbf7f4de5ac7e0b0d8dd1bf57" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>any amount of any liability under an advance or deferred purchase agreement if (i) one of the primary reasons behind entering into the agreement is to raise finance
                  or to finance the acquisition or construction of Page 7</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 7</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
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    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="margin-left: 72pt; margin-bottom: 12pt;">the asset or service in question or (ii) the agreement is in respect of the supply of assets or services and payment
      is due more than thirty (30) days after the date of supply;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z84874cad8a3b4d158d24c73102f59b0b" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(j)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>any amount raised under any other transaction (including any forward sale or purchase, sale and sale back or sale and leaseback agreement) having the commercial
                  effect of a borrowing or otherwise classified as borrowings under GAAP; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="za81346ca40734fcf8de73337f34a1eea" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(k)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the amount of any liability in respect of any guarantee or indemnity for any of the Items referred to in (a) to (j).</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">&#8220;GAAP&#8221; </font>means
      generally accepted accounting principles in the United States of America.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">&#8220;Group&#8221;</font>
      means the Borrowers, <font style="font-weight: bold;">the</font> Guarantor and each company which is a Subsidiary of the Guarantor from<font style="font-weight: bold;"> time to </font>time.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">&#8220;Guarantee&#8221; </font>means
      the guarantee <font style="font-weight: bold;">and indemnity </font>of the Guarantor referred to in Clause 17.1.3 <font style="font-style: italic;">(Security Documents).</font></div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">&#8220;Guarantor&#8221;</font>
      means Euroseas Ltd., a company incorporated under the laws of the Republic of the Marshall Islands, with its registered address at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands and/or (where the context permits) any
      other person who shall at any time during the Facility Period issue to the Lender a guarantee and/or indemnity for the payment of all or part of the Indebtedness.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">&#8220;Holding Company&#8221;</font>
      means, in relation to a person, any other person in respect of which it is a Subsidiary.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">&#8220;Hydra Earnings
        Account&#8221;</font> means the bank account opened in the name of Hydra with the Account Holder and designated &#8220;HSBC Bank plc - Hydra Shipowners Ltd&#8221;.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">&#8220;Hydra MOA&#8221;</font>
      means the memorandum of agreement dated 31 May 2019 made<font style="font-weight: bold;">&#160;</font>by and between the Hydra Seller, as seller and Hydra, as buyer, on the terms and subject
      to the conditions of which the Hydra Seller will sell the Hydra Vessel to Hydra.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">&#8220;Hydra Seller&#8221;
        means </font>Hydra Seaways Ltd, a company incorporated under the law of the Republic of <font style="font-weight: bold;">Liberia, with </font>its registered office at 80 Broad
      Street, Monrovia, Republic of Liberia.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">&#8220;Hydra Vessel&#8221; </font>means
      the containership of approximately 23,679 dwt &#8220;EM HYDRA&#8221; with IMO no. 9338967 built in 2005 in the People&#8217;s Republic of China currently registered under the flag of the Republic of Liberia in the ownership of the Hydra Seller and intended to be sold
      by the Hydra Seller to Hydra on the terms of the Hydra MOA, and to remain upon acquisition by Hydra under the flag of the Republic of Liberia in the ownership of Hydra and everything now or in the future belonging to her on board and ashore.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">&#8220;Hydra Vessel Loan&#8221;</font>
      means, in respect of Hydra Vessel, an amount not exceeding the relevant Maximum Vessel Loan Amount, advanced or to be advanced by the</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 8</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">Lender to the Borrowers under Clause 2 <font style="font-style: italic;">(the Loan) </font>or, where the context permits, the aggregate principal amount so advanced and for the time being outstanding.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">&#8220;IAPPC&#8221; </font>means
      a valid international air pollution prevention certificate for a Vessel issued under Annex VI.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">&#8220;Increased Costs&#8221; </font>have
      the meaning given to them in Clause 13.1 <font style="font-style: italic;">(Increased Costs).</font></div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">&#8220;Indebtedness&#8221; </font>means
      the aggregate from time to time of: the amount of the Loan outstanding; all accrued and unpaid interest on the Loan; and all other sums of any nature (together with all accrued and unpaid interest on any of those sums) payable to the Lender under all
      or any of the Finance Documents.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">&#8220;Initial Market
        Value&#8221; </font>means the Market Value of a Vessel calculated in accordance with the valuation relative thereto referred to in Part I 2 (e) of Schedule 1 <font style="font-style: italic;">(Conditions Precedent).</font></div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">&#8220;Insurances&#8221; </font>means
      all policies and contracts of insurance (including all entries in protection and indemnity or war risks associations) which are from time to time taken out or entered into in respect of or in connection with a Vessel or her increased value and (where
      the context permits) all benefits under such contracts <font style="font-style: italic;">and </font>policies, including all claims of any nature and returns of premium.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">&#8220;Interest Payment
        Date&#8221; </font>means each date for the payment of interest in accordance with Clause 8.2 <font style="font-style: italic;">(Payment of interest).</font></div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">&#8220;Interest Period&#8221; </font>means
      each period determined in accordance with Clause 9 <font style="font-style: italic;">(Interest Periods) </font>and, in relation to an Unpaid Sum, each period determined in accordance
      with Clause 8.3 <font style="font-style: italic;">(Default interest).</font></div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">&#8220;ISM Code&#8221; </font>means
      the International Management Code for the Safe Operation of Ships and for Pollution Prevention.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">&#8220;ISM Company&#8221; </font>means,
      at any given time, the company responsible for a Vessel&#8217;s compliance with the ISM Code under paragraph 1.1.2 of the ISM Code.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">&#8220;ISPS Code&#8221; </font>means
      the International Ship and Port Facility Security Code.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">ISSC</font>&#8221; means
      a valid international ship security certificate for a Vessel issued under the ISPS Code.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">&#8220;ITA&#8221; </font>means
      the Income Tax Act 2007.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">&#8220;Joint Venture&#8221; </font>means
      any joint venture entity, whether a company, unincorporated firm, undertaking, association, joint venture or partnership or any other entity.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">&#8220;Kea Earnings
        Account&#8221; </font>means the bank account opened in the name of Kea with the Account Holder and designated &#8220;HSBC Bank plc -Kea Shipowners Ltd&#8221;.</div>
    <div style="margin: 0px 0px 12pt 36pt; text-align: justify;"><font style="font-weight: bold;">&#8220;Kea MOA&#8221; </font>means the
      memorandum of agreement dated 31 May 2019 made by and between the Kea Seller, as seller and Kea, as buyer, on the terms and subject to the conditions of which the Kea Seller will sell the Kea Vessel to Kea.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 9</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">&#8220;Kea Seller&#8221;</font>
      means Kea Seaways Ltd, a company incorporated under the law of the Republic of Liberia, with its registered office at 80 Broad Street, Monrovia, Republic of Liberia.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">&#8220;Kea Vessel&#8221;</font>
      means the containership of approximately 42,166 dwt &#8220;EM KEA&#8221; with IMO no. 9334351 built in 2007 in the Republic of Poland currently registered under the flag of the Republic of Liberia in the ownership of the Kea Seller and intended to be sold by the
      Kea Seller to Kea on the terms of the Kea MOA, and to remain upon acquisition by Kea under the flag of the Republic of Liberia in the ownership of Kea and everything now or in the future belonging to her on board and ashore.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">&#8220;Kea Vessel Loan&#8221;</font>
      means, in respect of Kea Vessel, an amount not exceeding the relevant Maximum Vessel Loan Amount, advanced or to be advanced by the Lender to the Borrowers under Clause 2<font style="font-style: italic;"> (the Loan) </font>or, where the context permits, the aggregate principal amount so advanced and for the time being outstanding.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">&#8220;Legal Opinion&#8221;</font>
      means any legal opinion delivered to HSBC Bank plc under Clause 4.1 <font style="font-style: italic;">(Initial conditions precedent) </font>or Clause 4.3<font style="font-style: italic;"> (Conditions subsequent).</font></div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">&#8220;Legal
        Reservations&#8221;</font> means:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z4dbeb6a433b34241a45beab52619a188" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the principle that equitable remedies may be granted or refused at the discretion of a court and the limitation of enforcement by laws relating to insolvency,.
                  reorganisation and other laws generally affecting the rights of creditors;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zdec00dc4896849308d739a27c2122db5" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the time barring of claims under the Limitation Acts, the possibility that an undertaking to assume liability for or indemnify a person against non-payment of UK
                  stamp duty may be void and defences of set-off or counterclaim;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z8dabd20f36944509970bba446ec52771" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>similar principles, rights and defences under the laws of any Relevant Jurisdiction; and any other matters which are set out as qualifications or reservations as to
                  matters of law of genera/ application in the Legal Opinions.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">LIBOR</font>&#8221;
      means:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z1b0372278b39493d9df69246523137cd" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the applicable Screen Rate; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zc6d57c758bda4fddb1c5258141a80517" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>(if (i) no Screen Rate is available for the currency of the Loan or (ii) no Screen Rate is available for the relevant Interest Period) the Reference Bank Rate,</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">as of 11.00 a.m. on the Quotation Day for dollars and for a period equal in length to the relevant Interest Period
      and, if that rate is less than zero, LIBOR shall be deemed to be zero.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">&#8220;Limitation Acts&#8221;</font>
      means the Limitation Act 1980 and the Foreign Limitation Periods Act 1984.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 10</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">Loan</font>&#8221; means
      the aggregate amount advanced or to be advanced by the Lender to the Borrowers under Clause 2 <font style="font-style: italic;">(The Loan) </font>or, where the context permits, the
      principal amount advanced and for the time being outstanding.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">Management
        Agreements</font>&#8221; means the agreement for the commercial and technical management of a Vessel made between the relevant Borrower and the Managers and &#8220;Management Agreement&#8221; means any one of them.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">Managers</font>&#8221;
      means, in relation to the commercial and technical management of a Vessel, Eurobulk Ltd. of 80 Broad Street Monrovia, Republic of Liberia or, in either case, such other commercial and/or technical managers of a Vessel nominated by the relevant
      Borrower as the Lender may approve.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">Managers&#8217;</font>&#160;<font style="font-weight: bold;">Undertaking</font>&#8221; means the written undertaking of the Managers whereby, throughout the Facility Period unless otherwise agreed by the Lender:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z4e12dc377b60459b86b9c0471eedf61b" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>it will remain the commercial or technical manager of that Vessel (as the case may be); and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z226de9a556ec4d8fb89c8ce3484e61f6" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>it will not, without the prior written consent of the Lender, subcontract or delegate the commercial or technical management of that Vessel (as the case may be) to
                  any third party; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z00bf9b24acc34d088ae03a1aad1787f6" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the interests of the Managers in the Insurances (other than the right to be reimbursed for protection and indemnity claims under the &#8220;pay and be paid&#8221; rule) will be
                  assigned to the Lender with first priority; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z465aae2408a741fc8cc62bd74c2191d8" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(d)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>(following the occurrence of an Event of Default which is continuing) all claims of the Managers against a Borrower shall be subordinated to the claims of the
                  Lender under the Finance Documents.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">Margin</font>&#8221;
      means two point ninety five (2.95) per cent per annum.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">Market Value</font>&#8221;
      means the value of a Vessel conclusively determined by the arithmetic average of two valuations (and in the case of the Initial Market Value determination shown by one valuation) obtained by two Approved Shipbrokers (and in the case of the Initial
      Market Value determination obtained by one Approved Shipbroker) selected and appointed by the relevant Borrower for and on behalf of the Lender and approved by and reporting to the Lender on the basis of a charter free sale for prompt delivery and
      free of encumbrances for cash at arm&#8217;s length on normal commercial terms as between a willing seller and a willing buyer and evidenced by two valuations (and in the case of the Initial Market Value determination evidenced by one valuation) of that
      Vessel addressed to the Lender certifying a value for that Vessel.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">Material Adverse
        Effect</font>&#8221; means a material adverse change of circumstances or any event or series of events which, in the reasonable opinion of the Lender, is likely to have a material adverse effect on the business, assets, financial condition or credit
      worthiness of an Obligor (other than the Managers) or an Obligor&#8217;s ability (other than the Managers) to repay the Loan.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">Maximum Loan
        Amount</font>&#8221; means an amount up to $12,500,000.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 11</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">Maximum Vessel
        Loan Amount</font>"<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#160;</sup>means:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z17c31acb9ab14389b4298ce00670e9df" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>in respect of the Kea Vesscl Loan, an amocirit up to the lesser of (i) $4,900,10100 and (li) 49.9% of the Market lilalue of Keg Vessell as evidenced by a Valuation
                  of that Vessel to be obtained pursuant to Schedule 1 Part I 2(f);</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z2c002db6fcc64464aa5dd93191fa7b54" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>in respect of the Spetses Vessel Loan, an amount up to the lesser of (i) 4,100,000 and 00 49.9% of the Market Value of Spetses Vessel as evidenced by a Vaination of
                  that Vessel to be obtained pursuant to Schedule 1 Part I 2 (f); and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z9aa56e8f020549088f85edbeb045f8f1" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>In respect of Hydra Veessel Loan, an amount up to the<font style="font-weight: bold;">&#160;</font>lesser of (i) $3,5002000 and (ii) 49.9% of the Market Value of Hydra Vessel as evidenced by a valuation of that Vessel to be obtained pursuant to Schedule
                  Part I 2 (f).</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">"MOAs&#8221; </font>means
      together&#8222; the Kea Mak, the Spetses MOA and the Hydra MOA and "<font style="font-weight: bold;">MOA&#8221; </font>means either of them.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">Mortgages</font>&#8221;
      means the first preferred mortagages referred to in Clause 17.1.1 (<font style="font-style: italic;">Security Documents</font>) and &#8220;Mortgage&#8221; means any one or them.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">&#8220;Nominated Family&#8221;</font>
      means the family disclosed in writing and approved by tie Lender prior to the date of this Agreement and <font style="font-weight: bold;">"members of the Nominated Family</font>&#8221; shall
      be construed accordingly.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">Obligors</font>"&#160;
      means the Borrowers, the Guarantor, the Charidor the Managers and any other person who rnay at any time during the Facility Period be liabie for, or provide security for, all or any part of the Indebtedness, and &#8220;<font style="font-weight: bold;">Obligors</font>&#8220; means any one of hem.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">Original Financial
        Statements</font>&#8221; means the audited consolidated financial statements of the Guarantor for the financial year ended 31 December 201 (including profit and loss accounts and annual balance sheets).</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">"Original
        Jurisdiction&#8221;</font> means, in relation to an Obligor, the jurisdiction under whose laws that Obligor is incorporated as at the date of this Agreement.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">&#8220;Party&#8221;</font>
      means a party to this Agreement.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">&#8220;Permitted
        Encumbrance&#8221; </font>means:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="ze27b36dca9c54f0795efddfbcab1b3b0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>any Encumbrance created by the Finance Documents;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zbbd5def5482a4d809c1babaeb917911c" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>any netting or set-off arrangement entered into by any Obligor in the ordinary course of its banking arrangements for the purpose of netting debit and credit
                  balances;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z244444fe74764725b32520c67a479e36" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>liens for unpaid master&#8217;s and crew&#8217;s wages in accordance with first class ship ownership and management practice and not being enforced through arrest;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z674fa114849e44528a1e3bfa84f17720" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(d)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>liens for salvage;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 12</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zcc3253e375644027a99566e3f60ffd96" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(e)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>liens for master&#8217;s disbursements incurred in the ordinary course of trading in accordance with first class ship ownership and management practice and not being
                  enforced through arrest; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z6a0198005fa447d6a8a9134ba2608443" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(f)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>any other lien arising by operation of law or otherwise in the ordinary course of the operation, repair or maintenance of a Vessel:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z547f7ace5aab4116bab7c89e1a4f8475" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 72pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(I)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">not as a result of any default or omission by a Borrower; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zbcf3e23f303c42e78fb67ac49ec84a6e" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 72pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">not being enforced through arrest, provided such liens do not secure amounts more than 30 days overdue (unless the overdue amount is being contested
                  in good faith by appropriate steps).</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">Prohibited Person</font>&#8221;
      means any person (whether designated by name or by reason of being included in a class of persons) against whom Sanctions are directed.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">Quasi-Security</font>&#8221;
      has the meaning given to that term in Clause 21.9 <font style="font-style: italic;">(Negative pledge).</font></div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">Quotation Day</font>&#8221;
      means, in relation to any period for which an interest rate is to be determined (for dollars) two (2) Business Days before the first day of that period, unless market practice differs in the Relevant Interbank Market, in which case the Quotation Day
      will be determined by the Lender in accordance with market practice in the Relevant Interbank Market (and if quotations would normally be given by leading banks in the Relevant Interbank Market on more than one day, the Quotation Day will be the last
      of those days).</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">Receiver</font>&#8221;
      means a receiver or receiver and manager or administrative receiver of the whole or any part of the Charged Property.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">Reference Bank
        Rate</font>&#8221; means the arithmetic mean of the rates (rounded upwards to four decimal places) as supplied to the Lender at its request by the Reference Banks, in relation to LIBOR, as the rate at which the relevant Reference Bank could borrow funds
      in the London interbank market in dollars and for the relevant period, were it to do so by asking for and then accepting interbank offers for deposits in reasonable market size in dollars and for that period.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">Reference Banks</font>&#8221;
      means in relation to LIBOR, such banks as may be appointed by the Lender in consultation with the Borrowers.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">Related Fund</font>&#8221;
      in relation to a fund (the &#8220;<font style="font-weight: bold;">first fund</font>&#8221;), means a fund which is managed or advised by the same investment manager or investment adviser as the
      first fund or, if it is managed by a different investment manager or investment adviser, a fund whose investment manager or investment adviser is an Affiliate of the investment manager or investment adviser of the first fund.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">Relevant Documents</font>&#8221;
      means the Finance Documents, the MOAs, the Charters and the Management Agreements.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">Relevant Interbank
        Market</font>&#8221; means the London interbank market.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">Relevant
        jurisdiction</font>&#8221; means, in relation to an Obligor:</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 13</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zb0a58dd30369401a99fa22c0820498b3" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>its Original Jurisdiction;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zd5dabbe997914e8bb920d481ac2ade17" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>any jurisdiction where any asset (other than a Vessel) subject to or intended to be subject to a Security Document to be executed by it is situated and, in relation
                  to a Vessel, the flag of that Vessel;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z3d50bd3d73744317aabe75be67e6b5e8" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>any jurisdiction where it conducts its business; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">the jurisdiction whose laws govern the perfection of any of the Security Documents entered into by it.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">Repayment Date</font>&#8221;
      means the date for payment of any Repayment Instalment in accordance with Clause 6 <font style="font-style: italic;">(Repayment).</font></div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">Repayment
        Instalment</font>&#8221; means any instalment of the Loan to be repaid by the Borrowers under Clause 6 <font style="font-style: italic;">(Repayment).</font></div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">Repeating
        Representations</font>&#8221; means each of the representations set out in Clause 18.1.1 <font style="font-style: italic;">(Status) </font>to Clause 18.1.6 <font style="font-style: italic;">(Governing law and enforcement), </font>Clause 18.1.10 <font style="font-style: italic;">(No default) </font>to
      Clause 18.1.19 <font style="font-style: italic;">(Pari passu ranking) </font>and Clause 18.1.21 <font style="font-style: italic;">(Ownership of a Borrower and Chargor).</font></div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">Representative</font>&#8221;
      means any delegate, agent, manager, administrator, nominee, attorney, trustee or custodian.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">Requisition
        Compensation</font>&#8221; means all compensation or other money which may from time to time be payable to a Borrower as a result of a Vessel being requisitioned for title or in any other way compulsorily acquired (other than by way of requisition for
      hire).</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">Sanctions</font>&#8221;
      means any sanctions, embargoes, freezing provisions, prohibitions or other restrictions relating to trading, doing business, investment, exporting, financing or making assets available (or other activities similar to or connected with any of the
      foregoing):</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z81efd0b944954444b0d739dcf5de4b8b" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>imposed by any law or regulation of the US Department of the Treasury&#8217;s Office of Foreign Assets Control, the US Department of State , the United Nations Security
                  Council, the European Union, Her Majesty&#8217;s Treasury or the Hong Kong Monetary Authority, whether or not any Obligor or any other member of the Group or any Affiliate is legally bound to comply with the Forgoing; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zdeb1a4cceb744496817ef2c9574663fe" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>otherwise imposed by any law or regulation by which any Obligor, any other member of the Group or any Affiliate of any of them is bound or, as regards a regulation,
                  compliance with which is reasonable in the ordinary course of business of any Obligor, any other member of the Group or any Affiliate of any of them.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">Sellers</font>&#8221;
      means, together, the Kea Seller, the Spetses Seller and the Hydra Seller and &#8220;Seller&#8221; means any of them.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">Screen Rate</font>&#8221;
      means, in relation to LIBOR, the London interbank offered rate administered by ICE Benchmark Administration Limited (or any other person which</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 14</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">takes over the administration of that rate) for the relevant currency and period displayed on pages LIBOR01 or
      LIBOR02 of the Reuters screen (or any replacement Reuters page which displays that rate), in each case, or on the appropriate page of such other information service which publishes that rate from time to time in place of Reuters. If such page or the
      service ceases to be available, the Lender may specify another page or service displaying the relevant rate after consultation with the Borrowers.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">&#8220;Secured Parties&#8221; </font>means
      the Lender and any Receiver or Delegate.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">&#8220;Security Cover
        Ratio&#8221; </font>means, at any relevant time, the aggregate of (a) the Market Values of the Vessels, (b) the Cash Collateral Amount and (c) the net realisable value of any additional security provided at that time under Clause 17.14 <font style="font-style: italic;">(Additional security), </font>expressed as a percentage of the Loan.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">&#8220;Security
        Documents&#8221; </font>means the Mortgages, the Assignments, the Guarantee, the Account Security Deeds, the Shares Charges and the Managers&#8217; Undertakings or (where the context permits) any one or more of them, and any other agreement or document which
      may at any time be executed by any person as security for the payment of all or any part of the Indebtedness and <font style="font-weight: bold;">&#8220;Security Document&#8221; </font>means any
      one of them.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">&#8220;Shares Charges&#8221; </font>means
      the charges of the issued share capital of each Borrower referred to in Clause 17.1.4 <font style="font-style: italic;">(Security Documents).</font></div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">SMC</font>&#8221; means
      a valid safety management certificate issued for a Vessel by or on behalf of the Administration under paragraph 13.7 of the ISM Code.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">&#8220;Spetses Earnings
        Account&#8221; </font>means the bank account opened in the name of Spetses with the Account Holder and designated &#8220;HSBC Bank plc - Spetses Shipowners Ltd&#8221;.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">&#8220;Spetses MOA&#8221; </font>means
      the memorandum of agreement dated 31 May 2019 made by and between the Spetses Seller, as seller and Spetses, as buyer, on the terms and subject to the conditions of which the Spetses Seller will sell the Spetses Vessel to Spetses.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">&#8220;Spetses Seller&#8221; </font>means
      Spetses Seaways Ltd, a company incorporated under the law of the Republic of Liberia, with its registered office at 80 Broad Street, Monrovia, Republic of Liberia.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">&#8220;Spetses Vessel&#8221; </font>means
      the containership of approximately 23,579 dwt &#8220;EM SPETSES&#8221; with IMO no. 9403413 built in 2007 in the People&#8217;s Republic of China currently registered under the flag of the Republic of Liberia in the ownership of the Spetses Seller and intended to be
      sold by the relevant Seller to Spetses on the terms of the Spetses MOA, and to remain upon acquisition by Spetses under the flag of the Republic of Liberia in the ownership of Spetses and everything now or in the future belonging to her on board and
      ashore.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">&#8220;Spetses Vessel
        Loan&#8221; </font>means, in respect of Spetses Vessel, an amount not exceeding the relevant Maximum Vessel Loan Amount, advanced or to be advanced by the Lender to the Borrowers under Clause 2 <font style="font-style: italic;">(the Loan) </font>or, where the context</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 15</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">permits, the aggregate principal amount so advanced and for the time being outstanding.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">&#8220;Subsidiary</font>&#8221;
      means a<font style="font-weight: bold;">&#160;</font>subsidiary within the meaning of section 1159 of the Companies Act 2006.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">&#8220;Tax&#8221;</font> means
      any tax, levy, impost, duty or other charge or withholding of a similar nature (including any penalty or interest payable in connection with any failure to pay or any delay In paying any<font style="font-weight: bold;">&#160;</font>of the same).</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">&#8220;Tax Deduction&#8221;</font>
      has the meaning given to it in Clause 12 <font style="font-style: italic;">(Tax Gross-Up and Indemnities).</font></div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">&#8220;Termination Date&#8221;</font>
      means the date falling 42 months from the Utilisation Date in respect of the last Vessel Loan to be drawn.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">&#8220;Total Loss&#8221;</font>
      means:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z8f37a19804fb44c69109fe34e8e41d9e" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>an actual, constructive, arranged, agreed or compromised total loss of a Vessel; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z6359dfd161b6481c99e24e186be88681" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the requisition for title or compulsory acquisition of a Vessel by any government or other competent authority (other than by way of requisition for hire); or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z11d24ffc211a4fbe94c9884ce5a31452" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the capture, seizure, arrest, detention, hijacking, theft, condemnation as prize, confiscation or forfeiture of a Vessel (not falling within (b)), unless a Vessel
                  is released and returned to the possession of the relevant Borrower within 60 days after the capture, seizure, arrest, detention, hijacking, theft, condemnation as prize, confiscation or forfeiture in question.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">&#8220;Treasury
        Transaction&#8221;</font> means any derivative transaction entered into in connection with protection against or benefit from fluctuation in any rate or price.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">&#8220;UK Bribery Act&#8221;</font>
      means the United Kingdom Bribery Act 2010.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">&#8220;Unpaid Sum&#8221;</font>
      means any sum due and payable but unpaid by any Obligor under the Finance Documents.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">&#8220;US&#8221;</font> means
      the United States of America.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">&#8220;US Tax Obligor&#8221;</font>
      means:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="ze77ce7d8658246ef9400d7e0afba6c12" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>an Obligor which is resident for tax purposes in the US; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z24195b8208754cbdae0c578a3993432c" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>an Obligor some or all of whose payments under the Finance Documents are from sources within the US for US federal income tax purposes.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">&#8220;Utilisation Date&#8221;</font>
      means the date on which the relevant Vessel Loan is advanced under Clause 5 <font style="font-style: italic;">(Advance).</font></div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">&#8220;Utilisation
        Request&#8221;</font> means a notice substantially in the form set out in Schedule 2 <font style="font-style: italic;">(Utilisation Request).</font></div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">&#8220;VAT&#8221;</font> means:</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 16</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z3b5a23b2ccd4472bbc76ad6f92cbe94b" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>any tax imposed in compliance with the Council&#160; Directive of 28 November 2006 on the common system of value added tax (EC Directive 2006/112); and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z2f73ff465a754376b0be9c81423d1687" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>any other tax of a similar nature, whether imposed in a member state of the European Union in substitution for, or levied in addition to, such tax referred to in
                  (a), or imposed elsewhere.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">Vessel Loans</font>"
      means the aggregate of Kea Vessel Loan, Spetses Vessel Loan and Hydra Vessel Loan and <font style="font-weight: bold;">&#8220;Vessel Loans</font>&#8221; means any of them.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">Vessels</font>&#8221;
      means, together, the Kea Vessel, the Spetses Vessel and the Hydra Vessel and &#8220;<font style="font-weight: bold;">Vessel</font>" means either of them.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">&#8220;VTL Coverage</font>&#8221;
      has the meaning given to it in Clause 17.14 (<font style="font-style: italic;">Additional</font>&#160;<font style="font-style: italic;">security).</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="ze3943d52de1246f89eb512e924db19c7" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">1.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Construction&#160; &#160;&#160; Unless&#160; a contrary indication appears, any reference in this Agreement to:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z6d53ad4e1437437fbd0ed55eb6bde739" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">1.2.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the <font style="font-weight: bold;">&#8220;Lender&#8221;, </font>any <font style="font-weight: bold;">&#8220;Borrower&#8221;, any &#8220;Secured Party&#8221; </font>or any<font style="font-weight: bold;"> &#8220;Party&#8221; </font>shall be
                  construed so as to include its successors in title permitted assignees and permitted transferees;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z922f13eff4fd433592b93ae1c0d8fc50" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">1.2.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>a document in <font style="font-weight: bold;">&#8220;agreed form"</font> is a document which is
                  previously agreed in writing by or on behalf of the Borrowers and the Lender&#160; or, if not so agreed, is in the form specified by the Lender;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zf2c90470f5ac45d28ce4f5672e74c281" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">1.2.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">&#8220;assets&#8221; </font>includes present and future properties, revenues
                  and rights of every description;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z8a9a5a62852a41dc87fd2c6f020a52f7" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">1.2.4</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>a &#8220;<font style="font-weight: bold;">Finance Document</font>&#8221;, a &#8220;<font style="font-weight: bold;">Security Document</font>&#8221;, a <font style="font-weight: bold;">&#8220;Relevant Document&#8221; </font>or<font style="font-weight: bold;">&#160;</font>any other document is a reference to that Finance Document, Security Document, Relevant Document or other document as amended, novated,
                  supplemented, extended or restated from time to time;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z3dfa69f6f59a4882a2d6b0bcecca5546" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">1.2.5</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">&#8220;indebtedness" </font>includes any obligation (whether incurred as
                  principal or as surety) for the payment or repayment of money, whether present or future, actual or contingent;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z573bf71c61d24f5380d321060f14dcf7" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">1.2.6</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>a <font style="font-weight: bold;">"person</font> includes any individual, firm, company,
                  corporation&#8222; government state or agency of a state or any association, trust, joint venture, consortium or partnership or other entity (whether or not having separate legal personality);</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z49df06a2a7574b07ad6ba80d2b48ac68" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">1.2.7</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>a <font style="font-weight: bold;">&#8220;regulation&#8221; </font>includes any regulation&#8222; rule, official
                  directive, request or guideline (whether or not having the force<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">,</sup> of law) of any governmental intergovernmental or supranational body, agency, department or of any regulatory, self-regulatory or other authority or organisation;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z7d26211437864de795c8a0b35587a007" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">1.2.8</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>a provision of law, is a reference to that provision as amended or re-enacted from time to time; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z8ef85abe63ae484c98ef0bb58a213b73" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">1.29</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>a time of day (unless otherwise specified) is a reference to London time.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 17</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z9a59add83a0b4625941513b3ac7155b5" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">1.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Headings</font> Section, Clause and Schedule headings are for ease
                  of reference only.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zf5b4e21f283b4e08b3edea4251aa898c" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">1.4</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Defined terms</font> Unless a contrary indication appears, a term
                  used in any other Finance Document or in any notice given under or in connection with any Finance Document has the same meaning in that Finance Document or notice as in this Agreement.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z6a710af991e247cbbc23cd811f803bb8" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">1.5</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Default </font>A Default (and/or an Event of Default) is
                  &#8220;continuing&#8221; if it has not been remedied or waived.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z14e33e47931b4649a98df55065d68a73" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">1.6</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Currency symbols and definitions &#8220;$&#8221;, &#8220;USD&#8221;</font> and<font style="font-weight: bold;"> &#8220;dollars&#8221;</font> denote the lawful currency of the United States of America.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zec3aeae291444332bd80703131b11bb4" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">1.7</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Third party rights </font>A person who is not a Party has no right
                  under the Contracts (Rights of Third Parties) Act 1999 (the<font style="font-weight: bold;"> &#8220;Third Parties Act&#8221;)</font> to enforce or to enjoy the benefit of any term of this
                  Agreement.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z35c5ef18b803416198ecac238c044ad7" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">1.8</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Offer letter</font> This Agreement supersedes the terms and
                  conditions contained in any correspondence relating to the subject matter of this Agreement exchanged between the Lender and the Borrowers or their representatives before the date of this Agreement.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z710e51c852ce4c8995d9f45e91fe23b1" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">1.9</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Contractual recognition of bail-in</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z548d8e19d7674d90a5c87d3e3335471a" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">1.9.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>In this Clause 1.9:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt;"><font style="font-weight: bold;">&#8220;Article 55 BRRD&#8221;</font>
      means Article 55 of Directive 2014/59/EU establishing a framework for the recovery and resolution of credit institutions and investment firms.</div>
    <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt;"><font style="font-weight: bold;">&#8220;Bail-In Action&#8221;</font>
      means the exercise of any Write-down and Conversion Powers,</div>
    <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;">Bail-In
        Legislation</font>&#8221; means:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zcc8e9f05064e423286286addb8e82c75" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 72pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">in relation to an EEA Member Country which has implemented, or which at any time implements, Article 55 of Directive 2014/59/EU establishing a
                  framework for the recovery and resolution of credit institutions and investment firms, the relevant implementing law or regulation as described in the EU Bail-In Legislation Schedule from time to time; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z27ba7e8c630d41d6b47ddb08aa32c3a3" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 72pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">in relation to any other state, any analogous law or regulation from time to time which requires contractual recognition of any Write-down and Conversion Powers contained in that law or regulation.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt;"><font style="font-weight: bold;">&#8220;EEA Member
        Country&#8221;</font> means any member state of the European Union, Iceland, Liechtenstein and Norway.</div>
    <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt;"><font style="font-weight: bold;">&#8220;EU Bail-In
        Legislation Schedule&#8221;</font> means the document described as such and published by the Loan Market Association (or any successor person) from time to time.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 18</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt;"><font style="font-weight: bold;">&#8220;Resolution
        Authority&#8221; </font>means any body which has authority to exercise any Write-down and Conversion Powers.</div>
    <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt;"><font style="font-weight: bold;">&#8220;UK Bail-In
        Legislation&#8221; </font>means (to the extent that the United Kingdom is not an EEA Member Country which has implemented, or implements, Article 55 BRRD) Part I of the United Kingdom Banking Act 2009 and any other law or regulation applicable in the
      United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (otherwise than through liquidation, administration or other insolvency proceedings).</div>
    <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt;"><font style="font-weight: bold;">&#8220;Write-down and
        Conversion Powers&#8221; </font>means:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zd044fc11f2764721bcae82217a25c045" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 72pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">in relation to any Bail-In Legislation described in the EU Bail-In Legislation Schedule from time to time, the powers described as such in relation
                  to that Bail-In Legislation in the EU Bail-In Legislation Schedule; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z8bab32bd0ed04141833a2e647e274bc0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 72pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">in relation to any other applicable Bail-In Legislation:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z6ec0f89e6d7149cabe6d4541e23398f5" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 72pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any powers under that Bail-In Legislation to cancel, transfer or dilute shares issued by a person that is a bank or investment firm or other
                  financial institution or affiliate of a bank, investment firm or other financial institution, to cancel, reduce, modify or change the form of a liability of such a person or any contract or instrument under which that liability arises, to
                  convert all or part of that liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any
                  obligation in respect of that liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zdbb0fcacee2b448d8e210eb4ef839327" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any similar or analogous powers under that Bail-In Legislation; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z19a016bd94394c22afc1790c3991f559" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 72pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">in relation to any UK Bail-In Legislation:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zb9ff4d472cd34b6887c0a1770f1619b4" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any powers under that UK Bail-In Legislation to cancel, transfer or dilute shares issued by a person that is a bank or investment firm or other
                  financial institution or affiliate of a bank, investment firm or other financial institution, to cancel, reduce, modify or change the form of a liability of such a person or any contract or instrument under which that liability arises, to
                  convert all or part of that liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any
                  obligation in respect of that liability or any of the powers under that UK Bail-In</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 19</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 8pt;"><br>
    </div>
    <div style="margin-right: 3.6pt; margin-left: 144pt; margin-bottom: 12pt;">Legislation that are related to or ancillary to any of those powers; and</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z13a4328d2b1243d6aa48771d13503cce" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any similar or analogous powers under that UK Bail-In Legislation.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z6388d4102b89403baccba5bccc34e881" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">1.9.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Notwithstanding any other term of any Finance Document or any other agreement, arrangement or understanding between the Parties, each Party acknowledges and accepts
                  that any liability of any Party to any other Party under or in connection with the Finance Documents may be subject to Bail-In Action by the relevant Resolution Authority and acknowledges and accepts to be bound by the effect of:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z145cb7be743743528062158850003376" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 72pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any Bail-In Action in relation to any such liability, including (without limitation):</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zf1ed164d126e4634af4c3ed266eb7ee6" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">a reduction, in full or in part, in the principal amount, or outstanding amount due (including any accrued but unpaid interest) in respect of any
                  such liability;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z2e8c3fb745a5453a9f953a49ee675b47" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">a conversion of all, or part of, any such liability into shares or other instruments of ownership that may be issued to, or conferred on, it; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="za3c343474e684f7fa3afb4908b985326" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(iii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">a cancellation of any such liability; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zf5e9d5dd9b8f40f98718b47c0a60638d" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 72pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">a variation of any term of any Finance Document to the extent necessary to give effect to any Bail-In Action in relation to any such liability.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 20</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z9e74762d135448bc9161fba4cd901278" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">Section 2</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">The Loan</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zc940f216a9b5487698e94c33b73d55c8" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">The Loan</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">Subject to the terms of this Agreement, the Lender agrees to make available to the Borrowers on a joint and several
      basis a term loan in an aggregate amount (in dollars) not exceeding the Maximum Loan Amount in up to three Vessel Loans.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zf103ccaec8c24abaa1f87838f25507fc" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Purpose</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z3816d94ac05341c3ac0e809cd80c7d12" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">3.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Purpose</font><font style="font-weight: bold;">&#160;</font>The Borrowers shall apply the Loan for the purposes referred to in Preliminary (B).</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z4c444ae0a6e04d27b1a783dcab45f8ba" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">3.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Monitoring </font>The Lender shall not be bound to monitor or
                  verify the application of any amount borrowed under this Agreement.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z7cabb0e7e7cc4a9dab81ca0f5330f669" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">4</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Conditions of Utilisation</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z1f61063b30ae413fbe16c79e5aea4e00" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">4.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Initial conditions precedent</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">The Lender will only be obliged to comply with Clause 5.3 <font style="font-style: italic;">(Lender&#8217;s compliance with an Utilisation Request) </font>in relation to the advance of a Vessel Loan if on or before the relevant Utilisation Date, the Lender has received all of the documents and other
      evidence listed in Part I of Schedule 1 <font style="font-style: italic;">(Conditions Precedent) </font>in form and substance satisfactory to the Lender save that references in Section
      2 of that Part I to &#8220;the Vessel&#8221; or to any person or document relating to a Vessel shall be deemed to relate solely to the Vessel specified in the relevant Utilisation Request or to any person or document relating to that Vessel respectively. The
      Lender shall notify the Borrowers promptly upon being so satisfied.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zb963040853954d55bcd82ff2160fc5fe" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">4.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Further conditions precedent</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z1f7c24e5d71042669e5e4e8cd3f4829d" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">4.2.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">The Lender will only be obliged to advance a Vessel Loan if on the date of the relevant Utilisation Request and on the proposed Utilisation Date:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z35c6c356e7ea43e3bada66a2b2ec7efe" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 72pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">no Default is continuing or would result from the advance of that Vessel Loan;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zb80da2471dfc482786e977efa7ebe3e4" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 72pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the representations made by the Borrowers under Clause 18 <font style="font-style: italic;">(Representations) </font>are true in all material respects; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z9232859c8f554005bd5237bd4835cd5d" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 72pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">no event or series of events has occurred which is likely to have a Material Adverse Effect.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z6fae37c7744e484eae03af0738424592" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">4.2.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>The Lender will only be obliged to advance a Vessel Loan if:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zff1855ccd6cc4920ad48160405820e52" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 72pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">that Vessel Loan will not be in excess of the relevant Maximum Vessel Loan Amount; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z43fd109f3ac74c3f9ddf847269f88de3" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 72pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">that Vessel Loan will not increase the Loan to a sum in excess of the Maximum Loan Amount.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z07e895aaf986401ea5fc2887a5ef721f" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">4.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Conditions subsequent </font>The Borrowers undertake to deliver or
                  to cause to be delivered to the Lender within 14 days after the relevant Utilisation Date the</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 21</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">additional documents and other evidence listed in Part II of Schedule 1<font style="font-style: italic;"> (Conditions Subsequent), </font>save that references in that Part II to &#8220;the Vessel&#8221; or to any person or document relating to a Vessel shall be deemed to relate solely to the Vessel specified
      In the relevant Utilisation Request or to any person or document relating to that Vessel respectively.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zeaa7482a99284acb94818405b0ff2ea1" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">4.4</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;"><font style="font-weight: bold;">No waiver</font> If the Lender in its sole
                  discretion agrees to advance a Vessel Loan to the Borrowers before all of the documents and evidence required by Clause 4.1 <font style="font-style: italic;">(Initial
                    conditions precedent)</font> have been delivered to or to the order of the Lender, the Borrowers undertake to deliver all outstanding documents and evidence to or to the order of the Lender no later than 30 days after the relevant
                  Utilisation Date or such other date specified by the Lender.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">The advance of a Vessel Loan under this Clause 4.4 shall not be taken as a waiver of the Lender&#8217;s right to require
      production of all the documents and evidence required by Clause 4.1 <font style="font-style: italic;">(Initial conditions precedent).</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z597b107e54bf4e43a510fd836d7e7202" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">4.5</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;"><font style="font-weight: bold;">Form and content</font> Al! documents and evidence
                  delivered to the Lender under this Clause shall:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z04d1939370f64f62a21fc0632ca1ac93" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">4.5.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">be in form and substance acceptable to the Lender; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zf56a3469ebdd479c9464155cbca630ef" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">4.5.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">if required by the Lender, be certified, notarised, legalised or attested in a manner acceptable to the Lender.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 22</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zc4da20d444f5415eb19d07759b8347f2" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z3fe90214edca4df9b40fcc4225dc7a70" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-weight: bold;">5</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Advance</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z11c52205e8b34dadbcede1f3c1d15ebc" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">5.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;"><font style="font-weight: bold;">Delivery of an Utilisation Request</font> The
                  Borrower may request a Vessel Loan to be advanced by delivery to the Lender of a duly completed Utilisation Request not more than ten and not fewer than three Business Days before the proposed Utilisation Date.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z66b9010e90d94270b17f970e0af970a9" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">5.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;"><font style="font-weight: bold;">Completion of an Utilisation Request</font> An
                  Utilisation Request is irrevocable and will not be regarded as having been duly completed unless:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z5aacd80673674e1dbcd16f14d5831b71" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">5.2.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">it is signed by an authorised signatory of each Borrower;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z4af2699a1b3648e387b7f5a0e3bc313f" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">5.2.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the proposed Utilisation Date is a Business Day within the Availability Period; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zd2227b83bb7440f4b4739df646fd28e0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">5.2.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the proposed Interest Period complies with Clause 9 <font style="font-style: italic;">(Interest Periods).</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z75c0559ee67d4d19a05109d5f8ec5acc" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">5.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;"><font style="font-weight: bold;">Lender&#8217;s compliance with an Utilisation Request</font>
                  Subject to Clauses 2 <font style="font-style: italic;">(The Loan), </font>3 <font style="font-style: italic;">(Purpose)
                  </font>and 4 <font style="font-style: italic;">(Conditions of Utilisation), </font>the Lender shall comply with an Utilisation Request by advancing the relevant Vessel Loan
                  through the Facility Office.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z75e58c970d414ba0a088144b5f41cf51" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">5.4</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;"><font style="font-weight: bold;">Cancellation of undrawn amount</font> The
                  availability of the Loan shall be cancelled at the end of the Availability Period to the extent that it is undrawn at that time.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 23</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zc3cca6605f7849e1adc1835d5404707e" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">Section 4</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">Repayment, Prepayment and Cancellation</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z5a449c9d261a4da08a770b8be96805cb" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">6</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Repayment</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z62473b2f55454e499e57a906e50c281a" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">6.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;"><font style="font-weight: bold;">Repayment of Vessel Loans</font> The Borrowers agree
                  to repay each Vessel Loan to the Lender as follows:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="za3bdac0fb7ea4a53b0dca956c72cd927" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">6.1.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the Kea Vessel Loan, by 14 equal quarterly instalments, the first 13 (1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">5t</sup> to 13<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>) such instalments each in the amount of
                  $120,000 and the 14<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> and final such instalment in the sum of $3,340,000, comprising of an instalment of $120,000 and a balloon payment in the amount of $3,220,000 (the<font style="font-weight: bold;"> &#8220;Kea Balloon&#8221;),</font> the first instalment falling due on the date which is three calendar months after the Utilisation Date in respect of Kea Vessel Loan and subsequent instalments falling
                  due at consecutive intervals of three calendar months thereafter and the 14<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> and final instalment falling due not later the Termination Date;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z68f098c6546f46d6bb8f0bf3fc63a1aa" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">6.1.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the Spetses Vessel Loan, by 14 equal quarterly instalments, the first 13 (15t to 13<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>) such instalments each in the amount of $200,000
                  and the 14<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> and final such instalment in the sum of $1,500,000, comprising of an instalment of $200,000 and a balloon payment in the amount of $1,300,000 (the <font style="font-weight: bold;">&#8220;Spetses Balloon&#8221;),</font> the first instalment falling due on the date which is three calendar months after the Utilisation Date in respect of Spetses Vessel Loan and subsequent instalments falling due
                  at consecutive intervals of three calendar months thereafter and the 14<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> and final instalment falling due not later the Termination Date; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zed9068726b5042fa82451b2f351dad26" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">6.1.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the Hydra Vessel Loan, by 14 equal quarterly instalments, the first 13 (1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> to 13<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>) such instalments each in the amount of
                  $130,000 and the 14<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> and final such instalment in the sum of $1,810,000, comprising of an instalment of $130,000 and a balloon payment in the amount of $1,680,000 (the <font style="font-weight: bold;">&#8220;Hydra Balloon&#8221;</font> and together with the Kea Balloon and the Spetses Balloon, the<font style="font-weight: bold;"> &#8220;Balloons&#8221;</font>
                  and each a<font style="font-weight: bold;"> &#8220;Balloon),</font> the first instalment falling due on the date which is three calendar months after the Utilisation Date in respect
                  of Hydra Vessel Loan and subsequent instalments falling due at consecutive intervals of three calendar months thereafter and the 14<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> and final instalment falling due not later the Termination Date.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z20b030794c3e463b921b29b110c47460" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">6.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;"><font style="font-weight: bold;">Reduction of Repayment Instalments</font> If the
                  aggregate amount advanced to the Borrowers is less than:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z1df071f29607448eb3dc12e6e4627862" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">6.2.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">$4,900,000 in respect of Kea Vessel;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z67efaedf1b084724b0222eaf3676971a" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">6.2.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">$4,100,000 in respect of Spetses Vessel; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z5fac3de21094429fb9b30a3ba85f273d" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">6.2.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>$3,500,000 in respect of Hydra Vessel,</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">the amount of each Repayment Instalment in respect of the relevant Vessel Loan (including the relevant Balloon in
      respect of that Vessel Loan) shall be reduced pro rata to the amount actually advanced under the relevant Vessel Loan.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 24</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z3dfcdbfb15924ef7a575abb1dfc20526" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">6.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;"><font style="font-weight: bold;">Reborrowing</font> The Borrowers may not reborrow
                  any part of a Vessel Loan which is repaid or prepaid.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z61798ddfe9bd41c08a58bc34ef926407" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-weight: bold;">7</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Illegality, Prepayment and Cancellation</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z0037ddf66753426996c394c2e42dc94f" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">7.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;"><font style="font-weight: bold;">Illegality</font> If it becomes unlawful in any
                  jurisdiction (other than by reason of Sanctions) for the Lender to perform any of its obligations as contemplated by this Agreement or to fund or maintain the Loan or it becomes unlawful for any Affiliate of the Lender for the Lender to
                  do so:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z01827a234ece48119f801fa8c3a760c4" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">7.1.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the Lender shall promptly notify the Borrowers upon becoming aware of that event;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z82060c7c527a4fcd815676a785115bc1" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">7.1.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">upon the Lender notifying the Borrowers, the availability of the Loan will be Immediately cancelled; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z59d772e55da3409b848fe85fd2a70ece" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">7.1.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the Borrowers shall repay each Vessel Loan on the last day of its current Interest Period or, if earlier, the date specified by the Lender in the
                  notice delivered to the Borrowers (being no earlier than the last day of any applicable grace period permitted by law).</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z581a82fddca6435a9ac50398c5c3595d" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">7.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;"><font style="font-weight: bold;">Voluntary cancellation</font> The Borrowers may, if
                  it gives the Lender not less than 14 Business Days&#8217; (or such shorter period as the Lender may agree) prior notice, cancel the whole or any part (being a minimum amount of $200,000) of the undrawn amount of a Vessel Loan.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z6d7d68f7f2924e75ba054442130d5287" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">7.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;"><font style="font-weight: bold;">Voluntary prepayment of Loan</font> The Borrowers
                  may prepay the whole or any part of the Loan freely and without penalty on the final day of an Interest Period (but, if in part, being an amount that reduces a Vessel Loan by an amount which is an integral multiple of (a) $120,000 in
                  respect of Kea Vessel Loan, (b) $200,000 in respect of Spetses Vessel Loan or (c) $130,000 in respect of Hydra Vessel Loan, subject as follows:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z8373ae8d1bb34dfea8441833014a1387" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">7.3.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">they give the Lender not less than five Business Days&#8217; (or such shorter period as the Lender may agree) prior notice;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z49794823b72a41319840618dde2fa4cc" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">7.3.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the Loan may only be prepaid after the last day of the Availability Period; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zc6304a6e471340cd9eaeaebc7200bc5b" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">7.3.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any prepayment under this Clause 7.3 shall satisfy the obligations under Clause 6.1 <font style="font-style: italic;">(Repayment of Vessel Loans) </font>by reducing the amount of the repayment instalments (i) on a pro rata basis in respect of each Vessel Loan and (ii) within each Vessel Loan, on a pro rata basis
                  including the relevant Balloon.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z16619075205648eba6ac9bdb7ec6e339" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">7.4</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Right of cancellation and prepayment</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="color: #293D4F;">7.4.1</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="color: #293D4F;">If:</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z92381c8827d14bcc88828e78df1c6ed2" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="color: #000000;">any sum payable to the Lender by the Borrowers is required to be
                    increased under Clause </font>12.2.2 <font style="font-style: italic;">(Tax gross-up); </font>or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z68005f35072746519aa44a15ea8cbfab" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the Lender claims indemnification from the Borrowers under Clause 12.3 <font style="font-style: italic;">(Tax indemnity) </font>or Clause 13.1 <font style="font-style: italic;">(Increased costs);</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 25</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 8pt;"><br>
    </div>
    <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt;">the Borrowers may, whilst the circumstance giving rise to the requirement for that increase or indemnification
      continues, give the Lender notice of cancellation of the Loan and its intention to procure the repayment of the Loan.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z2d0f6dd4cb504fe9a4ca313174118784" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">7.4.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>On the last day of the Interest Period, in respect of each Vessel Loan, which ends after the Borrowers have given notice under Clause 7.4.1 (or, if earlier, the
                  date specified by the Borrowers in that notice), the Borrowers shall repay that Vessel Loan together with all interest and other amounts accrued under the Finance Documents.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z90f901fb5ce342d88b1bb7b2496e04fc" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">7.5</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;"><font style="font-weight: bold;">Mandatory prepayment on sale or Total Loss</font> If
                  a Vessel is sold by a Borrower or becomes a Total Loss, the Borrowers shall, simultaneously with any such sale or on the earlier of the date falling 120 days after any such Total Loss and the date on which the proceeds of any such Total
                  Loss are realised, make a prepayment of the Loan in an amount equivalent to the aggregate of (a) the full outstanding amount in respect of the Vessel Loan relevant to that Vessel and (b) any additional amount in respect of the remaining
                  Vessel Loans as may be required to ensure that the VTL Coverage in respect of the remaining Vessels is fully complied with following such sale or Total Loss.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zc3e85f01208f4230af1636f2e4b9b39e" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">7.6</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Mandatory prepayment on change of ownership of Guarantor</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zb76c9b7476cf43bf9a210f8953da91b0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">7.6.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">If, without the prior written consent of the Lender (such consent not be unreasonably withheld), there is a Change of Control, the Borrowers shall
                  promptly notify the Lender upon becoming aware of that event and, if the Lender so requires, the Lender shall, by no less than 10 days&#8217; notice to the Borrowers declare the Loan, together with accrued interest and ail other amounts accrued
                  under the Finance Documents immediately due and payable, whereupon the Loan and all such outstanding interest and amounts will become immediately due and payable<font style="font-weight: bold;"> provided</font> that in the case of Clause 7.6.2 (b) below, the Borrowers will first have the option to rectify the Security Cover Ratio within 15 Business Days.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zd54415fe9849425aba2de4ade8f791d3" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">7.6.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">For the purpose of paragraph (a) above,<font style="font-weight: bold;"> &#8220;Change of
                    Control&#8221;</font> means:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zcbe75bf5631047ee9e8d6863c31c6d13" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 72pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the members of the Nominated Family cease to own directly or indirectly more than 10% of the shares (and the voting rights attaching to those
                  shares) in the Guarantor; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="za9abf8b8438f43769ed9a88b2a2a140c" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 72pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the members of the Nominated Family own directly or indirectly between 10.1% to 19.9%, (inclusive) of the shares (and the voting rights attaching to
                  those shares) in the Guarantor and the Security Cover Ratio is equal to or less than 143% of the Loan.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z5777e810315e4080bc22ad7ef39ee518" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">7.6.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">The Borrowers shall (and shall procure that the Guarantor shall) promptly notify the Lender of any covenants regarding the Change of Control of the
                  Guarantor agreed with its financiers and if the Lender (acting reasonably) considers that those terms agreed with any other financiers are more favourable than those set out in this Clause 7.6, then the Borrowers shall (and shall procure
                  that the Guarantor shall) provide amended terms on</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 26</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt; color: #262C45;">equivalent terms to those deemed by the Lender (acting reasonably) to be more favourable and
      acceptable to the Lender (acting reasonably).</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zebd8d76f81d14ff8aed5e26c0ce15de6" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">7.7</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Restrictions </font>Any notice of prepayment or cancellation given
                  under this Clause 7 shall be irrevocable and, unless a contrary indication appears in this Agreement, shall specify the date or dates upon which the relevant prepayment or cancellation is to be made and the amount of that prepayment or
                  cancellation.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">Any prepayment under this Agreement shall be made together with accrued interest on the amount prepaid and, subject
      to any Break Costs (if paid on a date that is not an Interest Payment Date) and subject to Clause 7.3 <font style="font-style: italic;">(Voluntary prepayment of Loan), </font>Clause 7.5
      <font style="font-style: italic;">(Mandatory prepayment on sale or Total Loss) </font>and Clause 7.6 <font style="font-style: italic;">(Mandatory prepayment on change of ownership of Guarantor), </font>without premium or penalty.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">The Borrowers shall not repay, prepay or cancel all or any part of a Vessel Loan except at the times and in the
      manner expressly provided for in this Agreement.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">No amount of the Loan cancelled under this Agreement may be subsequently reinstated.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 27</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z1ff72735e44140209aa08161c67c386c" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">Section 5</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">Costs of Utilisation</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z52bf9f14c3ba4101a48b04cabb8676f8" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-weight: bold;">8</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Interest</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z0f6a2e297aee47e5ae80e3a71d5c051f" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">8.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;"><font style="font-weight: bold;">Calculation of interest</font> The rate of interest
                  on each Vessel Loan for each Interest Period is the percentage rate per annum which is the aggregate of the applicable:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zf1bdda5422ac4e318aa1a1e4c0168193" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">8.1.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Margin; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z1de26b50714445329a4855080d22437c" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">8.1.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">LIBOR.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z3be368b51420497bb168686a87f33f39" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">8.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;"><font style="font-weight: bold;">Payment of interest</font> The Borrowers shall pay
                  accrued Interest on each Vessel Loan on the last day of each Interest Period (and, if the Interest Period is longer than three (3) months, on the dates falling at three (3) monthly intervals after the first day of the Interest Period).</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z8adf5a8581cc4b239245c029b62e8339" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">8.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;"><font style="font-weight: bold;">Default Interest</font> In the event of a failure by
                  the Borrowers to pay any amount on the date on which such amount is due and payable pursuant to this Agreement and/or any of the other Finance Documents (unless otherwise specifically provided in any Finance Document) and irrespective of
                  any notice by the Lender or any other person to the Borrowers in respect of such failure, the Borrowers shall pay interest at the rate of two per cent (2%) higher than the rate provided under Clause 8.2 <font style="font-style: italic;">(Payment of Interest) </font>up to the date of actual payment (both before and after judgment), compounded at such intervals as the Lender shall in its discretion
                  determine. Any Interest accruing under this Clause 8.3 <font style="font-style: italic;">(Default Interest) </font>in respect of an unpaid amount shall be compounded with
                  the overdue amount at the end of each Interest Period applicable to that overdue amount and shall be due and payable at the end of the period by reference to which it is calculated or such other date or dates as the Lender may specify by
                  written notice to the Borrowers.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zd409194a4a074e64a06979e056e79a4c" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">8.4</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;"><font style="font-weight: bold;">Notification of rates of interest</font> The Lender
                  shall promptly notify the Borrowers of the determination of a rate of interest under this Agreement.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z370c9a983a734acab507306a1c463772" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-weight: bold;">9</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Interest Periods</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z48ef53e4db78418c93ffc25d064ea89c" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">9.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;"><font style="font-weight: bold;">Selection of Interest Periods The</font> Borrowers
                  may select in a written notice<font style="font-weight: bold;"> to</font> the Lender the duration of an Interest Period for each Vessel Loan subject as follows:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z89246af8482a4e13a4087afe8670eee3" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">9.1.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">each notice is irrevocable and must be delivered to the Lender by the Borrowers not later than 11.00 a.m. on the Quotation Day;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z9fa76324358f4fbea2eebcbc4ab47408" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">9.1.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">if the Borrowers fail to give a notice in accordance with Clause 9.1.1, the relevant Interest Period will, subject to Clauses 9.2 <font style="font-style: italic;">(Second and subsequent Vessel Loans) </font>9.3, <font style="font-style: italic;">(Interest Periods to meet Repayment Dates) </font>and 9.4 <font style="font-style: italic;">(Non-Business Days), </font>be three (3) months;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z91b209448d9b41c7ae4be5979f233fda" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">9.1.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">subject to this Clause 9, the Borrowers may select an Interest Period of three (3), or six (6) or twelve (12) months or any other period agreed
                  between the Borrowers and the Lender;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zf1f4915c5ee740699adc2f19f370fcc3" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">9.1.4</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">an Interest Period shall not extend beyond the Termination Date; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z06cef841fe144b9ba7947eb9720a585e" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">9.1.5</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">each Interest Period shall start on the Utilisation Date in respect of the first Vessel Loan or (if the first Vessel Loan is already made) on the
                  last day of</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 28</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt; color: #262C45;">the preceding Interest Period and end on the date which numerically corresponds to the Utilisation
      Date in respect of the first Vessel Loan or the last day of the preceding Interest Period in the relevant calendar month except that, if there is no numerically corresponding date in that calendar month, the Interest Period shall end on the last
      Business Day in that month.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z650680b774b742abafd0a713967c3b50" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">9.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;"><font style="font-weight: bold;">Second and subsequent Vessel Loans </font>If the
                  second or any subsequent Vessel Loan is made otherwise than on the first day of an Interest Period for the balance of the Loan, there shall be a separate initial Interest Period for that Vessel Loan commencing on its Utilisation Date and
                  expiring on the final date of the current Interest Period for the balance of the Loan.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z5553115792f24a6dafdcb947efafe48e" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">9.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;"><font style="font-weight: bold;">Interest Periods to meet Repayment Dates </font>If
                  an Interest Period will expire after the next Repayment Date in respect of the relevant Vessel Loan, there shall be a separate Interest Period for a part of that Vessel Loan equal to the Repayment Instalment due on that next Repayment
                  Date and that separate Interest Period shall expire on that next Repayment Date.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z0c0fc588a9ae4d4ebb22fe5e0763a13f" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">9.4</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;"><font style="font-weight: bold;">Non-Business Days </font>If an Interest Period
                  would otherwise end on a day which is not a Business Day, that Interest Period will instead end on the next Business Day in that calendar month (if there is one) or the preceding Business Day (if there is not).</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z9a2a9b881bb3417585b20e6115b5735e" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-weight: bold;">10</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Changes to the Calculation of Interest</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z750aae7aa99c4508b45dd4dffdf9e030" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">10.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;"><font style="font-weight: bold;">Absence of quotations </font>Subject to Clause 10.2
                  <font style="font-style: italic;">(Market disruption), </font>if LIBOR is to be determined by reference to the Reference Banks but a Reference Bank does not supply a
                  quotation by 11.00 am on the Quotation Day, the applicable LIBOR shall be determined on the basis of the quotations of the remaining Reference Banks.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zc4d48fb9ab9a4387ab2a0c2e8265bd46" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">10.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;"><font style="font-weight: bold;">Market disruption </font>If a Market Disruption
                  Event occurs for any Interest Period, then the rate of interest on the Loan for that Interest Period shall be the percentage rate per annum which is the sum of:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z86b03f2c5bf14eabba5ffc9292d38b14" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">10.2.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the Margin; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z4b8e497d5eab4d91809a017cb9e55fed" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">10.2.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the rate notified to the Borrowers by the Lender as soon as practicable, and in any event by close of business on the date falling three (3)
                  Business Days after the Quotation Day (or, if earlier, on the date falling three (3) Business Days prior to the date on which interest is due to be paid in respect of that Interest Period), to be that which expresses as a percentage rate
                  per annum the cost to the Lender of funding the Loan from whatever source it may reasonably select.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="margin-left: 90pt; margin-bottom: 12pt;">In this Agreement <font style="font-weight: bold;">&#8220;&#8216;Market
        Disruption Event&#8221; </font>means:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z020f33605d26454999e12ba3f0beef22" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">at or about noon on the Quotation Day for the relevant Interest Period LIBOR is to be determined by reference to the Reference Banks and none or
                  only one of the Reference Banks supplies a rate to the Lender to determine LIBOR for dollars and the relevant Interest Period; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z18d6ea2ec7374dfca538916d03196f95" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">before close of business in London on the Quotation Day for the relevant Interest Period, the Borrowers receive notification from the Lender that
                  the</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 29</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;">cost to it of funding the Loan from whatever source it may reasonably select would be in excess of LIBOR.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z85f467b94e68430281b85dd9cd45a222" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">10.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Alternative basis of interest or funding</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z20ece5ebd7814286b365723957373e2e" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">10.3.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">If a Market Disruption Event occurs and the Lender or the Borrowers so requires, the Lender and the Borrowers shall enter into negotiations (for a
                  period of not more than thirty (30) days) with a view to agreeing a substitute basis for determining the rate of interest.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z7a94402e149e4b15ab9787a4fc859da8" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">10.3.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Any alternative basis agreed pursuant to Clause 10.3.1 shall be binding on all Parties.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="ze1d21965f8e74788a718a121fe263063" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">10.4</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;"><font style="font-weight: bold;">Break Costs</font> The Borrowers shall, within three
                  Business Days of demand by the Lender, pay to the Lender its Break Costs attributable to all or any part of the Loan or Unpaid Sum being paid by the Borrowers on a day other than the last day of an Interest Period for the Loan, that
                  Vessel Loan or Unpaid Sum.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">The Lender shall, as soon as reasonably practicable after a demand by the Borrowers, provide a certificate
      confirming the amount of its Break Costs for any Interest Period in which they accrue.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z35953984c9c84e5cafd5ad5b3f120252" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-weight: bold;">11</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Fees</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z4b50875e657f43d29ab74114377d6083" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">11.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;"><font style="font-weight: bold;">Commitment Fee</font> The Borrowers shall pay to the
                  Lender a fee computed at the rate of zero point five per cent (0.5<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">0</sup>/0) per annum on the undrawn amount of the Loan for the period commencing on the date of this Agreement and ending on the earlier to occur of (a) the last day
                  of the Availability Period and (b) the relevant Utilisation Date in respect of the last Vessel Loan to be drawn.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">The accrued commitment fee is payable on the last day of each successive period of three (3) months which ends
      during the Availability Period, on the earlier of (a) the last day of the Availability Period or (b) the relevant Utilisation Date and (on the cancelled amount of the Loan) at the time the cancellation is effective.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z42feef99977c41fbbbcda707cc1a05f8" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">11.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;"><font style="font-weight: bold;">Arrangement fee</font> The Borrowers shall pay to
                  the Lender on the relevant Utilisation Date in respect of a Vessel Loan an arrangement fee in an amount equal to zero point five per cent (0.5%) of the final amount to be advanced to the Borrowers in respect of that Vessel Loan by the
                  Lender under this Agreement.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 30</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z635c3a3428fb478a8830d8df3c3aeed6" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">Section 6</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">Additional Payment Obligations</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zda65f10348a94cd7a2145753f38b8539" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-weight: bold;">12</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Tax Gross Up and Indemnities</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z38b551cd03be43ec99ccc3e3f4009724" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">12.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;"><font style="font-weight: bold;">Definitions</font> In this Agreement:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #293D4F;"><font style="font-weight: bold;">&#8220;Protected
        Party&#8221; </font>means the Lender if it is or will be subject to any liability or required to make any payment for or on account of Tax In relation to a sum received or receivable (or any sum deemed for the purposes of Tax to be received or
      receivable) under a Finance Document.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #293D4F;"><font style="font-weight: bold;">&#8220;Qualifying
        Lender&#8221; </font>means the Lender if it is beneficially entitled to interest payable to it in respect of an advance under a Finance Document and:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z2358921169d848c5a4a0cd8a8db82632" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">is a bank (as defined for the purpose of section 879 of the ITA) making an advance under a Finance Document and is within the charge to United
                  Kingdom corporation tax as respects any payments of interest made in respect of that advance or would be within such charge as respects such payments apart from section 18A of the CTA; or in respect of an advance made under a Finance
                  Document by a person that was a bank (as defined for the purpose of section 879 of the ITA) at the time that that advance was made and within the charge to United Kingdom corporation tax as respects any payments of interest made in
                  respect of that advance; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z8e7ee918cd28445b90887d1caeffe40b" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">is:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z88b0b417be7041b0bab27486ff0ba533" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 72pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">a company resident in the United Kingdom for United Kingdom tax purposes;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z9a588d939fc047849b9dec2b4812c04d" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 72pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">a partnership each member of which is:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z3502d04e87194acb8bedadc868b7131e" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(A)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">a company so resident in the United Kingdom; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z7eebebbb207f4846a8784d55089247d5" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(B)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">a company not so resident in the United Kingdom which carries on a trade in the United Kingdom through a permanent establishment and which brings
                  into account in computing its chargeable profits (within the meaning of section 19 of the CTA) the whole of any share of interest payable in respect of that advance that falls to it by reason of Part 17 of the CTA; or (iii)a company not
                  so resident in the United Kingdom which carries on a trade in the United Kingdom through a permanent establishment and which brings into account interest payable in respect of that advance in computing the chargeable profits (within the
                  meaning of section 19 of the CTA) of that company; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z9ed55ad8b91f4e31bace619d043f613f" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">is a Treaty Lender.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #293D4F;"><font style="font-weight: bold;">&#8220;Tax
        Confirmation&#8221; </font>means a confirmation by the Lender that the person beneficially entitled to interest payable to the Lender in respect of an advance under a Finance Document is either:</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 31</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 8pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z53bd3b52dc844deab78b4a78b6530fe8" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">a company resident in the United Kingdom for United Kingdom tax purposes;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z31272cb151b4405ba7bee5523065d78c" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">a partnership each member of which is:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zbd9d43600f574451ae25ecf4ff1e310e" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 72pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">a company so resident in the United Kingdom; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zdbc641954f4e4000ac9c0cff0b485374" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 72pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">a company not so resident in the United Kingdom which carries on a trade in the United Kingdom through a permanent establishment and which brings
                  into account in computing its chargeable profits (within the meaning of section 19 of the CTA) the whole of any share of interest payable in respect of that advance that falls to it by reason of Part 17 of the CTA; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zd16a19fdc15d4c74a4663af6cbfc6ad0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">a company not so resident in the United Kingdom which carries on a trade in the United Kingdom through a permanent establishment and which brings
                  into account interest payable in respect of that advance in computing the chargeable profits (within the meaning of section 19 of the CTA) of that company.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #293D4F;"><font style="font-weight: bold;">&#8220;Tax
        Credit&#8221;</font> means a credit against, relief or remission for, or repayment of any Tax.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #293D4F;"><font style="font-weight: bold;">&#8220;Tax
        Deduction&#8221;</font> means a deduction or withholding for or on account of Tax from a payment under a Finance Document, other than a FATCA Deduction.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #293D4F;"><font style="font-weight: bold;">&#8220;Tax
        Payment&#8221;</font> means either the increase in a payment made by an Obligor to the Lender under Clause 12.2 <font style="font-style: italic;">(Tax gross-up) </font>or a payment by the
      Borrowers under Clause 12.3 <font style="font-style: italic;">(Tax indemnity).</font></div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #293D4F;"><font style="font-weight: bold;">&#8220;Treaty
        Lender&#8221;</font> means the Lender if it:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zd099574ccee2476a8e2a1153b3068c0e" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">is treated as a resident of a Treaty State for the purposes of the Treaty;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z255f3c6761344b87bfc0d057650bd5b4" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">does not carry on a business in the United Kingdom through a permanent establishment with which the Loan is effectively connected.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #293D4F;"><font style="font-weight: bold;">&#8220;Treaty
        State&#8221;</font> means a jurisdiction having a double taxation agreement (a<font style="font-weight: bold;"> &#8220;Treaty&#8221;</font>) with the United Kingdom which makes provision for full
      exemption from tax imposed by the United Kingdom on interest.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z842f335916444784830e248284dbf87f" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">12.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;"><font style="font-weight: bold;">Tax gross-up </font>Each Borrower shall (and shall
                  procure that each other Obligor shall) make all payments to be made by it without any Tax Deduction, unless a Tax Deduction is required by law, subject as follows:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z8f499398e9ec479d8e6e511a9bc7f501" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">12.2.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the Borrowers shall promptly upon becoming aware that any Obligor must make a Tax Deduction (or that there is any change in the rate or the basis of
                  a Tax Deduction) notify the Lender accordingly. Similarly, the Lender shall notify the Borrowers and any such other Obligor on becoming so aware in respect of a payment payable to the Lender;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z43cc50562b384a389dfe354820884313" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">12.2.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">if a Tax Deduction is required by law to be made by a Borrower or any other Obligor, the amount of the payment due from the Borrowers or that other
                  Obligor shall be increased to an amount which (after making any Tax</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 32</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-right: 3.6pt; margin-left: 90pt; margin-bottom: 12pt;">Deduction) leaves an amount equal to the payment which would have been due if no Tax Deduction
      had been required;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zcac0e318e7204b5f8c036f50985f321a" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">12.2.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">a payment shall not be increased under Clause 12.2.2 by reason of a Tax Deduction on account of Tax imposed by the United Kingdom, if on the date on
                  which the payment falls due:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zd81cf0d084fa4a73bf2f9c5e90cddfd8" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the payment could have been made to the Lender without a Tax Deduction if the Lender had been a Qualifying Lender, but on that date the Lender is not or has ceased
                  to be a Qualifying Lender other than as a result of any change after the date it became a Lender under this Agreement in (or in the interpretation, administration, or application of) any law or Treaty or any published practice or
                  published concession of any relevant taxing authority; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zf82b433a121b4d93971eff2ac336bc94" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the Lender is a Qualifying Lender solely by virtue of (b) of the definition of Qualifying Lender and:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z5a88c66e69584f7a8e0371ef6858e2df" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 126pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>an officer of H.M. Revenue &amp; Customs has given (and not revoked) a direction (a &#8220;Direction&#8221;) under section 931 of the ITA which relates to the payment and that
                  Lender has received from the Borrowers or from any other Obligor making the payment a certified copy of that Direction; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z885662011c8a426d99f527d37b488c5c" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 126pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the payment could have been made to the Lender without any Tax Deduction if that Direction had not been made; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zbc16059f176b48fa89558a5e2e1ac6b4" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the Lender is a Qualifying Lender solely by virtue of (b) of the definition of Qualifying Lender and:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z07495d26a92e47e48a4b76ee0607c17f" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 126pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(i)</td>
              <td style="width: auto; vertical-align: top;">
                <div>the Lender has not given a Tax Confirmation to the Borrowers; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zf9d2ea2bbb1947c89b6d445b44a22fa6" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 126pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the payment could have been made to the Lender without any Tax Deduction if the Lender had given a Tax Confirmation to the Borrowers, on the basis that the Tax
                  Confirmation would have enabled the Borrowers to have formed a reasonable belief that the payment was an &#8220;excepted payment&#8221; for the purpose of section 930 of the ITA; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zc4efc8c43bcb427c9a4ba65e32fc499d" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(d)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the Lender is a Treaty Lender and a Borrower or the other Obligor making the payment is able to demonstrate that the payment could have been made to the Lender
                  without the Tax Deduction had the Lender complied with its obligations under Clause 12.2.6;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z9a261aee6fc34427aa18eb5ce4147973" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">12.2.4</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">if a Borrower or any other Obligor is required to make a Tax Deduction, the Borrowers shall (and shall procure that such other Obligor shall) make
                  that Tax Deduction and any payment required in connection with that Tax Deduction within the time allowed and in the minimum amount required by law;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 33</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z2d9b225076204854b3df5ea4ac721f7e" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">12.2.5</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">within thirty (30) days of making either a Tax Deduction or any payment required in connection with that Tax Deduction, the Borrowers shall (and
                  shall procure that such other Obligor shall) deliver to the Lender a statement under section 975 of the ITA or other evidence reasonably satisfactory to the Lender that the Tax Deduction has been made or (as applicable) any appropriate
                  payment paid to the relevant taxing authority;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zc4eb5da8748a4a07b0a61d8246981b03" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="color: #000000;">12.2.6</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.4pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="color: #000000;">(a)</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify; color: #000000;">Subject to (b), if the Lender is a Treaty Lender, the Lender and the Borrowers shall co-operate
                (and the Borrowers shall procure that each other Obligor which makes a payment to which that Treaty Lender is entitled will co-operate) in completing any procedural formalities necessary for that Borrower or that other Obligor to obtain
                authorisation to make that payment without a Tax Deduction.</td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z62b8c6bc81c947a2a28300a4899c7164" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>If the Lender is a Treaty Lender which holds a passport under the HMRC DT Treaty Passport scheme, and which wishes that scheme to apply to this Agreement, the
                  Lender shall confirm its scheme reference number and its jurisdiction of tax residence to the Borrowers, and, having done so, the Lender shall be under no obligation pursuant to (a).</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zc9bfb2c1de384ce19496995533f7d7f9" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">12.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Tax indemnity</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z3cf337814bce445390b75f913c4dd552" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">12.3.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">The Borrowers shall (within three (3) Business Days of demand by the Lender) pay to the Lender, if the Lender is a Protected Party, an amount equal
                  to the loss, liability or cost which the Lender determines will be or has been (directly or indirectly) suffered for or on account of Tax by the Lender in respect of a Finance Document.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zf50738f368d743f9bc305129d475e65d" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">12.3.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Clause 12.3.1 shall not apply:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zaed60d9a571c492897e5ecffcd39a395" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>with respect to any Tax assessed on the Lender:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z594ef055ec604d3995fcbff07435b6cc" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 126pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>under the law of the jurisdiction in which the Lender is incorporated or, if different, the jurisdiction (or jurisdictions) in which the Lender is treated as
                  resident for tax purposes; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="ze2762cb9dce0463ba82a06462d6c62eb" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 126pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>under the law of the jurisdiction in which the Facility Office is located in respect of amounts received or receivable in that jurisdiction, if that Tax is imposed
                  on or calculated by reference to the net income received or receivable (but not any sum deemed to be received or receivable) by the Lender; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z336cb950ae954d4d8dc69484a445ea02" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>to the extent a loss, liability or cost:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z5352415828f044be99f55a8a72661be4" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 126pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>is compensated for by an increased payment under Clause 12.2 <font style="font-style: italic;">(Tax
                    gross-up);</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zff2b8d0066ff4d91aba668b0cbc81ba9" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 126pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>would have been compensated for by an increased payment under Clause 12.2 <font style="font-style: italic;">(Tax gross-up) </font>but was not so</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 34</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-left: 162pt; margin-bottom: 12pt;">compensated solely because one of the exclusions in Clause 12.2.3 <font style="font-style: italic;">(Tax gross-up) </font>applied; or</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z23ea4dd859574e3c88c5db2c0a2b9f77" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 126pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(iii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>relates to a FATCA Deduction required to be made by a Party.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zc58b04f228c34dd8a1b18314847586f1" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">12.3.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">If the Lender makes or intends to make a claim under Clause 12.3.1 as a Protected Party, the Lender shall promptly notify the Borrowers of the event
                  which will give, or has given, rise to the claim.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zc1d4aa39b1404e2aaa6d2b5d4cf18783" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">12.4</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;"><font style="font-weight: bold;">Tax Credit </font>If a Borrower or any other
                  Obligor makes a Tax Payment and the Lender determines that:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zb1025ae435a548b3beb0116aceb0bb21" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">12.4.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">a Tax Credit is attributable to an increased payment of which that Tax Payment forms part, to that Tax Payment or to a Tax Deduction in consequence
                  of which that Tax Payment was required; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z271e4fa78ee047e0b85361f178ae60bc" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">12.4.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the Lender has obtained and utilised that Tax Credit, the Lender shall pay an amount to the Borrowers or to that other Obligor which the Lender
                  determines will leave it (after that payment) in the same after-Tax position as it would have been in had the Tax Payment not been made by the Borrowers or that other Obligor.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z9f7f61fa0de74bb0b2578f09bde5f05f" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">12.5</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;"><font style="font-weight: bold;">Stamp taxes </font>The Borrowers shall pay and,
                  within five Business Days of written demand, indemnify the Lender against any cost, loss or liability the Lender incurs in relation to all stamp duty, registration and other similar Taxes payable in respect of any Finance Document.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zb3dec0ca61e147cbb3b40d0bf87e4bfe" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">12.6</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">VAT</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z5e28ae893f52440fa2353a521ab2344f" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">12.6.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">All amounts expressed to be payable under a Finance Document by any Obligor to the Lender which (in whole or in part) constitute the consideration
                  for any supply for VAT purposes are deemed to be exclusive of any VAT which is chargeable on that supply, and accordingly, if VAT is or becomes chargeable on any supply made by the Lender to any Obligor under a Finance Document and the
                  Lender is required to account to the relevant tax authority for the VAT, that Obligor must pay to the Lender (in addition to and at the same time as paying any other consideration for such supply) an amount equal to the amount of the VAT
                  (and the Lender must promptly provide an appropriate VAT invoice to the Borrowers).</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="za0b88ac86ad84da29e58392ab5d5d15c" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">12.6.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Where a Finance Document requires any Obligor to reimburse or indemnify the Lender for any cost or expense, that Obligor shall reimburse or
                  indemnify (as the case may be) the Lender for the full amount of such cost or expense, including such part thereof as represents VAT, save to the extent that the Lender reasonably determines that it is entitled to credit or repayment in
                  respect of such VAT from the relevant tax authority.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zbf11b87fbefb45928a6fd086d64ddb43" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">12.6.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Any reference in this Clause 12.6 to any Obligor shall, at any time when such Obligor is treated as a member of a group for VAT purposes, include
                  (where appropriate and unless the context otherwise requires) a reference to the representative member of such group at such time (the term</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 35</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-left: 90pt; margin-bottom: 12pt;">&#8220;representative member&#8221; to have the same meaning as in the Value Added Tax Act 1994).</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="ze516306fa3454d1da3f33f2ce181bd55" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">12.6.4</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">In relation to any supply made by the Lender to any Obligor under a Finance Document, if reasonably requested by the Lender, that Obligor must
                  promptly provide the Lender with details of that Obligor&#8217;s VAT registration and such other information as is reasonably requested in connection with the Lender&#8217;s VAT reporting requirements in relation to such supply.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zb5464f953a4748c5a9c6fda5d7ed513b" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">12.7</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">FATCA information</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z44661554f301436c919220d0a84c1840" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">12.7.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Subject to Clause 12.7.3, each Party shall, within ten (10) Business Days of <font style="font-weight: bold;">a </font>reasonable request by another Party:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z8c198d378bbe48089ffcfcefb755be33" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>confirm to that other Party whether it is:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z066edecb94754684a52f0cf395a310a1" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 126pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>a FATCA Exempt Party; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z6279471c50064767b2ea10004bfedf5f" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 126pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>not a FATCA Exempt Party; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zb2c87786f6014df7b98a5f417b0ef533" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>supply to that other Party such forms, documentation and other information relating to its status under FATCA as that other Party reasonably requests for the
                  purposes of that other Party&#8217;s compliance with FATCA; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z3ad3838ad1484486a0fc378c83556f36" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>supply to that other Party such forms, documentation and other information relating to its status as that other Party reasonably requests for the purposes of that
                  other Party&#8217;s compliance with any other law, regulation, or exchange of information regime.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z389b77fa69ed49f9afdcb664bbab7671" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">12.7.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">If a Party confirms to another Party pursuant to Clause 12.7.1(a)(i) that it is a FATCA Exempt Party and it subsequently becomes aware that it is
                  not, or has ceased to be a FATCA Exempt Party, that Party shall notify that other Party reasonably promptly.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z79eea3068b2943da9ad0b6d528bf6292" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">12.7.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Clause 12.7.1 shall not oblige the Lender to do anything, and Clause (c) shall not oblige any other Party to do anything, which would or might in
                  its reasonable opinion constitute a breach of:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z2b331ebe18324b9a92a40534080c1b2b" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>any law or regulation;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zbadb6119764541f5aad3c7896dfd1fda" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>any fiduciary duty; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z449acb0edc684cda9fd7876be62cc2f4" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>any duty of confidentiality.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zae5f088670ed4d429dfb5e072fe7743b" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">12.7.4</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">If a Party fails to confirm whether or not it is a FATCA Exempt Party or to supply forms, documentation or other information requested in accordance
                  with Clause(a) or (b) (including, for the avoidance of doubt, where Clause 12.7.3 applies), then such Party shall be treated for the purposes of the Finance Documents (and payments under them) as if it is not a FATCA Exempt Party until
                  such time as the Party in question provides the requested confirmation, forms, documentation or other information.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 36</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z3f7d8adadb834201a9c4785542c0cb57" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">12.7.5</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">If a Borrower is a US Tax Obligor or the Lender reasonably believes that its obligations under FATCA or any other applicable law or regulation
                  require it, the Lender shall, within ten Business Days of:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z6cd5d03c27084341949f948aa762849d" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>where a Borrower is a US Tax Obligor, the date of this Agreement; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z917d21cb1f0e4535a01a2f500f5a793c" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>where a Borrower is not a US Tax Obligor, the date of a request from that Borrower, supply to the Borrowers:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z6b3ce62abe9e4b5483e36b3dba3cba4e" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 126pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>a withholding certificate on Form W-8 or Form W-9 or any other relevant form; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z7d8555de81ba43f8b4d4fa35e999f5a8" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 126pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>any withholding statement or other document, authorisation or waiver as the Borrowers may require to certify or establish the status of the Lender under FATCA or
                  that other law or regulation.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="za75c2b34b013478b9ac47bf97c0665c9" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">12.7.6</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">If any withholding certificate, withholding statement, document, authorisation or waiver provided to the Borrowers by the Lender pursuant to Clause
                  12.7.5 is or becomes materially inaccurate or incomplete, the Lender shall promptly update it and provide such updated withholding certificate, withholding statement, document, authorisation or waiver to the Borrowers unless it is
                  unlawful for the Lender to do so (in which case the Lender shall promptly notify the Borrowers).</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z8eda45e699da463a95cc66b8b1842f98" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">12.8</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">FATCA Deduction</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z14d93ef6750d468fa09d14c2012689bf" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">12.8.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Each Party may make any FATCA Deduction it is required to make by FATCA, and any payment required in connection with that FATCA Deduction, and no
                  Party shall be required to increase any payment in respect of which it makes such a FATCA Deduction or otherwise compensate the recipient of the payment for that FATCA Deduction.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z697a878c337c4d73b83ab609dd2b8082" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">12.8.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Each Party shall promptly, upon becoming aware that it must make a FATCA Deduction (or that there is any change in the rate or the basis of such
                  FATCA Deduction) notify the Party to whom it is making the payment.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z1ec39607c14c4d8cafa74952eeb536c2" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-weight: bold;">13</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Increased Costs</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z4195f0ff8afe4976a6519baea380d7d4" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">13.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;"><font style="font-weight: bold;">Increased costs</font> Subject to Clause 13.3 <font style="font-style: italic;">(Exceptions) </font>the Borrowers shall, within five Business Days of a demand by the Lender, pay to the Lender the amount of any Increased
                  Costs incurred by the Lender or any of its Affiliates as a result of (i) the introduction of or any change in (or in the interpretation, administration or application of) any law or regulation or (ii) compliance with any law or regulation
                  or any request from or requirement of any central bank or other fiscal, monetary or other authority made after the date of this Agreement (including Basel III (as defined in Clause 13.3) and any other which relates to capital adequacy or
                  liquidity controls or which affects the manner in which the Lender allocates capital resources to obligations under this Agreement or (iii) any change in the risk weight allocated by the Lender to the Borrowers after the date of this
                  Agreement.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 37</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">In this Agreement<font style="font-weight: bold;">
        &#8220;Increased Costs&#8221;</font> means:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zbbed8e1310b149e28d13e2a1b0ba4442" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>a reduction in the rate of return from the Loan or on the Lender&#8217;s (or its Affiliate&#8217;s) overall capital;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z2b248c4863f1415db1d2681ab814b831" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>an additional or increased cost; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z35916ca4c527470daa9278479efa36c7" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>a reduction of any amount due and payable under any Finance Document, which is incurred or suffered by the Lender or any of its Affiliates as a result of the events
                  referred to in Clause 13.1 to the extent that it is attributable to the Lender having entered into any Finance Document or funding or performing its obligations under any Finance Document.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z9899f11f7dab4085a45fb224345c0b9b" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">13.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Increased cost claims</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z429b137170994b16b3e38379584ce288" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">13.2.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>If the Lender intends to make a claim pursuant to Clause 13.1<font style="font-style: italic;">
                    (Increased costs) </font>the Lender shall promptly notify the Borrowers of the event giving rise to the claim.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z2a37e645cac7405486a54f7e0bff8778" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">13.22</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>The Lender shall, as soon as practicable after a demand by the Borrowers, provide a certificate confirming the amount of its Increased Costs.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z2d2fcff635354778b39680f61d3f665e" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">13.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Exceptions</font><font style="font-weight: bold;">&#160;</font>Clause 13.1 <font style="font-style: italic;">(Increased costs) </font>does not apply to the extent any Increased
                  Cost is:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z5e9e3a8bc4b14b7cbc4c5dffee2eb0a2" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">13.3.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>attributable to a Tax Deduction required by law to be made by the Borrowers;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z5b0f37710b6447968b602df08cf67f39" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">13.3.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>attributable to a FATCA Deduction required to be made by a Party;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z3c25d0bb6a77454ab7cef40012565e9a" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">13.3.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>compensated for by Clause 12.3 (Tax indemnity) (or would have been compensated for under Clause 12.3 but was not so compensated solely because any of the exclusions
                  in Clause 12.3 applied); or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: -43.2pt; margin-left: 86.4pt; margin-bottom: 12pt;">13.3.4 attributable to the wilful breach by the Lender or its Affiliates of any law or
      regulation.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z2b43f25243eb4f4bba38bf8a91da3878" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">14</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Other Indemnities</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z248944c7c7bd45d3a1fb7c2f8b921bd1" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">14.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Currency indemnity</font><font style="font-weight: bold;">&#160;</font>If any sum due from a Borrower under the Finance Documents (a &#8220;Sum&#8221;), or any order, judgment or award given or made in relation to a Sum, has to be converted from the currency
                  (the<font style="font-weight: bold;"> &#8220;First Currency&#8221;)</font> in which that Sum is payable into another currency (the<font style="font-weight: bold;"> &#8220;Second Currency&#8221;)</font> for the purpose of:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z8e5dcb6b68f644d2a8790d143977178f" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">14.1.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>making or filing a claim or proof against that Borrower, or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zead9ec6b634e4ddba108990b0ad71554" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">14.1.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>obtaining or enforcing an order, judgment or award in relation to any litigation or arbitration proceedings,</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">that Borrower shall as an independent obligation, within three (3) Business Days of demand, indemnify the Lender
      against any cost, loss or liability arising out of or as a result of the conversion including any discrepancy between (a) the rate of exchange used to convert that Sum from the First Currency into the Second Currency and (b)</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 38</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #293D4F;">the rate or rates of exchange available to the Lender at the time of its receipt of that Sum.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #293D4F;">Each Borrower waives any right it may have in any jurisdiction to pay any amount under the Finance
      Documents in a currency or currency unit other than that in which it is expressed to be payable.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zbaaae0df1de947138eccaccd1e6590e7" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">14.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Other indemnities</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z88ab1df315a14b798c24fe72fc585e00" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">14.2.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">The Borrowers shall, within five Business Days of demand, indemnify the Lender against any cost, loss or liability incurred by the Lender as a
                  result of:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zd0062772caee4b79adcf59b521d4635b" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the occurrence of any Event of Default which is continuing;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zbb1621e3874e4198a2e29011dcfd9426" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>a failure by an Obligor to pay any amount due under a Finance Document on its due date;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z74c2576e94b44b9296adf8dc9df86527" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>funding, or making arrangements to fund, a Vessel Loan following delivery by the Borrowers of an Utilisation Request but that Vessel Loan not being advanced by
                  reason of the operation of any one or more of the provisions of this Agreement (other than by reason of default or negligence by the Lender alone); or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z2c009370dd824b4d9a1f92f50ccf7b23" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(d)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the Loan (or part of the Loan) not being prepaid in accordance with a notice of prepayment given by the Borrowers.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z960af9fd5f524f4d99f1643610a65138" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">14.2.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">The Borrowers shall promptly indemnify the Lender, each Affiliate of the Lender and each officer or employee of the Lender or its Affiliate (each
                  such person for the purposes of this Clause 14.2 an <font style="font-weight: bold;">&#8220;Indemnified Person&#8221;</font>)<font style="font-weight: bold;">&#160;</font>against any cost, loss or liability incurred by that Indemnified Person pursuant to or in connection with any litigation, arbitration or administrative proceedings or regulatory enquiry, in
                  connection with or arising out of the entry into and the transactions contemplated by the Finance Documents, having the benefit of any Encumbrance constituted by the Finance Documents or which relates to the condition or operation of, or
                  any incident occurring in relation to, a Vessel, unless such cost, loss or liability is caused by the gross negligence or wilful misconduct of that Indemnified Person.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z76722294cfc44d5281195839865c0a89" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">14.2.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Subject to any limitations set out in Clause 14.2.2, the indemnity in that Clause shall cover any cost, loss or liability incurred by each
                  Indemnified Person in any jurisdiction:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z8f2ae7fdd103457ea6e0841137d82032" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>arising or asserted under or in connection with any law relating to safety at sea, the ISM Code, any Environmental Law or any Sanctions; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zef917d6442b74398aeb27b62406fe5da" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>in connection with any Environmental Claim.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z9c53456bd2954cd0aa1b89f0ece82d2e" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">14.2.4</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">The Borrowers shall promptly indemnify the Lender as holder of any of the Security Documents and every Receiver and Delegate against any cost, loss
                  or liability incurred by any of them as a result of:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 39</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zb8697ba7fcbb40bebd957b67a04a7801" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>any failure by the Borrowers to comply with its obligations under Clause 16 (Costs and Expenses);</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z72a78c72def64aacb66a461f009f3bdf" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>acting or relying on any notice, request or instruction which it reasonably believes to be genuine, correct and appropriately authorised;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z7620fca5ca47409e92e1fa4ebb566ac4" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the taking, holding, protection or enforcement of the Security Documents;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="ze7398a388b16461484b698ac35872148" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(d)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the exercise of any of the rights, powers, discretions, authorities and remedies vested in the Lender and each Receiver and Delegate by the Finance Documents or by
                  law;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="za71906f94c34490eb0c7d7200c7e6987" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(e)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>any default by any Obligor in the performance of any of the obligations expressed to be assumed by it in the Finance Documents to which it is a party; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z0df2537e945f462b86738d840a6f4384" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(f)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>acting as holder of any of the Security Documents, Receiver or Delegate or otherwise relating to any of the Charged Property (otherwise, in each case, than by
                  reason of the relevant Lender&#8217;s, Receiver&#8217;s or Delegate&#8217;s gross negligence or wilful misconduct).</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zc04f5dded28d4dc39983c4f1fdb915de" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">14.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;"><font style="font-weight: bold;">Indemnity survival </font>The indemnities contained
                  in this Agreement shall survive repayment of the Loan.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z960eaea272564a9d9586ccb487325e95" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-weight: bold;">15</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Mitigation by the Lender</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z2ede2a6cb79445b1a42fb0fccebcf3b0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">15.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;"><font style="font-weight: bold;">Mitigation </font>The Lender shall, in consultation
                  with the Borrowers, take all reasonable steps to mitigate any circumstances which arise and which would result in the Loan ceasing to be available or any amount becoming payable under or pursuant to any of Clause 7.1 <font style="font-style: italic;">(Illegality), </font>Clause 12 <font style="font-style: italic;">(Tax Gross Up
                    and Indemnities)</font> or Clause 13 <font style="font-style: italic;">(Increased Costs)</font> including (but not limited to) transferring its rights and obligations under
                  the Finance Documents to another Affiliate or Facility Office. The above does not in any way limit the obligations of any Obligor under the Finance Documents.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z8d5606ad161347aba86cae2dec030bd9" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">15.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;"><font style="font-weight: bold;">Limitation of liability </font>The Borrowers shall
                  promptly indemnify the Lender for all costs and expenses reasonably incurred by the Lender as a result of steps taken by it under Clause 15.1 <font style="font-style: italic;">(Mitigation). </font>The Lender is not obliged to take any steps under Clause 15.1 if, in its opinion (acting reasonably), to do so might be prejudicial to it.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z807e87a344664ac4bac552b935d7a36c" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-weight: bold;">16</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Costs and Expenses</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zc50a8650d4a44087a6476afef67cdc4e" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">16.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;"><font style="font-weight: bold;">Transaction expenses </font>The Borrowers shall on
                  demand and in any event by not later than thirty (30) days following such demand, pay the Lender the amount of all costs and expenses (including, without limitation, all agreed legal fees, VAT, disbursements and correspondent lawyers&#8217;
                  fees provided that the demand for payment is accompanied by the respective invoice) reasonably incurred by any of them in connection with the negotiation, preparation, printing, execution, syndication and perfection of:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="ze022b3d779214c8cbd9288d736cebc39" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">16.1.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">this Agreement and any other documents referred to in this Agreement;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 40</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="za8dc45be866348949815ec3cb555f756" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">16.1.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any other Finance Documents executed after the date of this Agreement;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zde54dc386cd9419a88bdf094d2d68be0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">16.1.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any other document which may at any time be required by the Lender to give effect to any Finance Document or which the Lender is entitled to call
                  for or obtain under any Finance Document (including, without limitation, any valuation of a Vessel and a Fleet Vessel, subject to Clause 17.15); and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z47b07fa5027e4131aad48d37403cd128" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">16.1.4</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">any discharge, release or reassignment of any of the Security Documents.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zc73780dd285b4a11ac4a9dee8da83748" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">16.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;"><font style="font-weight: bold;">Amendment costs </font>If an Obligor requests an
                  amendment, waiver or consent, the Borrowers shall, within three Business Days of demand, reimburse the Lender for the amount of all costs and expenses (including legal fees and currency exchange costs) reasonably incurred by the Lender
                  and any Receiver or Delegate in responding to, evaluating, negotiating or complying with that request or requirement provided that no sum shall be payable under this Clause if the relevant request for an amendment, notice, waiver or
                  consent are rejected by the Lender and/or are not granted.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z66f9a8c7554645a681edc8f2a45694fd" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">16.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;"><font style="font-weight: bold;">Enforcement and preservation costs </font>The
                  Borrowers shall, within three Business Days of written demand, pay to the Lender and each other Secured Party the amount of all costs and expenses (including legal fees) incurred by the Lender and that other Secured Party in connection
                  with the enforcement of, or the preservation of any rights under, any Finance Document and any proceedings instituted by or against the Lender as a consequence of taking or holding the Security Documents or enforcing those rights
                  including (without limitation) any losses, costs and expenses which the Lender or that other Secured Party may from time to time sustain, incur or become liable for by reason of the Lender or that other Secured Party being mortgagee of a
                  Vessel and/or a lender to a Borrower, or by reason of the Lender or that other Secured Party being deemed by any court or authority to be an operator or controller, or in any way concerned in the operation or control, of a Vessel.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zacd3ac7529c5400584e8c74ecdec186a" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">16.4</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;"><font style="font-weight: bold;">Other costs </font>The Borrowers shall, within
                  three Business Days of written demand, pay to the Lender and each other Secured Party the amount of all sums which the Lender or that other Secured Party may pay or become actually or contingently liable for on account of a Borrower in
                  connection with a Vessel (whether alone or jointly or jointly and severally with any other person) including (without limitation) all sums which the Lender or that other Secured Party may pay or guarantees which it may give in respect of
                  the Insurances, any expenses incurred by the Lender or that other Secured Party in connection with the maintenance or repair of a Vessel or in discharging any lien, bond or other claim relating in any way to a Vessel, and any sums which
                  the Lender or that other Secured Party may pay or guarantees which it may give to procure the release of a Vessel from arrest or detention.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 41</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zfe6f5a3f612e492c814e74dc6d7802f0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">Section 7</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">Security and Application of Moneys</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z46c3840865b14dc29d02462b4b290298" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-weight: bold;">17</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Security Documents and Application of Moneys</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z06454425f44244a6a7dbf79bdf6c8b82" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">17.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;"><font style="font-weight: bold;">Security Documents</font> As security for the
                  payment of the Indebtedness, the Borrowers shall execute and deliver to the Lender or cause to be executed and delivered to the Lender the following documents in such forms and containing such terms and conditions as the Lender shall
                  require:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z4ef70eed3917447ca376f4f1ca2712cc" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">17.1.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">first preferred mortgages over the Vessels;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z2b5b00e33b5f4cb3a2b8cdbbfd47c471" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">17.1.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">first priority deed or deeds of assignment of the Insurances, Earnings, Charter Rights and Requisition Compensation of the Vessels from the
                  Borrowers;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z9fc7e4ee21d745ecb479ff56063ffc56" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">17.1.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">a guarantee and indemnity from the Guarantor;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z37ccafdad6a8468c9e140f350644b769" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">17.1.4</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">first priority charges of all the issued shares of the Borrowers from the Chargor;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z97664ebf840342769467230d67d746a4" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">17.1.5</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">first priority account security deeds in respect of all amounts from time to time standing to the credit of the Earnings Accounts;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z4faf3020791e4b29a31d7e943d2353af" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">17.1.6</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">a first priority account security deed in respect of all amounts from time to time standing to the credit of the Cash Collateral Account; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z117ddfc570f6464eb029ffe142503bc1" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">17.1.7</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">letters of undertaking, including an assignment of the Vessels&#8217; Insurances, from the Managers in respect of the Vessels.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z23fe797e787447da8050a1b41c92154b" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">17.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;"><font style="font-weight: bold;">Accounts</font> The Borrowers shall maintain the
                  Earnings Accounts and the Cash Collateral Account with the Account Holder for the duration of the Facility Period free of Encumbrances and rights of set off other than those created by or under the Finance Documents.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zb7b6784654dd481684686aad87dce859" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">17.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;"><font style="font-weight: bold;">Earnings</font> The Borrowers shall procure that all
                  Earnings and any Requisition Compensation are credited to the relevant Earnings Account.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z7ce77157608e46bfa1e1da65a0ce8bbb" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">17.4</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;"><font style="font-weight: bold;">Application of the Earnings Accounts</font> The
                  Borrowers shall procure that there is transferred from the Earnings Accounts to the Lender:-</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z6c21670f3e3e45cd882738364e5ed488" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">17.4.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">on each Repayment Date, in respect of the relevant Vessel Loan, the amount of the Repayment Instalment then due; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zc763cb4b32de408dad80e7a025b44a9d" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">17.4.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">on each Interest Payment Date, in respect of the relevant Vessel Loan, the amount of Interest then due and the Borrowers irrevocably authorises the
                  Lender to instruct the Account Holder to make those transfers.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="za0d0857b9e154dbbabd76c3bcff0d7a1" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">17.5</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;"><font style="font-weight: bold;">Borrowers&#8217; obligations not affected</font> If for
                  any reason the amount standing to the credit of the Earnings Accounts is insufficient to pay any Repayment Instalment or to make any payment of interest when due, the Borrowers&#8217; obligation to pay that Repayment Instalment or to make that
                  payment of interest shall not be affected.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 42</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 8pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z09ea1d85b29f438988edd07140ea281b" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">17.6</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;"><font style="font-weight: bold;">Release of surplus</font> Any amount remaining to
                  the credit of the Earnings Accounts following the making of any transfer required by Clause 17.4 <font style="font-style: italic;">(Application of the Earnings Accounts) </font>shall
                  (unless a Default shall have occurred and be continuing) be released to or to the order of the Borrowers.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z53d6603a72e1409c9627cf0759d78f5e" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">17.7</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;"><font style="font-weight: bold;">Restriction on withdrawal</font> During the Facility
                  Period no sum may be withdrawn from:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z46df442967134956bfd8a52894024f7f" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">17.7.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the Earnings Accounts without the prior written consent of the Lender (except in accordance with this Clause 17); and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z7e05a9b757e449848ef0f795cb9e2490" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">17.7.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">the Cash Collateral Account without the prior written consent of the Lender. No Account shall be overdrawn.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z2b9d5b155e3149f6bc273ba251fd7518" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">17.8</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;"><font style="font-weight: bold;">Relocation of the Accounts</font> At any time
                  following the occurrence and during the continuation of a Default, the Lender may without the consent of the Borrowers instruct the Account Holder to relocate any of the Accounts to any other branch of the Account Holder, without
                  prejudice to the continued application of this Clause 17 and the rights of the Secured Parties under the Finance Documents.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z7d23e814c3874113912aaf9682eb7c9d" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">17.9</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;"><font style="font-weight: bold;">Access to information</font> The Borrowers agree
                  that the Lender (and its nominees) may from time to time during the Facility Period review the records held by the Account Holder (whether in written or electronic form) in relation to the Accounts, and irrevocably waives any right of
                  confidentiality which may exist in relation to those records.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="ze5f08eb3c88f41d0ad032d8595045025" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">17.10</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;"><font style="font-weight: bold;">Statements</font>Without prejudice to the rights of
                  the Lender under Clause 17.9 (Access to information), the Borrowers shall procure that the Account Holder provides to the Lender, no less frequently than each calendar month during the Facility Period, written statements of account
                  showing all entries made to the credit and debit of each of the Accounts during the immediately preceding calendar month.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z730e543960fe4b6a932fb02ebd790f98" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">17.11</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;"><font style="font-weight: bold;">Application after acceleration</font> From and after
                  the giving of notice to the Borrowers by the Lender under Clause 22.2 <font style="font-style: italic;">(Acceleration), </font>the Borrowers shall procure that all sums from
                  time to time standing to the credit of any of the Accounts are immediately transferred to the Lender or any Receiver or Delegate for application in accordance with Clause 17.12 <font style="font-style: italic;">(Application of moneys by Lender) </font>and the Borrowers irrevocably authorise the Lender to instruct the Account Holder to make those transfers.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z0ab1eb6e10884a60a3500683401b097a" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">17.12</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;"><font style="font-weight: bold;">Application of moneys by Lender</font> The Borrowers
                  irrevocably authorise the Lender or any Receiver or Delegate to apply all moneys which it receives and is entitled to receive:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="ze7ecf4e490b74a71b7bdf8522fc86549" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">17.12.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">pursuant to a sale or other disposition of a Vessel or any right, title or interest in that Vessel; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="za0e37ed1e1754cabbf19d75b5f4e131c" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">17.12.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">by way of payment of any sum in respect of the Insurances, Earnings, Charter Rights or Requisition Compensation; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z6a8780bd087347bb93aa7045d70a5ce1" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">17.12.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">by way of transfer of any sum from any of the Accounts; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 43</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 8pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zd510e199b5694b5ebd17832e4484de9b" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">17.12.4</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">otherwise under or in connection with any Security Document,</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: -54pt; margin-left: 108pt; margin-bottom: 12pt; color: #000000;">in or towards satisfaction of the Indebtedness in the following order:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="ze0bf11157e5d466f954e9907fe35add7" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>first, in or towards payment of any unpaid fees, costs, expenses and default interest due to the Lender and any Receiver or Delegate under all or any of the Finance
                  Documents, such application to be apportioned between the Lender and any Receiver or Delegate pro rata to the aggregate amount of such items due to each of them;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="za654649a64204f51af41a36f32e9e6c0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>second, in or towards payment of any accrued interest, fee or commission due but unpaid under this Agreement;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z99e47f35a5104e568dcddb90d7e6f960" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>third, in or towards payment of any principal due but unpaid under this Agreement;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zdc24ea2e63da4a3ab612269d74944ee7" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(d)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>fourth, in or towards payment of any other sum due and payable to the Lender but unpaid under all or any of the Finance Documents,</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 3.6pt; margin-left: 108pt; margin-bottom: 12pt;"><font style="font-weight: bold;">provided that</font> the balance (if any) of the moneys received shall be paid to the Obligors from whom or from whose assets those sums were received or recovered or to any other person entitled to them.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="ze31c3bf1939e4ab4ad5bfd5b91345e68" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">17.13</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;"><font style="font-weight: bold;">Retention on account</font> Moneys to be applied by
                  the Lender or any Receiver or Delegate under Clause 17.12 <font style="font-style: italic;">(Application of moneys by Lender) </font>shall be applied as soon as practicable
                  after the relevant moneys are received by it, or otherwise become available to it.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z98b2369f78aa4e93986c7aaa323fa0c4" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">17.14</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;"><font style="font-weight: bold;">Additional security</font> Subject to Clause 7.6 <font style="font-style: italic;">(Mandatory Prepayment on change of ownership of Guarantor), </font>if at any time the aggregate of the Market Values of the Vessels and the
                  value of any additional security (such value to be the face amount of the deposit (in the case of cash), determined conclusively by appropriate advisers appointed by the Lender (in the case &#10065;f other charged assets), and determined by the
                  Lender in its discretion (in all other cases)) for the time being provided to the Lender under this Clause 17.14 is less than 130% of the Loan then outstanding (the <font style="font-weight: bold;">&#8220;VTL Coverage&#8221;),</font> the Borrowers shall, within 30 days of the Lender&#8217;s request, at the Borrowers&#8217; option:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z77a94e1de99d455a98eca9260ad0d684" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">17.14.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">pay to the Lender or to its nominee a cash deposit in the amount of the shortfall to be secured in favour of the Lender as additional security for
                  the payment of the Indebtedness; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zaaf9d34c85734ecc82abe8c6e8b3b655" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">17.14.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">give to the Lender other additional security in amount and form acceptable to the Lender in its discretion; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zf10c38c9cc9b45b3b34b41ad7c5e77b2" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">17.14.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">prepay the Loan in the amount of the shortfall.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 3.6pt; margin-left: 54pt; margin-bottom: 12pt;">Clauses 6.3 <font style="font-style: italic;">(Reborrowing), </font>7.3.3 <font style="font-style: italic;">(Voluntary prepayment of Loan)</font> and 7.7 <font style="font-style: italic;">(Restrictions) </font>shall apply,<font style="font-style: italic;"> mutatis mutandis, </font>to any prepayment made under this Clause 17.14
      and the value of any additional security provided shall be determined by the Lender in its discretion.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 44</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-right: 3.6pt; margin-left: 54pt; margin-bottom: 12pt;">If, at any time after the Borrowers have provided additional security in accordance with the
      Lender&#8217;s request under this Clause 17.14, the Lender shall determine when testing compliance with the VTL Coverage that all or any part of that additional security may be released without resulting in a shortfall in the VTL Coverage, then provided
      that no Default is continuing, the Lender shall effect a release of all or any part of that additional security, but this shall be without prejudice to the Lender&#8217;s right to make a further request under this Clause 17.14 should the value of the
      remaining security subsequently merit it.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z8ae695c2d8ba4e1cace1a923643228f2" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">17.15</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Valuation certificates</font> The Lender may obtain at the cost and
                  expense of the Borrowers:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zddddb8737d5a4ba0af495bd64f0a518f" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">17.15.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">one valuation from an Approved Shipbroker in order to certify the Initial Market Value of a Vessel for the purposes of determining the Maximum
                  Vessel Loan Amount;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z535ce80ee3df4bcc8bc789142b79f8f2" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">17.15.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">one set of valuations per year from the required number of Approved Shipbrokers (a) for the purposes of determining the relevant percentage referred
                  to in Clause 17.14 (Additional Security) and (b) for the purposes of determining the relevant percentage referred to in Clause 7.6 (Mandatory prepayment on change of ownership of Guarantor);</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z79b2b950c4d64cd4b6b708d661feffef" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">17.15.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">two sets of valuations from the required number of Approved Shipbrokers for the purposes of determining compliance with Clause 20.1 (Guarantor&#8217;s
                  Covenants); and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z906ba076439449b09e4b62688c972eb0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right; color: #000000;">17.15.4</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">following the occurrence of an Event of Default which is continuing, as many sets of valuations per year as may be necessary or desirable to the
                  Lender from the required number of Approved Shipbrokers in order to certify the Market Value of a Vessel and any Fleet Market Value.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 45</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zc5a349d5c7d540b29a94c0eaa966039e" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">Section 8</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">Representations, Undertakings and Events of Default</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z6cc07a40153d471ca233d703eed58ec2" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; font-weight: bold;">18</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">Representations</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z9c44a58f613a414c98b2b00c58b7aa41" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">18.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Representations</font> Each Borrower makes the representations and
                  warranties set out in this Clause 18 to the Lender:-</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z2851188d9d474a86bddb68356c9e8334" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">18.1.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Status</font> Each of the Obligors:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zab054222930146a9831dbd48541b64a5" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>is duly incorporated and validly existing under the law of its jurisdiction of incorporation; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z4b503ec697ae4dfabe4690d5a4ff8e97" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>has the power to own its assets and carry on its business as it is being conducted.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z31bcddc3a1974e54a0a600868b6e24f3" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">18.1.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Binding obligations</font> Subject to the Legal Reservations:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z9d61a3325e464590b6b78df3fd71ec68" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the obligations expressed to be assumed by each of the Obligors in each of the Relevant Documents to which it is a party are legal, valid, binding and enforceable
                  obligations; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z0f049bcc83a44b769656501b39f6bc5f" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>(without limiting the generality of Clause 18.1.2(a)) each Security Document to which it is a party creates the security interests which that Security Document
                  purports to create and those security interests are valid and effective.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zeddf50ff79e540a5a6f9660fe3ac0c05" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">18.1.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Non-conflict with other obligations</font> The entry into and
                  performance by each of the Obligors of, and the transactions contemplated by, the Relevant Documents do not conflict with:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="za5b8bca5a84146398b23b63f04b1000a" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>any law or regulation applicable to such Obligor;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z2a92e6196e4c4ab9a4a974e6e74cce67" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the constitutional documents of such Obligor; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z32900e9f069145f9bdcb3ec4503c171f" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>any agreement or instrument binding upon such Obligor or any of such Obligor&#8217;s assets or constitute a default or termination event (however described) under any
                  such agreement or instrument.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zdc3016a043c5444dad3cd3aae2dc8fc7" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">18.1.4</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Power and authority</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z89093c9ddf634f939306f50b0c483b2a" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Each of the Obligors has the power to enter into, perform and deliver, and has taken all necessary action to authorise its entry Into, performance and delivery of,
                  the Relevant Documents to which it is or will be a party and the transactions contemplated by those Relevant Documents.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zce860239d6724346a405ed541b59c1bd" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>No limit on the powers of any Obligor will be exceeded as a result of the borrowing, grant of security or giving of guarantees or indemnities contemplated by the
                  Relevant Documents to which it is a party.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z5b78814ea101434d86220c2e6b628e78" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">18,1,5</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Validity and admissibility in evidence</font> All Authorisations
                  required or desirable:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 46</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 8pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zc12b046ae4a44c6ab081bf7b2ae885c3" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>to enable each of the Obligors lawfully to enter into, exercise its rights and comply with its obligations in the Relevant Documents to which it is a party or to
                  enable the Lender to enforce and exercise all its rights under the Relevant Documents; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z9884c96a7f8b425daa3a5c3ceba5325c" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>to make the Relevant Documents to which any Obligor is a party admissible in evidence in its Relevant Jurisdictions,</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z512aeb935ffb43deaee828d781c76432" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>have been obtained or effected and are in full force and effect, with the exception only of the registrations referred to in Part II of Schedule 1 (Conditions
                  Subsequent).</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z1bc4148d0ef948fd91aa312c904e8205" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">18.1.6</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Governing law and enforcement</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="za76d71dcca0748d382d6b07bfd6e2780" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>The choice of governing law of any Finance Document will be recognised and enforced in the Relevant Jurisdictions of each relevant Obligor.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z2ac74df2a973487c95ba9b39084eb88f" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Any judgment obtained in relation to any Finance Document in the jurisdiction of the governing law of that Finance Document will be recognised and enforced in the
                  Relevant Jurisdictions of each relevant Obligor.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z038a3090a2994368be4dec2544413d66" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">18.1.7</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Insolvency </font>No corporate action, legal proceeding or other
                  procedure or step described in Clause 22.1.7 <font style="font-style: italic;">(Insolvency proceedings) </font>or creditors&#8217; process described in Clause 22.1.8 <font style="font-style: italic;">(Creditors&#8217; process) </font>has been taken or, to the knowledge of any Borrower, threatened in relation to an Obligor; and none of the
                  circumstances described in Clause 22.1.6 <font style="font-style: italic;">(Insolvency) </font>applies to an Obligor.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zf28dcd8159b247868dcb6379ae8132a0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">18.1.8</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">No filing or stamp taxes </font>Under the laws of the Relevant
                  Jurisdictions of each relevant Obligor it is not necessary that the Finance Documents be filed, recorded or enrolled with any court or other authority in any of those jurisdictions or that any stamp, registration, notarial or similar tax
                  or fees be paid on or in relation to the Finance Documents or the transactions contemplated by the Finance Documents except for the registration of each Mortgage at the Ships Registry where title to the relevant Vessel is registered in
                  the ownership of the relevant Borrower and payment of associated fees, which registration and fees will be made and paid promptly after the date of the relevant Finance Document.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z2e324ccb30ca4edda746e6b6b7720bf6" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">18.1.9</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Deduction of Tax </font>None of the Obligors is required under the
                  law of its jurisdiction of incorporation to make any deduction for or on account of Tax from any payment it may make under any Finance Document to a Lender which is:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z4e09a7de19b042bfaaf529e8f12ba120" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>a Qualifying Lender falling within (a) of the definition of Qualifying Lender; or, except where a Direction has been given under section 931 of the ITA in relation
                  to the payment concerned, a Qualifying Lender falling within (b) of the definition of Qualifying Lender; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 47</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zb2ad3375b649407caeac99af1fb76db8" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>a Treaty Lender and the payment is one specified in a direction given by the Commissioners of Revenue &amp; Customs under Regulation 2 of the Double Taxation Relief
                  (Taxes on Income) (General) Regulations 1970 (SI 1970/488).</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z358843de738b46c4964dcba610950f37" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">18.1.10</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>No default</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zcbfce806444d4a7e9d0e5a6edd89c327" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>No Event of Default and, on the date of this Agreement and on each Utilisation Date, no Default is continuing or Is reasonably likely to result from the advance of
                  any Vessel Loan or the entry into, the performance of, or any transaction contemplated by, any of the Relevant Documents.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z50a6f75f4ca84af49cab847c4833536d" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>No other event or circumstance is outstanding which constitutes (or, with the expiry of a grace period, the giving of notice, the making of any determination or any
                  combination of any of the foregoing, would constitute) a default or termination event (howsoever described) under any other agreement or instrument which is binding on any of the Obligors or to which its assets are subject which has or is
                  reasonably likely to have a Material Adverse Effect.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zefa8c0b9b78844c1b96666c89983e1a9" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">18.1.11</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">No misleading information</font> Save as disclosed in writing to the
                  Lender prior to the date of this Agreement:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z295a1598e9134b9d8286960eba78c765" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>all material information provided to the Lender by or on behalf of any of the Obligors or any other member of the Group on or before the date of this Agreement and
                  not superseded before that date is accurate and not misleading in any material respect and all projections provided to the Lender on or before the date of this Agreement have been prepared in good faith on the basis of assumptions which
                  were reasonable at the time at which they were prepared and supplied; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zcc14c0af5d0e404e98d004dbff30a71f" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>all other written information provided by any of the Obligors or any other member of the Group (including its advisers) to the Lender was true, complete and
                  accurate in all material respects as at the date it was provided and is not misleading in any respect.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zc21e58cef4e042b6b685ae3ed66ba018" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">18 1 12</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Financial statements</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z652fa87dca334b2e856a89d0b444f1b5" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>The Original Financial Statements were prepared in accordance with GAAP consistently applied unless expressly disclosed to the Lender in writing to the contrary.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z0625941a813040c5babf82c800de2c4f" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>The unaudited Original Financial Statements fairly represent the Guarantor&#8217;s consolidated financial condition and results of operations for the relevant financial
                  year unless expressly disclosed to the Lender in writing to the contrary prior to the date of this Agreement.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 48</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z5600a6bdd49d43cebab334c6b787ce60" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>The audited Original Financial Statements give a true and fair view of the Guarantor&#8217;s consolidated financial condition and results of operations during the
                  relevant financial year unless expressly disclosed to the Lender in writing to the contrary prior to the date of this Agreement.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z5ccfcbb2cae64ad3b6095e9a9647e5e0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(d)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>There has been no material adverse change in any Obligor&#8217;s assets, business or financial condition since the date of the Original Financial Statements.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="ze9e03dfdc0e34892b91e5ddac6332f63" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(e)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>The Guarantor&#8217;s most recent financial statements delivered pursuant to Clause 19.1 <font style="font-style: italic;">(Financial statements):</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z0f675552ce5849dfa11b599ccdff8e83" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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              <td style="width: 144pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>have been prepared in accordance with GAAP as applied to the Original Financial Statements; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zf226a97cec8d4241be0c12934ca35039" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 144pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>give a true and fair view of (if audited) or fairly represent (if unaudited) its consolidated financial condition as at the end of, and consolidated results of
                  operations for, the period to which they relate.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z365a11201ad94635b627118f4062b90a" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(f)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Since the date of the most recent financial statements delivered pursuant to Clause 19.1 <font style="font-style: italic;">(Financial statements) </font>there has been no material adverse change in the business, assets or financial condition of any of the Obligors.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z330bf04bc4944e28b4897ac09673a459" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">18.1.13</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">No proceedings pending or threatened</font><font style="font-weight: bold;">&#160;</font>No litigation, arbitration, or administrative proceedings of or before any court, arbitral body or agency which, if adversely determined, are reasonably
                  likely to have a Material Adverse Effect have (to the best of its knowledge and belief) been started or threatened against any of the Obligors.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z64f9dbb8401545c0a76b171bff72b84c" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">18.1.14</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">No breach of laws </font>None of the Obligors or any other member
                  of the Group has breached any law or regulation which breach has or is reasonably likely to have a Material Adverse Effect.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z1f04ca7fbd2541589b096042eb7a07de" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">18.1.15</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Environmental laws</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z9641ed8022cb42278811639770366059" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Each of the Obligors and each other member of the Group is in compliance with Clause 21.3 <font style="font-style: italic;">(Environmental compliance) </font>and to the best of its knowledge and belief (having made due and careful enquiry) no circumstances have occurred which would prevent such compliance in a manner or to an
                  extent which has or is reasonably likely to have a Material Adverse Effect.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="ze170bba483c54d4a9b6f49c49da92bee" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>No Environmental Claim has been commenced or (to the best of its knowledge and belief (having made due and careful enquiry)) is threatened against any of the
                  Obligors or any other member of the Group where that claim has or is reasonably likely, if determined against that Obligor or other member of the Group, to have a Material Adverse Effect.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zc25029dcf93a4005b71cb2569ce0e692" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">18.1.16</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Taxation</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 49</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z14bc2f793fa347f689adc95fe49349fa" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>None of the Obligors is materially overdue in the filing of any Tax returns or is overdue in the payment of any amount in respect of Tax.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zd7ae6cce32fa45bbaf47c647498eee60" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>No claims or investigations are being, or are reasonably likely to be, made or conducted against any of the Obligors with respect to Taxes.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zdef70f4036234e0784e926b11fc184e1" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Each of the Obligors (other than the Managers) is resident for Tax purposes only in its Original Jurisdiction.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zf80c6050a916449c8c7dd239ec916351" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">18.117</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Anti-corruption law</font> None of the Obligors, or any member of
                  the Group nor, to the knowledge of any Borrower, any director, officer, agent, employee, Affiliate or other person acting on behalf of any of the Borrowers, an Obligor or any of their Subsidiaries is aware of or has taken any action,
                  directly or indirectly, that would result in a violation by such persons of any applicable anti-corruption and anti-bribery law, including but not limited to, the UK Bribery Act and the FCPA. Furthermore, the Borrowers and, to the
                  knowledge of each Borrower, their Affiliates, any member of the Group and each Obligor have conducted their businesses in compliance with the UK Bribery Act, the FCPA and similar laws, rules or regulations and have instituted and maintain
                  policies and procedures designed to ensure, and which are reasonably expected to continue to ensure, continued compliance therewith.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zdb7adf758a24496381452df0eada0646" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">18.1.18</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">No Encumbrance or Financial Indebtedness</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z24a752eac17442a39be4fecff7f69515" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>No Encumbrance (other than any Permitted Encumbrance) exists over (i) all or any of the present or future assets of a Borrower and (ii) the shares of the Chargor in
                  each Borrower; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zcf526c545190408bba4a8176fe5456bb" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>No Borrower has any other Financial Indebtedness outstanding other than as permitted by this Agreement.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z38bf364e90ff4446919b698d48a9a3b8" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">18.1.19</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Pari passu ranking</font> The payment obligations of each of the
                  Obligors under the Finance Documents to which it is a party rank at least pari passu with the claims of all its other unsecured and unsubordinated creditors, except for obligations mandatorily preferred by law applying to companies
                  generally.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z3407ba2e10304724926342160c753582" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">18.1.20</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">No adverse consequences</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z10fe51b2f15d4561827512fbc10e84f1" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>It is not necessary under the laws of the Relevant Jurisdictions of any of the Obligors:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zf76b5e7898e94d8a83a6e9d64ecd837b" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 144pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>in order to enable the Lender to enforce its rights under any Finance Document; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zb9b88c5313c844d3a071cfc76aefad10" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 144pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>by reason of the execution of any Finance Document or the performance by it of its obligations under any Finance Document,</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 50</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-left: 144pt; margin-bottom: 12pt;">that the Lender should be licensed, qualified or otherwise entitled to carry on business in any of the Relevant
      Jurisdictions of any of the Obligors.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zc00fd707e22142b99adf892348f856ba" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>The Lender is not and will not be deemed to be resident, domiciled or carrying on business in any of the Relevant Jurisdictions of any of the Obligors by reason
                  only of the execution, performance and/or enforcement of any Finance Document.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z52b0ffe701de439cac91c13909f10773" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">18.1.21</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Ownership of a Borrower and Chargor</font><font style="font-weight: bold;">&#160;</font>Each Borrower is a wholly owned subsidiary of the Chargor and the Chargor is a wholly owned subsidiary of the Guarantor.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zadb7afd8463642f79ecbcf20f4c4d7a6" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">18.1.22</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Disclosure of material facts </font>No Borrower is aware of any
                  material facts or circumstances which have not been disclosed to the Lender and which might, if disclosed, have adversely affected the decision of <font style="font-weight: bold;">a </font>person considering whether or not to make loan facilities of the nature contemplated by this Agreement available to the Borrowers.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zaa664ee25d59480d99ad84097a02ae4e" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">18.1.23</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Completeness of Relevant Documents </font>The copies of any
                  Relevant Documents provided or to be provided by the Borrowers to the Lender in accordance with Clause 4 <font style="font-style: italic;">(Conditions of Utilisation) </font>are,
                  or will be, true and accurate copies of the originals and represent, or will represent, the full agreement between the parties to those Relevant Documents in relation to the subject matter of those Relevant Documents and there are no
                  commissions, rebates, premiums or other payments due or to become due in connection with the subject matter of those Relevant Documents other than in the ordinary course of business or as disclosed to, and approved in writing by, the
                  Lender.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zd74bf94d2aea47ae92ab714ced2e9c8a" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">18.1.24</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">No Immunity </font>No Obligor or any of its assets is immune to any
                  legal action or proceeding.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z8002fd15e08d44a6af2ebf252399f499" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">18.1.25</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Money laundering </font>Any borrowing by a Borrower under this
                  Agreement, and the performance of its obligations under this Agreement and under the other Finance Documents, will be for its own account and will not involve any breach by it of any law or regulatory measure relating to <font style="font-weight: bold;">&#8220;money laundering&#8221; </font>as defined in Article 1 of the Directive (2005/EC/60) of the European Parliament and of the Council of the European
                  Communities.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z98734d923be94a56bd65f3fad6e7f455" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">18.1.26</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Sanctions </font>None of the Obligors, or any of their respective
                  Subsidiaries or any director or officer, or any employee, agent, or Affiliate, of any of the Obligors or any of their respective Subsidiaries is an individual or entity <font style="font-weight: bold;">(&#8220;Person&#8221;) </font>that is, or is owned or controlled by Persons that are, (i) the target of any sanctions administered or enforced by the US Department of the Treasury&#8217;s Office of Foreign Assets Control, the
                  US Department of State, the United Nations Security Council, the European Union, Her Majesty&#8217;s Treasury or the Hong Kong Monetary Authority, or (ii) located, organised or resident in a country or territory that is, or whose government is,
                  the target of Sanctions, including, without limitation, the Crimea region, Cuba, Iran, North Korea, Sudan and Syria.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 51</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z630d46c2463b4073a17aaf687003c282" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">18.1.27</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">US Tax Obligor</font> No Obligor is a US Tax Obligor.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z8eca67ccfc7e4f51aa4fd2ef2ab61118" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">18.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Repetition</font> Each Repeating Representation is deemed to be
                  repeated by each Borrower by reference to the facts and circumstances then existing on the<font style="font-weight: bold;"> date</font> of each Utilisation Request, on each
                  Utilisation Date, on the first day of each<font style="font-weight: bold;"> Interest </font>Period and, in the case or those contained in Clauses 18.1.12(d) and 18.1.12(f)
                  (Financial statements) and for so long as any amount is outstanding under the Finance Documents or any part of the Loan is undrawn and available, on each day.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z68c7f1d2522d45d4a5a1bb49af4d3157" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">19</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Information Undertakings</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: -54pt; margin-left: 54pt; margin-bottom: 12pt;">The undertakings in this Clause 19 remain in force for the duration of the Facility Period.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z2255c03eab084cdd8f3260ef0f5c3ea5" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">19.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Financial statements</font> Each Borrower shall procure that the
                  Guarantor supplies to the Lender:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z00f367f6dd374a8fba078973919ea059" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">19.1.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>as soon as the same become available, but in any event within 180 days after the end of each of the Guarantor&#8217;s financial years, the Guarantor&#8217;s consolidated
                  audited financial statements (including profit and loss accounts and balance sheets) for that financial year; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zc74e2fa2bc394ed3863e0ba8233d7b17" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">19.1.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>as soon as the same become available, but in any event within 90 days after the end of each half year during each of the Guarantor&#8217;s financial years, the
                  Guarantor&#8217;s consolidated unaudited semi-annual financial statements for that half year.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zd5da96c88ac34ffbb5d06b8475fc1648" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">19.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Compliance Certificate</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zd7419ded441b4652981334d78cb2e34e" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">19.2.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Each Borrower shall procure that the Guarantor supplies<font style="font-weight: bold;"> to </font>the
                  Lender, with each set of its annual consolidated financial statements delivered pursuant to Clause 19.1.1<font style="font-style: italic;"> (Financial statements)</font> and
                  each set of its semi-annual consolidated financial statements delivered pursuant to Clause 19.1.2 <font style="font-style: italic;">(Financial statements),</font> a
                  Compliance Certificate setting out (in reasonable detail) computations as to compliance with Clause 20 <font style="font-style: italic;">(Financial Covenants) </font>as at
                  the date as at which those financial statements were drawn up.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zac4e9fe1b2164a6785264187344f86d2" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">19.2.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Each Compliance Certificate shall be signed by two directors of each Borrower and the Guarantor shall be reported on by the Guarantor&#8217;s auditors in the form agreed
                  by the Borrowers, the Guarantor and the Lender before the date of this Agreement.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zae565cba3d4b4b18a6fbc054e189b12c" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">19.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Requirements as to financial statements</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: -54pt; margin-left: 54pt; margin-bottom: 12pt;">Each set of financial statements delivered by a Borrower or the Guarantor (as applicable) under
      Clause 19.1<font style="font-style: italic;"> (Financial statements):</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zd67cbbb1e3474ef391bc599c7b2998d6" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">19.3.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>shall be certified by a director of the Guarantor as giving a true and fair view of (in the case of annual financial statements), or fairly representing (in other
                  cases), its financial condition as at the date as at which those financial statements were drawn up;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 52</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z785009f2b4f7473989004a40a7a6662f" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">19.3.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>shall be prepared using GAAP, accounting practices and financial reference periods consistent with those applied in the preparation of the Original Financial
                  Statements unless, in relation to any set of financial statements, it notifies the Lender that there has been a change in GAAP, the accounting practices or reference periods and its auditors deliver to the Lender:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z7263ba503f4b4329a1c4a3ea8a4cf650" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>a description of any change necessary for those financial statements to reflect the GAAP, accounting practices and reference periods upon which the Original
                  Financial Statements were prepared; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z7306e0e349c34ecab322a95a70a01cd0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>sufficient information, in form and substance as may be reasonably required by the Lender, to enable the Lender to determine whether Clause 20 <font style="font-style: italic;">(Financial Covenants) </font>has been complied with and make an accurate comparison between the financial position indicated in those financial
                  statements and the Original Financial Statements.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 108pt; margin-bottom: 12pt;">Any reference in this Agreement to those financial statements shall be construed as a reference to those financial
      statements as adjusted to reflect the basis upon which the Original Financial Statements were prepared.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zc7d0bcc4d73746ef9445d0885695330c" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">19.4</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Information: miscellaneous </font>Each Borrower shall supply to the
                  Lender:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zf33deb233f4a49a58cf220602e094be1" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">19.4.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>at the same time as they are dispatched, copies of all documents dispatched by that Borrower to its shareholders generally (or any class of them) or dispatched by
                  that Borrower or any other Obligor to its creditors generally (or any class of them);</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zd1defcad921e442194f797e5a8f5bbb7" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">19.4.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>promptly upon becoming aware of them, the details of any litigation, arbitration or administrative proceedings which are current, threatened or pending against any
                  Obligor and which, if adversely determined, are reasonably likely to have a Material Adverse Effect;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z446decf61a974761b5ca4382b5e85593" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">19.4.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>promptly, such information as the Lender may reasonably require about the Charged Property and compliance of the Obligors with the terms of any Security Document
                  including without limitation cash flow analyses and details of the operating costs of any Vessel; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z00ac2bb53e994c72b8a95ec205cfebfe" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">19.4.4</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>promptly on request, such further information regarding the financial condition, affairs, commitments, assets and operations of any Obligor or any other member of
                  the Group (including any requested amplification or explanation of any item in the financial statements, budgets or other material provided by any Obligor under this Agreement and an up to date copy of its shareholders&#8217; register (or
                  equivalent in its Original Jurisdiction)) as the Lender may reasonably request.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z0ef583d4540e4b479456e67d9b1911b5" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">19.5</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Notification of default</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z5092a29f83d64c87aae9ceeafd375197" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">19.5.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Each Borrower shall notify the Lender of any Default (and the steps, if any, being taken to remedy it) promptly upon becoming aware of its occurrence.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zbc84e6011a414a98b82960f5f0fdf7f0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">19.5.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Promptly upon a request by the Lender, each Borrower shall supply to the Lender a certificate signed by two of its directors or senior officers on its</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 53</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <br>
    <div style="margin-left: 108pt; margin-bottom: 12pt;">behalf certifying that no Default is continuing (or if a Default is continuing, specifying the Default and the steps,
      if any, being taken to remedy it).</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z1b5366bc2e7845b68f982708cabf52bf" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">19.6</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>&#8220;Know your customer&#8221; checks If:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z0e339e3964e64091b3d230963bf8b7c4" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">196.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the introduction of or any change in (or in the interpretation, administration or application of) any law or regulation made after the date of this Agreement;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zce0028b6b5814d588be6113825639ad1" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">19.6.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>any change in the status of an Obligor after the date of this Agreement; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="ze4e6ddee7cf34e578679311e91b3b103" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">19.6.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>a proposed assignment or transfer by the Lender of any of its rights and obligations under this Agreement; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="ze67609d917ba4a73941b4edb7815d643" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">19.6.4</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>any of the Lender&#8217;s internal compliance rules, policies and procedures, obliges the Lender (or, in the case of Clause 19.6.3, any prospective new Lender) to comply
                  with &#8220;know your customer&#8221; or similar identification procedures in circumstances where the necessary information is not already available to it, each Borrower, the Guarantor or any other member of the Group which has a loan with the Lender
                  and has issued registered shares shall promptly upon the request of the Lender, supply, or procure the supply of, such documentation and other evidence as is requested by the Lender at its absolute satisfaction, prior to the date of this
                  Agreement (for itself or, in the case of the event described in Clause 19.6.3, on behalf of any prospective new Lender) in order for the Lender or, in the case of the event described in Clause 19.6,3, any prospective new Lender to carry
                  out and be satisfied it has complied with or has refreshed all necessary &#8220;know your customer&#8221; or other similar checks under all applicable laws and regulations pursuant to the transactions contemplated in the Finance Documents.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="ze3a2047be79f4967bc8437f5bf7865d6" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">20</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Financial Covenants</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z18ed8360955646b488bc19777ff2b590" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">20.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Guarantor&#8217;s Covenants</font> Each Borrower shall procure that the
                  Guarantor shall maintain at all times during the Facility Period:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z83550a64c0a7494bbf0e57d316b301a1" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">20.1.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Maximum Leverage not higher than 75%; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z9a1d98fd367b42f8ad1f72548fa90f06" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">20.1.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Liquidity of an amount of not less than:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z99892395523a4d3da60cb68552eded07" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>$200,000 in respect of each Fleet Vessel from the date of this Agreement up to and including 29 September 2020; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z536c9495de5745b1b88422b75db44e8b" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>$300,000 in respect of each Fleet Vessel from 30 September 2020 and throughout the remainder of the Facility Period; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z6d2b711b33fe4ae989af2210aef73438" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">20.1.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Net Worth of not less than fifteen million dollars ($15,000,000).</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z62e8694e5d8446ed9481c9d062e5fc1c" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">20.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Cash Collateral Amount</font> The Borrowers shall maintain in the
                  Cash Collateral Account:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zd9adfa6a2e80485099c6123846ac4160" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">20.2.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>an amount of $300,000 during the period commencing on the first Utilisation Date up to but excluding the second Utilisation Date, or, if only one Utilisation is
                  made, throughout the remainder of the Facility Period;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 54</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zc89487ff61a1412e87a10c5e761a47c1" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">20.2.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>an amount of $600,000 during the period commencing on the second Utilisation Date up to but excluding the third Utilisation Date, or, if only two Utilisations are
                  made, throughout the remainder of the Facility Period; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zaca3391d24fb4622b09021472e553a63" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">20.2.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>an amount of $900,000 during the period commencing on the third Utilisation Date and throughout the remainder of the Facility Period,</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;">in each case, such amount to be pledged In favour of the Lender free of any Encumbrances other than in favour of
      the Lender.</div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;">The expressions used in this Clause shall be construed in accordance with GAAP, and for the purposes of this
      Agreement:-</div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-weight: bold;">&#8220;Cash&#8221; </font>means,
      in respect of the Guarantor, cash at bank or in hand which is not subject to any Encumbrance (other than in favour of the Lender or the other financiers of the Group).</div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-weight: bold;">&#8220;Fleet Market
        Value&#8221; </font>means the value of a Fleet Vessel conclusively determined by the arithmetic average of two valuations obtained by two Approved Shipbrokers selected and appointed by the Borrowers on behalf of the Lender and approved by and reporting
      to the Lender on the basis of a charter free sale for prompt delivery and free of encumbrances for cash at arm&#8217;s length on normal commercial terms as between a willing seller and a willing buyer and evidenced by two valuations of that Fleet Vessel
      addressed to the Lender certifying a value for that Fleet Vessel.</div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-weight: bold;">&#8220;Fleet Vessels&#8221; </font>means
      any vessel (including the Vessels) from time to time wholly owned by a Subsidiary of the Guarantor (directly or indirectly) and each a <font style="font-weight: bold;">&#8220;Fleet Vessel&#8221;.</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-weight: bold;">&#8220;Liquidity&#8221; </font>means,
      in respect of each period during which the consolidated financial statements delivered pursuant to Clause 19.1 <font style="font-style: italic;">(Financial statements) </font>are
      delivered by the Guarantor, Cash, as shown in the applicable financial statements of the Guarantor, for such accounting period and determined in accordance with GAAP.</div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-weight: bold;">&#8220;Maximum Leverage&#8221;
      </font>means, in respect of each period during which financial statements are required to be delivered pursuant to Clause 19.1 <font style="font-style: italic;">(Financial statements), </font>the
      ratio of Total Consolidated Liabilities, to Value Adjusted Total Assets, as shown in the applicable consolidated financial statements of the Guarantor for such accounting period and determined in accordance with GAAP.</div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-weight: bold;">&#8220;Net Worth&#8221; </font>means
      equity payments already advanced in respect of the Fleet Vessel less accumulated dividends plus retained earnings of the Fleet Vessels, as each such term is defined in the applicable consolidated financial statements (as provided in Clause 19.1 <font style="font-style: italic;">(Financial statements)) </font>for the Guarantor determined in accordance with GAAP.</div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-weight: bold;">&#8220;Total Consolidated
        Liabilities&#8221; </font>means, in respect of the Guarantor at any time on a consolidated basis, the ratio of total indebtedness (long-term debt including the current portion of long-term debt) of the Guarantor which would be included in the applicable
      consolidated financial statements of the Guarantor as total liabilities in accordance with GAAP.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 55</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-weight: bold;">&#8220;Total Assets&#8221; </font>means
      the amount of total assets of the Guarantor at any time on a consolidated basis which would be included in the applicable consolidated financial statements (as provided in Clause 19.1<font style="font-style: italic;"> (Financial statements))</font> of the Guarantor as total assets determined in accordance with GAAP.</div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-weight: bold;">&#8220;Value Adjusted
        Total Assets</font>&#8221; means the Total Assets of the Guarantor as adjusted for the difference of the book value of the Fleet Vessels (as evidenced in the most recent financial statements (pursuant to Clause 19.1<font style="font-style: italic;"> (Financial statements)) </font>and the Fleet Market Value.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zd067a1f5fc1746ff8e7d8dca83f2f380" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">21</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>General Undertakings</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: -54pt; margin-left: 54pt; margin-bottom: 12pt;">The undertakings in this Clause 21 remain in force for the duration of the Facility Period.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z193890d5ca75409c9535ee64068c1f0a" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">21.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Authorisations Each Borrower shall promptly:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zac69225d14644fce8f263673eb9da945" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">21.1.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>obtain, comply with and do all that is necessary to maintain in full force and effect;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z890d0000806c498e99f560104897c78d" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">21.1.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>supply certified copies to the Lender of,</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 108pt; margin-bottom: 12pt;">any Authorisation required under any law or regulation of a Relevant Jurisdiction to:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z948ace262d9745d983948c5686abdcf9" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>enable any Obligor to perform its obligations under the Finance Documents to which it is a party;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z678ec784d007467daff711e7aeca8506" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>ensure the legality, validity, enforceability or admissibility in evidence of any Finance Document; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z4b405c5ea4ac4b0585cfed22208f6df7" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>enable any Obligor to carry on its business where failure to do so has or is reasonably likely to have a Material Adverse Effect.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z14249db32ad24c90b3b7c25dbb7aff1a" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">21.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Compliance with laws</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="za13e8b3619c1427d91be90414efaa6f4" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">21.2.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Each Borrower shall comply (and shall procure that each other Obligor, each other member of the Group and each Affiliate of any of them shall comply), in all
                  respects with all laws to which it may be subject, if (except as regards Sanctions, to which Clause 21.2.2 applies, and anti-corruption laws to which Clause 20.5 applies) failure so to comply has or is reasonably likely to have a Material
                  Adverse Effect.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zea4c8d30e02b470fa9e73dc71ece48f5" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">21.2.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Each Borrower shall comply (and shall procure that each other Obligor, each other member of the Group and each Affiliate of any of them shall comply) in all
                  respects with all Sanctions.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zce16d87ff8f4447d8b3b94e9b413292b" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">21.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Environmental compliance Each Borrower shall:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z3eb75649844a48598343dfc3b7b6cff1" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">21.3.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>comply with all Environmental Laws;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 56</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z301ba6c396a94d53877762ca37063ecc" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">21.3.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>obtain, maintain and ensure compliance with all requisite Environmental Approvals; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zec840515593f4398bf84501419148210" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">21.3.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>implement procedures to monitor compliance with and to prevent liability under any Environmental Law,</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 108pt; margin-bottom: 12pt;">where failure to do so has or is reasonably likely to have a Material Adverse Effect.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z1eb3897c8b914bf2b493b4967612f82c" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">21.4</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Environmental Claims</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;">Each Borrower shall promptly upon becoming aware of the same, inform the Lender in writing of:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zf17120cf870242feb38c7469760fd260" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">21.4.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>any Environmental Claim against any of the Obligors or any other member of the Group which is current, pending or threatened; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z88f19c0a583e49cd98dab6f19e27b016" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">21.4.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>any facts or circumstances which are reasonably likely to result in any Environmental Claim being commenced or threatened against any of the Obligors or any other
                  member of the Group,</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;">where the claim, if determined against that Obligor or other member of the Group, has or is reasonably likely to
      have a Material Adverse Effect.</div>
    <div style="margin-bottom: 12pt;">21.5<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-weight: bold;">Anti-corruption law</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z6fac079f9f3b47879230c941efefbfa6" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">21.5.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>No part of the proceeds of the Loan will be used, directly or indirectly, for any payments that could constitute a violation of any applicable anti-bribery law,
                  including, without limitation the UK Bribery Act, the FCPA or other similar legislation in other jurisdictions.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="ze28f5d0c9899426fbdf73b3488bd8657" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">21.5.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Each Borrower shall (and shall procure that each other Obligor, each other member of the Group and each Affiliate of any of them shall):</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zfb7bea41776f404e97c238609f742a51" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>conduct its businesses in compliance with applicable anti-corruption laws; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zf20a5c5f790242118306631c48bceadc" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>maintain policies and procedures designed to promote and achieve compliance with such laws.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zb8a7847a70664ea5945e03baced0965c" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">21.6</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Taxation</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z3a6f3fd97aca479fa197777f5fc6a07c" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">21.6.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Each Borrower shall (and shall procure that each other Obligor shall) pay and discharge all Taxes imposed upon it or its assets within the time period allowed
                  without incurring penalties unless and only to the extent that:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z5f1d0f371e064e42915ccf7241f974a4" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>such payment is being contested in good faith;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zbcad4f05111d49daa7d90d1ea7447607" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>adequate reserves are being maintained for those Taxes and the costs required to contest them which have been disclosed in its latest financial statements delivered
                  to the Lender under Clause 19.1 <font style="font-style: italic;">(Financial statements); </font>and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 57</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z5decb37734f743c986cf35de435afc6c" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>such payment can be lawfully withheld and failure to pay those Taxes does not have or is not reasonably likely to have a Material Adverse Effect.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zcf2985a278054bddbd081b1bf2ae973a" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">21.6.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>No Borrower may (and each Borrower shall procure that no other Obligor may) change its residence for Tax purposes.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z1d1e1fb0e9734b1b8eb099030f6d74dc" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">21.7</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Evidence of good standing</font> Each Borrower will from time to
                  time if requested by the Lender provide the Lender with evidence in form and substance satisfactory to the Lender that the Obligors and all corporate shareholders of any of the Obligors (other than in respect of the Guarantor&#8217;s corporate
                  shareholders) remain in good standing.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z82cd1e154820451b832ee8f988f1885e" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">21.8</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Pari passu ranking </font>Each Borrower shall (and shall procure
                  that each other Obligor shall) ensure that at all times any unsecured and unsubordinated claims of the Lender against it under the Finance Documents rank at least <font style="font-style: italic;">pan passu </font>with the claims of all its other unsecured and unsubordinated creditors except those creditors whose claims are mandatorily preferred by laws of general application to companies.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z02ef2082ffdd4019ba58c1dd55fbd4fe" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">21.9</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Negative pledge</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z1b86c8df375240509ee5418712ac6f58" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">21.9.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Each Borrower shall:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z9bca9367cb254685b450b4d440902c08" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>not create nor permit to subsist any Encumbrance (other than any Permitted Encumbrance) over any of its assets; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zfc0ce0416b054fa788e356d342772a85" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>procure that the Chargor will not create nor permit to subsist any Encumbrance over the shares of the Chargor in a Borrower.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z55fcefa604944eacb74173c0e4f58a23" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">21.9.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>No Borrower shall:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="ze7e1ad3d44f549e2a22cb4aa664a7723" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>sell, transfer or otherwise dispose of any of its assets on terms whereby they are or may be leased to or re-acquired by an Obligor;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z889deec21eff4f21aac95869d1dd952c" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>sell, transfer or otherwise dispose of any of its receivables on recourse terms;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z22db06b046d04ec4b01acce4e99303cb" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>enter into any arrangement under which money or the benefit of a bank or other account may be applied, set-off or made subject to a combination of accounts; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z7a1c5a15c15348aeb3519a03f91632c7" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(d)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>enter into any other preferential arrangement having a similar effect,</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 3.6pt; margin-left: 108pt; margin-bottom: 12pt;">in circumstances where the arrangement or transaction is entered into primarily as a method
      of raising Financial Indebtedness or of financing the acquisition of an asset.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z42c9c25540b04cb0abf6a06de586b69b" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">21.10</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Disposals</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zb9a0b25031af4caab95c33ad527c8eda" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">21.10.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>No Borrower shall (and each Borrower shall procure that no other Obligor other than the Guarantor will) enter into a single transaction or a series of transactions
                  (whether related or not) and whether voluntary or involuntary to sell, lease, transfer or otherwise dispose of any asset.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 58</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z0ecc6bfdbd13497c8b5209e9a7bda6b0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">21.10.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Each Borrower shall procure that the Chargor shall not enter into a single transaction or a series of transactions (whether related or not) and whether voluntary or
                  involuntary to sell, transfer or otherwise dispose of its shares in a Borrower.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="ze6f1d6007c3d4852a1ec8b5992e50d77" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">21.11</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Arm&#8217;s length basis</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zcf1973d2d10f4bb283d9e49fe59aed55" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">21.11.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>No Borrower shall enter into any transaction with any person except on arm&#8217;s length terms and for full market value.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zbe53dde29d2c4a388ffefc11ba0fe9e2" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">21.11.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Fees, costs and expenses payable under the Relevant Documents in the amounts set out in the Relevant Documents delivered to the Lender under Clause 4.1 <font style="font-style: italic;">(Initial conditions precedent) </font>or agreed by the Lender shall not be a breach of this Clause 21.11.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z9840c043de4243b9b63db2929e0d92d9" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">21.12</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Merger </font>No Borrower shall (and each Borrower shall procure
                  that no other Obligor will) enter into any amalgamation, demerger, merger, consolidation or corporate reconstruction without the prior written consent of the Lender.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zf5d00d92d829430e8138151852135934" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">21.13</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Change of business </font>No Borrower shall (and each Borrower
                  shall procure that no other Obligor will) make any substantial change to the general nature of its business from that carried on at the date of this Agreement.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zbc09377912494d24ba4839b1d10d08d2" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">21.14</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">No other business </font>No Borrower shall (and each Borrower shall
                  procure that no other Obligor other than the Guarantor will) engage in any business other than the ownership, operation, chartering and management of a Vessel.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="ze628cd27b528454d9626761139bb1a9c" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">21.15</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">No acquisitions </font>No Borrower shall acquire a company or any
                  shares or securities or a business or undertaking (or, in each case, any interest in any of them) or incorporate a company.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z54b6d3133fa94ca2aaf5164c0dad58f5" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">21.16</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">No Joint Ventures </font>No Borrower shall:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z6793b9af2e82446abc611dd20daeae4c" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">21.16.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>enter into, invest in or acquire (or agree to acquire) any shares, stocks, securities or other interest in any Joint Venture; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z17f827abddb84caf9681c7ab9c9c03f5" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">21.16.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>transfer any assets or lend to or guarantee or give an indemnity for or give security for the obligations of a Joint Venture or maintain the solvency of or provide
                  working capital to any Joint Venture (or agree to do any of the foregoing).</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zec1c95666fdc427ca59161056f00263a" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">21.17</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">No borrowings</font><font style="font-weight: bold;">&#160;</font>No Borrower shall incur or allow to remain outstanding any Financial Indebtedness (except for the Loan).</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z58f467ca68f24a3e86346c5c1bf704d1" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">21.18</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">No substantial liabilities </font>Except in the ordinary course of
                  business, no Borrower shall incur any liability to any third party which is of a substantial nature.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zc595ded1567d4769a55612cd7c384dd5" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">21.19</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">No loans or credit </font>No Borrower shall, without the Lender&#8217;s
                  prior written consent, be a creditor in respect of any Financial Indebtedness unless it is a loan made in the ordinary course of business in connection with the chartering, operation or repair of its Vessel.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zd5b0e826ad1547dea88944e19bedf9b4" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">21.20</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">No guarantees or indemnities</font><font style="font-weight: bold;">&#160;</font>No Borrower shall incur or allow to remain outstanding any guarantee in respect of any obligation of any person.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 59</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z81ffb616ceca40a6a3292866d24d98e7" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">21.21</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">No dividends</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z00e7ae77b9f040f39c040841d2fa6332" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">21.21.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>No Borrower shall (and each Borrower shall procure that the Guarantor will not):</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="ze5a0f3b6b8e14770bde3c419f3261804" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>declare, make or pay any dividend, charge, fee or other distribution (or interest on any unpaid dividend, charge, fee or other distribution) (whether in cash or in
                  kind) on or in respect of the Borrower&#8217;s share capital and the Guarantor&#8217;s common share capital (or any class of the Borrower&#8217;s share capital and any class of the Guarantor&#8217;s common share capital (as applicable));</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="ze5107450dece4cf5af5bdedd694b7147" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>repay or distribute any dividend or share premium reserve in respect of the Borrower and repay or distribute any dividend or common share premium reserve in respect
                  of the Guarantor (as applicable); or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z7c3730966fee4de69857edd64c32e742" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>redeem, repurchase, defease, retire or repay any of the Borrower&#8217;s share capital and the Guarantor&#8217;s common share capital (as applicable) or resolve to do so,</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 144pt; margin-bottom: 12pt;">following (I) any breach of Clause 17.14 <font style="font-style: italic;">(Additional Security), </font>(ii) the occurrence and during the continuation of an Event of Default or (iii) where the making or payment of such dividend or distribution would result in the occurrence of an Event of
      Default.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z542f65be15e641ad9b9f134a321a2cab" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">21.22</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Ownership and management of a Borrower</font> No change in the
                  management or the legal or beneficial ownership of a Borrower shall occur from that advised to the Lender by the Borrowers at the date of this Agreement. Subject to Clause 7.6 <font style="font-style: italic;">(Mandatory prepayment on change of ownership of Guarantor), </font>for the avoidance of doubt, the Lender consents and agrees to any changes relating to the shareholders of the Guarantor&#8217;s trading
                  shares in the normal course of business,</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zd4bb18b1e7e44fcc814d9c6b3591d9e8" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">21.23</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">No change of CEO</font> The Borrowers shall ensure (and shall
                  procure that the Guarantor shall ensure) that throughout the Facility Period no change in the chief executive officer of the board of directors and/or the chairman of the Guarantor shall occur, without the Lender&#8217;s prior written consent.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z2c111018e7be4221a0999b4f9afb2839" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">21.24</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Inspection of records</font> Each Borrower will permit the
                  inspection of its financial records and accounts from time to time by the Lender or its nominee.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zb09a0aba938c4e09adf0e08a4707b2f4" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">21.25</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">No change in Relevant Documents</font> Without the prior written
                  consent of the Lender, no Borrower shall (and each Borrower shall procure that no other Obligor will) materially amend (and for the avoidance of doubt, but without limitation, any amendment in respect of the fees (but excluding any
                  amendment in respect of the fees already agreed under the Management Agreements), reduction of hire, duration of a Charter, termination events of a Charter and governing law of any of the Relevant Documents will be considered material),
                  vary, novate, supplement, supersede, waive or terminate any term of, any of the Relevant Documents which are not Fknance Documents, or any other document delivered to the Lender pursuant to Clause 4.1 <font style="font-style: italic;">(Initial conditions precedent) </font>or Clause 4.2 <font style="font-style: italic;">(Further
                    conditions precedent) </font>or Clause 4.3 <font style="font-style: italic;">(Conditions subsequent).</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 60</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z6c1a4a20ed7b4a60a57de4e2563fcee3" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">21.26</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Sanctions </font>No Borrower will, directly or indirectly, use the
                  proceeds of the Loan, or lend, contribute or otherwise make available such proceeds to any Subsidiary, joint venture partner or other Person, (i) to fund any activities or business of or with any Person, or in any country or territory,
                  that, at the time of such funding, is, or whose government is, the target of Sanctions or (ii) in any other manner that would result in a violation of Sanctions by any Person (including any Person participating in the Loan, whether as
                  underwriter, advisor, investor or otherwise).</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zd17ddbe694ca48d8ac64f85a7c6d6da9" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">21.27</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Banking operations </font>Each Borrower shall conduct all banking
                  operations in connection with its Vessel through the Lender or any other branch nominated by the Lender in its discretion.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z40402951c1704d42addb33294c3f0059" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">21.28</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Vessels&#8217; Trading </font>No Borrower shall allow its Vessel to trade
                  in areas prohibited by (a) the law applicable to that Vessel&#8217;s flag, (b) the applicable law of the country of incorporation of that Borrower and (c) the applicable law of the nationality of the officers and crew of that Vessel.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z3cca817de3d34a2ea6810bb8221768b4" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">21.29</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">No change of Vessels&#8217; ownership or management </font>There shall be
                  no change in the ownership or management of a Vessel, without the Lender&#8217;s prior written consent.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z3c29f7742bf041efb553987c149e615b" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">21.30</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">ISM Code compliance </font>Each Borrower shall comply and shall
                  procure that each of the Guarantor and the Manager comply with the ISM Code.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z5d2c02b75396450aa5b08e416cbc00ec" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">21.31</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Further assurance</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z9d1e9d2c6d8b46d5a28a6f2f612c5f7e" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">21.31.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Each Borrower shall (and shall procure that each other Obligor shall) promptly do all such acts or execute all such documents (including assignments, transfers,
                  mortgages, charges, notices and instructions) as the Lender may reasonably specify (and in such form as the Lender may reasonably require in favour of the Lender or its nominee(s)):</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z009c37895e454bafb7d5f9f14a2ab29f" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>to perfect any Encumbrance created or intended to be created under or evidenced by the Security Documents (which may include the execution of a mortgage, charge,
                  assignment or other Encumbrance over all or any of the assets which are, or are intended to be, the subject of the Security Documents) or for the exercise of any rights, powers and remedies of the Lender or the Secured Parties provided by
                  or pursuant to the Finance Documents or by law;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zef1457e1067548d38c14c8516efd688c" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>to confer on the Lender or confer on the Secured Parties an Encumbrance over any property and assets of that Borrower (or that other Obligor as the case may be)
                  located in any jurisdiction equivalent or similar to the Encumbrance intended to be conferred by or pursuant to the Security Documents; and/or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z6a9d8aa2b8bf467f8c9d347e4a67e8bc" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>to facilitate the realisation of the assets which are, or are intended to be, the subject of the Security Documents, in respect of which any Encumbrance has become
                  enforceable following the occurrence of an Event of Default which is continuing.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 61</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z37daee6ba36b4517859f52828b81107a" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">21.31.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Each Borrower shall (and shall procure that each other Obligor shall) take all such action as is available to it (including making all filings and registrations) as
                  may be necessary for the purpose of the creation, perfection, protection or maintenance of any Encumbrance conferred or intended to be conferred on the Lender or the Secured Parties by or pursuant to the Finance Documents.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z64a064f90b3c4fa8926b1b0f50980c88" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">22</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Events of Default</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z320411f9ee5c4981a9a8532d0117ce18" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">22.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Events of Default</font> Each of the events or circumstances set out
                  in this Clause 22.1 is an Event of Default.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z1c0cead5942840f5abe401a26f624e13" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">22.1.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Non-payment </font>An Obligor does not pay on the due date any
                  amount payable by it under a Finance Document at the place at and in the currency in which it is expressed to be payable unless:-</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zb549ed1d3f464d81b293651e66e8ac93" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>its failure to pay is caused by:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z545a5bb19b2b4935a990c2b97b0fabdc" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 144pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>administrative or technical error; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z314c4f9c7b3243c582e0c089c750a8cc" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 144pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>a Disruption Event; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zbf63a2b9e1d243abac863f30edd845b0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>payment is made within two (2) Business Days of its due date.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z1a31c93301a64554a179685debee542c" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">22.1.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Other specific obligations</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="margin-left: 108pt; margin-bottom: 12pt;">An Obligor does not comply with any obligation in a Finance Document relating to (a) the Insurances or (b) Clause
      17.14 <font style="font-style: italic;">(Additional security).</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="ze6129f67bae7456395bc16ff25992be8" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">22.1.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Other obligations</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="ze9f8a726e225460cb1394cb77af5c81f" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Art Obligor does not comply with any provision of a Finance Document (other than those referred to in Clause 22.1.1 <font style="font-style: italic;">(Non-payment) </font>and Clause 22.1.2 <font style="font-style: italic;">(Other specific obligations).</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z4d2106388c824aeba00ebf5f781fe0e9" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>NO Event of Default under this Clause 22.1.3 will occur if the failure to comply is capable of remedy and is remedied within ten (10) Business Days of the earlier
                  of (i) the Lender giving notice to the Borrowers and (ii) the Borrowers becoming aware of the failure to comply.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z827e512cf51b4ca1984c07212b71be97" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">22.1.4</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Misrepresentation </font>Any representation or statement made or
                  deemed to be repeated by an Obligor in any Finance Document or any other document delivered by or on behalf of an Obligor under or in connection with any Finance Document is or proves to have been incorrect or misleading when made or
                  deemed to be made.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z8c8b24e5be2243b8b22a97e729942718" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">22.1.5</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Cross default </font>Any Financial Indebtedness of an Obligor
                  (other than the Managers):</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z33782bea45964ffb8008ce65004c4305" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>is not paid when due nor within any originally applicable grace period; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 62</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z11fdf901b7df41f6886906b2afc3d6b0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>is declared to be, or otherwise becomes, due and payable prior to its specified maturity as a result of an event of default (however described); or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zb740b768fd944370bcefea91c0ceeea6" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>is capable of being declared by a creditor to be due and payable prior to its specified maturity as a result of such an event.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 108pt; margin-bottom: 12pt;">No Event of Default will occur under this Clause 22.1.5 if the aggregate amount of Financial Indebtedness or
      commitment for Financial Indebtedness falling within (a) to (c) is less than USD1,000,000 (or its equivalent in any other currency or currencies).</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z0c12431f3a1141b08b292b42e72bd236" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">22.1.6</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Insolvency</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z98ba8c7a2479497a99da85aac16001b8" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>An Obligor is unable or admits inability to pay its debts as they fall due, is deemed to, or is declared to, be unable to pay its debts under applicable law,
                  suspends or threatens to suspend making payments on any of its debts, or, by reason of actual or anticipated financial difficulties, commences negotiations with one or more of its creditors with a view to rescheduling any of its
                  indebtedness.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zc8c4f91e19964eb0923194fd4c6a162a" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>The value of the assets of an Obligor is less than its liabilities (taking into account contingent and prospective liabilities).</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z04d0e501ec83493385a348de4bf7b905" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>A moratorium is declared in respect of any indebtedness of an Obligor or any other member of the Group. If a moratorium occurs, the ending of the moratorium will
                  not remedy any Event of Default caused by that moratorium.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z4a651303614a4a3e83d656550fb23b6c" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">22.1.7</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Insolvency proceedings </font>Any corporate action, legal
                  proceedings or other procedure or step is taken for:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z3a241cef36224932a2229b0a249b98a8" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the suspension of payments, a moratorium of any indebtedness, winding-up, dissolution, administration,bankruptcy or reorganisation (by way of voluntary arrangement,
                  scheme of arrangement or otherwise) of an Obligor;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z2523655c2b0f4c6a9170ac24e502a112" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>a composition, compromise, assignment or arrangement with any creditor of an Obligor ;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zd6c17ce1457d4daaabfc5d31a13a3f61" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the appointment of a liquidator, receiver, administrative receiver, administrator, compulsory manager, or trustee or other similar officer in respect of an Obligor
                  or any of its assets; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zc46eea6bdc94425489625c67c3274991" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(d)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>enforcement of any Encumbrance over any assets of an Obligor,</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 108pt; margin-bottom: 12pt;">or any analogous procedure or step is taken in any jurisdiction.</div>
    <div style="text-align: justify; margin-left: 108pt; margin-bottom: 12pt;">This Clause 22.1.7 shall not apply to any winding-up petition which is frivolous or vexatious and is discharged,
      stayed or dismissed within 30 days of commencement.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 63</font></div>
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      <div>
        <table cellspacing="0" cellpadding="0" id="z609f8132f6274bc184f42f63d20e3ddf" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">22.1.8</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Creditors&#8217; process</font> Any expropriation, attachment,
                  sequestration, distress or execution affects any asset or assets of a Borrower, the Guarantor or the Chargor.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="ze9c2b53632bc4c5c9c3cf2842b490b13" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">22.1.9</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Ownership of a Borrower </font>A Borrower is not or ceases to be a
                  100% directly owned Subsidiary of the Chargor.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z6a949c4b8e334858a5945a6c5640f028" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">22.1.10</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Change of chairman or CEO of Guarantor</font> Mr Aristeidis J.
                  Pittas ceases to be throughout the Facility Period the chief executive officer of the board of directors and/or the chairman of the Guarantor.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zae81f70dab1f42ed8fbc5acda0241542" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">22.1.11</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Delisting of Guarantor</font> The Guarantor is delisted for any
                  reason whatsoever from the Nasdaq stock exchange.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zd84585ff1a0f46d8ac446df41532cc28" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">22.1.12</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Unlawfulness and invalidity</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zfb70eb01dd8742bbac6eaf87d4aba186" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>It is or becomes unlawful for an Obligor to<font style="font-weight: bold;"> perform</font> any of
                  its obligations under the Finance Documents to which it is a party or any Encumbrance created <font style="font-weight: bold;">or </font>expressed to be <font style="font-weight: bold;">created</font> or evidenced by the <font style="font-weight: bold;">Security </font>Documents
                  ceases to be effective.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z48cb0eaaab0a45dca6cb9577bbec1a14" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Any obligation or obligations of any Obligor under any Finance Documents to which it is a party are not (subject to the Legal Reservations) or cease to be legal,
                  valid, binding or enforceable and the cessation individually or cumulatively materially and adversely affects the interests of the Lender under the Finance Documents.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z52bf5d740b714ecdb04ba1539538c3cd" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Any Finance Document ceases to be in full force and effect or any Encumbrance created or expressed to be created or evidenced by the Security Documents ceases to be
                  legal, valid, binding, enforceable or effective or is alleged by a party to it (other than the Lender) to be ineffective,</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z4e2e47e1b02a470fa9bcd3fc6c3a1aae" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">22.1.13</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Cessation of business </font>An Obligor ceases, or threatens to
                  cease, to carry on all or a substantial part of its business,</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zc7c53f9d33984f54beca9501fa415504" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">22.1.14</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Change in management, ownership or control of a Borrower</font>
                  There is any change in the management, beneficial ownership or control of a Borrower from that advised to the Lender by that Borrower at the date of this Agreement. Subject to Clause 7.6 <font style="font-style: italic;">(Mandatory prepayment on change of ownership of Guarantor), </font>for the avoidance of doubt, the Lender consents and agrees to any changes relating to the shareholders of the Guarantor&#8217;s
                  trading shares in the normal course of business and confirms that<font style="font-weight: bold;">&#160;</font>such changes do not violate the terms of this Agreement.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zc6d8cf135c1744bda6d5bd7c277472e2" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">22.1.15<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.4pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></td>
              <td style="width: 108pt; vertical-align: top; align: right; font-weight: bold;">Expropriation</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">The authority or ability of an Obligor to conduct its business is limited or wholly or substantially curtailed
                by any seizure, expropriation, nationalisation, intervention, restriction or other action by or on behalf of any governmental, regulatory or other authority (excluding requisition <font style="font-weight: bold;">of </font>hire not involving requisition of title) or other person in relation to an Obligor or any of its assets.</td>
            </tr>

        </table>
      </div>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 64</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
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    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z2b2b02a1dfb94655b20ec3d7ea0a352b" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">22.1.16</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Repudiation and rescission of agreements</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z6aca741422174821866bdf078ce05e82" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>An Obligor rescinds or purports to rescind or repudiates or purports to repudiate a Finance Document or evidences an intention to rescind or repudiate a Finance
                  Document.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z1c9632edad4d4b7c9171cfd8fd6b4c9a" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
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              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Subject to Clause 22.1.16 (c), any party to any of the Relevant Documents that is not a Finance Document rescinds or purports to rescind or repudiates or purports
                  to repudiate that Relevant Document in whole or in part where to do so has or is, in the reasonable opinion of the Lender, likely to have a material adverse effect on the interests of the Lender under the Finance Documents.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="za2e5e35fc24e4582a2078fbaf69758c7" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>The Management Agreement is terminated, cancelled or otherwise ceases to remain in full force and effect at any time prior to its contractual expiry date and is not
                  immediately replaced by a similar agreement in form and substance satisfactory to the Lender.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z315b031e2b9648db825c0a7cefef191a" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">22.1.17</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Conditions subsequent</font> Any of the conditions referred to in
                  Clause 4.3 <font style="font-style: italic;">(Conditions subsequent) </font>is not satisfied within the time reasonably required by the Lender.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z9adf6e054a6c4cf3b030dfc346e35d54" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">22.1.18</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Revocation or modification of Authorisation</font> Any Authorisation
                  of any governmental, judicial or other public body or authority which is now, or which at any time during the Facility Period becomes, necessary to enable any of the Obligors or any other person (except the Lender) to comply with any of
                  their obligations under any Relevant Document is not obtained, is revoked, suspended, withdrawn or withheld, or is modified in a manner which the Lender considers is, or may be, prejudicial to the interests of the Lender, or ceases to
                  remain in full force and effect.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z011681fe5e914845b4137e7b67c3f282" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">22.1.19</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Reduction of capital</font> An Obligor (other than the Guarantor)
                  reduces its issued or subscribed capital.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zebd29ba1dcef4e60b76283ba2ab96ac7" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">22.1.20</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Loss of Vessel</font> A Vessel suffers a Total Loss or is otherwise
                  destroyed or abandoned, or a similar event occurs in relation to any other vessel which may from time to time be mortgaged to the Lender as security for the payment of all or any part of the Indebtedness, except that a Total Loss (which
                  term shall for the purposes of the remainder of this Clause 22.1.20 include an event similar to a Total Loss in relation to any other vessel) shall not be an Event of Default if:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zd5c3ac37207748999884de0a5daf2a26" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>that Vessel or other vessel is insured in accordance with the Security Documents and a claim for Total Loss is available under the terms of the relevant insurances;
                  and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zc159131e42b34d41a2979258004dda47" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>no insurer has refused to meet or has disputed the claim for Total Loss and it is not apparent to the Lender in its discretion that any such refusal or dispute is
                  likely to occur; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 65</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <br>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z5b58782d76ff46cbb24388e8e3293d47" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>payment of all insurance proceeds in respect of the Total Loss is made in full to the Lender within 180 days of the occurrence of the casualty giving rise to the
                  Total Loss in question or such longer period as the Lender may in its discretion agree.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zcbc14996165a48d8a4a5c1ad22957a16" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">22.1.21</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Challenge to registration</font> The registration of a Vessel or a
                  Mortgage is contested or becomes void or voidable or liable to cancellation or termination, or the validity or priority of a Mortgage is contested.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z1208cea3ce474a329221b68ba258cc86" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">22.1.22</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">War</font> The country of registration of a Vessel becomes involved
                  in war (whether or not declared) or civil war or is occupied by any other power and the Lender in its discretion considers that, as a result, the security conferred by any of the Security Documents is materially prejudiced and the
                  relevant Borrower fails to comply with the Lender&#8217;s request to (a) change the flag of its Vessel to a country acceptable to the Lender in its absolute discretion by paying promptly any costs and expenses related to such registration under
                  the new flag, (b) provide any additional documentation including any additional security documents required pursuant to such registration under the new flag and (c) record a substitute mortgage over its Vessel and any additional security
                  required pursuant to such recordation within 15 Business Days.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zfd2f758a80df429695a721d78b465f55" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">22.1.23</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Notice of determination</font> The Guarantor gives notice to the
                  Lender to determine any obligations under the Guarantee.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z04ea65b6b3be4c08b121f254b282e286" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">22.1.24</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Litigation</font> Any litigation, arbitration, administrative,
                  governmental, regulatory or other investigations, proceedings or disputes are commenced or threatened in relation to the Relevant Documents or the transactions contemplated in the Relevant Documents or against an Obligor or its assets
                  which have or are reasonably likely to have a Material Adverse Effect.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z7b8cdb18f935473c85216715cea4f4e1" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">22.1.25</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Material adverse change</font> Any event or circumstance occurs
                  which the Lender reasonably believes has or is reasonably likely to have a Material Adverse Effect.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z3becab0e59404e069e3586deaaa8f85b" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">22.1.26</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Sanctions</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zaac5b5046a404c329b44a57443f8f251" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Any of the Obligors, any other member of the Group or any Affiliate of any of them becomes a Prohibited Person or becomes owned or controlled by, or acts directly
                  or indirectly on behalf of, a Prohibited Person or any of such persons becomes the owner or controller of a Prohibited Person.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zc88d808f178547d8994848d66dfad12f" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Any proceeds of the Loan are made available, directly or indirectly, to or for the benefit of a Prohibited Person or otherwise is, directly or indirectly, applied
                  in a manner or for a purpose prohibited by Sanctions.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z0a57e4175a734311bd083b4d6508707f" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Any of the Obligors, any other member of the Group or any Affiliate of any of them is not in compliance with all Sanctions.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 66</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z1ae67e3619a74854957d7952b0f44dde" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">22.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Acceleration </font>On and at any time after the occurrence of an
                  Event of Default which is continuing the Lender may:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zed611990015645789bb175da57cac6c9" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">22.2.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>by notice to the Borrowers, cancel the availability of the Loan, at which time it shall immediately be cancelled;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z051be869aea2456a835013885f65e23b" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">22.2.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>by notice to the Borrowers, declare that the Loan, together with accrued interest, and all other amounts accrued or outstanding under the Finance Documents are
                  immediately due and payable, at which time they shall become immediately due and payable;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z9bfa79b81620470c8043e33f5f40e290" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">22.2.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>by notice to the Borrowers, declare that the Loan is payable on demand, at which time it shall immediately become payable on demand by the Lender; and/or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z63d786b80c96437fa21ad655150b5c93" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">22.2.4</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>exercise any or all of its rights, remedies, powers or discretions under the Finance Documents.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 67</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="ze7652bd490c540dbb82d5860966b04a6" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">Section 9</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">Changes to Parties</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z0d1ad1015dc546c99c663f0a19b35abb" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; font-weight: bold;">23</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Changes to the Lender</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z35ffe3cabf684edfaad0f37c3b7712f3" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">23.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Assignments and transfers by the Lender</font> Subject to this
                  Clause 23, the Lender may:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z7623bdf1ab64460aaef60da275e619ab" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">23.1.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>assign any of its rights; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zf794e5b98bcf465fb55530529e6680f7" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">23.1.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>transfer by novation any of its rights and obligations, under any Finance Document to another bank or financial institution or to a trust, fund or other entity
                  which is regularly engaged in or established for the purpose of making, purchasing or investing in loans, securities or other financial assets (the <font style="font-weight: bold;">&#8220;New Lender&#8221;).</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z057b30951823434da281e908cdf0e593" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">23.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Conditions of assignment or transfer</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z6c73aa51da5847d68e82446ad7c8e178" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">23.2.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>The Lender shall not be required to consult with the Borrowers or obtain the Borrowers&#8217; prior consent in connection with an assignment or transfer pursuant to
                  Clause 23.1 <font style="font-style: italic;">(Assignments and transfers by the Lender).</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z36a71d4816244ecdbad45e65552702f0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">23.2.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>If:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zb54a8fff4ac24facaa0c95795fd5fb97" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the Lender assigns or transfers any of its rights or obligations under the Finance Documents or changes its Facility Office; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z4449527ca444408b981e0ca85492faa8" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>as a result of circumstances existing at the date the assignment, transfer or change occurs, the Borrowers would be obliged to make a payment to the New Lender or
                  the Lender acting through its new Facility Office under Clause 12<font style="font-style: italic;"> (Tax Gross Up and Indemnities)</font> or Clause 13 <font style="font-style: italic;">(Increased Costs), </font>then the New Lender or the Lender acting through its new Facility Office is only entitled to receive payment under those Clauses to the
                  same extent as the Lender or the Lender acting through its previous Facility Office would have been if the assignment, transfer or change had not occurred.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z6e6752a3b7534640a5bc13b0bb1d1ffc" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">23.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Limitation of responsibility of Lender</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z18ec6800ca254dc4b7aa92631f6f39af" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">23.3.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Unless expressly agreed to the contrary, the Lender makes no representation or warranty and assumes no responsibility to a New Lender for:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zebdf987928f2434393bd59fc311b5fa7" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the legality, validity, effectiveness, adequacy or enforceability of the Relevant Documents or any other documents;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zf68ef255dffd4872ae8a6e9ff80d8625" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the financial condition of any Obligor;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z258f908506c8461885db5a08f6b2698c" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the performance and observance by any Obligor of its obligations under the Relevant Documents or any other documents; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 68</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z07b9cec035c044619241c588e7623a75" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(d)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the accuracy of any statements (whether written or oral) made in or in connection with any of the Relevant Documents or any other document,</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 108pt; margin-bottom: 12pt;">and any representations or warranties implied by law are excluded.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z9af2327b8485478ea07aff87a7a4fa0c" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">23.3.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Each New Lender confirms to the Lender that it:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z1056cc78d0f24411bb87fab1af692a5a" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>has made (and shall continue to make) its own independent investigation and assessment of the financial condition and affairs of each Obligor and its related
                  entities in connection with its participation in this Agreement and has not relied exclusively on any information provided to it by the Lender in connection with any of the Relevant Documents; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z3331d30bc8ed4a9f97d0fc14dc3ef56c" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>will continue to make its own independent appraisal of the creditworthiness of each Obligor and its related entities whilst any amount is or may be outstanding
                  under the Finance Documents or any part of the Loan is undrawn and available.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z3d5b0c855f934e5d88f01a5286f0148b" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">23.3.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Nothing in any Finance Document obliges the Lender to:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z3bd6b25ee0944bdd80feabca826b917c" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>accept a re-transfer or re-assignment from a New Lender of any of the rights and obligations assigned or transferred under this Clause 23; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zbd5c1a0ce9f2499a91b2bd4bda90df65" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>support any losses directly or indirectly Incurred by the New Lender by reason of the non-performance by any Obligor of its obligations under the Relevant Documents
                  or otherwise.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z472b98c7c7f949d6a924ee9690999e04" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">23.4</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Securitisation </font>The Lender may disclose the size and term of
                  the Loan and the name of each of the Obligors to any investor or potential investor in a securitisation (or similar transaction of broadly equivalent economic effect) of the Lender&#8217;s rights or obligations under the Finance Documents.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z1bea3a8090fd4f6792290da2deca410f" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; font-weight: bold;">24</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Changes to the Obligors</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z2d876746e3bb4ce18aeded7695ad03f8" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">24.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">No assignment or transfer by Obligors</font><font style="font-weight: bold;">&#160;</font>No Obligor may assign any of its rights or transfer any of its rights or obligations under the Finance Documents.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 69</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="ze9c56b67f2414a7dbabc23454ff9eb88" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">Section 10</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">The Lender&#8217;s Business</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z9bfbff1a52e44b768b8197f7cc0b0206" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; font-weight: bold;">25</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Conduct of Business by the Lender</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;">No provision of this Agreement will:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z449307cf9f394e30adfb730bd00e0868" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">25.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>interfere with the right of the Lender to arrange its affairs (tax or otherwise) in whatever manner it thinks fit;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zd3011fac29e94b93978dd54be6a8de08" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">25.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>oblige the Lender to investigate or claim any credit, relief, remission or repayment available to it or the extent, order and manner of any claim; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zaf2f7e969b974b998775418272d9d7f8" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">25.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>oblige the Lender to disclose any information relating to its affairs (tax or otherwise) or any computations in respect of Tax.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 70</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z1476f1b744444cbdae5a260d3ebf92d1" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">Section 11</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">Administration</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z0eea43510d9f4cea97ec3f5c74b8bf95" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; font-weight: bold;">26</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Payment Mechanics</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z17bc59266f8b4c9183b44b1fedb66d5c" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">26.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Payments to the Lender On each date on which an Obligor is required to make a payment under a Finance Document, that Obligor shall make the same available to the
                  Lender for value on the due date at the time and, in such funds, as required by the Finance Documents or, if not specified therein, as specified by the Lender as being customary at the time for settlement of transactions in the relevant
                  currency in the place of payment.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;">Payment shall be made to such account in the principal financial centre of the country of that currency with such
      bank as the Lender specifies.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z9cd0a4226069432db4a267944a5c212a" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">26.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Partial payments</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z52361ec36c4c4286a8c9a95e63ea6e9e" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">26.2.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>If the Lender receives a payment that is insufficient to discharge all the amounts then due and payable by an Obligor under the Finance Documents, the Lender shall
                  apply that payment towards the obligations of that Obligor under the Finance Documents, in the following order:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z2718f34f75874af990bc7566c6437e3a" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>first, in or towards payment pro rata of any unpaid fees, costs and expenses of the Lender under the Finance Documents;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z65c8fbe49a964c2198a19651a0270461" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>second, in or towards payment of any accrued interest, fee or commission due but unpaid under this Agreement;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z95eee04490944b17a8f9a95fc001fe54" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>third, in or towards payment of any principal due but unpaid under this Agreement;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z8fbcd5ffeb86463883b6eba230c848a6" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(d)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>fourth, in or towards payment pro rata of any other sum due but unpaid under the Finance Documents.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zf0ba35851b364621bc0179c2a8acb16a" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">26.2.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>The Lender may vary the order set out in Clauses 26.2.1(b) to 26.2.1(d).</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zae9400094b9248b592105323a9bb8bea" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">26.2.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Clauses 26.2.1 and 26.2.2 will override any appropriation made by an Obligor.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zda221e38f340476db086e747e7a16416" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">26.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">No set-off by Obligors </font>All payments to be made by an Obligor
                  under the Finance Documents shall be calculated and be made without (and free and clear of any deduction for) set-off, counterclaim, taxes, stamp duties, levies of any governmental or other authority.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="ze546d4785c5f479bbad89e891242e916" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">26.4</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Business Days </font>Any payment which is due to be made on a day
                  that is not a Business Day shall be made on the next Business Day in the same calendar month (if there is one) or the preceding Business Day (if there is not).</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;">During any extension of the due date for payment of any principal or Unpaid Sum under this Agreement interest is
      payable on the principal or Unpaid Sum at the rate payable on the original due date.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 71</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z3c159302df404aca9e727c15917a5dfc" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">26.5</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Currency of account</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z7d478eeb49114c9cb2d1112fa6a6c149" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">26.5.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Subject to Clauses 26.5.2 to 26.5.5, dollars is the currency of account and payment for any sum due from an Obligor under any Finance Document.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z501313a0f80a4331b1be8dc9a581ac33" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">26.5.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>A repayment or payment of all or part of the Loan or an Unpaid Sum shall be made in the currency in which the Loan or Unpaid Sum is denominated on its due date.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z74a9046b46fb45cf898ca5c8a693e392" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">26.5.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Each payment of interest shall be made in the currency in which the sum in respect of which the interest is payable was denominated when that interest accrued.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z1e3b960949ce47abaf8f7da944d19229" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">26.5.4</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Each payment in respect of costs, expenses or Taxes shall be made in the currency in which the costs, expenses or Taxes are incurred.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zb3945586cabe484fb6e1416c2a798796" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">26.5.5</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Any amount expressed to be payable in a currency other than dollars shall be paid in that other currency.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="ze72cc528e4d3428d8b04b34d3c74c74f" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">26.6</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Control account</font> The Lender shall open and maintain on its
                  books a control account in the name of the Borrowers showing the advance of the Loan and the computation and payment of interest and all other sums due under this Agreement. The Borrowers&#8217; obligations to repay the Loan and to pay interest
                  and all other sums due under this Agreement shall be evidenced by the entries from time to time made in the control account opened and maintained under this Clause 26.6 and those entries will, in the absence of manifest error, be
                  conclusive and binding.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z1402562f443b41439a77c463561be95d" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">26.7</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Disruption to payment systems et</font>c. If either the Lender
                  determines in its discretion that a Disruption Event has occurred or the Lender is notified by the Borrowers that a Disruption Event has occurred which negatively affects the ability of the Borrowers to repay the Loan and at the same has
                  a Material Adverse Effect:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zffaacc00c2a94b3eab78f32a58c33f03" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">26.7.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the Lender may, and shall if requested to do so by the Borrowers, consult with the Borrowers with a view to agreeing with the Borrowers such changes to the
                  operation or administration of the Loan as the Lender may deem necessary in the circumstances;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z54a2471d70fa4ba89a36edd6eebace7f" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">26.7.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the Lender shall not be obliged to consult with the Borrowers in relation to any changes mentioned in Clause 26.7.1 if, in its opinion, it is not practicable to do
                  so in the circumstances and, in any event, shall have no obligation to agree to any such changes;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zb96a54aaaa7e41c7abc6333d9a81b594" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">26.7.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>any such changes agreed upon by the Lender and the Borrowers shall (whether or not it is finally determined that a Disruption Event has occurred) be binding upon
                  the Parties as an amendment to (or, as the case may be, waiver of) the terms of the Finance Documents; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zd54721035c6d499eb9f92aecb2af9cab" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">26.7.4</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the Lender shall not be liable for any damages, costs or losses whatsoever (including, without limitation, for negligence, gross negligence or any other category of
                  liability whatsoever but not including any claim based on the fraud of the Lender) arising as a result of its taking, or failing to take, any actions pursuant to or in connection with this Clause 26.7.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 72</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zc73467c38c0d40cfaa08864f80273af3" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">26.8</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Replacement of Screen Rate</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;">If a Screen Rate Replacement Event has occurred in relation to any Screen Rate for a currency which can be selected
      for a Loan, any amendment or waiver which relates to:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z194ad13fcc9a407a9878265e99bab4f8" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>providing for the use of a Replacement Benchmark in relation to that currency in place of (or in addition to) the affected Screen Rate; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: -36pt; margin-left: 144pt; margin-bottom: 12pt;">(b)</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zdf91ae83389f47a8b992cf36125028db" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 144pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>aligning any provision of any Finance Document to the use of that Replacement Benchmark;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zd47d630139c247c78b676df7a16e3fce" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 144pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>enabling that Replacement Benchmark to be used for the calculation of interest under this Agreement (including, without limitation, any consequential changes
                  required to enable that Replacement Benchmark to be used for the purposes of this Agreement);</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z758470e719c7496485f8888a39592030" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 144pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(iii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>implementing market conventions applicable to that Replacement Benchmark;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zc2a14d9e4707433d9c8a6532ee8a2eb4" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 144pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(iv)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>providing for appropriate fallback (and market disruption) provisions for that Replacement Benchmark; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z4f262cc72227457181f9d2e4bdbeacf0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 144pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(v)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>adjusting the pricing to reduce or eliminate, to the extent reasonably practicable, any transfer of economic value from one Party to another as a result of the
                  application of that Replacement Benchmark (and if any adjustment or method for calculating any adjustment has been formally designated, nominated or recommended by the Relevant Nominating Body, the adjustment shall be determined on the
                  basis of that designation, nomination or recommendation),</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;">may be made with the consent of the Lender and the Borrowers. For the purpose of this Agreement:</div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-weight: bold;">&#8220;Relevant
        Nominating Body&#8221; </font>means any applicable central bank, regulator or other supervisory authority or a group of them, or any working group or committee sponsored or chaired by, or constituted at the request of, any of them or the Financial
      Stability Board.</div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-weight: bold;">&#8220;Replacement
        Benchmark&#8221; </font>means a benchmark rate which is:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="ze6ceefa598b040c6920467d6e795413c" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>formally designated, nominated or recommended as the replacement for a Screen Rate by:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z61a3feaa1c7f41f891d1e64b3be34699" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 144pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the administrator of that Screen Rate (provided that the market or economic reality that such benchmark rate measures is the same as that measured by that Screen
                  Rate); or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 73</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z1bacea2ce24e45ccb7b70a22bd1d04b9" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 144pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>any Relevant Nominating Body,</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 108pt; margin-bottom: 12pt;">and if replacements have, at the relevant time, been formally designated, nominated or recommended under both
      paragraphs, the &#8220;Replacement Benchmark&#8221; will be the replacement under paragraph (ii) above;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z7b38c04dd3324f3f99985f8df6947c7b" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>in the opinion of the Lender and the Borrowers, generally accepted in the international or any relevant domestic syndicated loan markets as the appropriate
                  successor to a Screen Rate; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z54988ad71c094ae5822eb3afe6284918" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>in the opinion of the Lender and the Borrowers, an appropriate successor to a Screen Rate.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt; font-weight: bold;">&#8220;Screen Rate Replacement Event&#8221; means, in relation to a Screen Rate:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z536c44491fd4447ba768a7a2110972a2" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the methodology, formula or other means of determining that Screen Rate has, in the opinion of the Lender and the Borrowers materially changed;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: -36pt; margin-left: 144pt; margin-bottom: 12pt;">(b)</div>
    <div style="text-align: justify; text-indent: -36pt; margin-left: 180pt; margin-bottom: 12pt;">(i)</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z02cbeecc21af43019e75086a343cd8b5" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 180pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(A)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the administrator of that Screen Rate or its supervisor publicly announces that such administrator is insolvent; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z4362798200144c97bc754abbe2644385" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 180pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(B)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Information is published in any order, decree, notice, petition or filing, however described, of or filed with a court, tribunal, exchange, regulatory authority or
                  similar administrative, regulatory or judicial body which reasonably confirms that the administrator of that Screen Rate is insolvent,</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 3.6pt; margin-left: 180pt; margin-bottom: 12pt;">provided that, in each case, at that time, there is no successor administrator to continue to
      provide that Screen Rate;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="za3f1be5e3ebf4ec582755f9b162b58d9" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 144pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the administrator of that Screen Rate publicly announces that it has ceased or will cease, to provide that Screen Rate permanently or indefinitely and, at that
                  time, there is no successor administrator to continue to provide that Screen Rate;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zdb80c2a0d2d34f658c36ad2af0b93ec4" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 144pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(iii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the supervisor of the administrator of that Screen Rate publicly announces that such Screen Rate has been or will be permanently or indefinitely discontinued; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zc53cc5435ad34274987b8f043ce2cb5e" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 144pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(iv)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the administrator of that Screen Rate or its supervisor announces that that Screen Rate may no longer be used; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z445f587c2da64277b27c52f097a2d869" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the administrator of that Screen Rate determines that that Screen Rate should be calculated in accordance with its reduced</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 74</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-left: 144pt; margin-bottom: 12pt;">submissions or other contingency or fallback policies or arrangements and either:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z4d128ab2c0614e7694f8a0de7faa150e" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 144pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the circumstance(s) or event(s) leading to such determination are not (in the opinion of the Lender and the Borrowers) temporary; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zbf9385084a22446db5733ae2a9373e2e" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 144pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>that Screen Rate Is calculated in accordance with any such policy or arrangement for a period no less than 15 Business Days; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z193265e4a6fc4bd3a16490a8741deb4f" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(d)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>in the opinion of the Lender and the Borrowers, that Screen Rate is otherwise no longer appropriate for the purposes of calculating interest under this Agreement.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zb7a91b750d9b4090b0b0c6ca1d53fc86" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; font-weight: bold;">27</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Set-Off</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zb3e6c729e3b544dbb5b163045e80593c" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">27.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Finance Documents</font> The Lender may set off any matured
                  obligation due from an Obligor under the Finance Documents (to the extent beneficially owned by the Lender) against any matured obligation owed by the Lender to that Obligor, regardless of the place of payment, booking branch or currency
                  of either obligation. If the obligations are in different currencies, the Lender may convert either obligation at a market rate of exchange in its usual course of business for the purpose of the set-off.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zcb510ea30fae4abe82d5002a5619ee28" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; font-weight: bold;">28</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Notices</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z7940be20114e4229833415927ed85a88" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">28.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Communications in writing</font>&#160;Any communication to be made under or in connection with the Finance Documents shall be made in writing and, unless otherwise stated, may be made by fax or letter.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z04b158d8c3834430968279de61474ea3" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">28.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Addresses</font> The address and fax number (and the department or
                  officer, if any, for whose attention the communication is to be made) of each Party for any communication or document to be made or delivered under or in connection with the Finance Documents is:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zc99ee690bd5f41d9a0fa24d77f418a12" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">28.2.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>in the case of each Borrower, that identified with its name below; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z8b7fd26be36c45f2982529e3c8fcaafe" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">28.2.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>in the case of the Lender, that identified with its name below,</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;">or any substitute address, fax number, or department or officer as the Party may notify to the other by not less
      than five Business Days&#8217; notice.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z11e84fb7704d4bfba62e1eb6b6bd56f3" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">28.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Delivery</font><font style="font-weight: bold;">&#160;</font>Any communication or document made or delivered by one Party to another under or in connection with the Finance Documents will only be effective:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z1a42ba04099b439ca40d5150536878be" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">28.3.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>if by way of fax, when received in legible form; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zf273611c898b4ac98a95621574c7b9db" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">28.3.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>if by way of letter, when it has been left at the relevant address or five (5) Business Days after being deposited in the post postage prepaid in an envelope
                  addressed to it at that address;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;">and, if a particular department or officer is specified as part of its address details provided under Clause 28.2 <font style="font-style: italic;">(Addresses), </font>if addressed to that department or officer.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 75</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;">Any communication or document to be made or delivered to the Lender will be effective only when actually received
      by the Lender and then only if it is expressly marked for the attention of the department or officer identified with the Lender&#8217;s signature below (or any substitute department or officer as the Lender shall specify for this purpose).</div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;">Any communication or document which becomes effective, in accordance with this Clause 28.3, after 5.00 p.m. in the
      place of receipt shall be deemed only to become effective on the following day.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z1a04ea99c8b443febff24717cc30e157" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; font-weight: bold;">28.4</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Electronic communication</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z5a2a1f6824ba4dce865cdbf93411a413" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">28.4.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Any communication to be made between any two Parties under or in connection with the Finance Documents may be made by electronic mail or other electronic means to
                  the extent that those two Parties agree that, unless and until notified to the contrary, this is to be an accepted form of communication and if those two Parties:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z65bd436219a04a75b884b00ea8d4aa9e" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>notify each other in writing of their electronic mail address and/or any other information required to enable the sending and receipt of information by that means;
                  and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z0d98d4952c5b4819a8607e8c9dbd03b6" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>notify each other of any change to their address or any other such information supplied by them by not less than five Business Days&#8217; notice.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z648216113fe1421b99122ead09f3ac6a" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">28.4.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Any electronic communication made between those two Parties will be effective only when actually received in readable form and in the case of any electronic
                  communication made by a Party to the Lender only if it is addressed in such a manner as the Lender shall specify for this purpose.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z50d80947dbb64600b240759e9d7a8fb5" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">28.4.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Any electronic communication which becomes effective, in accordance with Clause 28.4.2, after 5.00 p.m. in the place of receipt shall be deemed only to become
                  effective on the following day.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z2390655f548d47dcbb4b717c39515675" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">28.5</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">English language </font>Any notice given under or in connection
                  with any Finance Document must be in English. All other documents provided under or in connection with any Finance Document must be:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z29f499299ad247878ff37ef5f263df13" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">28.5.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>in English; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zbe7966b6de0944749dc397ad723707b5" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">28.5.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>if not in English, and if so required by the Lender, accompanied by a certified English translation and, in this case, the English translation will prevail unless
                  the document is a constitutional, statutory or other official document.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z37ec83d668764faa8dfbf704bdea047c" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; font-weight: bold;">29</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Calculations and Certificates</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z6507f4dfed04475a91f9c80a68d8352e" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">29.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Accounts</font> In any litigation or arbitration proceedings arising
                  out of or in connection with a Finance Document, the entries made in the accounts maintained by the Lender pursuant to Clause 26.6 <font style="font-style: italic;">(Control
                    account) </font>are, in the absence of manifest error, <font style="font-style: italic;">prima fade </font>evidence of the matters to which they relate.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 76</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zd8a08080a85d4ce184ddfc3e210e7336" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">29.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Certificates and determinations</font> Any certification or
                  determination by the Lender of a rate or amount under any Finance Document is, in the absence of manifest error, conclusive evidence of the matters to which it relates.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z53f5e039d0c1450a81c8485edc107ad8" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">29.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Day count convention</font> Any interest, commission or fee accruing
                  under a Finance Document will accrue from day to day and is calculated on the basis of the actual number of days elapsed and a year of 360 days or, in any case where the practice in the Relevant Interbank Market differs, in accordance
                  with that market practice.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zb4f52b16f8594c1684b3db70d84f6250" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; font-weight: bold;">30</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Partial Invalidity</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;">If, at any time, any provision of the Finance Documents is or becomes illegal, invalid or unenforceable in any
      respect under any law of any jurisdiction, neither the legality, validity or enforceability of the remaining provisions nor the legality, validity or enforceability of such provision under the law of any other jurisdiction will in any way be affected
      or impaired.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z86675eeb1bbd41fbb3c6e802333ec568" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; font-weight: bold;">31</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Remedies and Waivers</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;">No failure to exercise, nor any delay in exercising, on the part of the Lender or any Secured Party, any right or
      remedy under a Finance Document shall operate as a waiver of any such right or remedy or constitute an election to affirm any Finance Document. No election to affirm any Finance Document on the part of the Lender or any Secured Party shall be
      effective unless it is in writing. No single or partial exercise of any right or remedy shall prevent any further or other exercise or the exercise of any other right or remedy. The rights and remedies provided in this Agreement are cumulative and
      not exclusive of any rights or remedies provided by law.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zb784feb82be8443cbd7050749096153e" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; font-weight: bold;">32</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Confidentiality</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zeb0475c98a7e4ef2a75f2d7815cd3dc1" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">32.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Confidential Information The Lender agrees to keep all Confidential Information confidential and not to disclose it to anyone, save to the extent permitted by
                  Clause 32.2 <font style="font-style: italic;">(Disclosure of Confidential Information) </font>and Clause 32.3 <font style="font-style: italic;">(Disclosure to numbering service providers).</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zc2e172d21e324ce38d2683d00a497051" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">32.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Disclosure of Confidential Information </font>The Lender may
                  disclose:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z2be34adaa3024e2e96bd23b94fe9ed83" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">32.2.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>to any of its Affiliates and Related Funds and any of its or their officers, directors, employees, professional advisers, auditors, partners and Representatives
                  such Confidential Information as the Lender shall consider appropriate if any person to whom the Confidential Information is to be given pursuant to this Clause 32.2.1 is informed in writing of its confidential nature and that some or all
                  of such Confidential Information may be price-sensitive information except that there shall be no such requirement to so inform if the recipient is subject to professional obligations to maintain the confidentiality of the information or
                  is otherwise bound by requirements of confidentiality in relation to the Confidential Information;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z7d35cf5ba2a14bd79daf511cd2d873cd" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">32.2.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>to any person:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zaabdf9443a2b4372add7c8ddcc23105e" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>to (or through) whom it assigns or transfers (or may potentially assign or transfer) all or any of its rights and/or obligations under</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 77</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-left: 144pt; margin-bottom: 12pt;">one or more Finance Documents and to any of that person&#8217;s Affiliates, Related Funds, Representatives and
      professional advisers;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zdeb76397708249c9b7afe45f05e60d08" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>with (or through) whom it enters into (or may potentially enter into), whether directly or indirectly, any sub-participation in relation to, or any other
                  transaction under which payments are to be made or may be made by reference to, one or more Finance Documents and/or one or more Obligors and to any of that person&#8217;s Affiliates, Related Funds, Representatives and professional advisers;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z610581175a124e1ab1af536f2a6d6724" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>appointed by the Lender or by a person to whom Clause 32.2.2(a) or 32.2.2(b) applies to receive communications, notices, information or documents delivered pursuant
                  to the Finance Documents on its behalf;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zcd79e24ac9404de2a15a3f574368f925" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(d)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>who invests in or otherwise finances (or may potentially invest in or otherwise finance), directly or indirectly, any transaction referred to in Clause 32.2.2(a) or
                  32.2.2(b);</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zeab51d1d37e942aab26bcc42a6178fd5" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(e)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>to whom information is required or requested to be disclosed by any court of competent jurisdiction or any governmental, banking, taxation or other regulatory
                  authority or similar body, the rules of any relevant stock exchange or pursuant to any applicable law or regulation;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z91922f29252049d69076e3ab502ab0a3" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(f)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>to whom information is required to be disclosed in connection with, and for the purposes of, any litigation, arbitration, administrative or other investigations,
                  proceedings or disputes;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z33dd5d9ee2af454ebdf92fa815bd02c1" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(g)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>who is a Party; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z1fc2d5cf053945d9bd298abf980c2152" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(h)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>with the consent of the Borrowers;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 7.2pt; margin-left: 108pt; margin-bottom: 12pt;">in each case, such Confidential Information as the Lender shall consider appropriate if:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zc0613c77d0594d97bed25a6f98fc2cd6" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 144pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>in relation to Clauses 32.2.2(a), 32.2.2(b) and 32.2.2(c), the person to whom the Confidential Information is to be given has entered into a Confidentiality
                  Undertaking except that there shall be no requirement for a Confidentiality Undertaking if the recipient is a professional adviser and is subject to professional obligations to maintain the confidentiality of the Confidential Information;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="za65cf4cb8d7e4a2daa020cce45e1e3ee" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 144pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>in relation to Clause 32.2.2(d), the person to whom the Confidential Information is to be given has entered into a Confidentiality Undertaking or is otherwise bound
                  by requirements of confidentiality in relation to the Confidential Information they receive and is informed that</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 78</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-left: 180pt; margin-bottom: 12pt;">some or all of such Confidential Information may be price-sensitive information;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zd64695db33d64dca984e985bb2ebc32d" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 144pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(iii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>in relation to Clauses 32.2.2(e) and 32.2.2(f), the person to whom the Confidential Information is to be given is informed of its confidential nature and that some
                  or all of such Confidential Information may be price-sensitive information except that there shall be no requirement to so inform if, in the opinion of the Lender, it is not practicable so to do in the circumstances;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z4702387ec7b04224b979360e9d8df106" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">32.2.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>to any person appointed by the Lender or by a person to whom Clause 32.2.2(a) or 32.2.2(b) applies to provide administration or settlement services in respect of
                  one or more of the Finance Documents including without limitation, in relation to the trading of participations in respect of the Finance Documents, such Confidential Information as may be required to be disclosed to enable such service
                  provider to provide any of the services referred to in this Clause 32.2.3 if the service provider to whom the Confidential Information is to be given has entered into a Confidentiality Undertaking; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z4fd04cf21b5a4eb68ceab0a7ceb71290" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">32.2.4</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>to any rating agency (including its professional advisers) such Confidential Information as may be required to be disclosed to enable such rating agency to carry
                  out its normal rating activities in relation to the Finance Documents and/or the Obligors and/or the Group if the rating agency to whom the Confidential Information is to be given is informed of its confidential nature and that some or
                  all of such Confidential Information may be price-sensitive information.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z0d941dc31f0b4bb2bcb2c17fffd665e5" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">32.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Disclosure to numbering service providers</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="za3ff21dd5ac641fbabfe9ec6509956ff" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">32.3.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>The Lender may disclose to any national or international numbering service provider appointed by the Lender to provide identification numbering services in respect
                  of this Agreement, the Loan and/or one or more Obligors the following information:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z8fdfe53984b94852ae035ec5c4726f30" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>names of Obligors;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="ze0ab981f9b9e48fc9d02ea4c7551e853" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>country of domicile of Obligors;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z7a0cb403e4bc48c49e0d647ca90d7369" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>place of incorporation of Obligors;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z6bccedea4061484c9711ce9487de9696" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(d)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>date of this Agreement;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z3e7dc49ab1f74617ae169def142d7be7" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(e)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Clause 34 <font style="font-style: italic;">(Governing law);</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z92a12b7811804a04bac51cb968be98d5" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(f)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>date of each amendment and restatement of this Agreement;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z4214ae1571a54bf5b1bc03773931bf78" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(g)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>amount of the Loan;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zce90162f778543eebf5b5363f7882be9" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(h)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>currencies of the Loan;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z4b0b80967fc346aeb2b4d969c04669af" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>type of Loan;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 79</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z9148d34341374074b592e8cc6047e073" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(j)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>ranking of the Loan;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z2892738cb10c48fab40b587b345df88d" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(k)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Termination Date;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z72e64686eb664f2aae15388d99d25644" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(I)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>changes to any of the Information previously supplied pursuant to (a) to (I); and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z7e774012944d433aae29417c8e84c2ca" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(m)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>such other information agreed between the Lender and that Obligor,</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 108pt; margin-bottom: 12pt;">to enable such numbering service provider to provide its usual syndicated loan numbering identification services.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zc0c3be05f1fe4371a1af3366083bb7f6" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">32.3.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>The Parties acknowledge and agree that each identification number assigned to this Agreement, the Loan and/or one or more Obligors by a numbering service provider
                  and the information associated with each such number may be disclosed to users of its services in accordance with the standard terms and conditions of that numbering service provider.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="ze5f01a117ce1438b909d08389eeb2673" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">32.3.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Each Borrower represents that none of the information set out in Clauses 32.3.1(a) to 32,3.1(m) is, nor will at any time be, unpublished price-sensitive
                  information.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z1a1dd5b16251496ba943c996e29276d2" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">32.4</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Entire agreement</font> This Clause 32 constitutes the entire
                  agreement between the Parties in relation to the obligations of the Lender under the Finance Documents regarding Confidential Information and supersedes any previous agreement, whether express or implied, regarding Confidential
                  Information.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zf3c1d46f321a4abf87dd457e6758bbdd" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">32.5</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Inside information</font> The Lender acknowledges that some or all
                  of the Confidential Information is or may be price-sensitive information and that the use of such information may be regulated or prohibited by applicable legislation including securities law relating to insider dealing and market abuse
                  and the Lender undertakes not to use any Confidential Information for any unlawful purpose.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z668f6412239445c18a6117fb40aa75cb" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">32.6</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Notification of disclosure</font> The Lender agrees (to the extent
                  permitted by law and regulation) to inform the Borrowers:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zd6be7a920bee48e3871e40d968ecbadf" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">32.6.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>of the circumstances of any disclosure of Confidential Information made pursuant to Clause 32.2.2(e) <font style="font-style: italic;">(Disclosure of Confidential Information) </font>except where such disclosure is made to any of the persons referred to in that Clause during the ordinary course of its supervisory or regulatory
                  function; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z0052467759564e8cacfdcd6784b887a8" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">32.6.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>upon becoming aware that Confidential Information has been disclosed in breach of this Clause 32.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z816784d2728b49449d1fa8a3dd9fd564" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">32.7</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Continuing obligations</font> The obligations in this Clause 32 are
                  continuing and, in particular, shall survive and remain binding on the Lender for a period of 12 months from the earlier of:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zd587788e7a76454ca59d93a712292506" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">32.7.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the date on which all amounts payable by the Obligors under or in connection with the Finance Documents have been paid in full and the Loan has been cancelled or
                  otherwise ceases to be available; and Page 80</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 80</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z38fd53df958c4c618fc9050731d00f1c" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">32.7.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the date on which the Lender otherwise ceases to be the Lender.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z29511b7f92e9412f8f90f5d746bb3687" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; font-weight: bold;">33</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Counterparts</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;">Each Finance Document may be executed in any number of counterparts, and this has the same effect as if the
      signatures on the counterparts were on a single copy of the Finance Document.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 81</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z628448ace662486a83d8e7fcab20b850" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">Section 12</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">Governing Law and Enforcement</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z1c45cb86b7324faf89d38f12373b40e5" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; font-weight: bold;">34</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Governing Law</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;">This Agreement and any non-contractual obligations arising out of or in connection with it are governed by English
      law.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z17cc78972fde4c0b8064c44fed1b4913" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; font-weight: bold;">35</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Enforcement</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="ze8d3722a7cd3462e8ab1dae467b66f3c" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">35.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Jurisdiction of English courts</font> The courts of England have
                  exclusive jurisdiction to settle any dispute arising out of or in connection with this Agreement (including a dispute relating to the existence, validity or termination of this Agreement or any non-contractual obligation arising out of or
                  in connection with this Agreement) (a <font style="font-weight: bold;">&#8220;Dispute&#8221;).</font> Each Party agrees that the courts of England are the most appropriate and convenient
                  courts to settle Disputes and accordingly no Party will argue to the contrary.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;">This Clause 35.1 is for the benefit of the Lender only. As a result, the Lender shall not be prevented from taking
      proceedings relating to a Dispute in any other courts with jurisdiction. To the extent allowed by law, the Lender may take concurrent proceedings in any number of jurisdictions.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z76ec29d37d91475998ed7fdef1f242f7" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">35.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Service of process</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z2c5b25f09ab044a3bec8da80a3af8bfc" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">35.2.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Without prejudice to any other mode of service allowed under any relevant law, each Borrower:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z4be7bae4995e4be1a02ce2306324242f" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>irrevocably appoints Hill Dickinson Services (London) Ltd of Broadgate Tower, 20 Primrose Street, London EC2A 2E, United Kingdom as its agent for service of process
                  in relation to any proceedings before the English courts in connection with any Finance Document; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z4c6b7e5dfde243cbb1f34cc034ec19b4" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>agrees that failure by a process agent to notify that Borrower of the process will not invalidate the proceedings concerned.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zcc7549de315e4b5fbe17c14b567a5fbc" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">35.2.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>If any person appointed as an agent for service of process is unable for any reason to act as agent for service of process or terminates its appointment as agent
                  for service of process, the relevant Borrower must immediately (and in any event within five days of such event taking place) appoint another agent on terms acceptable to the Lender&#8222; Failing this, the Lender may appoint another agent for
                  this purpose.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">This Agreement has been entered into on the date stated at the beginning of this Agreement.</div>
    <div style="text-align: right; margin-bottom: 12pt;">Page 82</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 82</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 12pt; font-weight: bold;">Schedule 1.</div>
    <div style="margin-bottom: 12pt; font-weight: bold;">Part I</div>
    <div style="margin-bottom: 12pt; font-weight: bold;">Conditions Precedent</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z6a6a89245299444a8f1ff51f46d55fff" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Obligors</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z483f9a1c523940bb83f9f7852296deea" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Constitutional documents</font><font style="font-weight: bold;">&#160;</font>Copies of the constitutional documents of each Obligor together with such other evidence as the Lender may reasonably require that each Obligor is duly
                  incorporated in its country of incorporation and remains in existence with power to enter into, and perform its obligations under, the Relevant Documents to which it is or is to become a party.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z6192f91a919c4d09ad11e22f1de3071a" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Certificates of good standing </font>A certificate of good standing
                  in respect of each Obligor (if such a certificate can be obtained).</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z8187fd994d0948829721b079af851860" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Board resolutions </font>A copy of a resolution of the board of
                  directors of each Obligor:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zbc359b3703344484b0c6b85bca7af468" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>approving the terms of, and the transactions contemplated by, the Relevant Documents to which it is a party and resolving that it execute those Relevant Documents;
                  and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z16f6acc8898d43a18e5caa36d89f1fbd" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>authorising a specified person or persons to execute those Relevant Documents (and all documents and notices to be signed and/or dispatched under those documents)
                  on its behalf.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z517e1b76de9f493e944bcf531e7dc08c" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">(d)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Specimen signatures or Copy passports </font>A specimen of the
                  signature or copy of the passport of each person authorised by the resolutions referred to in (c).</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z113fb7379a9b4158b1612d0b37a22b00" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">(e)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Shareholder resolutions </font>A copy of a resolution signed by all
                  the holders of the issued shares in each Obligor (other than the Guarantor and the Manager), approving the terms of, and the transactions contemplated by, the Relevant Documents to which that Obligor (other than the Guarantor and the
                  Manager) is a party.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z6b1704d56986465cae8504a605467ebf" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">(f)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Extract of Shareholder resolutions </font>A copy of the extract of
                  a resolution signed by the Secretary of the Manager, approving the terms of, and the transactions contemplated by, the Relevant Documents to which the Manager is a party.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zeae12ec7c207474a913fe4b0fb88ae1e" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">(g)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Officer&#8217;s certificates </font>An original certificate of a duly
                  authorised officer of each Obligor:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zb6375d532ad7413284d7467f13215fb5" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>certifying that each copy document relating to it specified in this Part I of Schedule 1 is correct, complete and in full force and effect;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zb712d26c4e7a4f31a9fdf3d7d4d33c92" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>setting out the names of the directors, officers and shareholders of that Obligor (other than in respect of the shareholders of the</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 83</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-left: 144pt; margin-bottom: 12pt;">Guarantor and the Manager) and the proportion of shares held by each shareholder; and</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zc79f2a106265421792bcda2be0a1c75b" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(iii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>confirming that borrowing or guaranteeing or securing, as appropriate, the Loan would not cause any borrowing, guarantee, security or similar limit binding on that
                  Obligor to be exceeded.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z9f148a85f0ad47ed91e19e7ef85b2f9c" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">(h)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Powers of attorney</font> The original notarially attested and
                  legalised power of attorney of each of the Obligors under which the Relevant Documents to which it is or is to become a party are to be executed or transactions undertaken by that Obligor.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z3b9085f10c104283870537ebbed0884b" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Security and related documents</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z399d5cd997784c1a818ae6cdb119a2bd" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Vessel documents</font> Photocopies, certified as true, accurate and
                  complete by a director or the secretary or the legal advisers of the Borrowers, of:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zab13ae84c8164c358a5d8b220fa7b097" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the MOA in respect of the Vessel;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zadcae5742d394402bba5d8508b66f4f2" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the bill of sale transferring title in the Vessel to the relevant Borrower free of all encumbrances, maritime liens or other debts;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z6f63d2efc30c4a69a5f66ce8cc69894a" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(iii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the protocol of delivery and acceptance evidencing the unconditional physical delivery of the Vessel by the relevant Seller to the relevant Borrower pursuant to the
                  MOA;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zff947bc04eb54e02a0c210650f54d67f" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>any charterparty or other contract of employment of the Vessel which will be in force on the Utilisation Date;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z421121a33dc44a5ca83afe147ff9ec30" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the Management Agreements in respect of the Vessel;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zb789cdb02c014567be71d7a76e74005e" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(iii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the Vessel&#8217;s current Safety Construction, Safety Equipment, Safety Radio, Oil Pollution Prevention and Load Line Certificates;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zf9703746ed4f42c6b82bd5950a8e3391" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(iv)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>evidence of the Vessel&#8217;s current Certificate of Financial Responsibility issued pursuant to the United States Oil Pollution Act 1990;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z0358f514edf54447aa75d8fed412b8b8" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(v)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the Vessel&#8217;s current SMC;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z9fca0894a70944e383cb3d24ff4c3ca2" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(vi)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the ISM Company&#8217;s current DOC;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zc380eb7e3ba2425dae3553e248b3ed05" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(vii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the Vessel&#8217;s current ISSC;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zd788a560b984432cba5dd5af1d4aee8d" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(viii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the Vessel&#8217;s current IAPPC; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z276c53c70eea41dbb61faf1bc41698b7" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(ix)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the Vessel&#8217;s current Tonnage Certificate;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="margin-left: 108pt; margin-bottom: 12pt;">in each case together with all addenda, amendments or supplements.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z193cf5f3883d4d72827b23bbbb28f015" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Evidence of relevant Seller&#8217;s title</font><font style="font-weight: bold;">&#160;</font>Certificate of ownership and encumbrance (or equivalent) issued by the Registrar of Ships (or equivalent official) of the Vessel&#8217;s current flag confirming
                  that the Vessel is owned by</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 84</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 8pt;"><br>
    </div>
    <div style="margin-left: 108pt; margin-bottom: 12pt;">the relevant Seller and free of registered Encumbrances, other than in favour of the Lender.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z27444e05d3fb4fdc93e51ec3011b75b9" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Evidence of Borrower&#8217;s title</font> Evidence that on the Utilisation
                  Date (i) the Vessel will be at least provisionally registered under the flag stated in Preliminary (A) in the ownership of the relevant Borrower and (ii) the Mortgage will be capable of being registered against the Vessel with first
                  priority.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z9cb9565f283740b58c502add1168e5ca" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">(d)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Evidence of insurance</font> Evidence that the Vessel is insured in
                  the manner required by the Security Documents and that letters of undertaking will be issued in the manner required by the Security Documents, together with (if required by the Lender) the written approval of the Insurances by an
                  insurance adviser appointed by the Lender.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zec5661daf97e4980b8a4ea076cdf8b8a" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">(e)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Confirmation of class </font>A&#160; Class Certificate and/or
                  Certificate of Confirmation of Class for hull and machinery confirming that the Vessel is classed with the highest class applicable to vessels of her type with Lloyd&#8217;s Register or such other classification society as may be acceptable to
                  the Lender free of any recommendations affecting class.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z3cc4e9f9dbac4e14aeee481fdb3db42b" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">(f)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Valuation</font> Not more than 20 days prior to the relevant
                  Utilisation Date, a valuation of the Vessel addressed to the Lender from an Approved Shipbroker certifying the Market Value for the Vessel, acceptable to the Lender.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z492bbc8925394eb3830a835f67903f25" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">(g)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Security Documents</font> The Security Documents, together with all
                  other documents required by any of them, including, without limitation, all notices of assignment and/or charge and evidence that those notices will be duly acknowledged by the recipients.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z38fc3d22884741dd8b3f64e7c4ac4b90" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">(h)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Clause 20.2</font> In respect of the relevant Utilisation Date,
                  evidence that Clause 20.2 <font style="font-style: italic;">(Cash Collateral Amount) </font>has been complied with to the absolute satisfaction of the Lender.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zbbb94ffcd89b4d6c9b23f417b038c3b2" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Mandates</font> Such duly signed forms of mandate, and/or other
                  evidence of the opening of the Earnings Accounts, as the Lender may require.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z4043fdb60e01446282b6bdd218d4953d" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">(j)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">No disputes</font> The written confirmation of the Borrowers that
                  there is no dispute under any of the Relevant Documents as between the parties to any such document.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z10fa2614d9674c26865dcf0049d20154" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">(k)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Ultimate beneficial owner</font> Evidence of the Borrowers&#8217; ultimate
                  beneficial owner(s) in a form and substance acceptable to the Lender prior to the date of this Agreement.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z7722867d12fd4ff285d7568a59c396f5" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">(l)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Other Relevant Documents</font> Copies of each of the Relevant
                  Documents not otherwise comprised in the documents listed in this Part I of Schedule 1.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zf2a81321a7be42b488264ee0706e2311" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;">(m)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Equity Contribution</font> If applicable, evidence of full payment
                  to the Seller of any part of the purchase price of the Vessel under the relevant MOA which is payable on or before the relevant Utilisation Date and which is not being financed by the Loan.</div>
              </td>
            </tr>

        </table>
        <div> <br>
        </div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
          <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 85</font></div>
          <div style="page-break-after: always;" id="DSPFPageBreak">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
        </div>
        <div>
          <div style="margin-bottom: 12pt;">
            <div>
              <table cellspacing="0" cellpadding="0" id="z5cae5f3678354a6d8e38b73402d3ace9" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                  <tr>
                    <td style="width: 54pt; vertical-align: top; align: right;">3</td>
                    <td style="width: auto; vertical-align: top; text-align: justify;">
                      <div style="font-weight: bold;">Legal opinions</div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
          <div style="margin-left: 54pt; margin-bottom: 12pt;">The following legal opinions, each addressed to the Lender, or confirmation satisfactory to the Lender that
            such opinions will be given:</div>
          <div style="margin-bottom: 12pt;">
            <div>
              <table cellspacing="0" cellpadding="0" id="z4dab6baebce44f57b248320660c3c339" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                  <tr>
                    <td style="width: 54pt;"><br>
                    </td>
                    <td style="width: 54pt; vertical-align: top; align: right;">(a)</td>
                    <td style="width: auto; vertical-align: top; text-align: justify;">
                      <div>a legal opinion of Stephenson Harwood LLP, legal advisers to the Lender as to English law substantially in the form provided to the Lender prior to signing
                        this Agreement;</div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
          <div style="margin-bottom: 12pt;">
            <div>
              <table cellspacing="0" cellpadding="0" id="z5fb85d3ab8894d87a7d0eb6623eddc6c" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                  <tr>
                    <td style="width: 54pt;"><br>
                    </td>
                    <td style="width: 54pt; vertical-align: top; align: right;">(b)</td>
                    <td style="width: auto; vertical-align: top; text-align: justify;">
                      <div>a legal opinion of the following legal advisers to the Lender:</div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
          <div style="margin-bottom: 12pt;">
            <div>
              <table cellspacing="0" cellpadding="0" id="z71b55a66b4e6463d9538409f9d4167c3" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                  <tr>
                    <td style="width: 108pt;"><br>
                    </td>
                    <td style="width: 36pt; vertical-align: top; align: right;">(i)</td>
                    <td style="width: auto; vertical-align: top; text-align: justify;">
                      <div>Herring Parry Khan Law Office (part of Ince Gordon Dadds International), as to Liberian law; and</div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
          <div style="margin-bottom: 12pt;">
            <div>
              <table cellspacing="0" cellpadding="0" id="zaf09533e14c84fc99195d4e60e6a06d2" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                  <tr>
                    <td style="width: 108pt;"><br>
                    </td>
                    <td style="width: 36pt; vertical-align: top; align: right;">(ii)</td>
                    <td style="width: auto; vertical-align: top; text-align: justify;">
                      <div>Herring Parry Khan Law Office (part of Ince Gordon Dadds International), as to Marshal Islands law.</div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
          <div style="margin-bottom: 12pt;">
            <div>
              <table cellspacing="0" cellpadding="0" id="z4df0aae721fb4232957e7f90291db277" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                  <tr>
                    <td style="width: 54pt; vertical-align: top; align: right;">4</td>
                    <td style="width: auto; vertical-align: top; text-align: justify;">
                      <div style="font-weight: bold;">Other documents and evidence</div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
          <div style="margin-bottom: 12pt;">
            <div>
              <table cellspacing="0" cellpadding="0" id="zefe79cae3a32405883add7cf8829f22a" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                  <tr>
                    <td style="width: 54pt;"><br>
                    </td>
                    <td style="width: 54pt; vertical-align: top; align: right;">(a)</td>
                    <td style="width: auto; vertical-align: top; text-align: justify;">
                      <div><font style="font-weight: bold;">Utilisation Request</font> A duly completed Utilisation
                        Request.</div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
          <div style="margin-bottom: 12pt;">
            <div>
              <table cellspacing="0" cellpadding="0" id="z8d7195f598b5450aaa4448fff87dc9d4" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                  <tr>
                    <td style="width: 54pt;"><br>
                    </td>
                    <td style="width: 54pt; vertical-align: top; align: right;">(b)</td>
                    <td style="width: auto; vertical-align: top; text-align: justify;">
                      <div><font style="font-weight: bold;">Process agent</font> Evidence that any process agent referred
                        to in Clause 35.2 <font style="font-style: italic;">(Service of process) </font>and any process agent appointed under any other Finance Document has accepted its
                        appointment.</div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
          <div style="margin-bottom: 12pt;">
            <div>
              <table cellspacing="0" cellpadding="0" id="z655d9fcd996d4a259f3123d325c6683a" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                  <tr>
                    <td style="width: 54pt;"><br>
                    </td>
                    <td style="width: 54pt; vertical-align: top; align: right;">(c)</td>
                    <td style="width: auto; vertical-align: top; text-align: justify;">
                      <div><font style="font-weight: bold;">Other Authorisations </font>A copy of any other Authorisation
                        or other&#160; document, opinion or assurance which the Lender considers to be necessary or desirable (if it has notified the Borrowers accordingly) in connection with the entry into and performance of the transactions contemplated by
                        any Relevant Document or for the validity and enforceability of any Relevant Document.</div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
          <div style="margin-bottom: 12pt;">
            <div>
              <table cellspacing="0" cellpadding="0" id="zd86def5afbd24f7bbd1f0bf7d1bf7cc1" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                  <tr>
                    <td style="width: 54pt;"><br>
                    </td>
                    <td style="width: 54pt; vertical-align: top; align: right;">(d)</td>
                    <td style="width: auto; vertical-align: top; text-align: justify;">
                      <div><font style="font-weight: bold;">Financial statements</font> A copy of the Original Financial
                        Statements of the Guarantor.</div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
          <div style="margin-bottom: 12pt;">
            <div>
              <table cellspacing="0" cellpadding="0" id="z16d1b9ae21e849888d6b55733046eb83" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                  <tr>
                    <td style="width: 54pt;"><br>
                    </td>
                    <td style="width: 54pt; vertical-align: top; align: right;">(e)</td>
                    <td style="width: auto; vertical-align: top; text-align: justify;">
                      <div><font style="font-weight: bold;">Fees</font><font style="font-weight: bold;">&#160;</font>Evidence that the fees, costs and expenses then due from the<br>
                        Borrowers under Clause 11 <font style="font-style: italic;">(Fees) </font>and Clause 16 <font style="font-style: italic;">(Costs and Expenses) </font>have been paid or will be paid by the relevant Utilisation Date.</div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
          <div style="margin-bottom: 12pt;">
            <div>
              <table cellspacing="0" cellpadding="0" id="zdcadadabc9504692b6a8e412b7817872" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                  <tr>
                    <td style="width: 54pt;"><br>
                    </td>
                    <td style="width: 54pt; vertical-align: top; align: right;">(f)</td>
                    <td style="width: auto; vertical-align: top; text-align: justify;">
                      <div><font style="font-weight: bold;">&#8220;Know your customer&#8221; documents</font> Such documentation and
                        other&#160; evidence as is reasonably requested by the Lender prior to the execution of this Agreement in order for the Lender to comply with all necessary &#8220;know your customer&#8221; or similar identification procedures in relation to the
                        transactions contemplated in the Finance Documents including (without limitation) all documents required under any regulation or laws in force in the United Kingdom and the Regulation 281/2009 of the Central Bank of Greece, such
                        documents to be to the absolute satisfaction of the Lender. The Borrowers shall provide the Lender with evidence that the Borrowers, the Guarantor and all their respective corporate shareholders (if any) have issued registered
                        shares.</div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
          <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
            <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 86</font></div>
            <div id="DSPFPageBreak" style="page-break-after:always;">
              <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
          </div>
          <div style="text-align: left; margin-bottom: 12pt; font-weight: bold;">Part II</div>
          <div style="text-align: left; margin-bottom: 12pt; font-weight: bold;">Conditions Subsequent</div>
          <div style="margin-bottom: 12pt;">
            <div>
              <table cellspacing="0" cellpadding="0" id="zb7fc2a57870c4169818b6f7c164310a5" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                  <tr>
                    <td style="width: 54pt; vertical-align: top; font-family: 'Times New Roman',Times,serif; font-weight: normal;">1</td>
                    <td style="width: auto; vertical-align: top; text-align: justify;">
                      <div><font style="font-weight: bold;">Evidence of Borrower&#8217;s title</font><font style="font-weight: bold;">&#160;</font>Certificate of ownership and encumbrance (or equivalent) issued by the Registrar of Ships (or equivalent official) of the flag stated in Preliminary
                        (A) confirming that (a) the Vessel is permanently registered under that flag in the ownership of the relevant Borrower, (b) the Mortgage has been registered with first priority against the Vessel and (c) there are no further
                        Encumbrances registered against the Vessel.</div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
          <div style="margin-bottom: 12pt;">
            <div>
              <table cellspacing="0" cellpadding="0" id="za3fa4507fc524171b66e31aa910e675a" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                  <tr>
                    <td style="width: 54pt; vertical-align: top; align: right;">2</td>
                    <td style="width: auto; vertical-align: top; text-align: justify;">
                      <div><font style="font-weight: bold;">Letters of undertaking </font>Letters of undertaking in
                        respect of the Insurances as required by the Security Documents together with copies of the relevant policies or cover notes or entry certificates duly endorsed with the interest of the Lender.</div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
          <div style="margin-bottom: 12pt;">
            <div>
              <table cellspacing="0" cellpadding="0" id="z7fd7e89267ea41c3b0a873578aa4f42a" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                  <tr>
                    <td style="width: 54pt; vertical-align: top; align: right;">3</td>
                    <td style="width: auto; vertical-align: top; text-align: justify;">
                      <div><font style="font-weight: bold;">Acknowledgements of notices </font>Acknowledgements of all
                        notices of assignment and/or charge given pursuant to the Security Documents.</div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
          <div style="margin-bottom: 12pt;">
            <div>
              <table cellspacing="0" cellpadding="0" id="zbb3393e077ab4619bb7ad66b19c56762" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                  <tr>
                    <td style="width: 54pt; vertical-align: top; align: right;">4</td>
                    <td style="width: auto; vertical-align: top; text-align: justify;">
                      <div><font style="font-weight: bold;">Legal opinions </font>Such of the legal opinions specified in
                        Part I of this Schedule 1 as have riot already been provided to the Lender.</div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
          <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
            <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 87</font></div>
            <div id="DSPFPageBreak" style="page-break-after:always;">
              <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
          </div>
          <div style="text-align: left; margin-left: 3.6pt; margin-bottom: 12pt; font-weight: bold;">Schedule 2</div>
          <div style="text-align: left; margin-left: 3.6pt; margin-bottom: 12pt; font-weight: bold;">Utilisation Request</div>
          <div style="text-align: left; margin-bottom: 12pt;">
            <div>
              <table cellspacing="0" cellpadding="0" id="zecc171cffc054d97bc59f8d966824901" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                  <tr>
                    <td style="width: 54pt; vertical-align: top; align: right;">From:</td>
                    <td style="width: auto; vertical-align: top;">
                      <div>Kea Shipowners Ltd<br>
                        Spetses Shipowners Ltd<br>
                        Hydra Shipowners Ltd</div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
          <div style="text-align: left; margin-bottom: 12pt;">
            <div>
              <table cellspacing="0" cellpadding="0" id="zcefdb3857f00475aa8e565063458d920" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                  <tr>
                    <td style="width: 54pt; vertical-align: top; align: right;">To:</td>
                    <td style="width: auto; vertical-align: top;">
                      <div>HSBC BANK plc</div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
          <div style="text-align: left; margin-bottom: 12pt;">
            <div>
              <table cellspacing="0" cellpadding="0" id="zd95a9fb080184a24b0281eeafa0f15bf" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                  <tr>
                    <td style="width: 54pt; vertical-align: top; align: right;">Dated:</td>
                    <td style="width: auto; vertical-align: top;">
                      <div>________________&#160;&#160; 2019</div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
          <div style="text-align: left; text-indent: -54pt; margin-left: 54pt; margin-bottom: 12pt;">Dear Sirs</div>
          <div style="text-align: left; margin-bottom: 12pt; font-weight: bold;">Kea Shipowners Ltd, Spetses Shipowners Ltd and Hydra Shipowners Ltd, as joint and several borrowers&#8212;
            US$12,500,000 Loan Agreement dated _______________<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 6pt;">&#160; </font>2019 (the &#8220;Agreement&#8221;)</div>
          <div style="margin-bottom: 12pt;">
            <div>
              <table cellspacing="0" cellpadding="0" id="z1ed7a94dcee64564b4560bfca854ef16" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                  <tr>
                    <td style="width: 54pt; vertical-align: top; align: right;">1</td>
                    <td style="width: auto; vertical-align: top; text-align: justify;">
                      <div>We refer to the Agreement. This is the Utilisation Request. Terms defined in the Agreement have the same meaning in this Utilisation Request unless given a
                        different meaning in this Utilisation Request.</div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
          <div style="margin-bottom: 12pt;">
            <div>
              <table cellspacing="0" cellpadding="0" id="z67cc1dac521a4da2b727f678ccdd139f" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                  <tr>
                    <td style="width: 54pt; vertical-align: top; align: right;">2</td>
                    <td style="width: auto; vertical-align: top; text-align: justify;">
                      <div>We wish to borrow the Loan on the following terms:</div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
          <div style="margin-left: 54pt; margin-bottom: 12pt;">Proposed Utilisation Date: [&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;] (or, if that is not a Business Day, the next Business Day)</div>
          <div style="margin-left: 54pt; margin-bottom: 12pt;">Currency of Loan:<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.04pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>dollars</div>
          <div style="margin-left: 54pt; margin-bottom: 12pt;">Amount: [&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;]</div>
          <div style="margin-left: 54pt; margin-bottom: 12pt;">Interest Period: [&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;]</div>
          <div style="margin-bottom: 12pt;">
            <div>
              <table cellspacing="0" cellpadding="0" id="z86b7abbf27f84a56bfa39756d3ebc54e" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                  <tr>
                    <td style="width: 54pt; vertical-align: top; align: right;">3</td>
                    <td style="width: auto; vertical-align: top; text-align: justify;">
                      <div>We confirm that each condition specified in Clause 4.2 <font style="font-style: italic;">(Further
                          conditions precedent) </font>is satisfied on the date of this Utilisation Request.</div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
          <div style="margin-bottom: 12pt;">
            <div>
              <table cellspacing="0" cellpadding="0" id="zee304ecf08ad4112b801a2a9cf730e91" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                  <tr>
                    <td style="width: 54pt; vertical-align: top; align: right;">4</td>
                    <td style="width: auto; vertical-align: top; text-align: justify;">
                      <div>The proceeds of the Loan should be paid towards [</div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
          <div style="margin-bottom: 12pt;">
            <div>
              <table cellspacing="0" cellpadding="0" id="za0bf0b17c2e64d48996dd3203822d689" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                  <tr>
                    <td style="width: 54pt; vertical-align: top; align: right;">5</td>
                    <td style="width: auto; vertical-align: top; text-align: justify;">
                      <div>This Utilisation Request is irrevocable.</div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
          <div style="text-align: left; margin-bottom: 12pt;">Yours faithfully</div>
          <div style="margin-bottom: 12pt;"><br>
          </div>
          <div style="text-align: left; margin-bottom: 12pt;">_____________________</div>
          <div style="text-align: left; margin-bottom: 12pt;">authorised signatory for</div>
          <div style="text-align: left; margin-bottom: 12pt; font-weight: bold;">Kea Shipowners Ltd<br>
            Spetses Shipowners Ltd<br>
            Hydra Shipowners Ltd</div>
          <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
            <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 88</font></div>
            <div id="DSPFPageBreak" style="page-break-after:always;">
              <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
          </div>
          <div style="text-align: left; margin-bottom: 12pt; font-weight: bold;">Schedule 3</div>
          <div style="text-align: left; margin-bottom: 12pt; font-weight: bold;">Form of Compliance Certificate</div>
          <div style="text-align: left; margin-bottom: 12pt;">
            <div>
              <table cellspacing="0" cellpadding="0" id="z0ff74b1e41db4b298a97d5a14867a1f9" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                  <tr>
                    <td style="width: 54pt; vertical-align: top; align: right;">To:</td>
                    <td style="width: auto; vertical-align: top;">
                      <div>HS BC BANK plc</div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
          <div style="text-align: left; margin-bottom: 12pt;">
            <div>
              <table cellspacing="0" cellpadding="0" id="zbf456895f62e41a6a2e1088ac86db21d" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                  <tr>
                    <td style="width: 54pt; vertical-align: top; align: right;">From:</td>
                    <td style="width: auto; vertical-align: top;">
                      <div>Kea Shipowners Ltd<br>
                        Spetses Shipowners Ltd<br>
                        Hydra Shipowners Ltd<br>
                        Euroseas Ltd.</div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
          <div style="text-align: left; margin-left: 3.6pt; margin-bottom: 12pt;">Dated:</div>
          <div style="text-align: left; margin-left: 3.6pt; margin-bottom: 12pt;">Dear Sirs</div>
          <div style="margin-bottom: 12pt; font-weight: bold;">Kea Shipowners Ltd, Spetses Shipowners Ltd and Hydra Shipowners Ltd, as joint and several borrowers -&#160;
            US$12,500,000 Loan Agreement dated&#160; _________ 2019</div>
          <div style="margin-bottom: 12pt;">
            <div>
              <table cellspacing="0" cellpadding="0" id="zc269dbebeda74a0c9559f2151936102b" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                  <tr>
                    <td style="width: 54pt; vertical-align: top; align: right;">1</td>
                    <td style="width: auto; vertical-align: top; text-align: justify;">
                      <div>Werefer to the Agreement. This is El Compliance Certificate. TerrnS defined M the Agreement have the same meaning when used in this Compilionce Certificate
                        unlless given a different meaning in this Compliance Certificate%</div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
          <div style="margin-bottom: 12pt;">
            <div>
              <table cellspacing="0" cellpadding="0" id="z42d259e372c3442294b6b906c8b0dc0c" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                  <tr>
                    <td style="width: 54pt; vertical-align: top; align: right;">2</td>
                    <td style="width: auto; vertical-align: top; text-align: justify;">
                      <div>We confirm that Euroseas Ltd. maintains:</div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
          <div style="text-indent: -54pt; margin-left: 108pt; margin-bottom: 12pt;">(a) Maximmum Leverage of not higher <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">,</sup>tilan 75%;</div>
          <div style="margin-bottom: 12pt;">
            <div>
              <table cellspacing="0" cellpadding="0" id="z2eed5baec3af4c4e91c9500d2afaa0f7" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                  <tr>
                    <td style="width: 54pt;"><br>
                    </td>
                    <td style="width: 54pt; vertical-align: top; align: right;">(b)</td>
                    <td style="width: auto; vertical-align: top; text-align: justify;">
                      <div> Liquidity of an amount: of not less than:</div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
          <div style="margin-bottom: 12pt;">
            <div>
              <table cellspacing="0" cellpadding="0" id="z40a0f1ec3e8643ffa69aa96b0f755918" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                  <tr>
                    <td style="width: 54pt;"><br>
                    </td>
                    <td style="width: 54pt; vertical-align: top; align: right;">(a)</td>
                    <td style="width: auto; vertical-align: top; text-align: justify;">
                      <div>$200,00o in respect of each Fleet Vessel from the date of theis Agreement up to and including 29 September 2020; and</div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
          <div style="margin-bottom: 12pt;">
            <div>
              <table cellspacing="0" cellpadding="0" id="zd7dee7fd1556495d9eb6e94f325cadab" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                  <tr>
                    <td style="width: 54pt;"><br>
                    </td>
                    <td style="width: 54pt; vertical-align: top; align: right;">(b)</td>
                    <td style="width: auto; vertical-align: top; text-align: justify;">
                      <div>$300,000 from 30 September 2020 and throughout the remainder of the Facility Period; and</div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
          <div style="margin-bottom: 12pt;">
            <div>
              <table cellspacing="0" cellpadding="0" id="z16373a365c4541a29769ce58ad0c3bc0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                  <tr>
                    <td style="width: 54pt;"><br>
                    </td>
                    <td style="width: 54pt; vertical-align: top; align: right;">(c)</td>
                    <td style="width: auto; vertical-align: top; text-align: justify;">
                      <div> Net Worth of not less than $15,000,000.</div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
          <div style="margin-bottom: 12pt;">
            <div>
              <table cellspacing="0" cellpadding="0" id="z5061dd1cc5174c118165ff60925431ed" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                  <tr>
                    <td style="width: 54pt; vertical-align: top; align: right;">3</td>
                    <td style="width: auto; vertical-align: top; text-align: justify;">
                      <div>We confirm that no Default is continuing.</div>
                    </td>
                  </tr>

              </table>
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              <tr>
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                  <div style="text-align: justify; font-family: 'Times New Roman',Times,serif;">Signed</div>
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                <td style="width: 30%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td style="width: 10%; vertical-align: top;">&#160;</td>
                <td style="width: 30%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td style="width: 20%; vertical-align: top;">&#160;</td>
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              <tr>
                <td style="width: 10%; vertical-align: top;">&#160;</td>
                <td style="width: 30%; vertical-align: top;">&#160;</td>
                <td style="width: 10%; vertical-align: top;">&#160;</td>
                <td style="width: 30%; vertical-align: top;">&#160;</td>
                <td style="width: 20%; vertical-align: top;">&#160;</td>
              </tr>
              <tr>
                <td style="width: 10%; vertical-align: top;">
                  <div style="text-align: justify; margin-left: 54pt;"><br>
                  </div>
                </td>
                <td style="width: 30%; vertical-align: top;">&#160;Director</td>
                <td style="width: 10%; vertical-align: top;">&#160;</td>
                <td style="width: 30%; vertical-align: top;">
                  <div style="text-align: justify; margin-left: 54pt;">Director</div>
                </td>
                <td style="width: 20%; vertical-align: top;">&#160;</td>
              </tr>
              <tr>
                <td style="width: 10%; vertical-align: top;">&#160;</td>
                <td style="width: 30%; vertical-align: top;">&#160;</td>
                <td style="width: 10%; vertical-align: top;">&#160;</td>
                <td style="width: 30%; vertical-align: top;">&#160;</td>
                <td style="width: 20%; vertical-align: top;">&#160;</td>
              </tr>
              <tr>
                <td style="width: 10%; vertical-align: top;">
                  <div style="text-align: justify; margin-left: 54pt;"><br>
                  </div>
                </td>
                <td style="width: 30%; vertical-align: top;">&#160;of Kea Shipowners Ltd</td>
                <td style="width: 10%; vertical-align: top;">&#160;</td>
                <td style="width: 30%; vertical-align: top;">
                  <div style="text-align: justify; margin-left: 54pt;">of Kea Shipowners Ltd</div>
                </td>
                <td style="width: 20%; vertical-align: top;">&#160;</td>
              </tr>

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          <div style="margin-bottom: 12pt;"><br>
          </div>
          <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
            <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 89</font></div>
            <div id="DSPFPageBreak" style="page-break-after:always;">
              <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
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          <div style="margin-bottom: 8pt;"><br>
          </div>
          <div style="margin-bottom: 12pt;"><br>
          </div>
          <table cellspacing="0" cellpadding="0" border="0" id="z5f2c2a16631f48449ba1d84083fc81f5" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 35%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td style="width: 5%; vertical-align: top;">&#160;</td>
                <td style="width: 5%; vertical-align: top;">&#160;</td>
                <td style="width: 35%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td style="width: 20%; vertical-align: top;">&#160;</td>
              </tr>
              <tr>
                <td style="width: 35%; vertical-align: top;">&#160;</td>
                <td style="width: 5%; vertical-align: top;">&#160;</td>
                <td style="width: 5%; vertical-align: top;">&#160;</td>
                <td style="width: 35%; vertical-align: top;">&#160;</td>
                <td style="width: 20%; vertical-align: top;">&#160;</td>
              </tr>
              <tr>
                <td style="width: 35%; vertical-align: top;">
                  <div style="text-align: justify; margin-left: 54pt;">Director</div>
                </td>
                <td style="width: 5%; vertical-align: top;">&#160;</td>
                <td style="width: 5%; vertical-align: top;">&#160;</td>
                <td style="width: 35%; vertical-align: top;">
                  <div style="text-align: justify; margin-left: 54pt;">Director</div>
                </td>
                <td style="width: 20%; vertical-align: top;">&#160;</td>
              </tr>
              <tr>
                <td style="width: 35%; vertical-align: top;">&#160;</td>
                <td style="width: 5%; vertical-align: top;">&#160;</td>
                <td style="width: 5%; vertical-align: top;">&#160;</td>
                <td style="width: 35%; vertical-align: top;">&#160;</td>
                <td style="width: 20%; vertical-align: top;">&#160;</td>
              </tr>
              <tr>
                <td style="width: 35%; vertical-align: top;">
                  <div style="text-align: justify; margin-left: 54pt;">of Spetses Shipowners Ltd</div>
                </td>
                <td style="width: 5%; vertical-align: top;">&#160;</td>
                <td style="width: 5%; vertical-align: top;">&#160;</td>
                <td style="width: 35%; vertical-align: top;">
                  <div style="text-align: justify; margin-left: 54pt;">of Spetses Shipowners Ltd</div>
                </td>
                <td style="width: 20%; vertical-align: top;">&#160;</td>
              </tr>

          </table>
          <div style="margin-bottom: 12pt;"><br>
          </div>
          <table cellspacing="0" cellpadding="0" id="z64b059ff83c64cf8a92a2f5ade1b97dc" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 35%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td style="width: 5%; vertical-align: top;">&#160;</td>
                <td style="width: 5%; vertical-align: top;">&#160;</td>
                <td style="width: 35%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td style="width: 20%; vertical-align: top;">&#160;</td>
              </tr>
              <tr>
                <td style="width: 35%; vertical-align: top;">&#160;</td>
                <td style="width: 5%; vertical-align: top;">&#160;</td>
                <td style="width: 5%; vertical-align: top;">&#160;</td>
                <td style="width: 35%; vertical-align: top;">&#160;</td>
                <td style="width: 20%; vertical-align: top;">&#160;</td>
              </tr>
              <tr>
                <td style="width: 35%; vertical-align: top;">
                  <div style="text-align: justify; margin-left: 54pt;">Director</div>
                </td>
                <td style="width: 5%; vertical-align: top;">&#160;</td>
                <td style="width: 5%; vertical-align: top;">&#160;</td>
                <td style="width: 35%; vertical-align: top;">
                  <div style="text-align: justify; margin-left: 54pt;">Director</div>
                </td>
                <td style="width: 20%; vertical-align: top;">&#160;</td>
              </tr>
              <tr>
                <td style="width: 35%; vertical-align: top;">&#160;</td>
                <td style="width: 5%; vertical-align: top;">&#160;</td>
                <td style="width: 5%; vertical-align: top;">&#160;</td>
                <td style="width: 35%; vertical-align: top;">&#160;</td>
                <td style="width: 20%; vertical-align: top;">&#160;</td>
              </tr>
              <tr>
                <td style="width: 35%; vertical-align: top;">
                  <div style="text-align: justify; margin-left: 54pt;">of Hydra Shipowners Ltd</div>
                </td>
                <td style="width: 5%; vertical-align: top;">&#160;</td>
                <td style="width: 5%; vertical-align: top;">&#160;</td>
                <td style="width: 35%; vertical-align: top;">
                  <div style="text-align: justify; margin-left: 54pt;">of Hydra Shipowners Ltd</div>
                </td>
                <td style="width: 20%; vertical-align: top;">&#160;</td>
              </tr>

          </table>
          <div style="margin-bottom: 12pt;"><br>
          </div>
          <table cellspacing="0" cellpadding="0" id="z2995ca984624407e95fe9bd0db02a757" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 35%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td style="width: 5%; vertical-align: top;">&#160;</td>
                <td style="width: 5%; vertical-align: top;">&#160;</td>
                <td style="width: 35%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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              <tr>
                <td style="width: 38.59%; vertical-align: top;">
                  <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif;">Fax no.: +30 211 180 4097</div>
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              <tr>
                <td style="width: 38.59%; vertical-align: top;">&#160;</td>
                <td style="width: 30.84%; vertical-align: top;">&#160;</td>
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              <tr>
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              <tr>
                <td style="width: 38.59%; vertical-align: top;">
                  <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif;">4 Messogiou &amp; Evropis</div>
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                <td style="width: 30.84%; vertical-align: top;">
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                <td style="width: 30.57%; vertical-align: top;">&#160;</td>
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                <td style="width: 38.59%; vertical-align: top;">
                  <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif;">Fax no.: +30 211 180 4097</div>
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                <td style="width: 30.57%; vertical-align: top;">&#160;</td>
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              <tr>
                <td style="width: 38.59%; vertical-align: top;">&#160;</td>
                <td style="width: 30.84%; vertical-align: top;">&#160;</td>
                <td style="width: 30.57%; vertical-align: top;">&#160;</td>
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              <tr>
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                <td style="width: 30.84%; vertical-align: top;">
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              <tr>
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                <td style="width: 30.84%; vertical-align: top;">&#160;</td>
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              <tr>
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              <tr>
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              <tr>
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                <td style="width: 30.84%; vertical-align: top;">
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                <td style="width: 38.59%; vertical-align: top;">
                  <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif;">Fax no.: +30 211 180 4097</div>
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              <tr>
                <td style="width: 38.59%; vertical-align: top;">
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                <td style="width: 30.84%; vertical-align: top;">
                  <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;">)</div>
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              <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
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          <div style="margin-bottom: 12pt;"><br>
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              <tr>
                <td style="width: 38.59%; vertical-align: top;">
                  <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif; font-weight: bold;">HSBC BANK plc</div>
                </td>
                <td style="width: 30.84%; vertical-align: top;">
                  <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;">)</div>
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                <td style="width: 30.57%; vertical-align: top;">&#160;</td>
              </tr>
              <tr>
                <td style="width: 38.59%; vertical-align: top;">
                  <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif;">By:</div>
                </td>
                <td style="width: 30.84%; vertical-align: top;">
                  <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;">)</div>
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                <td style="width: 30.57%; vertical-align: top;">&#160;</td>
              </tr>
              <tr>
                <td style="width: 38.59%; vertical-align: top;">
                  <div style="text-align: justify; font-family: 'Times New Roman',Times,serif;">Address: 8 Canada Square,</div>
                </td>
                <td style="width: 30.84%; vertical-align: top;">
                  <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;">)</div>
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                <td style="width: 30.57%; vertical-align: top;">&#160;</td>
              </tr>
              <tr>
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                  <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif;">London E14 5HQ,</div>
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                <td style="width: 30.84%; vertical-align: top;">
                  <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;">)</div>
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              </tr>
              <tr>
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                </td>
                <td style="width: 30.84%; vertical-align: top;">
                  <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;">)</div>
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                <td style="width: 30.57%; vertical-align: top;">&#160;</td>
              </tr>
              <tr>
                <td style="width: 38.59%; vertical-align: top;">
                  <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif;">Fax no.: +44 (0)20 7991 4619</div>
                </td>
                <td style="width: 30.84%; vertical-align: top;">
                  <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;">)</div>
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              <tr>
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                  <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;">)</div>
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              </tr>
              <tr>
                <td style="width: 38.59%; vertical-align: top;">
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                <td style="width: 30.84%; vertical-align: top;">&#160;</td>
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        <div> <br>
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        <div> <br>
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      </div>
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  <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 92</font></div>
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<DOCUMENT>
<TYPE>EX-4.20
<SEQUENCE>6
<FILENAME>d8529155_ex4-20.htm
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Seward & Kissel LLP
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<body bgcolor="#ffffff" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;">
  <div>
    <div style="text-align: right;"><font style="font-weight: bold;">Exhibit 4.20</font><br>
    </div>
    <div><br>
    </div>
    <div style="margin-top: 0.55pt; margin-bottom: 45.7pt; font-weight: bold;">Private and Confidential</div>
    <div style="text-align: center; margin-top: 1.9pt; font-weight: bold;">DATED 8<font style="font-style: italic;">&#160;</font>November 2019</div>
    <div style="text-align: center; margin-top: 69.2pt; font-weight: bold;">ANTWERP SHIPPING LTD<br>
      IJUSAN SHIPPING LTD<br>
      KEELUNG SHIPPING LTD<br>
      and<br>
      OAKLAND SHIPPING LTD (1)</div>
    <div style="text-align: center; margin-top: 15.15pt; font-weight: bold;">- and -</div>
    <div style="text-align: center; margin-top: 28.45pt; margin-bottom: 78.5pt; font-weight: bold;">PIRAEUS BANK S.A. (2)</div>
    <div>
      <div><br>
      </div>
      <div style="text-align: center; margin-top: 15.9pt; margin-bottom: 192.3pt; font-weight: bold;">FACILITY AGREEMENT<br>
        in respect of a loan of<br>
        up to USD32,000,000</div>
      <div><br>
      </div>
    </div>
    <div style="text-align: center; margin-bottom: 6.35pt; font-size: 24pt; font-weight: bold;"><u>Ince</u></div>
    <div style="text-align: center; margin-top: 0.05pt; margin-bottom: 66.15pt; font-weight: bold;">PIRAEUS</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 201.6pt; margin-top: 0.5pt; font-weight: bold;">Index</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z90cef1cabc8247b0bb9042ad8936374d">

        <tr>
          <td style="width: 50.03%; vertical-align: top;">
            <div style="text-align: justify; font-weight: bold;">Clause</div>
          </td>
          <td style="width: 49.97%; vertical-align: top;">
            <div style="text-align: right; font-weight: bold;">Page</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="ze041cdcd775c45469c8df726a2942a34">

        <tr>
          <td style="width: 7.07%; vertical-align: top;">
            <div style="text-align: justify;">1</div>
          </td>
          <td style="width: 85.55%; vertical-align: top;">
            <div style="text-align: justify;">Purpose, definitions and construction</div>
          </td>
          <td style="width: 7.38%; vertical-align: top;">
            <div style="text-align: right;">1</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.07%; vertical-align: top;">
            <div style="text-align: justify;">2</div>
          </td>
          <td style="width: 85.55%; vertical-align: top;">
            <div style="text-align: justify;">The Commitment and cancellation</div>
          </td>
          <td style="width: 7.38%; vertical-align: top;">
            <div style="text-align: right;">18</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.07%; vertical-align: top;">
            <div style="text-align: justify;">3</div>
          </td>
          <td style="width: 85.55%; vertical-align: top;">
            <div style="text-align: justify;">Interest and Interest Periods</div>
          </td>
          <td style="width: 7.38%; vertical-align: top;">
            <div style="text-align: right;">20</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.07%; vertical-align: top;">
            <div style="text-align: justify;">4</div>
          </td>
          <td style="width: 85.55%; vertical-align: top;">
            <div style="text-align: justify;">Repayment and prepayment</div>
          </td>
          <td style="width: 7.38%; vertical-align: top;">
            <div style="text-align: right;">24</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.07%; vertical-align: top;">
            <div style="text-align: justify;">5</div>
          </td>
          <td style="width: 85.55%; vertical-align: top;">
            <div style="text-align: justify;">Fees and expenses</div>
          </td>
          <td style="width: 7.38%; vertical-align: top;">
            <div style="text-align: right;">27</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.07%; vertical-align: top;">
            <div style="text-align: justify;">6</div>
          </td>
          <td style="width: 85.55%; vertical-align: top;">
            <div style="text-align: justify;">Payments and taxes; accounts and calculations</div>
          </td>
          <td style="width: 7.38%; vertical-align: top;">
            <div style="text-align: right;">28</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.07%; vertical-align: top;">
            <div style="text-align: justify;">7</div>
          </td>
          <td style="width: 85.55%; vertical-align: top;">
            <div style="text-align: justify;">Representations and warranties</div>
          </td>
          <td style="width: 7.38%; vertical-align: top;">
            <div style="text-align: right;">30</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.07%; vertical-align: top;">
            <div style="text-align: justify;">8</div>
          </td>
          <td style="width: 85.55%; vertical-align: top;">
            <div style="text-align: justify;">Undertakings</div>
          </td>
          <td style="width: 7.38%; vertical-align: top;">
            <div style="text-align: right;">35</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.07%; vertical-align: top;">
            <div style="text-align: justify;">9</div>
          </td>
          <td style="width: 85.55%; vertical-align: top;">
            <div style="text-align: justify;">Conditions</div>
          </td>
          <td style="width: 7.38%; vertical-align: top;">
            <div style="text-align: right;">47</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.07%; vertical-align: top;">
            <div style="text-align: justify;">10</div>
          </td>
          <td style="width: 85.55%; vertical-align: top;">
            <div style="text-align: justify;">Events of Default</div>
          </td>
          <td style="width: 7.38%; vertical-align: top;">
            <div style="text-align: right;">48</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.07%; vertical-align: top;">
            <div style="text-align: justify;">11</div>
          </td>
          <td style="width: 85.55%; vertical-align: top;">
            <div style="text-align: justify;">Indemnities</div>
          </td>
          <td style="width: 7.38%; vertical-align: top;">
            <div style="text-align: right;">52</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.07%; vertical-align: top;">
            <div style="text-align: justify;">12</div>
          </td>
          <td style="width: 85.55%; vertical-align: top;">
            <div style="text-align: justify;">Unlawfulness, increased costs and bail-in</div>
          </td>
          <td style="width: 7.38%; vertical-align: top;">
            <div style="text-align: right;">53</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.07%; vertical-align: top;">
            <div style="text-align: justify;">13</div>
          </td>
          <td style="width: 85.55%; vertical-align: top;">
            <div style="text-align: justify;">Application of moneys, set off, pro-rata payments and miscellaneous</div>
          </td>
          <td style="width: 7.38%; vertical-align: top;">
            <div style="text-align: right;">55</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.07%; vertical-align: top;">
            <div style="text-align: justify;">14</div>
          </td>
          <td style="width: 85.55%; vertical-align: top;">
            <div style="text-align: justify;">Accounts</div>
          </td>
          <td style="width: 7.38%; vertical-align: top;">
            <div style="text-align: right;">57</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.07%; vertical-align: top;">
            <div style="text-align: justify;">15</div>
          </td>
          <td style="width: 85.55%; vertical-align: top;">
            <div style="text-align: justify;">Assignment, transfer and lending office</div>
          </td>
          <td style="width: 7.38%; vertical-align: top;">
            <div style="text-align: right;">58</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.07%; vertical-align: top;">
            <div style="text-align: justify;">16</div>
          </td>
          <td style="width: 85.55%; vertical-align: top;">
            <div style="text-align: justify;">Notices and other matters</div>
          </td>
          <td style="width: 7.38%; vertical-align: top;">
            <div style="text-align: right;">59</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.07%; vertical-align: top;">
            <div style="text-align: justify;">17</div>
          </td>
          <td style="width: 85.55%; vertical-align: top;">
            <div style="text-align: justify;">Governing law</div>
          </td>
          <td style="width: 7.38%; vertical-align: top;">
            <div style="text-align: right;">61</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.07%; vertical-align: top;">
            <div style="text-align: justify;">18</div>
          </td>
          <td style="width: 85.55%; vertical-align: top;">
            <div style="text-align: justify;">Jurisdiction</div>
          </td>
          <td style="width: 7.38%; vertical-align: top;">
            <div style="text-align: right;">61</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.07%; vertical-align: top;">
            <div style="text-align: justify;">19</div>
          </td>
          <td style="width: 85.55%; vertical-align: top;">
            <div style="text-align: justify;">Borrowers' obligations</div>
          </td>
          <td style="width: 7.38%; vertical-align: top;">
            <div style="text-align: right;">63</div>
          </td>
        </tr>
        <tr>
          <td colspan="2" style="width: 92.62%; vertical-align: top;">
            <div style="text-align: justify;">Schedule 1 Form of Drawdown Notice</div>
          </td>
          <td style="width: 7.38%; vertical-align: top;">
            <div style="text-align: right;">66</div>
          </td>
        </tr>
        <tr>
          <td colspan="2" style="width: 92.62%; vertical-align: top;">
            <div style="text-align: justify;">Schedule 2 Conditions precedent</div>
          </td>
          <td style="width: 7.38%; vertical-align: top;">
            <div style="text-align: right;">68</div>
          </td>
        </tr>
        <tr>
          <td colspan="2" style="width: 92.62%; vertical-align: top;">
            <div style="text-align: justify;">Schedule 3 Form of Compliance Certificate</div>
          </td>
          <td style="width: 7.38%; vertical-align: top;">
            <div style="text-align: right;">73</div>
          </td>
        </tr>
        <tr>
          <td colspan="2" style="width: 92.62%; vertical-align: top;">
            <div style="text-align: justify;">Execution Page</div>
          </td>
          <td style="width: 7.38%; vertical-align: top;">
            <div style="text-align: right;">75</div>
          </td>
        </tr>

    </table>
    <div style="margin-top: 60.7pt;"><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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    <!--PROfilePageNumberReset%Num%1%%%-->
    <div style="margin-bottom: 12pt;"><font style="font-weight: bold;">THIS AGREEMENT </font>dated 8 November 2019 is made <font style="font-weight: bold;">BY </font>and <font style="font-weight: bold;">BETWEEN:</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf2ffcd6902e940548ba35d3d64f5be4d">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; font-weight: bold;">(1)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">ANTWERP SHIPPING LTD, BUSAN SHIPPING LTD, KEELUNG SHIPPING LTD </font>and <font style="font-weight: bold;">OAKLAND SHIPPING LTD </font>as joint and several Borrowers; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z508c549271cf4829ad694448104c9023">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; font-weight: bold;">(2)</td>
              <td style="width: auto; vertical-align: top;">
                <div><font style="font-weight: bold;">PIRAEUS BANK S.A. </font>as Lender.<br>
                  <font style="font-weight: bold;">NOW IT IS HEREBY AGREED AS FOLLOWS:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6c8758a75c1549d294479389b0a5efc2">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">1</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">PURPOSE, DEFINITIONS AND CONSTRUCTION</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zccce46062d184fe7af0f70421f9cac56">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">1.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Purpose</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">This Agreement sets out the terms and conditions upon which the Lender agrees to make available to the Borrowers a loan facility of up to USD32,000,000 in
      four advances for the purposes of enabling the Borrowers to partially finance the purchase of the Vessels.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z148c50c25a3b4c3786539eec4cfc6b61">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">1.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Definitions</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">In this Agreement, unless the context otherwise requires:</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">Advance</font>"<font style="font-weight: bold;">&#160;</font>means each of Advance A, Advance B, Advance C and Advance D and in
      the plural means all of them;</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">Advance A</font>"<font style="font-weight: bold;">&#160;</font>means the amount equal to the least of (i) eight million Dollars
      (USD8,000,000), (ii) 80% of the Purchase Price of Vessel A and (iii) 65.05% of the Valuation Amount of Vessel A (to be determined no more than 15 days prior to the Drawdown Date in respect of Advance A) or, as the context requires, the amount thereof
      outstanding from time to time;</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">Advance B</font>"<font style="font-weight: bold;">&#160;</font>means the amount equal to the least of (i) eight million Dollars
      (USD8,000,000), (ii) 80% of the Purchase Price of Vessel B and (iii) 65.05% of the Valuation Amount of Vessel B (to be determined no more than 15 days prior to the Drawdown Date in respect of Advance B) or, as the context requires, the amount thereof
      outstanding from time to time;</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">Advance C</font>"<font style="font-weight: bold;">&#160;</font>means the amount equal to the least of (i) eight million Dollars
      (USD8,000,000), (ii) 80% of the Purchase Price of Vessel C and (iii) 65.05% of the Valuation Amount of Vessel C (to be determined no more than 15 days prior to the Drawdown Date in respect of Advance C) or, as the context requires, the amount thereof
      outstanding from time to time;</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">Advance D</font>"<font style="font-weight: bold;">&#160;</font>means the amount equal to the least of (i) eight million Dollars
      (USD8,000,000), (ii) 80% of the Purchase Price of Vessel C and (iii) 65.05% of the Valuation Amount of Vessel D (to be determined no more than 15 days prior to the Drawdown Date in respect of Advance D) or, as the context requires, the amount thereof
      outstanding from time to time;</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">Approved Broker</font>"<font style="font-weight: bold;">&#160;</font>means such second-hand ship sale and purchase broker as
      the Lender may agree is an Approved Broker for the purposes of this Agreement;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">1</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
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    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">Approved Charter</font>"<font style="font-weight: bold;">&#160;</font>means Approved Charter B, Approved Charter C, Approved
      Charter D and, in respect of a Vessel, any other time charterparty entered into between (or novated to) the Owner thereof and a charterer acceptable to the Lender, for a duration (computed from the Drawdown Date in respect of the Advance relating to
      that Vessel) of not less than nine (9) months (including any extension of a charter already in existence at that Drawdown Date) and at a daily hire rate which, when combined with the net daily hire rates under any other Approved Charter under which
      the other Mortgage Vessels are employed on each Drawdown Date, gives an average for each Vessel of not less than USD10,700, in form and substance satisfactory to the Lender or such other charterparty acceptable to the Lender;</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">Approved Charter B</font>"<font style="font-weight: bold;">&#160;</font>means, the charter dated 9 November 2018 (as amended
      and/or supplemented and/or novated from time to time) made between Antwerp as owner and Maersk Line A/S as charterer in respect of Vessel B;</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">Approved Charter C</font>"<font style="font-weight: bold;">&#160;</font>means, the charter dated 5 February 2019 (as amended
      and/or supplemented and/or novated from time to time) made between Oakland as owner and Maersk Line A/S as charterer in respect of Vessel C;</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">Approved Charter D</font>"<font style="font-weight: bold;">&#160;</font>means, the charter dated 29 May 2019 (as amended and/or
      supplemented and/or novated from time to time) made between Keelung as owner and Maersk Line A/S as charterer in respect of Vessel D;</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">Bail-In Action</font>"<font style="font-weight: bold;">&#160;</font>means the exercise of any Write-down and Conversion Powers;</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">Bail-In Legislation</font>"<font style="font-weight: bold;">&#160;</font>means, in relation to an EEA Member Country which has
      implemented, or which at any time implements, Article 55 of Directive 2014/59/EU establishing a framework for the recovery and resolution of credit institutions and investment firms, the relevant implementing law or regulation as described in the EU
      Bail-In Legislation Schedule from time to time;</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">Balloon Instalment</font>"<font style="font-weight: bold;">&#160;</font>has the meaning given to it in clause 4.1.1, as the
      same may reduce from time to time;</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">Banking Day</font>"<font style="font-weight: bold;">&#160;</font>means a day on which dealings in deposits in USD are carried
      on in the London Interbank Eurocurrency Market and (other than Saturday or Sunday) on which banks are open for business in London, Piraeus and New York City (or any other relevant place of payment under clause 6);</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">Borrowed Money</font>"<font style="font-weight: bold;">&#160;</font>means Indebtedness in respect of (i) money borrowed or
      raised and debit balances at banks, (ii) any bond, note, loan stock, debenture or similar debt instrument, (iii) acceptance or documentary credit facilities, (iv) receivables sold or discounted (otherwise than on a non-recourse basis), (v) deferred
      payments for assets or services acquired, (vi) finance leases and hire purchase contracts, (vii) swaps, forward exchange contracts, futures and other derivatives, (viii) any other transaction (including without limitation forward sale or purchase
      agreements) having the commercial effect of a borrowing or raising of money or of any of (ii) to (vii) above and (ix) guarantees in respect of Indebtedness of any person falling within any of (i) to (viii) above;</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">Borrowers</font>"<font style="font-weight: bold;">&#160;</font>means each of Antwerp Shipping Ltd <font style="font-weight: bold;">(</font>"<font style="font-weight: bold;">Antwerp</font>"<font style="font-weight: bold;">), </font>Busan Shipping Ltd <font style="font-weight: bold;">(</font>"<font style="font-weight: bold;">Busan</font>"<font style="font-weight: bold;">),
      </font>Keelung Shipping Ltd <font style="font-weight: bold;">(</font>"<font style="font-weight: bold;">Keelung</font>"<font style="font-weight: bold;">) </font>and Oakland Shipping Ltd <font style="font-weight: bold;">(</font>"<font style="font-weight: bold;">Oakland</font>"<font style="font-weight: bold;">), </font>each a company incorporated in the Marshall Islands and having its registered office at</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">2</font></div>
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    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro MH96960, Marshall Islands, and in the plural means all of them;</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">Break Costs</font>"<font style="font-weight: bold;">&#160;</font>means the aggregate amount of all losses, premiums, penalties,
      costs and expenses whatsoever certified by the Lender at any time and from time to time as having been incurred by the Lender in maintaining or funding the Loan or in liquidating or re-employing fixed deposits acquired to maintain the same as a
      result of either:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6a2041df316e45319d35db1a9f974217">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>any repayment or prepayment of the Loan or any part thereof otherwise than (i) in accordance with clause 4.1, or (ii) on an Interest Payment Date whether on a voluntary or involuntary basis or otherwise howsoever; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6c11d88c14c64c1784b9f91eb201e4ee">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the Borrowers failing or being incapable of drawing the Loan after the Drawdown Notice has been given;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">Cash Collateral</font>"<font style="font-weight: bold;">&#160;</font>has the meaning given to it in clause 8.1.23;</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">Casualty Amount</font>"<font style="font-weight: bold;">&#160;</font>means five hundred thousand Dollars (USD500,000) (or the
      equivalent in any other currency);</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">Certified Copy</font>"<font style="font-weight: bold;">&#160;</font>means in relation to any document delivered or issued by or
      on behalf of any company, a copy of such document certified as a true, complete and up to date copy of the original by any of the directors or officers for the time being of such company or by such company's attorneys or solicitors;</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">Charter Assignment</font>"<font style="font-weight: bold;">&#160;</font>means a specific assignment of Approved Charter B,
      Approved Charter C, Approved Charter D and any Extended Employment Contract required to be executed hereunder by any Owner in favour of the Lender (including any notices and/or acknowledgements and/or undertakings associated therewith) in such form
      as the Lender may require in its sole discretion;</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">Classification</font>"<font style="font-weight: bold;">&#160;</font>means, in relation to each Mortgaged Vessel, the highest
      class available for a vessel of her type with the relevant Classification Society;</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">Classification Society</font>"<font style="font-weight: bold;">&#160;</font>means, in relation to each Mortgaged Vessel, any
      classification society which is a member of the International Association of Classification Societies which the Lender shall, at the request of the Borrowers, have agreed in writing shall be treated as the classification society in relation to such
      Mortgaged Vessel for the purposes of the relevant Ship Security Documents;</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">Code</font>"<font style="font-weight: bold;">&#160;</font>means the US Internal Revenue Code of 1986, as amended, and the
      regulations promulgated and rulings issued thereunder;</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">Commitment</font>"<font style="font-weight: bold;">&#160;</font>means thirty two million Dollars (USD32,000,000) which the
      Lender is obliged to lend to the Borrowers under this Agreement, as such amount may be reduced and/or cancelled under this Agreement;</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">Compliance Certificate</font>"<font style="font-weight: bold;">&#160;</font>means a certificate substantially in the form set
      out in schedule 3 signed by the chief financial officer of the Corporate Guarantor;</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">Compulsory Acquisition</font>"<font style="font-weight: bold;">&#160;</font>means, in respect of a Mortgaged Vessel,
      requisition for title or other compulsory acquisition including, if that Mortgaged Vessel is not released</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">3</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">therefrom within the Relevant Period, capture, appropriation, forfeiture, seizure, detention, deprivation or confiscation howsoever for any reason (but
      excluding requisition for use or hire) by or on behalf of any Government Entity or other competent authority or by pirates, hijackers, terrorists or similar persons; "<font style="font-weight: bold;">Relevant Period</font>"<font style="font-weight: bold;">&#160;</font>means for the purposes of this definition of Compulsory Acquisition either (i) one (1) calendar month or, (ii) in respect of pirates, hijackers, terrorists or similar persons, if relevant underwriters confirm in writing (in terms
      satisfactory to the Lender) prior to the end of such one (1) month period that such capture, appropriation, forfeiture, seizure, detention, deprivation or confiscation will be fully covered by the Owner's relevant insurances, the shorter of twelve
      (12) months after the date upon which the relevant incident occurred and such period at the end of which the relevant cover expires;</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">Corporate Guarantee</font>"<font style="font-weight: bold;">&#160;</font>means the unconditional, irrevocable and on demand
      guarantee of the obligations of the Borrowers under this Agreement required to be executed by the Corporate Guarantor in favour of the Lender in such form as the Lender may require;</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">Corporate Guarantor</font>"<font style="font-weight: bold;">&#160;</font>means Euroseas Ltd., a corporation listed on NASDAQ
      and incorporated in the Marshall Islands with its registered office at Trust Company</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, MH96960;</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">Default</font>"<font style="font-weight: bold;">&#160;</font>means any Event of Default or any event or circumstance which with
      the giving of notice or lapse of time or the satisfaction of any other condition (or any combination thereof) would constitute an Event of Default;</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">Dollars</font>"<font style="font-weight: bold;">&#160;</font>and "<font style="font-weight: bold;">USD</font>"<font style="font-weight: bold;">&#160;</font>mean the lawful currency of the USA and in respect of all payments to be made under any of the Security Documents means funds which are for same day settlement in the New York Clearing House Interbank Payments
      System (or such other US dollar funds as may at the relevant time be customary for the settlement of international banking transactions denominated in US dollars);</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">Drawdown Date</font>"<font style="font-weight: bold;">&#160;</font>means, in relation to each Advance, any date being a Banking
      Day falling during the Drawdown Period, on which the relevant Advance is, or is to be, made available;</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">Drawdown Notice</font>"<font style="font-weight: bold;">&#160;</font>means, in relation to each Advance, a notice substantially
      in the form of schedule 1;</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">Drawdown Period</font>"<font style="font-weight: bold;">&#160;</font>means the period commencing on the Execution Date and
      ending on the earliest of (i) 15 January 2020, (ii) such later date as the Lender may agree in its sole discretion and (iii) any date on which the Commitment is finally cancelled or fully drawn under the terms of this Agreement;</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">Earnings</font>"<font style="font-weight: bold;">&#160;</font>means, in respect of a Vessel, all moneys whatsoever from time to
      time due or payable to its Owner during the Facility Period arising out of the use or operation of that Vessel including (hut without limiting the generality of the foregoing) all freight, hire and passage moneys, income arising under pooling
      arrangements, compensation payable to that Owner in event of requisition of that Vessel for hire, remuneration for salvage and towage services, demurrage and detention moneys, and damages for breach (or payments for variation or termination) of any
      charterparty or other contract</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">4</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">(including any contract of affreightment) for the employment of that Vessel (including any proceeds under any loss of hire insurance, if applicable);</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">Earnings Account</font>"<font style="font-weight: bold;">&#160;</font>means, in respect of each Borrower, an interest bearing
      USD current account opened or (as the context may require) to be opened by such Borrower with the Lender and includes any sub-accounts thereof and any other account designated in writing by the Lender to be an Earnings Account for the purposes of
      this Agreement, and in the plural means all of them;</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">Earnings Account Pledge</font>"<font style="font-weight: bold;">&#160;</font>means, in respect of each Earnings Account, a
      first priority pledge required to be executed hereunder between the Borrower which is the owner thereof and the Lender in respect of such Borrower's Earnings Account in such form as the Lender may require, and in the plural means all of them;</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">EIAPP Certificate</font>"<font style="font-weight: bold;">&#160;</font>means the Engine International Air Pollution Prevention
      Certificate issued or to be issued pursuant to Annex VI of the International Convention for the Prevention of Pollution from Ships, MARPOL 73/78 (Regulations for the Prevention of Air Pollution from Ships) in relation to a Vessel;</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">Encumbrance</font>"<font style="font-weight: bold;">&#160;</font>means any mortgage, charge, pledge, lien, hypothecation,
      assignment, title retention having a similar effect, preferential right, option, trust arrangement or security interest or other encumbrance, security or arrangement conferring howsoever a priority of payment in respect of any obligation of any
      person (excluding preferential payment rights granted by preferred shares);</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">Environmental Affiliate</font>"<font style="font-weight: bold;">&#160;</font>means any agent or employee of any Borrower, the
      Manager or any other Group Member or any other person having a contractual relationship with any Borrower, the Manager or any other Group Member in connection with any Mortgaged Vessel or its operation or the carriage of cargo and/or passengers
      thereon and/or the provision of goods and/or services on or from any Mortgaged Vessel;</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">Environmental Approvals</font>"<font style="font-weight: bold;">&#160;</font>means all authorisations, consents, licences,
      permits,</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">exemptions or other approvals required under applicable Environmental Laws;</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">Environmental Claim</font>"<font style="font-weight: bold;">&#160;</font>means (i) any claim by, or directive from, any
      applicable Government Entity alleging breach of, or non-compliance with, any Environmental Laws or Environmental Approvals or otherwise howsoever relating to or arising out of an Environmental Incident or (ii) any claim by any other third party
      howsoever relating to or arising out of an Environmental Incident (and, in each such case, "claim" shall include a claim for damages and/or direction for and/or enforcement relating to clean-up costs, removal, compliance, remedial action or
      otherwise) or (iii) any Proceedings arising from any of the foregoing;</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">Environmental Incident</font>"<font style="font-weight: bold;">&#160;</font>means, regardless of cause, (i) any discharge or
      release of Environmentally Sensitive Material from any Relevant Ship; (ii) any incident in which Environmentally Sensitive Material is discharged or released from a vessel other than a Relevant Ship which involves collision between a Relevant Ship
      and such other vessel or some other incident of navigation or operation, in either case, where the Relevant Ship, the Manager and/or the relevant Owner and/or the relevant Group Member and/or the relevant Operator are actually, contingently or
      allegedly at fault or otherwise howsoever liable (in whole or in part) or (iii) any incident in which Environmentally</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">5</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">Sensitive Material is discharged or released from a vessel other than a Relevant Ship and where such Relevant Ship is actually or potentially liable to be
      arrested as a result and/or where the Manager and/or the relevant Owner and/or other Group Member and/or the relevant Operator are actually, contingently or allegedly at fault or otherwise howsoever liable;</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">Environmental Laws</font>"<font style="font-weight: bold;">&#160;</font>means all laws, regulations, conventions and agreements
      whatsoever relating to pollution, human or wildlife well-being or protection of the environment (including, without limitation, the United States Oil Pollution Act of 1990 and any comparable laws of the individual States of the USA);</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">Environmentally Sensitive Material</font>"<font style="font-weight: bold;">&#160;</font>means oil, oil products or any other
      products or substance which are polluting, toxic or hazardous or any substance the release of which into the environment is howsoever regulated, prohibited or penalised by or pursuant to any Environmental Law;</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">EU Bail-In Legislation Schedule</font>"<font style="font-weight: bold;">&#160;</font>means the document described as such and
      published by the Loan Market Association (or any successor person) from time to time;</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">Event of Default</font>"<font style="font-weight: bold;">&#160;</font>means any of the events or circumstances listed in clause
      10.1;</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">Execution Date</font>"<font style="font-weight: bold;">&#160;</font>means the date on which this Agreement has been executed by
      all the parties hereto;</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">Extended Employment Contract</font>"<font style="font-weight: bold;">&#160;</font>means, in respect of a Mortgaged Vessel and
      at any relevant time, any bareboat charterparty (irrespective of the duration of such charterparty) or any time charterparty or other contract of employment of such ship (including the entry of a Vessel in any pool) which has a remaining tenor
      exceeding nine (9) months (including any options to renew or extend such tenor) at such time;</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">Facility Period</font>"<font style="font-weight: bold;">&#160;</font>means the period starting on the date of this Agreement
      and ending on such date as all obligations whatsoever of all of the Security Parties under or pursuant to the Security Documents whensoever arising, actual or contingent, have been irrevocably paid, performed and/or complied with;</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">FATCA</font>"<font style="font-weight: bold;">&#160;</font>means:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4c23d3873647493eb4ba5db980ccc0eb">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>sections 1471 to 1474 of the US Internal Revenue Code of 1986 (the "Code") or any associated regulations or other official guidance;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z88f23c0fb7e24471957e5e4217780cb4">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>any treaty, law, regulation or other official guidance enacted in any other jurisdiction, or relating to an intergovernmental agreement between the US and any other jurisdiction, which (in either case) facilitates the implementation of
                  paragraph (a) above; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7a69c24edabc4f18977dd9c6b8ae247d">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(iii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>any agreement pursuant to the implementation of paragraphs (a) or (b) above with the US Internal Revenue Service, the US government or any governmental or taxation authority in any other jurisdiction;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">FATCA Application Date</font>" means:</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">6</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zffb61b6790f64c84a3718c19be6b6023">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>in relation to a "withholdable payment" described in section 1473(1)(A)(i) of the Code (which relates to payments of interest and certain other payments from sources within the US), 1 July 2014; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb5f42bbc8ca94706904055813244f21c">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>in relation to a "passthru payment" described in section 1471(d)(7) of the Code not falling within paragraph (a) above, the first date from which such payment may become subject to a deduction or withholding required by FATCA;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">FATCA Deduction</font>"<font style="font-weight: bold;">&#160;</font>means a deduction or withholding from a payment under a
      Security Document required by FATCA;</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">FATCA Exempt Party</font>"<font style="font-weight: bold;">&#160;</font>means a party to a Security Document that is entitled
      to receive payments free from any FATCA Deduction;</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">FATCA FFI</font>"<font style="font-weight: bold;">&#160;</font>means a foreign financial institution as defined in section
      1471(d)(4) of the Code which, if the Bank is not a FATCA Exempt Party, could be required to make a FATCA Deduction;</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">Flag State</font>"<font style="font-weight: bold;">&#160;</font>means in respect of each Vessel, the country, which is
      acceptable to the Lender, on whose flag such Vessel is or is to be registered in the ownership of her Owner;</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">General Assignment</font>"<font style="font-weight: bold;">&#160;</font>means, in respect of each Mortgaged Vessel, the deed of
      assignment of its earnings, insurances and requisition compensation executed or to be executed by the relevant Owner in favour of the Lender in such form as the Lender may require, and in the plural means all of them;</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">Government Entity</font>"<font style="font-weight: bold;">&#160;</font>means any national or local government body, tribunal,
      court or regulatory or other agency and any organisation of which such body, tribunal, court or agency is a part or to which it is subject;</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">Group</font>"<font style="font-weight: bold;">&#160;</font>means, at any relevant time, the Corporate Guarantor and its
      Subsidiaries (including the Borrowers);</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">Group Member</font>"<font style="font-weight: bold;">&#160;</font>means any member of the Group;</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">IAPP Certificate</font>"<font style="font-weight: bold;">&#160;</font>means the International Air Pollution Prevention
      Certificate issued or to be issued pursuant to Annex VI of the International Convention for the Prevention of Pollution from Ships, MARPOL 73/78 (Regulations for the Prevention of Air Pollution from Ships) in relation to the Vessel;</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">Indebtedness</font>"<font style="font-weight: bold;">&#160;</font>means any obligation howsoever arising (whether present or
      future, actual or contingent, secured or unsecured as principal, surety or otherwise) for the payment or repayment of money;</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">Insurances</font>"<font style="font-weight: bold;">&#160;</font>means, in respect of a Vessel, all policies and contracts of
      insurance (which expression includes all entries of that Vessel in a protection and indemnity or war risks association) which are from time to time during the Facility Period in place or taken out or entered into by or for the benefit of its Owner
      (whether in the sole name of that Owner, or in the joint names of that Owner and the Mortgagee or otherwise) in respect of that Vessel or otherwise howsoever in connection with that Vessel and all benefits thereof (including claims of whatsoever
      nature and return of premiums);</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">7</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">Interest Payment Date</font>"<font style="font-weight: bold;">&#160;</font>means the last day of an Interest Period and, if an
      Interest Period is longer than three (3) months, the date falling at the end of each successive period of three (3) months from the start of such Interest Period;</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">Interest Period</font>"<font style="font-weight: bold;">&#160;</font>means each period for the calculation of interest in
      respect of the Loan ascertained in accordance with clauses 3.2 and 3.3;</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">Interest Rate Determination Date</font>"<font style="font-weight: bold;">&#160;</font>means, in relation to any period for
      which an interest rate is to be determined, the date falling two (2) Banking Days before the first day of that period unless market practice differs in the London interbank market, in which case the Interest Rate Determination Date will be determined
      by the Lender in accordance with market practice in the London interbank market (and if quotations would normally be given by leading banks in the London interbank market on more than one day, the Interest Rate Determination Date will be the last of
      those days);</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">ISM Code</font>"<font style="font-weight: bold;">&#160;</font>means in relation to its application to the Borrowers, the
      Vessels and their operation:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5ed4de8fa757461890a67ab94518e6a5">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>'The International Management Code for the Safe Operation of Ships and for Pollution Prevention', currently known or referred to as the 'ISM Code', adopted by the Assembly of the International Maritime Organisation by Resolution
                  A.741(18) on 4 December 1993 and incorporated on 19 May 1994 into Chapter IX of the International Convention for Safety of Life at Sea 1974 (SOLAS 1974); and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8e95a6f7f98f434a9290c9926ca4cea6">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>all further resolutions, circulars, codes, guidelines, regulations and recommendations which are now or in the future issued by or on behalf of the International Maritime Organisation or any other entity with responsibility for
                  implementing the ISM Code, including, without limitation, the 'Guidelines on implementation or administering of the International Safety Management (ISM) Code by Administrations' produced by the International Maritime Organisation
                  pursuant to Resolution A.788(19) adopted on 25 December 1995,</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">as the same may be amended, supplemented or replaced from time to time;</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">ISM Code Documentation</font>"<font style="font-weight: bold;">&#160;</font>means, in relation to a Mortgaged Vessel, the
      document of compliance (DOC) and safety management certificate (SMC) issued by a Classification Society pursuant to the ISM Code in relation to that Mortgaged Vessel within the periods specified by the ISM Code;</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">ISM SMS</font>" means the safety management system which is required to be developed, implemented and maintained under the
      ISM Code;</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">ISPS Code</font>"<font style="font-weight: bold;">&#160;</font>means the International Ship and Port Security Code of the
      International Maritime Organisation and includes any amendments or extensions thereto and any regulations issued pursuant thereto;</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">ISSC</font>" means an International Ship Security Certificate issued in respect of a Mortgaged Vessel pursuant to the ISPS
      Code;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">8</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">Latest Accounts</font>" means, in respect of any fiscal year of the Corporate Guarantor, the latest annual audited
      consolidated accounts of the Corporate Guarantor required to be prepared pursuant to clause 8.1.6;</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">Lender</font>"<font style="font-weight: bold;">&#160;</font>means Piraeus Bank S.A. having its registered office at 4 Amerikis
      Street, 105 64 Athens, Greece, acting through its branch at 170 Alexandras Ave., 115 21 Athens, Greece (fax no. +30 210 373 9783);</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">LIBOR</font>"<font style="font-weight: bold;">&#160;</font>means, in relation to the Loan or any part of the Loan:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zef2825c31a954e2396fe430259114aa3">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the applicable Screen Rate at or about 11.45 a.m. (London time) on the Quotation Day for Dollars and for a period equal in length to the Interest Period then applicable to the Loan or that part of the Loan; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z57e2e7f05e094c7faa0d4c68d11700a8">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>in case of Screen Rate Replacement Event, the Replacement Benchmark on the Quotation Day for Dollars and for a period equal in length to the Interest Period,</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">and if, in either case, that rate is less than zero, LIBOR shall be deemed to be zero;</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">Loan</font>"<font style="font-weight: bold;">&#160;</font>means the aggregate principal amount in respect of the Loan Facility
      owing to the Lender under this Agreement at any relevant time;</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">Loan Facility</font>"<font style="font-weight: bold;">&#160;</font>means the loan facility provided by the Lender on the terms
      and subject to the conditions of this Agreement in an amount not exceeding the aggregate amounts of Advance A, Advance B, Advance C and Advance D;</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">Management Agreement</font>"<font style="font-weight: bold;">&#160;</font>means, in respect of each Mortgaged Vessel, the
      agreement between the relevant Owner and the Manager, in a form approved by the Lender, and in the plural means all of them;</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">Manager</font>"<font style="font-weight: bold;">&#160;</font>means Eurobulk Ltd., a corporation incorporated in Liberia with
      its registered office at 80 Broad Street, Monrovia, Liberia and having its place of business at 4 Messogiou &amp; Evropis Street, 151 24 Maroussi, Greece, or any other commercial and/or technical manager appointed by the Borrower, with the prior
      written consent of the Lender, as the manager of the Vessel;</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">Manager's Undertaking</font>"<font style="font-weight: bold;">&#160;</font>means, in respect of each Mortgaged Vessel, the
      undertaking and assignment of insurances required to be executed hereunder by the Manager in favour of the Lender in such form as the Lender may require and in the plural means all of them;</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">Margin</font>"<font style="font-weight: bold;">&#160;</font>means 3.50% (three point five per cent) per annum;</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">Material Adverse Effect</font>"<font style="font-weight: bold;">&#160;</font>means a material adverse effect on (i) the
      Lender's rights under, or the security provided by, any Security Document, (ii) the ability of any Security Party to perform or comply with any of its obligations under any Security Document to which it is a party or (iii) the value or nature of the
      financial condition of any Security Party (other than the Manager);</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">Maturity Date</font>"<font style="font-weight: bold;">&#160;</font>means the date falling 48 months after the last Drawdown
      Date;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">9</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">Mil &amp; MAP Policy</font>"<font style="font-weight: bold;">&#160;</font>means a mortgagee's interest and (if required by the
      Lender) pollution risks insurance policy (including, but not limited to, additional perils (pollution) cover) in respect of each Mortgaged Vessel to be effected by the Lender on or before the Drawdown Date to cover the Mortgaged Vessels as the same
      may be renewed or replaced annually thereafter and maintained throughout the Facility Period through such brokers, with such underwriters and containing such coverage as may be acceptable to the Lender in its sole discretion, insuring a sum of at
      least one hundred and ten per cent (110%) of the Loan in respect of mortgagee's interest insurance and one hundred and ten per cent (110%) of the Loan in respect of additional perils (pollution) cover;</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">MOA</font>"<font style="font-weight: bold;">&#160;</font>means each of the Vessel A MOA, the Vessel B MOA, the Vessel C MOA and
      the Vessel D MOA, and in the plural means all of them;</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">month</font>"<font style="font-weight: bold;">&#160;</font>means a period beginning in one calendar month and ending in the
      next calendar month on the day numerically corresponding to the day of the calendar month on which it started, provided that (a) if the period started on the last Banking Day in a calendar month or if there is no such numerically corresponding day,
      it shall end on the last Banking Day in such next calendar month and (b) if such numerically corresponding day is not a Banking Day, the period shall end on the next following Banking Day in the same calendar month but if there is no the Banking Day
      it shall end on the preceding Banking Day and "months" and "<font style="font-weight: bold;">monthly</font>"<font style="font-weight: bold;">&#160;</font>shall be construed accordingly;</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">Mortgage</font>"<font style="font-weight: bold;">&#160;</font>means:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4922b4a0b333419f9b2caccf6b661025">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>in relation to each of Vessel A and Vessel B, the first preferred Marshall Islands mortgage of such Vessel required to be executed hereunder by the Owner thereof; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0e6a0ddbe7064fc1ab816e72d87115fa">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>in relation to each of Vessel C and Vessel D, the first priority Cypriot statutory mortgage and deed of covenant collateral thereto required to be executed hereunder by the Owner thereof,</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">each of which to be in such form as the Lender may require in its sole discretion, and in the plural means all of them;</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">Mortgaged Vessel</font>"<font style="font-weight: bold;">&#160;</font>means, at any relevant time, a Vessel which is al such
      lime subject to a Mortgage and/or the Earnings, Insurances and Requisition Compensation of which are subject to an Encumbrance pursuant to the relevant Ship Security Documents and a Vessel shall, for the purposes of this Agreement, be regarded as a
      Mortgaged Vessel as from the date on which the Mortgage of that Vessel has been executed and registered in accordance with this Agreement until whichever shall be the earlier of (i) the payment in full of the amount required to be paid to the Lender
      pursuant lo clause 4.3 or 4.4 following the Total Loss or sale respectively of such Vessel and (ii) the end of the Facility Period;</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">NASDAQ</font>"<font style="font-weight: bold;">&#160;</font>means the stock exchange run by the US National Association of
      Securities Dealers with the main exchange located in the United States of America, originally an acronym for the National Association of Securities Dealers Automatic Quotations;</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">Net Worth</font>"<font style="font-weight: bold;">&#160;</font>means by reference to the Latest Accounts, the Total Assets less
      Total Liabilities of the Group;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">10</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">Operator</font>"<font style="font-weight: bold;">&#160;</font>means any person who is from time to time during the Facility
      Period concerned in the operation of a Relevant Ship and falls within the definition of "Company" set out in rule 1.1.2 of the ISM Code;</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">Owner</font>"<font style="font-weight: bold;">&#160;</font>means, in respect of each Vessel, the Borrower which is the owner
      thereof;</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">Permitted Encumbrance</font>"<font style="font-weight: bold;">&#160;</font>means any Encumbrance in favour of the Lender
      created pursuant to the Security Documents; any Encumbrance created in favour of a plaintiff or defendant in any proceedings or arbitration as security for costs and expenses while the Borrowers or any of them are actively prosecuting or defending
      such proceedings or arbitration in good faith; Encumbrances arising by operation of law in respect of taxes which are not overdue for payment or in respect of taxes being contested in good faith by appropriate steps and in respect of which
      appropriate reserves have been made and Permitted Liens;</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">Permitted Liens</font>"<font style="font-weight: bold;">&#160;</font>means any lien on any Mortgaged Vessel for master's,
      officer's or crew's wages outstanding in the ordinary course of trading, any lien for salvage and any ship repairer's or outfitter's possessory lien for a sum not (except with the prior written consent of the Lender) exceeding the Casualty Amount any
      lien arising in the ordinary course of trading by statute or by operation of law in respect of obligations which are not overdue (and while such obligations are not overdue) or which are being contested in good faith by bona fide and appropriate
      proceedings (and for the payment of which adequate, freely-available reserves have been provided) unless such proceedings or the continued existence of such lien makes likely the sale, forfeiture or loss of, or of any interest in, any Mortgaged
      Vessel, and liens securing liabilities for Taxes against which adequate, freely-available reserves have been provided;</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">Pertinent Jurisdiction</font>"<font style="font-weight: bold;">&#160;</font>means any jurisdiction in which or where any
      Security Party is incorporated, resident, domiciled, has a permanent establishment or assets, carries on, or has a place of business or is otherwise howsoever effectively connected;</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">Prepayment Security Value</font>"<font style="font-weight: bold;">&#160;</font>means the amount in USD (as certified by the
      Lender) which is, at any relevant time, the aggregate of the Valuation Amounts of the then remaining Mortgaged Vessels subject to a Mortgage, as most recently determined in accordance with clause 8.2.2 hereof;</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">Proceedings</font>"<font style="font-weight: bold;">&#160;</font>means any litigation, arbitration, legal action or complaint
      or judicial, quasi-judicial or administrative proceedings whatsoever arising or instigated by anyone (private or governmental) in any court, tribunal, public office or other forum whatsoever and wheresoever (including, without limitation, any action
      for provisional or permanent attachment of any thing or for injunctive remedies or interim relief and any action instigated on an ex parte basis);</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">Purchase Price</font>"<font style="font-weight: bold;">&#160;</font>means, in respect of a Vessel, the "Purchase Price" as
      defined in the MOA relating thereto;</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">Quotation Day</font>"<font style="font-weight: bold;">&#160;</font>means, in respect of any period in respect of which LIBOR
      falls to be determined under this Agreement, the second Banking Day before the first day of such period;</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">Registry</font>"<font style="font-weight: bold;">&#160;</font>means, in relation to each Vessel, the office of the registrar,
      commissioner or representative of the Flag State, who is duly empowered to register such Vessel, the</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">11</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">relevant Owner's title thereto and the relevant Mortgage under the laws and flag of the Flag State;</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">Relevant Advance</font>"<font style="font-weight: bold;">&#160;</font>means, in respect of Vessel A, Advance A, in respect of
      Vessel B, Advance B, in respect of Vessel C, Advance C and in respect of Vessel D, Advance D;</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">Relevant Ship</font>"<font style="font-weight: bold;">&#160;</font>means each of the Mortgaged Vessels and any other ship from
      time to time (whether before or after the date of this Agreement) owned by any Group Member;</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">Relevant Nominating Body</font>"<font style="font-weight: bold;">&#160;</font>means any applicable central bank, regulator or
      other supervisory authority or a group of them, or any working group or committee sponsored or chaired by, or constituted at the request of, any of them or the Financial Stability Board;</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">Repayment Date</font>"<font style="font-weight: bold;">&#160;</font>means the date on which any instalment of the Loan is
      repayable under the provisions of clause 4.1.1;</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">Repayment Instalment</font>"<font style="font-weight: bold;">&#160;</font>means in respect of each Advance, each of the
      repayment instalments (including the Balloon Instalment) falling due under and in accordance with clause 4.1.1, as the same may be reduced in accordance with this Agreement;</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">Replacement Benchmark</font>"<font style="font-weight: bold;">&#160;</font>means a benchmark rate which is:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf3d1431e34a64f32a9c997147c20434f">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>formally designated, nominated or recommended as the replacement for a Screen Rate by:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z09fd3fec2b0d4e98b87364ce916f894f">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the administrator of that Screen Rate (provided that the market or economic reality that such benchmark rate measures is the same as that measured by that Screen Rate); or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb9021a8109834e76aeafa3d31c3ef709">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>any Relevant Nominating Body,</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 90pt; margin-bottom: 12pt;">and if replacements have, at the relevant time, been formally designated, nominated or recommended under both paragraphs, the "Replacement Benchmark" will be the replacement
      under paragraph (ii) above; or</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za6ae10e5cef04b9abc5cd121a43b05d3">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>in the opinion of the Lender and the Borrower, generally accepted in the international loan markets as the appropriate successor to a Screen Rate; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za72b326d07264d729ed4d9a8c1ff9787">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>in the opinion of the Lender and the Borrower, an appropriate successor to a Screen Rate;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">Required Authorisation</font>"<font style="font-weight: bold;">&#160;</font>means any authorisation, consent, declaration,
      licence, permit, exemption, approval or other document, whether imposed by or arising in connection with any law, regulation, custom, contract, security or otherwise howsoever which must be obtained at any time from any person, Government Entity,
      central bank or other self-regulating or supra-national authority in order to enable the Borrowers lawfully to borrow the Loan and/or to enable any Security Party lawfully and continuously to continue its corporate existence and/or perform all its
      obligations whatsoever whensoever arising and/or grant security under the relevant Security Documents and/or to ensure the continuous validity and enforceability thereof;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">12</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">Required Security Amount</font>"<font style="font-weight: bold;">&#160;</font>means the amount in USD (as certified by the
      Lender) which is at any relevant time one hundred and twenty five per cent (125%) of the Loan;</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">Requisition Compensation</font>"<font style="font-weight: bold;">&#160;</font>means, in respect of a Vessel, all moneys or
      other compensation from time to time payable during the Facility Period by reason of Compulsory Acquisition of that Vessel;</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">Resolution Authority</font>"<font style="font-weight: bold;">&#160;</font>means any body which has authority to exercise any
      Write-down and Conversion Powers;</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">Restricted Person</font>"<font style="font-weight: bold;">&#160;</font>means a person that is:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zec423071b0e940b4a5d7c7a000c93893">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>listed on, or directly or indirectly owned or controlled (as such terms are defined by the relevant Sanctions Authority) by a person listed on, any Sanctions List;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z39130ee0d1554e209973ead1a4817dc0">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>located in, incorporated under the laws of, or owned or controlled by, or acting on behalf of, a person located in or organised under the laws of, a country or territory that is the target of country or territory -wide Sanctions <font style="font-weight: bold;">(</font>"<font style="font-weight: bold;">Sanctions Restricted Jurisdiction</font>"<font style="font-weight: bold;">); </font>or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0c0b1241234e42e9a76ddf5015b8d856">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(iii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>otherwise a target of Sanctions;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">Sanctions</font>"<font style="font-weight: bold;">&#160;</font>means any economic, financial or trade sanctions laws,
      regulations, embargoes or restrictive measures administered, enacted or enforced by:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zdaca16a8baa344fdba81b77cefaa0347">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the United States government;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zacff43c04ffa49ad890e0d554068aa21">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the United Nations;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9168b3ea94bd4962a5dd93d56cd5dc68">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(iii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the European Union or any of its Member States;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zdb342897b4a6422d83f9aecacccaaf3c">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(iv)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the United Kingdom;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z055b6dfcd7b444f5972d7d8bf50a09d9">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(v)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>any country to which any Security Party or any other member of the Group or any affiliate of any of them is bound; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1d9deeda788c42f699493a6a4c85ca5b">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(vi)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the respective governmental institutions and agencies of any of the foregoing, including without limitation, the Office of Foreign Assets Control of the US Department of Treasury <font style="font-weight: bold;">(</font>"<font style="font-weight: bold;">OFAC</font>"<font style="font-weight: bold;">), </font>the United States Department of State, and Her Majesty's Treasury <font style="font-weight: bold;">(</font>"<font style="font-weight: bold;">HMT</font>"<font style="font-weight: bold;">) </font>(together "<font style="font-weight: bold;">Sanctions Authorities</font>"<font style="font-weight: bold;">&#160;</font>and each, "<font style="font-weight: bold;">Sanctions Authority</font>"<font style="font-weight: bold;">);</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">Sanctions List</font>"<font style="font-weight: bold;">&#160;</font>means the "Specially Designated Nationals and Blocked
      Persons" list issued by OFAC, the "Consolidated List of Financial Sanctions Targets in the UK" issued by HMT, or any similar list issued or maintained or made public by any of the Sanctions Authorities;</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">Screen Rate</font>"<font style="font-weight: bold;">&#160;</font>means the London interbank offered rate administered by ICE
      Benchmark Administration Limited (or any other person which takes over the administration of that rate) for Dollars for the relevant period displayed (before any correction, recalculation or republication by the administrator) on page LIBOR01 or
      LIBOR02 of the Thomson Reuters screen (or any replacement Thomson Reuters page which displays that rate) or on the appropriate page of such other information service</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">13</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">which publishes that rate from time to time in place of Thomson Reuters. If such page or service ceases to be available, the Lender may specify another page
      or service displaying the relevant rate after consultation with the Borrower;</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">Screen Rate Replacement Event</font>"<font style="font-weight: bold;">&#160;</font>means, in relation to a Screen Rate:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zab23490d46444edf81ac445ded3e9ce9">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the methodology, formula or other means of determining that Screen Rate has, in the opinion of the Lender and the Borrower, materially changed;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4603b619b11c4bfd83a98c83eb470b60">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(A)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the administrator of that Screen Rate or its supervisor publicly announces that such administrator is insolvent; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8379faec2e25456aae0b9c7ca24fceb0">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(B)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>information is published in any order, decree, notice, petition or filing, however described, or filed with a court, tribunal, exchange, regulatory authority or similar administrative, regulatory or judicial body which reasonably
                  confirms that the administrator of that Screen Rate is insolvent,</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 90pt; margin-bottom: 12pt;">provided that, in each case, at that time, there is no successor administrator to continue to provide that Screen Rate;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd14684f76c94418995304fc407d734d5">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the administrator of that Screen Rate publicly announces that it has ceased or will cease, to provide that Screen Rate permanently or indefinitely and, at that time, there is no successor administrator to continue to provide that
                  Screen Rate;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0f076665f16a402895fe152bdae88103">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(iii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the supervisor of the administrator of that Screen Rate publicly announces that such Screen Rate has been or will be permanently or indefinitely discontinued; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze0fb1790c1c54b58891232d0013c9683">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(iv)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the administrator of that Screen Rate or its supervisor announces that that Screen Rate may no longer be used; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zad5a808855d64ffa8fb0a72a8306dd99">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(v)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>in the opinion of the Lender and the Borrower, that Screen Rate is otherwise no longer appropriate for the purposes of calculating interest under this Agreement;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">Security Documents</font>"<font style="font-weight: bold;">&#160;</font>means this Agreement, the Mortgages, the Corporate
      Guarantee, the General Assignments, any Charter Assignments, the Earnings Account Pledges, the Shares Pledges, the Manager's Undertakings, any Tripartite Deed and any other documents as may have been or shall from time to time after the date of this
      Agreement be executed to guarantee and/or to govern and/or secure all or any part of the Loan, interest thereon and other moneys from time to time owing by the Borrowers pursuant to this Agreement (whether or not any such document also secures moneys
      from time to time owing pursuant to any other document or agreement);</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">Security Party</font>"<font style="font-weight: bold;">&#160;</font>means the Borrowers, the Corporate Guarantor, the
      Shareholder, the Manager or any other person who may at any time be a party to any of the Security Documents (other than the Lender);</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">14</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">Security Value</font>"<font style="font-weight: bold;">&#160;</font>means the amount in USD (as certified by the Lender) which
      is, at any relevant time, the aggregate of (a) the Valuation Amounts of the Mortgaged Vessels, as most recently determined in accordance with clause 8.2.2 hereof, (b) the aggregate Cash Collateral at any relevant time and (c) the net realizable
      market value of any additional security for the time being actually provided to the Lender pursuant to clause 8.2.1(b), it being agreed however that in case of additional security in the form<font style="font-weight: bold;">&#160;</font>of cash in
      Dollars, the same will be valued on a Dollar for Dollar basis;</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">Seller</font>"<font style="font-weight: bold;">&#160;</font>means Blue Lake LLC of the Marshall Islands</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">Shareholder</font>"<font style="font-weight: bold;">&#160;</font>means Eurocon Ltd., a corporation incorporated in the Marshall
      Islands with its registered office at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, MH96960;</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">Shares Pledge</font>"<font style="font-weight: bold;">&#160;</font>means the pledge of the shares of and in each Borrower to be
      executed by the Shareholder in favour of the Lender, to be in such form as the Lender may require in its sole discretion, and in the plural means all of them;</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">Ship Security Documents</font>"<font style="font-weight: bold;">&#160;</font>means, in relation to each Mortgaged Vessel, the
      relevant Mortgage, the relevant General Assignment, any relevant Charter Assignment, any relevant Tripartite Deed and the relevant Manager's Undertaking;</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">Subsidiary</font>"<font style="font-weight: bold;">&#160;</font>of a person means any company or entity directly or indirectly
      controlled by such person, and for this purpose "control" means either the ownership of more than fifty per cent (50%) of the voting share capital (or equivalent rights of ownership) of such company or entity or the power to direct its policies and
      management, whether by contract or otherwise;</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">Taxes</font>"<font style="font-weight: bold;">&#160;</font>includes all present and future income, corporation, capital or
      value-added taxes and all stamp and other taxes and levies, imposts, deductions, duties, charges and withholdings whatsoever together with interest thereon and penalties in respect thereto, if any, and charges, fees or other amounts made on or in
      respect thereof (and "Taxation" shall be construed accordingly);</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">Total Assets</font>"<font style="font-weight: bold;"> and </font>"<font style="font-weight: bold;">Total Liabilities</font>"<font style="font-weight: bold;">&#160;</font>mean, respectively, the total assets and total liabilities of the Group as evidenced at any relevant time by the Latest Accounts, in which they shall have been calculated by reference to the meanings assigned to
      them in accordance with International Financial Reporting Standards or US GAAP provided that the value of any ship shall be the market value thereof calculated in accordance with clause 8.2.5(i) and not as set out in the Latest Accounts;</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">Total Commitment</font>"<font style="font-weight: bold;">&#160;</font>means, at any relevant time, the aggregate of the
      Commitments of the Lender at such time;</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">Total Loss</font>"<font style="font-weight: bold;">&#160;</font>means, in relation to a Mortgaged Vessel:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze6a031f69b7c42eeb3ff83f7aa3334e5">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the actual, constructive, compromised or arranged total loss of such Mortgaged Vessel; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1f71ee88a953426bb6d0b206c0804168">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Compulsory Acquisition; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5db160ddd85c41a3b340cdc2e401134d">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(iii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>any hijacking, theft, condemnation, capture, seizure, arrest, detention or confiscation of such Mortgaged Vessel not falling within the definition of</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">15</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-left: 90pt; margin-bottom: 12pt;">Compulsory Acquisition, unless such Mortgaged Vessel be released and restored to the relevant Owner within sixty (60) days after such incident;</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">Tripartite Deed</font>"<font style="font-weight: bold;">&#160;</font>means, if a Vessel is subject to a bareboat charter, a
      deed containing (inter alia) an assignment of the relevant charterer's interest in the insurances of that Vessel, required to be executed by Borrower who is the owner thereof and the relevant charterer in favour of the Lender in such form as the
      Lender may require in its sole discretion and the relevant charterer may agree;</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">Underlying Documents</font>"<font style="font-weight: bold;">&#160;</font>means, together, the MOAs, any Extended Employment
      Contracts and the Management Agreements;</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">Unlawfulness</font>"<font style="font-weight: bold;">&#160;</font>means any event or circumstance which is the subject of a
      notification by the Lender to the Borrowers under clause 12.1;</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">USA</font>"<font style="font-weight: bold;">&#160;</font>means the United States of America; "<font style="font-weight: bold;">US
        Tax Obligor</font>"<font style="font-weight: bold;">&#160;</font>means:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z436d89b85ba441dd8f60851b46a767a4">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>a Borrower if it is resident for tax purposes in the USA; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1ad66890d297445ca4e46121d651616b">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>a Security Party some or all of whose payments under the Security Documents are from sources within the USA for US federal income tax purposes;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">Valuation Amount</font>"<font style="font-weight: bold;">&#160;</font>means, in respect of each Vessel, the value thereof most
      recently determined under clause 8.2.2;</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">Vessel A</font>" means the 2009-built container vessel of 4,253 TEU and 16,423 lwt named "SYNERGY BUSAN" registered in the
      name of Magic Peninsula Limited of Hong Kong under Hong Kong flag and which is to be acquired by the Sellers and immediately thereafter to be acquired by Busan pursuant to the Vessel A MOA and to be registered in the name of Busan under the Marshall
      Islands flag with the name "SYNERGY BUSAN";</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">Vessel A MOA</font>"<font style="font-weight: bold;">&#160;</font>means the memorandum of agreement dated 31 October 2019 (as
      amended by addendum no. 1 dated 1 November 2019) and made between Seller A as seller and Busan as buyer in respect of Vessel A for a purchase price of USD10,000,000, as further amended and/or supplemented from time to time;</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">Vessel B</font>"<font style="font-weight: bold;">&#160;</font>means the 2008-built container vessel of 4,253 TEU and 16,423 lwt
      named "SYNERGY ANTWERP" registered in the name of Able Challenger Limited of Hong Kong under Hong Kong flag and which is to be acquired by the Sellers and immediately thereafter to be acquired by Antwerp pursuant to the Vessel B MOA and to be
      registered in the name of Antwerp under the Marshall Islands flag with the name "SYNERGY ANTWERP";</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">Vessel B MOA</font>"<font style="font-weight: bold;">&#160;</font>means the memorandum of agreement dated 31 October 2019 (as
      amended by addendum no. 1 dated 1 November 2019) and made between Seller B as seller and Antwerp <font style="font-size: 8pt;">as </font>buyer in respect of Vessel A for a purchase price of USD10,000,000, as further amended and/or supplemented from
      time to time;</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">Vessel C</font>" means the 2009-built container vessel of 4,253 TEU and 16,423 lwt named "SYNERGY OAKLAND" registered in
      the name of Metropolitan Vitality Limited of</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">16</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">Hong Kong under Hong Kong flag and which is to be acquired by the Sellers and immediately thereafter to be acquired by Oakland pursuant to the Vessel C MOA
      and to be registered in the name of Oakland under the Cypriot flag with the name "SYNERGY OAKLAND";</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">Vessel C MOA</font>"<font style="font-weight: bold;">&#160;</font>means the memorandum of agreement dated 31 October 2019 (as
      amended by addendum no. 1 dated 1 November 2019) and made between Seller C as seller and Oakland as buyer in respect of Vessel A for a purchase price of USD10,000,000, as further amended and/or supplemented from time to time;</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">Vessel D</font>"<font style="font-weight: bold;">&#160;</font>means the 2009-built container vessel of 4,253 TEU and 16,423 lwt
      named "SYNERGY KEELUNG" registered in the name of Superior Integrity Limited of Hong Kong under Hong Kong flag and which is to be acquired by the Sellers and immediately thereafter to be acquired by Keelung pursuant to the Vessel D MOA and to be
      registered in the name of Keelung under the Cypriot flag with the name "SYNERGY KEELUNG";</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">Vessel D MOA</font>"<font style="font-weight: bold;">&#160;</font>means the memorandum of agreement dated 31 October 2019 (as
      amended by addendum no. 1 dated 1 November 2019) and made between Seller D as seller and Keelung as buyer in respect of Vessel A for a purchase price of USD10,000,000, as further amended and/or supplemented from time to time;</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">Vessels</font>"<font style="font-weight: bold;">&#160;</font>means, together, Vessel A, Vessel B, Vessel C and Vessel D; and</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">"<font style="font-weight: bold;">Write-down and Conversion Powers</font>"<font style="font-weight: bold;">&#160;</font>means, in relation to any Bail-In
      Legislation described in the EU Bail-In Legislation Schedule from time to time, the powers described as such in relation to that Bail-In Legislation in the EU Bail-In Legislation Schedule.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze5df971db0004eacbb113d3e0cc3cd19">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">1.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Construction</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">In this Agreement, unless the context otherwise requires:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd3f6f3211c76431685dd4e24b13e1e61">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">1.3.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>clause headings and the index are inserted for convenience of reference only and shall be ignored in the construction of this Agreement;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7c4345124eae4ae789f2fb4751502913">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">1.3.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>references to clauses and schedules are to be construed as references to clauses of, and schedules to, this Agreement and references to this Agreement include its schedules and any supplemental agreements executed pursuant hereto;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z71588c61687444b0a93fcc2e6946b453">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">1.3.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>references to (or to any specified provision of) this Agreement or any other document shall be construed as references to this Agreement, that provision or that document as in force for the time being and as duly amended and/or
                  supplemented and/or novated;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z52e0e66e2e4945e18f729963c1fe5edf">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">1.3.4</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>references to a "regulation" include any present or future regulation, rule, directive, requirement, request or guideline (whether or not having the force of law) of any Government Entity, central bank or any self-regulatory or other
                  supra-national authority;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zeeced6c53bcf441fa270db5be7189571">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">1.3.5</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>references to any person in or party to this Agreement shall include reference to such person's lawful successors and assigns and references to the Lender shall also include a Transferee Lender;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z57599a9d4c794cbf9c91499e4645664b">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">1.3.6</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>words importing the plural shall include the singular and vice versa;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">17</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5b4fbd856f084789881217523f011180">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">1.3.7</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>references to a time of day are, unless otherwise stated, to Athens time;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd15ee28e353b4cbf8bb7768acd6d4508">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">1.3.8</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>references to a person shall be construed as references to an individual, firm, company, corporation or unincorporated body of persons or any Government Entity;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z950e361e917e4a32940efdb133415e12">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">1.3.9</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>references to a "guarantee" include references to an indemnity or any other kind of assurance whatsoever (including, without limitation, any kind of negotiable instrument, bill or note) against financial loss or other liability
                  including, without limitation, an obligation to purchase assets or services as a consequence of a default by any other person to pay any Indebtedness and "guaranteed" shall be construed accordingly;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z89eef814cc3d48be86482365c399d8ad">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">1.3.10</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>references to any statute or other legislative provision are to be construed as references to any such statute or other legislative provision as the same may be re enacted or modified or substituted by any subsequent statute or
                  legislative provision (whether before or after the date hereof) and shall include any regulations, orders, instruments or other subordinate legislation issued or made under such statute or legislative provision;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3caee828290c48b28b6f1e0a6ac4a850">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">1.3.11</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>a certificate by the Lender as to any amount due or calculation made or any matter whatsoever determined in connection with this Agreement shall be conclusive and binding on the Borrowers except for manifest error;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z57bdf636f44e48c1affe8bc633a4773f">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">1.3.12</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>if any document, term or other matter or thing is required to he approved, agreed or consented to by the Lender such approval, agreement or consent must be obtained in writing unless the contrary is stated;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0f321a08c86a4cd8aa1142b5e0095128">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">1.3.13</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>time shall be of the essence in respect of all obligations whatsoever of the Borrowers under this Agreement, howsoever and whensoever arising;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5597cf13697a48898ffc10a81261f48b">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">1.3.14</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>and the words "other" and "otherwise" shall not be construed eiusdem generis with any foregoing words where a wider construction is possible;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z01114935a0694590902243885b773e3c">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">1.3.15</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>a Default and an Event of Default) is "continuing" if it has not been remedied or waived.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z227ccaca4e404f3a9def4934a6aef704">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">1.4</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">References to currencies</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">Currencies are referred to in this Agreement by the three letter currency codes (ISO 4217) allocated to them by the International Organisation for
      Standardisation.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5460348fe68d441aa3728aa831e3fcf8">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">1.5</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Contracts (Rights of Third Parties Act) 1999</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">Except for clause 18, no part of this Agreement shall be enforceable under the Contracts (Rights of Third Parties) Act 1999 by a person who is not a party
      to this Agreement.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z33579f301c9849a496fb89c04a517b83">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">THE COMMITMENT AND CANCELLATION</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7fb598ee46a644bfa2fa4e947249e049">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">2.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Agreement to lend</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">The Lender, relying upon each of the representations and warranties in clause 7, agrees to make available to the Borrowers upon and subject to the terms of
      this Agreement, the Loan Facility for the purposes of enabling the Borrowers to partially finance the purchase of the Vessels.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">18</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z64922615c8294a05a7515a59e6d57f73">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">2.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Drawdown</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zdf37de0023fe447e88b4a73d5e089881">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">2.2.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Subject to the terms and conditions of this Agreement, each Advance shall be made available to the Borrowers following receipt by the Lender from the Borrowers of a Drawdown Notice not later than 10:00 a.m. on the third Banking Day
                  before the date, which shall be a Banking Day falling within the Drawdown Period, on which the Borrowers propose that Advance is made available.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc2f7e983a3b84429aaa734a7ae4bdb82">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">2.2.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>The Drawdown Notice shall be effective on actual receipt by the Lender and, once given, shall, subject as provided in clause 3.5, be irrevocable.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0eda4da319ef459d91967edee28f29a5">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">2.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Limitation and application of Advances</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc7712bea07174fa5b9268a028ba4c7f9">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">2.3.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>The amount of the Loan shall not exceed the amount of the Loan Facility.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0b66ac33c3e64638bf2a870081a998c0">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">2.3.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>The principal amount specified in the Drawdown Notice for borrowing on a Drawdown Date shall, subject to the terms of this Agreement, not exceed:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2f1ec7b1f3c1496a867314c72882e106">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>in respect of Advance A, an amount equal to the least of (i) eight million Dollars (USD8,000,000), (ii) 80% of the Purchase Price of Vessel A and (iii) 65.05% of the Valuation Amount of Vessel A (to be determined no more than 15 days
                  prior to the Drawdown Date in respect of Advance A), to be made available by the Lender to the Borrowers and be applied in or towards part-financing the purchase of Vessel A by Busan;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1c60fe92eaf24f99ba8c5e6ad52347dc">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>in respect of Advance B, an amount equal to the least of (i) eight million Dollars (USD8,000,000), (ii) 80% of the Purchase Price of Vessel B and (iii) 65.05% of the Valuation Amount of Vessel B (to be determined no more than 15 days
                  prior to the Drawdown Date in respect of Advance B), to be made available by the Lender to the Borrowers and be applied in or towards part-financing the purchase of Vessel B by Antwerp;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2130e10f58c94aa1a417e891f04e4945">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>in respect of Advance C, an amount equal to the least of (i) eight million Dollars (USD8,000,000), (ii) 80% of the Purchase Price of Vessel C and (iii) 65.05% of the Valuation Amount of Vessel C (to be determined no more than 15 days
                  prior to the Drawdown Date in respect of Advance C), to be made available by the Lender to the Borrowers and be applied in or towards part-financing the purchase of Vessel C by Oakland; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zaf0f90198a8f4dfe9ef72f35289ff892">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(d)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>in respect of Advance D, an amount equal to the least of (i) eight million Dollars (USD8,000,000), (ii) 80% of the Purchase Price of Vessel D and (iii) 65.05% of the Valuation Amount of Vessel D (to be determined no more than 15 days
                  prior to the Drawdown Date in respect of Advance D), to be made available by the Lender to the Borrowers and be applied in or towards part-financing the purchase of Vessel D by Keelung;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z30bc04a4643847508ef068ab548137db">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">2.3.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Each Advance shall be paid forthwith upon drawdown to such account of the Lender as the Borrowers shall stipulate in the relevant Drawdown Notice.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zabb3c32ae3ad46119ae3025e9e831de0">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">2.4</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Availability</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">19</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za079ac22fab74d00bdc90b3a9e01e78c">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">2.4.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>The Borrowers acknowledge that payment of an Advance referred to in clause 2.3.2 to the account or accounts specified in the Drawdown Notice shall satisfy the obligation of the Lender to lend that Advance to the Borrowers under this
                  Agreement.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3374e1b7e9244ce4a330de0842a4fe1b">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">2.5</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Cancellation in changed circumstances</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z63c8c039de7b4a5c9b2d284478ef1b13">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">2.5.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>The Borrowers may at any time during the Facility Period by notice to the Lender (effective only on actual receipt) cancel with effect from a date not less than ten (10) Banking Days after receipt by the Lender of such notice, all or
                  part of the undrawn Total Commitment.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z174dfd98bffc41da9fec6ce02033ffb0">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">2.5.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>The Borrowers may also at any time during the Facility Period by notice to the Lender (effective only on actual receipt) prepay and/or cancel with effect from a date not less than ten (10) Banking Days after receipt by the Lender of
                  such notice, the whole but not part only, but without prejudice to the Borrowers' obligations under clauses 3.5, 6.6 and 12, of the Commitment (if any). Upon any notice of such prepayment and cancellation being given, the Commitment shall
                  be reduced to zero, the Borrowers shall be obliged to prepay the Loan and the Lender's related costs (including but not limited to Break Costs, if any) on such date, but always without any premium or penalty if such prepayment is effected
                  on the next Interest Payment Date, and the Lender shall be under no obligation to make available the Loan.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6d1b15a106cc4a7eb2f2186ae0eb2f16">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">2.6</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Use of proceeds</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za6aeaee592a240b8ac36d40325fe8c5c">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">2.6.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Without prejudice to the Borrowers' obligations under clause 8.1.4, the Lender shall not have any responsibility for the application of the proceeds of any Advance or any part thereof by the Borrowers.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z345d667afbd04131a71c4316f181d656">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">2.6.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>The Borrowers shall not, and shall procure that each Security Party and each other Group Member and any Subsidiary of any of them shall not, permit or authorise any other person to, directly or indirectly, use, lend, make payments of,
                  contribute or otherwise make available, all or any part of the proceeds of the Loan or other transactions contemplated by this Agreement to fund or facilitate trade, business or other activities: (i) involving or for the benefit of any
                  Restricted Person; or (ii) in any other manner that could result in a Borrower or any other Security Party being in breach of any Sanctions or becoming a Restricted Person.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9935a2de4b7145e4a42bc873a49dda01">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">2.6.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>It is prohibited to use any part of the proceeds of the Loan for the purposes of acquiring shares in the share capital of the Lender or other banks and/or financial institutions or acquiring hybrid capital debentures (TITAmc
                  v(3Q1bucc3v icapaAaicov) of the Lender or other banks and/or financial institutions.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z77588a90428c4a74906183ed6ac8e4c3">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">INTEREST AND INTEREST PERIODS</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3ff2efa7612040b1953e931194dd9116">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">3.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Normal interest rate</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">The Borrowers must pay interest on the Loan in respect of each Interest Period relating thereto on each Interest Payment Date at the rate per annum
      determined by the Lender to be the aggregate of (a) the Margin in respect thereof and (b) LIBOR for such period.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z91c7ae7e39a44c01bc46887d768db1b7">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">3.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Selection of Interest Periods</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">20</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">Subject to clause 3.3, the Borrowers may by notice received by the Lender not later than 10:00 a.m. on the second Banking Day before the beginning of each
      Interest Period specify whether such Interest Period shall have a duration of one (1), three (3) or six (6) months or such other period as the Borrowers may select and the Lender may agree.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb949c31531b24b7584862ccd63536f5d">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">3.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Determination of Interest Periods</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">Subject to clause 3.3.1 every Interest Period shall be of the duration specified by the Borrowers pursuant to clause 3.2 but so that:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za127f75b274145da8039c004cae9f868">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">3.3.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the first Interest Period in respect of the first Advance to be made hereunder shall start on the Drawdown Date in respect thereof, and each subsequent Interest Period relating to the first Advance shall start the day falling the day
                  after the last day of the previous Interest Period;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zaada892e1baa45e0a0a33db688d517c5">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">3.3.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the first Interest Period in respect of each subsequent Advance to be made hereunder shall commence on its Drawdown Date and each subsequent Interest Period shall start the day falling the day after the last day of the previous
                  Interest Period;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6998ce21fbee4f5d9a4d5b5566740ec9">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">3.3.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>if any Interest Period would otherwise overrun a Repayment Date, then in the case of the last Repayment Date, such Interest Period shall end on the Maturity Date, and in the case of any other Repayment Date, the Loan shall be divided
                  into parts so that there is one part in the amount of the Repayment Instalment due on such Repayment Date and having an Interest Period ending on the relevant Repayment Date and another part in the amount of the balance of the Loan having
                  an Interest Period ascertained in accordance with clause 3.2 and the other provisions of this clause 3.3;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z850f25a11a204006aae4fd9d02e21772">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">3.3.4</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>if the Borrowers fail to specify the duration of an Interest Period in accordance with the provisions of clause 3.2 and this clause 3.3, such Interest Period shall have a duration of three (3) months or such other period as shall
                  comply with this clause 3.3.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb4ee574f77d048418e9685578d3631d8">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">3.4</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Default interest</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">If the Borrowers fail to pay any sum (including, without limitation, any sum payable pursuant to this clause 3.4) on its due date for payment under any of
      the Security Documents, the Borrowers must pay interest on such sum on demand from the due date up to the date of actual payment (as well after as before judgment) at a rate determined by the Lender pursuant to this clause 3.4. The period starting on
      such due date and ending on such date of payment shall be divided into successive periods selected by the Lender each of which (other than the first, which shall start on such due date) shall start on the last day of the preceding such period. The
      rate of interest applicable to each such period shall be the aggregate (as determined by the Lender) of (a) two per cent (2%) per annum, (b) the Margin and (c) LIBOR for such periods. Such interest shall be due and payable on demand, or, if no demand
      is made, then on the last day of each such period as determined by the Lender and on the day on which all amounts in respect of which interest is being paid under this clause are paid, and each such day shall, for the purposes of this Agreement, he
      treated as an Interest Payment Date, provided that if such unpaid sum is an amount of principal which became due and payable by reason of a declaration by the Lender under clause 10.2.2 or a prepayment pursuant to clauses 4.3, 4.4, 8.2.1(a) or 12.1,
      on a date other than an Interest Payment Date relating thereto, the first such period selected by the Lender shall be of a duration equal to the period between the due date of such principal sum and such</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">21</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">Interest Payment Date and interest shall be payable on such principal sum during such period at a rate of two per cent (2%) above the rate applicable
      thereto immediately before it shall have become so due and payable. If, for the reasons specified in clause 3.5.1, the Lender is unable to determine a rate in accordance with the foregoing provisions of this clause 3.4, interest on any sum not paid
      on its due date for payment shall be calculated at a rate determined by the Lender to be two per cent (2%) per annum above the aggregate of the Margin and the cost of funds to the Lender compounded at such intervals as the Lender selects.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z26c9909e07cf4574bcc2f01a245d3706">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">3.5</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Market disruption; non-availability</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z698562c33948452791beb419cc9ad066">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">3.5.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><u>Market Disruption Event:</u> If and whenever, at any time prior to the commencement of any Interest Period, the Lender (in its discretion) shall have determined (which determination shall be conclusive in the absence of manifest
                  error) that a Market Disruption Event has occurred in relation to the Loan for any such Interest Period, then the Lender shall forthwith give notice thereof (a "<font style="font-weight: bold;">Determination Notice</font>"<font style="font-weight: bold;">) </font>to the Borrowers and the rate of interest on the Loan (or the relevant part thereof) for that Interest Period shall be the percentage rate per annum which is the sum of</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf9eddeef8b8f43539e11b392ddca1f87">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the Margin; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z86c636b7e4a64661b94ca87ac87cea3f">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the rate which expresses as a percentage rate per annum the cost to the Lender of funding the Loan (or the relevant part thereof) from whatever source it may select.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze3cf208300da4ec6acef75a106449d73">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">3.5.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><u>Suspension of drawdown</u><font style="font-weight: bold;"><u>:</u></font> If the Determination Notice is given before the Commitment (or a part thereof) is advanced, the Lender's obligation to make the Commitment (or a part
                  thereof) available shall be suspended while the circumstances referred to in the Determination Notice continue.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zae6a722397d0459b946001a0b424e792">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">3.5.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><u>Meaning of "Market Disruption Event":</u> In this Agreement "Market Disruption Event" means:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1f655c4409124c40b380740156d8f859">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>at or about noon on the Quotation Day for the relevant Interest Period no Screen Rate is available for Dollars or Replacement Benchmark; and/or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zded1d5abf187496895f358e116bc58e8">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>before close of business on the Quotation Day for the relevant Interest Period, the Lender determines (in its sole discretion) that the cost to it of obtaining matching deposits in the London Interbank Market or the international
                  market relevant to the Replacement Benchmark (as the case may be) to fund the Loan (or the relevant part thereof) for such Interest Period would be in excess of the Screen Rate or, as the case may be, the Replacement Benchmark for that
                  Interest Period; and/or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf08eb57a3d4d4841983a971f46592ada">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>before close of business on the Quotation Day for the relevant Interest Period, deposits in Dollars are not available to the Lender in the London Interbank Market or the international market relevant to the Replacement Benchmark (as
                  the case may be) in the ordinary course of business in sufficient amounts to fund the Loan (or the relevant part thereof) for that Interest Period.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze66c3feea6be431aa2dff258777996fa">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">3.5.4</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><u>Alternative basis of interest or funding</u></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">22</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z12c431534ddd43f7a30e892e0032cd7f">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>If a Market Disruption Event occurs and the Lender or the Borrowers so require, the Lender and the Borrowers shall enter into negotiations (for a period of not more than fifteen (15) days (the "<font style="font-weight: bold;">Negotiation
                    Period</font>"<font style="font-weight: bold;">)) </font>after the giving of the relevant Determination Notice with a view to agreeing a substitute basis for determining the rate of interest.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3139a4607dc1416b872516e466345d30">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Any alternative basis agreed pursuant to paragraph (i) above shall be binding on the Lender and all Security Parties.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4a37bb541b3d4d1397fe6a72a6d04149">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">3.5.5</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><u>Alternative basis of interest in absence of agreement:</u> If the Lender and the Borrowers will not enter into negotiations as provided in Clause 3.5.4(a) or if an alternative interest rate or alternative basis is not agreed within
                  the Negotiation Period, and the relevant circumstances are continuing at the end of the Negotiation Period, then the Lender shall set the following Interest Period and an interest rate representing the cost of funding of the Lender in
                  Dollars of the Loan (or the relevant part thereof) plus the Margin for such Interest Period; if the relevant circumstances are continuing at the end of the Interest Period so set by the Lender, the Lender shall continue to set the
                  following Interest Period and an interest rate representing its cost of funding in Dollars of the Loan (or the relevant part thereof) plus the Margin for such Interest Period.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z53e09ef220f24611be8c7fd21f3b5827">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">3.5.6</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;"><u>Notice of prepayment:</u></font> If the Borrowers do not agree with an interest rate set by the Lender under Clause 3.5.5 <font style="font-style: italic;"><u>(Alternative basis of interest in
                      absence of agreement),</u></font> the Borrowers may give the Lender not less than 5 Banking Days' notice of its intention to prepay the Loan at the end of the interest period set by the Lender.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd13852d4697a4a3b8ed2b574c8ff7836">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">3.5.7</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><u>Prepayment; </u><font style="font-weight: bold;"><u>termination of Commitment:</u></font><font style="font-weight: bold;"> A notice </font>under Clause 3.5.4 <font style="font-style: italic;"><u>(Alternative basis of interest or
                      funding)</u></font> shall be irrevocable; and on the last Banking Day of the interest period set by the Lender the Borrowers shall prepay (without premium or penalty) the Loan, together with accrued interest thereon at the applicable
                  rate plus the Margin and the balance of all other amounts payable under this Agreement and the other Security Documents or, if the Commitment has not been advanced, the Commitment shall be reduced to zero and the Loan shall not be made to
                  the Borrowers under this Agreement thereafter.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0f875673ccec4341a4cf35e0801fb26d">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">3.5.8</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><u>Application of prepayment:</u> The provisions of Clause 4 <font style="font-style: italic;"><u>(Repayment and Prepayment) </u></font>shall apply in relation to the prepayment made hereunder.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1148268406954b7b977f5b09fbc859d2">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">3.6</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Replacement of Screen Rate</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">If a Screen Rate Replacement Event has occurred in relation to the Screen Rate for dollars, any amendment or waiver which relates to:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6e6e7ae7dc4042e0bd3e093e3703b31b">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>providing for the use of a Replacement Benchmark in relation to that currency in place of that Screen Rate ; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z90e25178953c42c7aeaf878372b58add">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;"><br>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zed80ffff97a24befa511e96c877f9b66">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>aligning any provision of any Security Document to the use of that Replacement Benchmark;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z36de95d69cc04f32a04074064742fee6">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>enabling that Replacement Benchmark to be used for the calculation of interest under this Agreement (including, without limitation, any</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">23</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-left: 126pt; margin-bottom: 12pt;">consequential changes required to enable that Replacement Benchmark to be used for the purposes of this Agreement);</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zcbde455cd68f48d79f1f3332417b5906">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(iii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>implementing market conventions applicable to that Replacement Benchmark;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z468030ef822c469a8a57afe08c5f3a7d">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(iv)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>providing for appropriate fallback (and market disruption) provisions for that Replacement Benchmark; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z72243e36bf5a4cd7a7ab7fe5a9e760ed">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(v)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>adjusting the pricing to reduce or eliminate, to the extent reasonably practicable, any transfer of economic value from one party hereto to another as a result of the application of that Replacement Benchmark (and if any adjustment or
                  method for calculating any adjustment has been formally designated, nominated or recommended by the Relevant Nominating Body, the adjustment shall be determined on the basis of that designation, nomination or recommendation),</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">may be made with the consent of the Lender and the Borrowers.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z95f9cc854c1f449ea5c92fef2be33e9a">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">3.6.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Interest Rate Swaps</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">The Borrowers may not enter into any interest hedging arrangements without the prior written consent of the Lender.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc262746a418a45fd8c1fa9a554ab960a">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">4</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">REPAYMENT AND PREPAYMENT</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4f104931045f485bad81756bbe6d77a3">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">4.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Repayment</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2424d5a78f0e48509bc70b97730ab2b4">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">4.1.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Subject as otherwise provided in this Agreement, the Borrowers must repay each Advance by (i) sixteen (16) consecutive instalments, the first three (3) in the amount of three hundred and fifty thousand Dollars (USD350,000) each and the
                  next thirteen (13) in the amount of two hundred thousand Dollars (USD200,000) each and (ii) an instalment (the "Balloon Instalment") of four million three hundred and fifty thousand Dollars (USD4,350,000), with the first such instalment
                  falling due on the date falling three months after the Drawdown Date and subsequent instalments falling due al quarterly intervals thereafter, with the final instalment and the Balloon Instalment falling due on the last Repayment Date for
                  that Advance.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze5cf9b1cb82941f28544002776c85eda">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">4.1.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>If an Advance is not drawn in full, the amount of each Repayment Instalment including the Balloon Instalment relating to that Advance shall be reduced pro rata.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zad3a0951a909417285c66f15b6782a50">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">4.1.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>The Borrowers shall on the Maturity Date also pay to the Lender all other amounts in respect of interest or otherwise then due and payable under this Agreement and the Security Documents.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z38285c9ae23c49b59585811e0c11a342">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">4.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Voluntary prepayment</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">Subject to clauses 4.3, 4.4, 4.5, 4.6 and 4.7, the Borrowers may, subject to having given 15 days' prior written notice thereof to the Lender, prepay any
      specified amount (such part being in an amount of one hundred thousand Dollars (USD 100,000) or any larger sum which is an integral multiple of such amount) of any Advance on any relevant Interest Payment Date without premium or penalty.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">24</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1bfd406bbc324d88a1ddeafe554513eb">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">4.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Mandatory Prepayment on Total Loss</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">On the date falling one hundred and eighty (180) days after that on which a Mortgaged Vessel became a Total Loss or, if earlier, on the date upon which the
      relevant insurance proceeds are, or Requisition Compensation is, received by the Owner thereof (or the Lender pursuant to the Security Documents) the Borrowers must prepay the Loan by an amount equal to the greater of:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za8ca2a970103463798e517abbac33fd5">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the Relevant Advance; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z30634fff8cf942cc9c3517787eb02772">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>such amount as would be required to ensure that the Prepayment Security Value after such prepayment is at least equal to one hundred and thirty per cent (130%) of the Loan.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf2a2afb8d756413b8a39d4d3cf84b24a">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">4.3.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Interpretation</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">For the purpose of this Agreement, a Total Loss shall be deemed to have occurred:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z62c8ebc341bd4215849c6d283208a892">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>in the case of an actual total loss of a Mortgaged Vessel, on the actual date and at the time such Mortgaged Vessel was lost or, if such date is not known, on the date on which such Mortgaged Vessel was last reported;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5dead7a35b4545b5a38b7dcef7e2e799">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>in the case of a constructive total loss of a Mortgaged Vessel, upon the date and at the time notice of abandonment of such Mortgaged Vessel is given to the then insurers of such Mortgaged Vessel (provided a claim for total loss is
                  admitted by such insurers) or, if such insurers do not immediately admit such a claim, at the date and at the time at which either a total loss is subsequently admitted by such insurers or a total loss is subsequently adjudged by a
                  competent court of law or arbitration tribunal to have occurred;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z50865b1a2fe14616b07957972ed5fedd">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>in the case of a compromised or arranged total loss of a Mortgaged Vessel, on the date upon which a binding agreement as to such compromised or arranged total loss has been entered into by the then insurers of such Mortgaged Vessel;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd2ca76ae979c425591a29f0473c8f877">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(d)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>in the case of Compulsory Acquisition, on the date upon which the relevant requisition of title or other compulsory acquisition occurs; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z29eb42e09773407e9f9170781f082879">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(e)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>in the case of hijacking, theft, condemnation, capture, seizure, arrest, detention or confiscation of a Mortgaged Vessel (other than within the definition of Compulsory Acquisition) by any Government Entity, or by persons allegedly
                  acting or purporting to act on behalf of any Government Entity, which deprives its Owner of the use of that Mortgaged Vessel for more than sixty (60) days, upon the expiry of the period of sixty (60) days after the date upon which the
                  relevant incident occurred.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zeb8596316cc4418490788269e4c6b02c">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">4.4</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Mandatory prepayment on sale of Mortgaged Vessel</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">On the date of completion of the sale or transfer of ownership of a Mortgaged Vessel ale Borrowers must prepay the Loan by an amount equal to the greater
      of:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z29a7bfa96b9847009bd736bc8ffccf34">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the Relevant Advance; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">25</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z56e41cf9710e4f2fa2c5d1ea627358e2">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>such amount as would be required to ensure that the Prepayment Security Value after such prepayment is at least equal to one hundred and thirty per cent (130%) of the Loan.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z52d943ce8eb742a1a05fd8b4c2e14892">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">4.5</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Mandatory prepayment on failure to acquire the Vessel</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">In the event of:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zcddd0013e9854e9fafbbc7e7ffab269e">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the Lender prepositioning an Advance or any part thereof with a Seller's bank in advance of the delivery of a Vessel to the relevant Borrower under SWIFT MT199 release instructions or equivalent; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zedc630bc47c14b5882082a6e49a12165">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>funds representing that Advance or any part thereof being returned by the relevant Seller's bank to the relevant Earnings Account in accordance with the said SWIFT MT199 release instructions or equivalent,</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">the Borrowers shall prepay the Advance or the part thereof so returned on the day such funds are received in the Earnings Account and, in this regard, the
      Borrowers hereby provide the Lender with unconditional and irrevocable authority to apply such funds to prepayment of the Loan or any part thereof pursuant to this clause without provision of further instructions to the Lender from its part.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze215d4143479410c99638365d887484c">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">4.6</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Amounts payable on prepayment</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">Any prepayment of all or part of the Loan under this Agreement shall be made together with:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z417438fdaa5b41b58ced0def1e7c566e">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">4.6.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>accrued interest on the amount to be prepaid to the date of such prepayment;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze8851ca0c5994168bcff59041829a991">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">4.6.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>any additional amount payable under clauses 3.5, 6.6 or 12.2; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z519854897f47435bb9231df8e7a4c106">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">4.6.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>all other sums payable by the Borrowers to the Lender under this Agreement or any of the other Security Documents including, without limitation any Break Costs.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zce429f87137343eb8adc60d6f344c4b9">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">4.7</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Notice of prepayment; reduction of Repayment Instalments</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z407d46d4240d4cc198164fe00c45de6d">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">4.7.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Every notice of prepayment shall be effective only on actual receipt by the Lender, shall be irrevocable, shall specify the amount to be prepaid and the Advance which is to be prepaid and shall oblige the Borrowers to make such
                  prepayment on the date specified.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z808ae1c3c62047d89dd6ad1ed263fd32">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">4.7.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Any amount prepaid pursuant to clause 4.2 shall be applied against the relevant Advance in reducing each Repayment Instalment (including the Balloon Instalment) pro rata.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z22cd125671f64d9c99e7bed81c81e40e">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">4.7.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Any amounts prepaid pursuant to clauses 4.3 and 4.4 shall be applied fully against the Relevant Advance and thereafter shall be applied pro rata against the Repayment Instalments of the remaining Advances which are at that time
                  outstanding (including the Balloon Instalments).</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc467912632be40c79ca735bb3da0f18f">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">4.7.4</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>The Borrowers may not prepay the Loan or any part thereof except as expressly provided in this Agreement.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za3749105945041a8a2dfe28c8e89aa13">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">4.7.5</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>No amount repaid or prepaid may be re-borrowed</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">26</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf5056922c68f4c718cad40fa32b136f5">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; font-weight: bold;">5</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">FEES AND EXPENSES</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zae9eee72936b401db00ba019a1f1f1bd">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">5.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Arrangement fee</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">The Borrower agrees to pay to the Lender on each Drawdown Date a non-refundable arrangement fee equal to one point one per cent (1.1%) of the amount of the
      Advance which is made available on that Drawdown Date.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zdb1860d9525842e1a4df5d652f10936a">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">5.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Expenses</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">The Borrowers agree to reimburse the Lender on a full indemnity basis within ten (10) days of demand all reasonable expenses and/or disbursements whatsoever
      (including without limitation legal, printing and out of pocket expenses) certified by the Lender as having been incurred by them from time to time:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z97d49b688e9e408a97e2fb4815576aa3">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">5.2.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>in connection with the negotiation, preparation, execution and, where relevant, registration of the Security Documents and of any contemplated or actual amendment, or indulgence or the granting of any waiver or consent howsoever in
                  connection with, any of the Security Documents (including legal fees) (but excluding any such expense incurred in connection with the transfer, assignment or sub-participation of any of the rights and/or obligations of the Lender under
                  the Security Documents);</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zbf48722493eb4c629ae6b3a35f528138">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">5.2.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>in contemplation or furtherance of, or otherwise howsoever in connection with, the exercise or enforcement of, or preservation of any rights, powers, remedies or discretions under any of the Security Documents, or in consideration of
                  the Lender's rights thereunder or any action proposed or taken following the occurrence of a Default or otherwise in respect of the moneys owing under any of the Security Documents; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb34e4ea06c924ef6abf265e422dfd103">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">5.2.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>in connection with obtaining a written report from a maritime insurance consultant or broker acceptable to the Lender in relation to the Insurances of each Mortgaged Vessel (which the Lender may obtain not more than once a year, and at
                  any time when there has been a change of insurer or terms of cover for any Mortgaged Vessel, other than in respect of the insured value of that Mortgaged Vessel),</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">together with interest at the rate referred to in clause 3.4 from the date on which reimbursement of such expenses and/or disbursements were due following
      demand to the date of payment (as well after as before judgment).</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4edccf6ebc2748f5aceb6d76e285ac6c">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">5.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Value added tax</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">All fees and expenses payable pursuant to this Agreement must be paid together with value added tax or any similar tax (if any) properly chargeable thereon
      in any jurisdiction. Any value added tax chargeable in respect of any services supplied by the Lender under this Agreement shall, on delivery of the value added tax invoice, be paid in addition to any sum agreed to be paid hereunder.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4e41bcf92db2400e841b92a139df4a87">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">5.4</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Stamp and other duties</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">The Borrowers must pay all stamp, documentary, registration or other like duties or taxes, but excluding any FATCA Deduction (except for any such Taxes
      incurred in connection with any transfer, assignment or sub-participation of any of the rights and/or obligations of the Lender under any of the Security Documents) (including any duties or taxes payable by the Lender) imposed on or in connection
      with any of the</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">27</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">Underlying Documents, the Security Documents or the Loan and agree to indemnify the Lender against any liability arising by reason of any delay or omission
      by the Borrowers to pay such duties or taxes.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zebbad2f8cb2e4697881391e1d68aab9b">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; font-weight: bold;">6</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">PAYMENTS AND TAXES; ACCOUNTS AND CALCULATIONS</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zdc89d7b753a843058de6eed65b483a48">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">6.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">No set-off or counterclaim</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">All payments to be made by any Borrower under any of the Security Documents must be made in full, without any set off or counterclaim whatsoever and,
      subject as provided in clause 6.6, free and clear of any deductions or withholdings, in USD on or before 11:00 am (London time) on the due date in freely available funds to such account at the Lender and in such place as the Lender may from time to
      time specify for this purpose.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7610184502754e2aa182efadac34c6c0">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">6.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Payment by the Lender</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">All sums to be advanced by the Lender to the Borrowers under this Agreement shall be remitted in USD on the Drawdown Date to the account specified in the
      Drawdown Notice.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze31959cb25f0442a89deb9629ff5e313">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">6.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Non-Banking Days</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">When any payment under any of the Security Documents would otherwise be due on a day which is not a Banking Day, the due date for payment shall be extended
      to the next following Banking Day unless the Banking Day falls in the next calendar month in which case payment shall be made on the immediately preceding Banking Day.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zafa7fa481636448abffd33db61cfc35f">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">6.4</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Calculations</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">All interest and other payments of an annual nature under any of the Security Documents shall accrue from day to day and be calculated on the basis of
      actual days elapsed and a three hundred and sixty (360) day year.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z828d6e78ad224331b923e2a3d83234b3">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">6.5</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Currency of account</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">If any sum due from a Borrower under any of the Security Documents, or under any order or judgment given or made in relation thereto, must be converted from
      the currency ("the first currency") in which the same is payable thereunder into another currency ("the second currency") for the purpose of (i) making or filing a claim or proof against such Borrower, (ii) obtaining an order or judgment in any court
      or other tribunal or (iii) enforcing any order or judgment given or made in relation thereto, the Borrowers undertake to indemnify and hold harmless the Lender from and against any loss suffered as a result of any discrepancy between (a) the rate of
      exchange used for such purpose to convert the sum in question from the first currency into the second currency and (b) the rate or rates of exchange at which the Lender may in the ordinary course of business purchase the first currency with the
      second currency upon receipt of a sum paid to it in satisfaction, in whole or in part, of any such order, judgment, claim or proof. Any amount due from a Borrower under this clause 6.5 shall be due as a separate debt and shall not be affected by
      judgment being obtained for any other sums due under or in respect of any of the Security Documents and the term "rate of</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">28</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">exchange" includes any premium and costs of exchange payable in connection with the purchase of the first currency with the second currency.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z18210a93e6ca4758816296e3c0b59d8a">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">6.6</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Grossing-up for Taxes - by the Borrowers</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">If at any time a Borrower must make any deduction or withholding in respect of Taxes (other than a FATCA Deduction) or otherwise from any payment due under
      any of the Security Documents for the account of the Lender or withholding in respect of Taxes from any payment due under any of the Security Documents, the sum due from such Borrower in respect of such payment must be increased to the extent
      necessary to ensure that, after the making of such deduction or withholding, the Lender receives on the due date for such payment (and retains, free from any liability in respect of such deduction or withholding), a net sum equal to the sum which it
      would have received had no such deduction or withholding been required to be made and the Borrowers must indemnify the Lender against any losses or costs incurred by it by reason of any failure of a Borrower to make any such deduction or withholding
      or by reason of any increased payment not being made on the due date for such payment. The Borrowers must promptly deliver to the Lender any receipts, certificates or other proof evidencing the amounts (if any) paid or payable in respect of any
      deduction or withholding as aforesaid.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb1c15bcf2d274e40a0dac7769573c547">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">6.7</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Claw back of Tax benefit</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">If, following any such deduction or withholding as is referred to in clause 6.6 from any payment by a Borrower, the Lender shall receive or be granted a
      credit against or remission for any Taxes payable by it, the Lender shall, and to the extent that it can do so without prejudicing the retention of the amount of such credit or remission and without prejudice to the right of the Lender to obtain any
      other relief or allowance which may be available to it, reimburse the relevant Borrower with such amount as Lender shall in its absolute discretion certify to be the proportion of such credit or remission as will leave the Lender (after such
      reimbursement) in no worse position than it would have been in had there been no such deduction or withholding from the payment by such Borrower as aforesaid. Such reimbursement shall be made forthwith upon the Lender certifying that the amount of
      such credit or remission has been received by it. Nothing contained in this Agreement shall oblige the Lender to rearrange its tax affairs or to disclose any information regarding its tax affairs and computations. Without prejudice to the generality
      of the foregoing, the Borrowers shall not, by virtue of this clause 6.7, be entitled to enquire about the Lender's tax affairs.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zeaec5d33699946cfb5ca3958703986e2">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">6.8</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Loan account</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">The Lender shall maintain, in accordance with its usual practice, an account or accounts (as the Lender may deem necessary) evidencing the amounts from time
      to time lent by, owing to and paid to it under the Security Documents. The Lender shall maintain a control account or accounts (as the Lender may deem necessary) showing the Loan and other sums owing by the Borrowers under the Security Documents and
      all payments in respect thereof being made from time to time. The control account shall, in the absence of manifest error, be prima facie evidence of the amount from time to time owing by the Borrowers under the Security Documents.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z28369e276119453f80fb49165c6f6cb5">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">6.9</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Partial payments</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">29</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">If, on any date on which a payment is due to be made by any Borrower under any of the Security Documents, the amount received by the Lender from such
      Borrower falls short of the total amount of the payment due to be made by such Borrower on such date then, without prejudice to any rights or remedies available to the Lender under any of the Security Documents, the Lender must apply the amount
      actually received from that Borrower in or towards discharge of the obligations of the Borrowers under the Security Documents in the following order, notwithstanding any appropriation made, or purported to be made, by any Borrower:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zacccabc2661d4288890a3f33a8fef7ce">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">6.9.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>first, in or towards payment, in such order as the Lender may decide, of any unpaid costs and expenses of the Lender under any of the Security Documents;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd6549a4f0ea74ff18e46485c0289c5e8">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">6.9.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>secondly, in or towards payment of any fees payable to the Lender under, or in relation to, the Security Documents which remain unpaid;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z366da63396d04b228711069cfb9244f1">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">6.9.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>thirdly, in or towards payment to the Lender of any accrued default interest owing pursuant to clause 3.4 but remains unpaid;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3ac4f646db704f9b90466baede507a07">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">6.9.4</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>fourthly, in or towards payment to the Lender of any accrued interest owing in respect of the Loan which shall have become due under any of the Security Documents but remains unpaid;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za0baddbd14f84711aa3f0dad27784d34">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">6.9.5</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>fifthly, in or towards payment to the Lender of any due hot unpaid Repayment Instalments; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze439bd0c952a4d09ad464d4469891ab4">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">6.9.6</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>sixthly, in or towards payment to the Lender, on a pro rata basis, for any loss suffered by reason of any such payment in respect of principal not being effected on an Interest Payment Date relating to the part of the Loan repaid and
                  which amounts are so payable under this Agreement and any other sum relating to the Loan which shall have become due under any of the Security Documents but remains unpaid.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">The order of application set out in clauses 6.9.1 to 6.9.6 may be varied by the Lender without any reference to, or consent or approval from, the Borrowers.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za151fcf53a4144f2a2bc9c02b1430d0b">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; font-weight: bold;">7</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">REPRESENTATIONS AND WARRANTIES</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0c72a1e85a894a8fa42e69493d8ed6ad">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">7.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Continuing representations and warranties</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">Each Borrower represents and warrants to the Lender that:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zcbf67999f3b84245b98efbd66ad5fa71">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">7.1.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Due incorporation</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">each of the corporate Security Parties is duly incorporated, validly existing and in good standing under the laws of its respective country of
      incorporation, in each case, as a corporation and has power to carry on its respective businesses as it is now being conducted and to own its respective property and other assets, to which it has unencumbered legal and beneficial title except as
      disclosed to the Lender, and the shares of the Borrower are in registered form;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb72089fd607d40aca71ca15aac7dafe4">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">7.1.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Corporate power</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">each of the Security Parties has power to execute, deliver and perform its obligations and, as the case may be, to exercise its rights under the Underlying
      Documents and the</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">30</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">Security Documents to which it is a party; all necessary corporate, shareholder (if applicable) and other action has been taken to authorise the execution,
      delivery and on the execution of the Security Documents performance of the same and no limitation on the powers of the Borrowers to borrow or any other Security Party to howsoever incur liability and/or to provide or grant security will be exceeded
      as a result of borrowing any part of the Loan;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z03841cd0248442b4966ae04e6fa0ea53">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">7.1.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Binding obligations</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">the Underlying Documents and the Security Documents, when executed, will constitute valid and legally binding obligations of the relevant Security Parties
      enforceable in accordance with their respective terms;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4dfe59439a0a4c17af2d7d0d546753c4">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">7.1.4</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>No conflict with other obligations</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">the execution and delivery of, the performance of their obligations under, and compliance with the provisions of, the Underlying Documents and the Security
      Documents by the relevant Security Parties will not (i) contravene any existing applicable law, statute, rule or regulation or any judgment, decree or permit to which any Security Party or other member of the Group is subject, (ii) conflict with, or
      result in any breach of any of the terms of, or constitute a default under, any agreement or other instrument to which any Security Party or other member of the Group is a party or is subject or by which it or any of its property is bound, (iii)
      contravene or conflict with any provision of the constitutional documents of any Security Party or (iv) result in the creation or imposition of, or oblige any of the Security Parties to create, any Encumbrance (other than a Permitted Encumbrance) on
      any of the undertakings, assets, rights or revenues of any of the Security Parties;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zaefc3fa14efc43dea7856ce135d22818">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">7.1.5</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>No default</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">no Event of Default has occurred;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf4e29fbb7b2f44f0b2539d56bd14d725">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">7.1.6</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>No litigation or judgments</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">no Proceedings are current, pending or threatened against any of the Security Parties or their assets which could have a Material Adverse Effect and there
      exist no judgments, orders, injunctions which would materially affect the obligations of the Security Parties under the Security Documents to which they are a party;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze1afb5309ff4460d8f57ad84882af8fc">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">7.1.7</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>No filings required</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">except for the registration of the Mortgages in the relevant register under the laws of the relevant Flag State through the relevant Registry, it is not
      necessary to ensure the legality, validity, enforceability or admissibility in evidence of any of the Underlying Documents or any of the Security Documents that they or any other instrument be notarised, filed, recorded, registered or enrolled in any
      court, public office or elsewhere in any Pertinent Jurisdiction or that any stamp, registration or similar tax or charge be paid in any Pertinent Jurisdiction on or in relation to any of the Underlying Documents or the Security Documents and each of
      the Underlying Documents and the Security Documents is in proper form for its enforcement in the courts of each Pertinent Jurisdiction;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">31</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0ad8b74f04eb4472b31ccf6522d42324">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">7.1.8</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Required Authorisations and legal compliance</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">all Required Authorisations have been obtained or effected or waived by the person requiring the same and, to the extent no such waiver exists, are in full
      force and effect and no Security Party has in any way contravened any applicable law, statute, rule or regulation (including all such as relate to money laundering) to which such Security Party is subject;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z80d14f5d3b6a4b73afd33c25f6435c1c">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">7.1.9</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Choice of law</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">the choice of English law to govern the Underlying Documents and the Security Documents (other than the Mortgages and the Earnings Account Pledges), the
      choice of the law of the Flag State to govern the Mortgages, the choice of Greek law to govern the Earnings Account Pledges and the submissions by the Security Parties to the jurisdiction of the English courts and the obligations of such Security
      Parties associated therewith, are valid and binding;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd4138eaf863e419a90386cb63471965a">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">7.1.10</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>No immunity</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">no Security Party nor any of their assets is entitled to immunity on the grounds of sovereignty or otherwise from any Proceedings whatsoever;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z309ced9e478649dda7e182adbe3a29d8">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">7.1.11</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Financial statements correct and complete</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">the latest audited consolidated accounts of the Corporate Guarantor in respect of the relevant financial year as delivered to the Lender present or will
      present fairly and accurately the consolidated financial position of the Corporate Guarantor as at the date thereof and the results of the operations of the Corporate Guarantor and, as at such date, the Corporate Guarantor does not have any
      significant liabilities (contingent or otherwise) or any unrealised or anticipated losses which arc not disclosed by, or reserved against or provided for in, such financial statements;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z02cd536dcaff463e8600aec180ad43f5">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">7.1.12</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Pari passu</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">the obligations of the Borrowers under this Agreement are direct, general and unconditional obligations of the Borrowers and rank at least pari passu with
      all other present and future unsecured and unsubordinated Indebtedness of the Borrowers except for obligations which are mandatorily preferred by operation of law and not by contract;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zacc194d6a1264e128702871b788a0168">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">7.1.13</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Information</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">all information, whatsoever provided by any Security Party to the Lender in connection with the negotiation and preparation of the Security Documents or
      otherwise provided hereafter in relation to, or pursuant to this Agreement is, or will be, true and accurate in all material respects and not misleading, does or will not omit material facts and all reasonable enquiries have been, or shall have been,
      made to verify the facts and statements contained therein; there are, or will be, no other facts the omission of which would make any fact or statement therein misleading in any (in the reasonable opinion of the Lender) material respect;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zbbbb5a148b1e430c9434a8fc9cc5afb1">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">7.1.14</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>No withholding Taxes</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">32</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">no Taxes anywhere are imposed whatsoever by withholding or otherwise on any payment to be made by any Security Party under the Underlying Documents or the
      Security Documents to which such Security Party is or is to be a party or are imposed on or by virtue of the execution or delivery by the Security Parties of the Underlying Documents or the Security Documents or any other document or instrument to be
      executed or delivered under any of the Security Documents;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5291b464b8f3489d8d4c1cdf4b37171a">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">7.1.15</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>No Default under Underlying Documents</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">except as disclosed in writing by the Borrowers to the Lender, no Security Party is in material default of any of its obligations under any relevant
      Underlying Document;</div>
    <div style="margin-left: 7.2pt; margin-top: 13.75pt;">7.1.16<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 43.2pt" id="TRGRRTFtoHTMLTab">&#160;</font>Use of proceeds</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">the Borrowers shall apply the Advances only for the purposes specified in clause 2.1;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zdbe77538ef974e4995b58808f81b6b27">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">7.1.17</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Copies true and complete</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">the Certified Copies of the Underlying Documents delivered or to be delivered to the Lender pursuant to clause 9.1 are, or will when delivered be, true and
      complete copies or, as the case may be, originals of such documents; and such documents constitute valid and binding obligations of the parties thereto enforceable in accordance with their respective terms and there have been no amendments or
      variations thereof or defaults thereunder;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zace7126a31034edaab2ee4c6b5e0ce33">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">7.1.18</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Ownership of Borrowers</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">all the shares in each Borrower are legally owned by the Shareholder and ultimately owned and controlled by the Corporate Guarantor and are not held on
      trust for any third party;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf2f556d5935b40349698fe388dd3cf25">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">7.1.19</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>No Indebtedness</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">no Borrower has incurred any Borrowed Moneys save as envisaged by this Agreement or as otherwise disclosed to the Lender or incurred in the ordinary course
      of its business of owning, operating and chartering the Vessel owned by it;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z181d83c55034461c8153f43b8e0b78e5">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">7.1.20</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Tax returns</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">the Borrowers and the Corporate Guarantor have filed all tax and other fiscal returns required to be filed by any tax authority to which they are subject;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zbf3c7100c8964f7a9828dca25187a414">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">7.1.21</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Freedom from Encumbrances</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">none of the Vessels nor their Earnings, Insurances or Requisition Compensation nor the Earnings Accounts nor any Extended Employment Contract in respect of
      a Vessel nor any other properties or rights which are, or are to be, the subject of any of the Security Documents nor any part thereof will be subject to any Encumbrance except Permitted Encumbrances;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2ad56d6e766c48df8a321d9f48995cdc">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">7.1.22</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Environmental Matters</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">33</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">except as may already have been disclosed by the Borrowers in writing to, and acknowledged in writing by, the Lender:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf6950922fdff4be890b7373b11ba1c4c">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the Borrowers, the Manager and the other Group Members and, to the best of the Borrowers' knowledge and belief (having made due enquiry), their respective Environmental Affiliates have complied with the provisions of all Environmental
                  Laws;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7976a733ba0b458c989bb5e8a1ba666e">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the Borrowers, the Manager and the other Group Members and, to the best of the Borrowers' knowledge and belief (having made due enquiry), their respective Environmental Affiliates have obtained all Environmental Approvals and are in
                  compliance with all such Environmental Approvals;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8532a0bdf9b8472e9862054c72f24850">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>no Environmental Claim has been made or threatened or pending against any of the Borrowers, the Manager, any other Group Member or, to the best of the Borrowers' knowledge and belief (having made due enquiry), any of their respective
                  Environmental Affiliates; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za0bf4b98b8f7476ea7074417111649af">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(d)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>there has been no Environmental Incident;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z52c42d9a68d44965acd0679f92c05efd">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">7.1.23</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>ISM and ISPS Code</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">the Owners have complied with and continue to comply with and have procured that the Manager of the Vessels has complied with and continues to comply with
      the ISM Code, the ISPS Code and all other statutory and other requirements relative to their business and in particular they or the Manager have obtained and maintain a valid DOC, IAPP Certificate, EIAPP Certificate (if applicable) and SMC for the
      Vessels and that they and the Manager have implemented and continue to implement an ISM SMS;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z66a38389809f44e59e757efa407d93de">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">7.1.24</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Accounting reference date</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">the Borrowers' and the Corporate Guarantor's accounting reference date is 31 December;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8d08bd7410d84f32ab97abc010e68c5b">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">7.1.25</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Office</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">no Borrower has an office in England or the United States of America;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z58373ff2893e45b8a97247ba3e58e2a7">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">7.1.26</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Restricted Persons, unlawful activity</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf05c89b43c15469bb1b6346f7eac4b3f">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>none of the shares in any Borrower, in (to the best of its knowledge) the Corporate Guarantor, or in any other Security Party or any Vessel are or will be at any time during the Facility Period legally or beneficially owned or
                  controlled by a Restricted Person;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zffa38ccbf62c48fb893b62b1a905155a">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>no Restricted Person has or will have at any time during the Facility Period any legal or beneficial interest of any nature whatsoever in any of the shares of any of the Borrowers, (to the best of its knowledge) the Corporate
                  Guarantor, or any other Security Party or any Vessel;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze25d2bb38b0b4dabb76a8b6d1a053806">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">7.1.27</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Sanctions</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">34</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">(to the best of its knowledge only in respect of an agent) no Security Party nor any director, officer, agent, employee of any Security Party or any person
      acting on behalf of any Security Party, is a Restricted Person nor acts directly or indirectly on behalf of a Restricted Person; and</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za41d8164d28149a08a9101cc212948df">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">7.1.28</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>FATCA</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">none of the Security Parties is a FATCA FFI or a US Tax Obligor.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6067074a1b4b4564b52ca8034aa10df2">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">7.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Repetition of representations and warranties</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">On each day throughout the Facility Period, the Borrowers shall be deemed to repeat the representations and warranties in clause 7 updated mutatis mutandis
      as if made with reference to the facts and circumstances existing on such day and in clause 7.1.11 as if made with reference to the Latest Account at any relevant time.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z69067d4afa62484c8d7f4a3ab6d0abd7">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; font-weight: bold;">8</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">UNDERTAKINGS</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z58d80b3b95054c4cb8484df121b1855b">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">8.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">General</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">Each Borrower undertakes with the Lender that, from the Execution Date until the end of the Facility Period, it will:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb59ae4828ff749c48f4716498543e74e">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">8.1.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Notice of Event of Default and Proceedings</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">promptly inform the Lender of (a) any Event of Default and of any other circumstances or occurrence which might adversely affect the ability of any Security
      Party to perform its obligations under any of the Security Documents to which it is a party and (b) as soon as the same is commenced or threatened, details of any Proceedings involving any Security Party which could have a Material Adverse Effect on
      that Security Party and/or the operation of any of the Mortgaged Vessels (including, but not limited to any Total Loss of a Vessel or the occurrence of any Environmental Incident) and will from time to time, if so requested by the Lender, confirm to
      the Lender in writing that, save as otherwise stated in such confirmation, no Event of Default has occurred and is continuing unremedied and unwaived and no such Proceedings have been commenced or threatened;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z181c598afe864a9592fe3f28930013fb">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">8.1.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Authorisation</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">to the extent a waiver has not been obtained, obtain or cause to be obtained, maintain in full force and effect and comply fully with all Required
      Authorisations, provide the Lender with Certified Copies of the same and do, or cause to be done, all other acts and things which may from time to time be necessary or desirable under any applicable law (whether or not in the Pertinent Jurisdiction)
      for the continued due performance of all the obligations of the Security Parties under each of the Security Documents;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z99e19b406a6d454686b412543d05bac4">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">8.1.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Corporate Existence</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">ensure that each Security Party maintains its corporate existence as a body corporate duly organised and validly existing and in good standing under the
      laws of the Pertinent Jurisdiction;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1a2fc678ed374cbfabcb795dc758a5e4">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">8.1.4</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Use of proceeds</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">35</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">use the Advances exclusively for the purposes specified in clauses 1.1 and 2.1;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0e03c761e73d4d3b8240f2ba061c5787">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">8.1.5</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Pari passu</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">ensure that its obligations under this Agreement shall, without prejudice to the provisions of clause 8.3, at all times rank at least pari passu with all
      its other present and future unsecured and unsubordinated Indebtedness with the exception of any obligations which are mandatorily preferred by law and not by contract;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8f685e8c9a1445dc892812dd35bf9383">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">8.1.6</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Financial statements</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">as soon as possible, but in no event later than 180 days after the end of each of its financial years, annual audited (prepared in accordance with US GAAP
      by a first class international firm of accountants) financial statements of each Borrower (commencing with the financial year ending 31 December 2019), together with updated details (in a form acceptable to the Lender) of all off-balance sheet and
      time-charter hire commitments of the Vessels; and the first audited accounts of each Borrower shall evidence that all amounts payable under each MOA (in addition to the part to be financed by the Loan) have been funded by the relevant Borrower
      through equity contribution and/or common or preferred shares contribution provided exclusively by the Corporate Guarantor;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zcb66050319304325b782e224b24a7139">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">8.1.7</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Compliance Certificates</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">deliver to the Lender on the date on which the audited consolidated accounts are delivered under clause 8.1.6 a Compliance Certificate together with such
      supporting information as the Lender may reasonably require;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zfd30c4448f9e41ef8cc2509b403001e7">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">8.1.8</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Financial Covenants</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">procure that</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zcd48f81930f94c0b828c56b0b0880a41">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the Net Worth of the Group will at all times exceed USD15,000,000; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z54fadecba8aa430ea658648e182cabed">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the Total Liabilities divided by the Total Assets (each net of cash balance) shall at all times be no more than 75%;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z77c29296ac51463c949b3b688dfb1912">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">8.1.9</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Reimbursement of MII &amp; MAP Policy premiums</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">reimburse the Lender on the Lender's written demand the amount of the premium payable by the Lender for the inception or, as the case may be, extension
      and/or continuance of the MII &amp; MAP Policy (including any insurance tax thereon);</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z632bc1ccd03f494cad2d82ab945753a8">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">8.1.10</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Provision of further information</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">provide the Lender, and procure that the Corporate Guarantor (including its Subsidiaries), shall provide the Lender with such financial or other information
      (including, but not limited to, financial standing, Indebtedness, balance sheet, off-balance sheet commitments, repayment schedules, operating expenses, charter arrangements) concerning the Borrowers, the Corporate Guarantor (including its
      Subsidiaries), the Group and their respective affairs, activities, financial standing, Indebtedness and operations and the performance of the Mortgaged Vessels as the Lender may from time to time reasonably require save for any information which is</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">36</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">confidential in relation to arms-length third parties or is not disclosable by law, convention or regulatory requirements;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zaeae09061473411cadca08eadf6dc63d">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">8.1.11</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Obligations under Security Documents, etc.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">duly and punctually perform each of the obligations expressed to be imposed or assumed by them under the Security Documents and any Extended Employment
      Contact and will procure that each of the other Security Parties will, duly and punctually perform each of the obligations expressed to be assumed by it under the Security Documents and any Extended Employment Contract to which it is a party;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z95d4d99a66954f73948f16cd1722f07d">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">8.1.12</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Compliance with ISM Code</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">and will procure that any Operator will, comply with and ensure that the Mortgaged Vessels and any Operator complies with the requirements of the ISM Code,
      including (but not limited to) the maintenance and renewal of valid certificates pursuant thereto throughout the Facility Period;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zac071dfaac73417ea73f1b37290f5e95">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">8.1.13</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Withdrawal of DOC and SMC</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">immediately inform the Lender if there is any actual withdrawal of its or any Operator's DOC, IAPP Certificate, EIAPP Certificate or the SMC of any
      Mortgaged Vessel;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zfa917a7cd87a461e8a1a6bb27e3a67db">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">8.1.14</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Issuance of DOC and SMC</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">and will procure that any Operator will promptly inform the Lender of the receipt by any Owner or any Operator of notification that its application for a
      DOC or any application for an SMC or IAPP Certificate or EIAPP Certificate for any Mortgaged Vessel has been refused;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf50291eb582d4af5be58cd97c2e892e9">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">8.1.15</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>ISPS Code Compliance</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">and will procure that the Manager or any Operator will:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4d4abfdd725646edb693f16e9f0cd7af">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>maintain at all times a valid and current ISSC in respect of each Mortgaged Vessel;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z14bd9a60f6d24335a0690e3f3352337f">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>immediately notify the Lender in writing of any actual or threatened withdrawal, suspension, cancellation or material modification of the ISSC in respect of a Mortgaged Vessel; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zcb99f2b4cee24fb2a74f6a22a307c4a3">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>procure that each Mortgaged Vessel will comply at all times with the ISPS Code;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z21087080a61849a386deb00fa88ab2e6">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">8.1.16</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Compliance with Laws and payment of taxes</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z927c3b7e97004651aadaeac359ba48a9">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>comply with all relevant Environmental Laws, laws, statutes and regulations applicable to it and pay all taxes for which it is liable as they fall due; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zcf7abb751236483c801aae5ee2e388b6">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>comply in all respects with, and will procure that each Security Party and each other Group Member will comply in all respects with, all Sanctions;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">37</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8bca0a788f0a42928277a3d4faa06ea9">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">8.1.17</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Inspection</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">ensure that the Lender, by independent marine surveyors or other persons appointed by it for such purpose (who shall be appointed by the Lender at the
      Borrowers' expense), may board each Mortgaged Vessel, once per calendar year or whenever the Lender deems necessary after the occurrence of an Event of Default which is continuing, provided in each case that the Lender shall use reasonable endeavours
      to ensure that such inspections or surveys shall not interfere with the operation of such Mortgaged Vessel, for the purpose of inspecting or surveying her and will afford all proper facilities for such inspections or survey and for this purpose will
      give the Lender reasonable advance notice of any intended drydocking of each Mortgaged Vessel (whether for the purpose of classification, survey or otherwise) and will pay the costs in respect of each such inspection or survey and will provide the
      Lender with or ensure that the Lender receives on request all reports of such inspections, to be in such form as the Lender may approve, and, if a Mortgaged Vessel shall not be in a condition and state which complies with the requirements of this
      Agreement and the other Security Documents, will effect such repairs as in the opinion of the Lender be desirable to ensure such compliance;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za44d658f086044979b4fb2895e6e33c1">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">8.1.18</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>The Mortgaged Vessels</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">ensure that throughout the Facility Period, each Mortgaged Vessel will at all times after her delivery (except as the Lender may otherwise permit) be:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z94ef480467ec440a864cd6577389a8d1">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>in the absolute sole, legal and beneficial ownership of the relevant Owner and not held on trust for any third party;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za40631265e6c4621a4c217b24e0e0bed">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>registered through the offices of the relevant Registry as a ship under the laws and flag of the relevant Flag State;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za75cd5ff757445278aec57e809dcb8a3">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>in compliance with the ISM Code and the ISPS Code and operationally seaworthy and in every way fit for service;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z31960655c12348ce987f3fbdc59d5e0b">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(d)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>classed with the Classification free of all overdue requirements and recommendations of the Classification Society affecting the Classification;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zcf64ca69f6044980878837da6b294f1a">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(e)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>insured in accordance with the Ship Security Documents relating thereto; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z692dd9f070574f63a2386713175e4ba8">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(f)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>managed by the Manager in accordance with the terms of the Management Agreement, which shall be acceptable to the Lender;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0ecb679c8161437fab4362664ddc34af">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">8.1.19</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Charters</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">deliver to the Lender, a Certified Copy of each Extended Employment Contract upon its execution, forthwith on the Lender's request execute (a) a Charter
      Assignment in respect thereof and (b) any notice of assignment required in connection therewith and use reasonable efforts to procure the acknowledgement of any such notice of assignment by the relevant charterer (provided that any failure to procure
      the acknowledgement shall not constitute an Event of Default) and (c) (if any Mortgaged Vessel is subject to a bareboat charter) procure execution by the relevant Borrower and the charterer of a Tripartite Deed, together with all notices required to
      be determined thereunder and will provide evidence acceptable to the Lender that such notice has</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">38</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">been given to the relevant charterer and the Borrowers shall pay all legal and other costs incurred by the Lender in connection with any such Charter
      Assignments and Tripartite Deed, forthwith following the Lender's demand;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0f10154b46214ef59f7af032c27c5021">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">8.1.20</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Chartering</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">not without the prior written consent of the Lender and, if such consent is given, only subject to such conditions as the Lender may impose (and in the case
      of (b) only, such consent not to be unreasonably withheld), to let any Vessel:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf1f24663fb9149a88745c6a81ce14a74">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>on demise charter for any period; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z957ba3f8c2694cf3ad4af034cffbee11">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>by any time or consecutive voyage charter for a term which exceeds or which by virtue of any optional extensions therein contained might exceed nine (9) months' duration; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z57cd9412850b4e8b989c892ff2ad36b1">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>on terms whereby more than two (2) months' hire (or the equivalent) is payable in advance;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z42ec27ec164f4fdab1a6f1a175452c7a">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">8.1.21</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Sanctions</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3caaa5bced0c49ecba29af99ddcc0a9f">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>(to the best of its knowledge only in respect of an agent) not be, and shall procure that any Security Party and other Group Member, or any director, officer, agent, employee or person acting on behalf of the foregoing is not, a
                  Restricted Person and does not act directly or indirectly on behalf of a Restricted Person;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9c78a3c24e6c44aea2c23bfaaad51b56">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>, and shall procure that each Security Party and each other Group Member shall, not use any revenue or benefit derived from any activity or dealing with a Restricted Person in discharging any obligation due or owing to the Lender;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z60daa75ed93b4bd7b7c971ba118d3f1e">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>procure that no proceeds from any activity or dealing with a Restricted Person are credited to any bank account held with the Lender in its name or in the name of any other member of the Group;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z859bb3c262b94e84878bd2c45dced743">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(d)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>take, and shall procure that each Security Party and each other Group Member has taken, reasonable measures to ensure compliance with Sanctions;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf8375f8028574a2bad98b3bc87a86d7c">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(e)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>, and shall procure that each Security Party and each other Group Member shall, to the extent permitted by law promptly upon becoming aware of them, supply to the Lender details of any claim, action, suit, proceedings or investigation
                  against it with respect to Sanctions by any Sanctions Authority;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z51fbd562fd534f72b41946c42f6f9595">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(f)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>not accept, obtain or receive any goods or services from any Restricted Person, except (without limiting clause 8.1.21(b)), to the extent relating to any warranties and/or guarantees given and/or liabilities incurred in respect of an
                  activity or dealing with a Restricted Person by any Borrower, any other Security Party or any other Group Member in accordance with this Agreement;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7b0e405b192d46d5b19823541b845ab2">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">8.1.22</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Ownership</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">39</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">ensure that all the shares in each Borrower are legally owned by the Shareholder and ultimately owned and controlled by the Corporate Guarantor and are not
      held on trust for any third party;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1b216eed45924b939acf655c65c2b923">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">8.1.23</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Cash Collateral</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">ensure that on each Drawdown Date there is standing to the credit of the Earnings Account of the Owner of the relevant Vessel an amount equivalent to 7.5%
      of the amount of the relevant Advance drawn (each, the "<font style="font-weight: bold;">Cash Collateral</font>"<font style="font-weight: bold;">) </font>which may be applied only as follows:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zdcf17a4f854646ac877a74652de4fe08">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>if on each Drawdown Date in respect of Vessel B, Vessel C and Vessel D, the relevant Vessel is and will remain employed under its respective Approved Charter, the Cash Collateral will be immediately released to the Borrowers;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb56052f7282d4f5fa5ea13e0b7b1ff6d">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>on the Drawdown Date in respect of Vessel A the Cash Collateral will be released to the Borrowers PROVIDED THAT the Borrowers shall procure that, no later than the date falling 75 days after the Drawdown Date in respect of Vessel A,
                  Vessel A is employed under an Approved Charter and if on the date falling 75 days after the Drawdown Date in respect of Vessel A, Vessel A is not employed under an Approved Charter the Borrowers shall prepay the Loan in an amount
                  equivalent to the Cash Collateral in respect of Advance A, and the amount prepaid shall be applied against Advance A, first against the first three Repayment Instalments in order of maturity until each of such Repayment Instalments has
                  been reduced to USD200,000 and thereafter against the Balloon Instalment of Advance A;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z42ce55b1cea746f7b293e17e5bf131ef">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">8.1.24</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Unencumbered liquidity</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">procure that at all times during the Facility Period, the Corporate Guarantor or the Borrowers shall maintain in an account or accounts with the Lender free
      deposit cash which is (other than the Earnings Account Pledge) free of any Encumbrance in an average aggregate amount of not less than USD350,000 multiplied by the number of Mortgaged Vessels for the preceding twelve-months period, to be tested first
      on the date falling on the first anniversary of the last Drawdown Date and annually thereafter;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd0fe8641bf9642e793a83431d7cac9d5">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">8.1.25</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Listing</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">procure that the Corporate Guarantor shall maintain its listing as a public limited company on NASDAQ or any other stock exchange acceptable to the Lender
      and comply with all of the listing rules, laws and regulations applicable to public companies listed on NASDAQ or such other acceptable stock exchange and shall take no steps to de-list without the prior consent of the Lender (such consent not to be
      unreasonably withheld);</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zcfd71d6c55924950b1bf61be9baf763f">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">8.1.26</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Shipping activities</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">procure that the Corporate Guarantor shall at all times remain the ultimate holding company of shipowning companies engaged in shipping activities
      acceptable to the Lender;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z81a366a37e8c435984822efcf3ad30c7">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">8.1.27</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Executive management</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">40</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">procure that at all times throughout the Facility Period:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1ff53c1940b046e4984ccb87550e5309">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Mr Aristeidis Pittas shall be the Chief Executive Officer or Chairman of the Corporate Guarantor; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze2a4b0529b0f4fec84f45ae2879c9b2b">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the manager shall be managed and/or controlled by Mr Aristeidis Pittas or any other person acceptable to the Lender.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z099d9e82c53e4b13a9b04080f93ce98b">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">8.1.28</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>FATCA Information</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z87992c3e1f454a979348c5f32a130cbd">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Subject to paragraph (c) below each party to any Security Document shall, within 10 Banking Days of a reasonable request by the other party to that Security Documents:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8e6700b7e9e84e47aa857cd45dfc1ec2">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>confirm to that other party whether it is:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z05f6ff54fd9244bd8c4efb96752dc685">

            <tr>
              <td style="width: 126pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(A)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>a FATCA Exempt Party; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5532907bde1940a98beff6779e225017">

            <tr>
              <td style="width: 126pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(B)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>not a FATCA Exempt Party; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za2a8b32e1516444686cffaccb9b64c35">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>supply to that other party such forms, documentation and other information relating to its status under FATCA as that other party reasonably requests for the purposes of that other party's compliance with FATCA;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze4740dd26ebb4913b5d32e38bdfc257a">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(iii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>supply to that other party such forms, documentation and other information relating to its status as that other party reasonably requests for the purposes of that other party's compliance with any other law, regulation, or exchange of
                  information regime;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5e77f452e4c34c8c85b8b1e72c5f440e">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>if a party to any Security Document confirms to another party pursuant to paragraph (a)(i) above that it is a FATCA Exempt Party and it subsequently becomes aware that it is not, or has ceased to be a FATCA Exempt Party, that party
                  shall notify the other party reasonably promptly;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zbac599a95a664b65aa255c0fcee8385a">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>paragraph (a) above shall not oblige the Lender to do anything, and paragraph (a)(iii) above shall not oblige any other party to any Security Document to do anything, which would or might in its reasonable opinion constitute a breach
                  of:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z905fac4980ce4216acbf5876062cc6c6">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>any law or regulation;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3039674fccc8482faa9083c219df76ec">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>any policy of the Lender;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za3ae9c3f0eed484ca800b5c6d9e24555">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(iii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>any fiduciary duty; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zde77a48e12f24a51b2dd092690ccacb2">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(iv)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>any duty of confidentiality;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z70400c1158244d5ebd744cf575764a50">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(d)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>paragraph (a) above shall not oblige the Lender to do anything, and paragraph (a)(iii) above shall not oblige any other party to any Security Document to do anything, which would or might in its reasonable opinion cause it to disclose
                  any confidential information (including, without limitation, its tax returns and calculations); provided, however, that information required (or equivalent to</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">41</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">the information so required) by United States Internal Revenue Service Forms W-8 or W-9 (or any successor forms) shall not be treated as confidential
      information of such Lender for purposes of this paragraph (d);</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z307695d940d2456f8ce9185071d356f7">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(e)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>if a party to any Security Document fails to confirm whether or not it is a FATCA Exempt Party, or to supply forms, documentation or other information requested in accordance with paragraph (a) (i) or (ii) above (including, for the
                  avoidance of doubt, where paragraph (c) above applies), then such party shall be treated for the purposes of the Security Documents (and payments under them) as if it is not a FATCA Exempt Party until (in each case) such time as that
                  party provides the requested confirmation, forms, documentation or other information.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z781680a3aa3249568e821be9323645ed">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">8.1.29</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>FATCA Deduction</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4072c8ee63c24fa6afc1cf31621ffe96">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>A party to any Security Document may make any FATCA Deduction it is required to make by FATCA, and any payment required in connection with that FATCA Deduction, and no party to any Security Document shall be required to increase any
                  payment in respect of which it makes such a FATCA Deduction or otherwise compensate the recipient of the payment for that FATCA Deduction.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za5e40a6f8e324b439075748b03ff155f">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>A party to any Security Document shall promptly, upon becoming aware that it must make a FATCA Deduction (or that there is any change in the rate</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 90pt; margin-bottom: 12pt;">or the basis of such FATCA Deduction) notify the party to whom it is making the payment and, in addition, shall notify the Borrowers and the Lender.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1d203b64fd87428ebf61f45b9d5ec3ae">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">8.1.30</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Equal treatment of lenders</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">If the Corporate Guarantor enters into an agreement or instrument with any of its banks, financiers or any other financial institution pursuant to which the
      Corporate Guarantor grants to such banks, financiers or other financial institutions any financial covenant, or amends any financial covenant given to such banks, financiers or other financial institutions, measured by reference to the financial
      statements of the Corporate Guarantor, the Borrowers must give immediate notice of those new or amended financial covenants to the Lender, and if the Lender (acting reasonably) considers those covenants (taken as a whole) to be more favourable to
      those banks, financiers or other financial institutions than those contained in clause 8.1.8 of this Agreement (also taken as a whole) then the Borrowers and/or the Corporate Guarantor shall enter into such documentation as the Lender shall
      reasonably require so that additional or amended financial covenants (taken as a whole) are given also to the Lender until the end of (i) the Facility Period or (ii) the period during which the additional or amended financial covenants will apply in
      favour of such banks, financiers or other financial institutions (whichever is the earlier) (PROVIDED THAT, for the avoidance of doubt, for the purpose of this clause any covenant regarding the provision of cash collateral or restricted cash of any
      sort granted to other banks, financiers or other financial institutions shall not constitute a financial covenant under this clause requiring the Borrowers and/or the Corporate Guarantor to extend the same to the Lender as well).</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z72b85a0841cb456bbceab83360e5deab">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">8.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Security value maintenance</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">42</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z446909ca71084bbd9a4aee21cac18e70">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">8.2.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Security shortfall</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">If at any time throughout the Facility Period the Security Value shall be less than the Required Security Amount, the Lender shall give notice to the
      Borrowers requiring that such deficiency be remedied and then the Borrowers must within 30 days of receipt of the Lender's said notice, either:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z04e1118fc01f4bae8270bb95e2a36eba">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>prepay such part of the Loan as will result in the Security Value after such prepayment (taking into account any other repayment of the Loan made between the date of the notice and the date of such prepayment) being equal to or higher
                  than the Required Security Amount; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zbba0d2ecedaa4102b3b34577064a36bb">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>constitute to the satisfaction of the Lender such further security for the Loan as shall be acceptable to the Lender having a value for security purposes (as determined by the Lender in accordance with clause 8.2.5) at the date upon
                  which such further security shall be constituted which, when added to the Security Value, shall not be less than the Required Security Amount as at such date.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">The provisions of clauses 4.6 and 4.7 shall apply to prepayments under clause 8.2.1(a) provided that the Lender shall apply such prepayments pro rata
      against the Repayment Instalments of the Advances which are at that time outstanding (including the Balloon Instalments) and the amount of the Loan prepaid hereunder shall not be available to be re-borrowed.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc33f88e24e19402d9046fb75020d2372">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">8.2.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Valuation of Mortgaged Vessels</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">Each Mortgaged Vessel shall, for the purposes of this Agreement, be valued (at the Borrowers' expense) in USD by an Approved Broker appointed by, and
      reporting to, the Lender, such valuations to be made without physical inspection, and on the basis of a sale for prompt delivery for cash at arms' length, on normal commercial terms, as between a willing buyer and a willing seller, without taking
      into account the benefit or burden of any charterparty or other engagement concerning the relevant Mortgaged Vessel, at any time as the Lender shall require and at least once a year.</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">The Approved Broker's valuations for each Mortgaged Vessel on each such occasion shall constitute the Valuation Amount of such Mortgaged Vessel for the
      purposes of this Agreement until superseded by the next such valuation.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd5c091622674435a828fbe125ea5e980">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">8.2.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Information</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">The Borrowers undertake with the Lender to supply to the Lender and to the Approved Broker such information concerning the relevant Mortgaged Vessel and its
      condition as such shipbrokers may require for the purpose of determining any Valuation Amount.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze3703ab9553e4c408fd6d04692bc0576">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">8.2.4</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Costs</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">The Borrowers shall pay all costs in connection with any determination of the Valuation Amount (which the Lender may obtain at any time, and at least once a
      year).</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8d7fb76d14a64b4e8f1d500a3cc19956">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">8.2.5</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Valuation of additional security</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">43</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">For the purposes of this clause 8.2, the market value (i) of any additional security over a ship (other than the Vessels) shall be determined in accordance
      with clause 8.2.2 and (ii) of any other additional security provided or to be provided to the Lender shall be determined by the Lender in its absolute discretion, Provided that additional security in the form of cash in Dollars will be valued on a
      Dollar for Dollar basis.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc95e7cc5ca864ad68aceff5f6b7d53ba">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">8.2.6</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Documents and evidence</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">In connection with any additional security provided in accordance with this clause 8.2, the Lender shall be entitled to receive (at the Borrowers' expense)
      such evidence and documents of the kind referred to in schedule 2 as may in the Lender's opinion be appropriate and such favourable legal opinions as the Lender shall in its absolute discretion require.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zcb40edd299004feda3d865d3cdcc6fef">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">8.2.7</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Release of Security</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">If the Security Value shall at any time exceeds the Required Security Amount, and the Borrowers shall previously have provided further security to the
      Lender pursuant to clause 8.2.1, the Lender shall, as soon as reasonably practicable after notice from the Borrowers to do so and subject to being indemnified to its reasonable satisfaction against the cost of doing so, release any such further
      security specified by the Borrowers provided that the Lender is satisfied that, immediately following such release, the Security Value will equal or exceed the Required Security Amount.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z261d37a0726c4bc4ada551c3e6c85592">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">8.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Negative undertakings relating to the Borrowers</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">Each Borrower undertakes with the Lender that, from the Execution Date until the end of the Facility Period, it will procure that, except with the prior
      written consent of the Lender (and such consent in respect of any change of name of the Vessel not to be unreasonably withheld), it will not:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z16dbe22c9f2c4bba85635f94ea217fef">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">8.3.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Negative pledge</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">permit any Encumbrance (other than a Permitted Encumbrance) to subsist, arise or be created or extended over all or any part of their respective present or
      future undertakings, assets, rights or revenues to secure or prefer any present or future Indebtedness or other liability or obligation of any Group Member or any other person;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd7fd134fd9734e4eb14301ca39e46e01">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">8.3.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>No merger or transfer</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">merge or consolidate with any other person or permit any change to the legal or beneficial ownership of their shares from that existing at the Execution
      Date (and for the avoidance of doubt any change in the ownership of shares of and in the Corporate Guarantor occurring in the normal course of business shall not constitute a breach of this clause);</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd998e62433c44d3fa725dacc688a0c7d">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">8.3.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Disposals</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">sell, transfer, assign, create security or option over, pledge, pool, abandon, lend or otherwise dispose of or cease to exercise direct control over any
      part of their present or future undertaking, assets, rights or revenues (otherwise than by transfers, sales or disposals for full consideration in the ordinary course of trading) whether by one or a series of transactions related or not;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">44</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zef7ac9b830404b5c9cec69e78cd54902">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">8.3.4</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Other business or manager</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">undertake any type of business other than the ownership and operation of the Vessels or (without the prior consent of the Lender) employ anyone other than
      the Manager as commercial and technical manager of the relevant Vessel;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd48e4451f69b499d99a9a7679c90bfa6">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">8.3.5</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Acquisitions</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">acquire, any assets other than the Vessels and rights arising under contracts entered into by or on behalf of the Owners in the ordinary course of their
      business of owning, operating and chartering the Vessels;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zdb7ef1a66563453ca6281d481ffcd59d">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">8.3.6</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Other obligations</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">incur, any obligations except for obligations arising under the Underlying Documents or the Security Documents or contracts entered into in the ordinary
      course of their business of owning, operating and chartering the Vessels;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zeacea2ec41e6435c9142c2dbf281482b">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">8.3.7</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>No borrowing</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">incur any Borrowed Money except for Borrowed Money pursuant to the Security Documents or incurred in the ordinary course of its business of owning,
      operating and chartering the Vessel;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z384e83820cd3401c9b8717ff3f7f3ceb">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">8.3.8</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Repayment of borrowings</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">repay or prepay the principal of, or pay interest on or any other sum in connection with any of their Borrowed Money except for Borrowed Money pursuant to
      the Security Documents;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z585c3edeb586423a819db73976483a11">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">8.3.9</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Guarantees</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">issue any guarantees or otherwise become directly or contingently liable for the obligations of any person, firm, or corporation except pursuant to the
      Security Documents and except for guarantees from time to time required in the ordinary course of business or by any protection and indemnity or war risks association with which a Vessel is entered, guarantees required to procure the release of such
      Vessel from any arrest, detention, attachment or levy or guarantees required for the salvage of a Vessel;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5f848196b09c4b14b22b86596de2ed58">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">8.3.10</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Loans</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">make any loans or grant any credit (save for normal trade credit in the ordinary course of business) to any person or agree to do so;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1ce9c20c7a14442aa1cebf4663b3b5e9">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">8.3.11</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Sureties</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">permit any Indebtedness of any Borrower to any person (other than to the Lender pursuant to the Security Documents) to be guaranteed by any person (except
      for guarantees from time to time required in the ordinary course of business or by any protection and indemnity or war risks association with which a Vessel is entered, guarantees required to procure the release of such Vessel from any arrest,
      detention, attachment or levy or guarantees or undertakings required for the salvage of a Vessel);</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">Or</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">45</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2c797d0722b348ed86dc340f1f4d61fc">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">8.3.12</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Flag, Class etc.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">permit:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7ce034f1b041477d9a1570924d8c5b7d">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>any change in the name or flag of a Vessel;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4d5336c5f01c4d738facdee0a850c2bd">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>any change of Classification or Classification Society in respect of a Vessel;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc545e11a3aa6488fa28ff1faa3530f55">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>any change of Manager in respect of a Vessel; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3f4331c3657a4ec4b4dd34a01142f9e4">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(d)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>any change in the ownership (including ultimate beneficial ownership) or control of a Borrower from that existing as at the date hereof and shall procure that there is no change in the ownership (including ultimate beneficial
                  ownership) or control of the Manager (if other than the Corporate Guarantor) from that existing as at the date hereof (and for the avoidance of doubt any change in the ownership of shares of and in the Corporate Guarantor occurring in the
                  normal course of business shall not constitute a breach of this clause);</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za86afe75ae6742abb5a3c2b52b598bd9">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">8.3.13</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Underlying Documents</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">terminate or materially amend or vary an Extended Employment Contract or a Management Agreement (and for the avoidance of doubt, material amendments
      include, but are not limited to, reductions of rate of hire, increase of management fees not already provided for in the Management Agreement and termination rights); or</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zef50969f7a5a420185f38b3d7898af4e">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">8.3.14</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Lay-up</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">de-activate or lay up a Vessel; or</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0abf562643bd4da88387c4c6b956c535">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">8.3.15</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Place of business</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">own or operate and will procure that no Security Party shall own or operate a place of business situate in England or the United States of America (save
      that the Lender acknowledges and agrees that the Corporate Guarantor is listed as a public limited company on NASDAQ); or</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zcee6e2eca7ce49f69165759656650cd9">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">8.3.16</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Share capital and distribution</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">declare or pay any dividends if an Event of Default has occurred and is continuing or would occur as a result of such declaration or payment or distribute
      any of its present or future assets, undertakings, rights or revenue;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zcaaec9a96ccf40638c7d866fd39fad47">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">8.3.17</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Sharing of Earnings</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">permit there to he any agreement or arrangement whereby the Earnings of a Vessel may be shared or pooled howsoever with any other person except for
      customary profit sharing arrangeuieiils wider a cliar lerparty;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0f087533147045d2a8ff3c4b1252dddd">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">8.3.18</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Lawful use</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">permit a Vessel to be employed:</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">46</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd767e606aceb4865a3dc715eadc8d2b9">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>in any way or in any activity with a Restricted Person or in any Sanctions Restricted Jurisdiction or which is (i) unlawful under international law or the domestic laws of any relevant country or (ii) contrary to any Sanctions;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9f2c89ae78e04f73a9fb84d221b3ebe6">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>to the best of its knowledge, in carrying illicit or prohibited goods;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc5e88ef5e7b048cf938506b1bff60269">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>in a way which may make that Vessel liable to be condemned by a prize court or destroyed, seized or confiscated;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc8f191e876e34c398722c29187f81430">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(d)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>in any part of the world where there are hostilities (whether war has been declared or not), unless such employment has been notified to, and approved by, the relevant insurers of that Vessel; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf94f2d8839204274b5eacbba4257fd31">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(e)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>to the best of its knowledge, in carrying contraband goods,</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">and the Borrowers shall procure that the persons responsible for the operation of such Vessel shall take all necessary and proper precautions to ensure that
      this does not happen, including participation in industry or other voluntary schemes available to that Vessel and in which leading operators of ships operating under the same flag or engaged in similar trades generally participate at the relevant
      time;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za706e1c4c78344b79ed474d34225d2c7">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">8.3.19</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>FATCA</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">become a FATCA FFI or a US Tax Obligor and shall procure that no Security Party shall do so;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z297b021ea2124392908180f972eeee20">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">8.3.20</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Sale or transfer of ownership of Vessel</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">sell, or otherwise transfer its ownership of, the Vessel owned by it.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z71a4c5c840b148c19fbfa42a423421dc">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; font-weight: bold;">9</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">CONDITIONS</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9020f0f44aba41b9839e2db8f7988afa">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">9.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Availability of the Advances</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">The obligation of the Lender to make available any Advance is conditional upon:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z95d44208e7024c9ba4909871b032ddc3">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">9.1.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the Lender, or its authorised representative, having received, not later than two (2) Banking Days before the day on which the Drawdown Notice is given, the documents and evidence specified in Part 1 of schedule 2 in form and substance
                  satisfactory to the Lender; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z498abe6ca3314fa083408c4ec8f4e099">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">9.1.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the representations and warranties contained in clause 7 being then true and correct as if each was made with respect to the facts and circumstances existing at such time and the same being unaffected by the drawdown of the Loan; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb3ec2bf1ab8e4a3aa713fd560212688d">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">9.1.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>no Default having occurred and being continuing and there being no Default which would result from the lending of the Advances.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z367d15d083594504a1336349e0062946">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">9.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Advance of the Advances</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z58b7d8487e6d4472a83f95957d47461b">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">9.2.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the obligation of the Lender to make available an Advance is conditional upon the Lender, or its authorised representative, having received, on or prior to the relevant Drawdown Date, the documents and evidence specified in Part 2 of
                  schedule 2 in form</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">47</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">and substance satisfactory to the Lender.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb2e692622c254667af056f43a4cb078c">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">9.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Waiver of conditions precedent</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">The conditions specified in this clause 9 are inserted solely for the benefit of the Lender and may be waived by the Lender in whole or in part and with or
      without conditions.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z44220686ef2a4024a4dc47e0c6aa14ec">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">9.4</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Further conditions precedent</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">Not later than five (5) Banking Days prior to a Drawdown Date the Lender may request and the Borrowers must, not later than two (2) Banking Days prior to
      such date, deliver to the Lender (at the Borrowers' expense) on such request further favourable certificates and/or opinions as to any or all of the matters which are the subject of clauses 7, 8, 9 and 10.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd72f314a72b8485588a646a9d42f9a48">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; font-weight: bold;">10</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">EVENTS OF DEFAULT</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6f935f9aca3348e7aefb024dcb16a23d">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">10.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Events</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">Each of the following events shall constitute an Event of Default (whether such event shall occur voluntarily or involuntarily or by operation of law or
      regulation or in connection with any judgment, decree or order of any court or other authority or otherwise, howsoever):</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6154a08fcffa40b6909c8bb57fad85e7">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">10.1.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Non-payment: </font>any Security Party fails to pay any sum payable by it under any of the Security Documents to which it is a party at the time, in the currency and in the manner stipulated in the
                  Security Documents (and so that, for this purpose, sums payable (i) under clauses 3.1 and 4.1 shall be treated as having been paid at the stipulated time if (aa) received by the Lender within three (3) Banking Days of the dates therein
                  referred to and (bb) such delay in receipt is caused by administrative or other delays or errors within the banking system and (ii) on demand shall be treated as having been paid at the stipulated time if paid within three (3) Banking
                  Days of demand); or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z04e60c748f764276ba01de7ca31265ec">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">10.1.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Breach of Insurance and certain other obligations: </font>a Borrower or, as the context may require, the Manager or any other person fails to obtain and/or maintain the Insurances for any of the
                  Mortgaged Vessels or if any insurer in respect of such Insurances cancels the Insurances or disclaims liability by reason, in either case, of mis-statement in any proposal for the Insurances or for any other failure or default on the part
                  of a Borrower or any other person or a Borrower commits any breach of or omits to observe any of the obligations or undertakings expressed to be assumed by it under clause 8 or clause 14;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">Or</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd5931d89fb234fac86106edcae4deb6b">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">10.1.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Breach of other obligations: </font>any Security Party commits any breach of or omits to observe any of its obligations or undertakings expressed to be assumed by it under any of the Security Documents
                  (other than those referred to in clauses 10.1.1 and 10.1.2 above) unless such breach or omission, in the opinion of the Lender is capable of remedy, in which case the same shall constitute an Event of Default if it has not been remedied
                  within fifteen (15) days of the occurrence thereof; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5e8abbd1691843549184d2a31bafd326">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">10.1.4</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Misrepresentation: </font>any representation or warranty made or deemed to be made or repeated by or in respect of any Security Party in or pursuant to any of the Security Documents or in any notice,
                  certificate or statement referred to in or delivered under</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">48</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">any of the Security Documents is or proves to have been incorrect or misleading in any material respect; or</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z559553b225f345938977016916171b20">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">10.1.5</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Cross-default: any Indebtedness of any Borrower or any Indebtedness of the Corporate Guarantor exceeding USD1,000,000 is not paid when due (subject to applicable grace periods) or any Indebtedness of any Borrower or any Indebtedness of
                  the Corporate Guarantor exceeding USD1,000,000 becomes (whether by declaration or automatically in accordance with the relevant agreement or instrument constituting the same) due and payable prior to the date when it would otherwise have
                  become due (unless as a result of the exercise by a Borrower or the Corporate Guarantor of a voluntary right of prepayment), or any creditor of a Borrower or the Corporate Guarantor becomes entitled to declare any such Indebtedness due
                  and payable or any facility or commitment available to a Borrower or the Corporate Guarantor relating to Indebtedness is withdrawn, suspended or cancelled by reason of any default (however described) of the person concerned, and such
                  Indebtedness of a Borrower or the Corporate Guarantor (as the case may be) is not paid within fourteen (14) Banking Days from the due date for payment; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5db3d4ebd5714613a217894e3a1918cf">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">10.1.6</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Execution: </font>any uninsured judgment or order made against any Security Party is not stayed, appealed against or complied with within fifteen (15) days or a creditor attaches or takes possession
                  of, or a distress, execution, sequestration or other process is levied or enforced upon or sued out against, any of the undertakings, assets, rights or revenues of any Security Party and is not discharged within twenty (20) days; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc6b03ef2c0984907961272ee190317a4">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">10.1.7</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Insolvency: </font>any Security Party is unable or admits inability to pay its debts as they fall due; suspends making payments on any of its debts or announces an intention to do so; becomes
                  insolvent; or has negative net worth (taking into account contingent liabilities); or suffers the declaration of a moratorium in respect of any of its Indebtedness; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z11e07ab834a04d39babbb6d210d07156">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">10.1.8</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Dissolution: </font>any corporate action, Proceedings or other steps are taken to dissolve or wind-up any Security Party unless the Borrowers can demonstrate to the satisfaction of the Lender, by
                  providing an opinion of leading counsel that such corporate action, Proceedings or other steps are frivolous, vexatious or an abuse of the process of the court or an order is made or resolution passed for the dissolution or winding up of
                  any Security Party or a notice is issued convening a meeting for such purpose; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2dc3431980db46678e6c7d804e3f10b4">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">10.1.9</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Administration: </font>any petition is presented, notice given or other steps are taken anywhere to appoint an administrator of any Security Party or an administration order is made in relation to any
                  Security Party; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc5998f4ed33d43cbbcfd839e83ff8486">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">10.1.10</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Appointment of receivers and managers: </font>any administrative or other receiver is appointed anywhere <font style="font-weight: bold;">of </font>any Security Party or any material part of its
                  assets and/or undertaking or any other steps are taken to enforce any Encumbrance over all or any substantial part of the assets of any Security Party; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z65ce24ee62894a3e9fbce891dae31331">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">10.1.11</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Compositions: </font>any corporate action, legal proceedings or other procedures or steps are taken or negotiations commenced, by any Security Party or by any of its creditors with a view to the
                  general readjustment or rescheduling of all or a substantial part of its Indebtedness or to proposing any kind of composition, compromise or arrangement involving such company and any of its creditors (excluding always negotiations with
                  holders of preferred shares); or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">49</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z92f6acfcb3e44b4480ebc3e06ae59aad">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">10.1.12</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Analogous proceedings: </font>there occurs, in relation to any Security Party, in any country or territory in which any of them carries on business or to the jurisdiction of whose courts any part of
                  their assets is subject, any event which, in the reasonable opinion of the Lender, appears in that country or territory to correspond with, or have an effect equivalent or similar to, any of those mentioned in clauses 10.1.6 to 10.1.11
                  (inclusive) or any Security Party otherwise becomes subject, in any such country or territory, to the operation of any law relating to insolvency, bankruptcy or liquidation; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7bdc38dbec5a4760bd0d5f637c247114">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">10.1.13</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Cessation of business: </font>any Security Party suspends or ceases or threatens to suspend or cease to carry on its business without the prior consent of the Lender; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2148e44c0b5447d4afd4612c2e1f1e11">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">10.1.14</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Seizure: </font>all or a material part of the undertaking, assets, rights or revenues of, or shares or other ownership interests in, any Security Party are seized, nationalised, expropriated or
                  compulsorily acquired by or under the authority of any Government Entity and the same are not returned to the relevant Security Party within 45 days of such seizure, nationalisation, expropriation or compulsory acquisition; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0827baef475845ed82ba73e4e0becf0b">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">10.1.15</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Invalidity: </font>any of the Security Documents shall at any time and for any reason become invalid or unenforceable or otherwise cease to remain in full force and effect, or if the validity or
                  enforceability of any of the Security Documents shall at any time and for any reason be contested by any Security Party which is a party thereto, or if any such Security Party shall deny that it has any, or any further, liability
                  thereunder; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zba50de5ffe4e4f51a90193469dc0c886">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">10.1.16</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Unlawfulness: </font>any Unlawfulness occurs or it becomes impossible or unlawful at any time for any Security Party, to fulfil any of the covenants and obligations expressed to be assumed by it in any
                  of the Security Documents or for the Lender to exercise the rights or any of them vested in it under any of the Security Documents or otherwise; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb07448b3a33542119ec9c60ef34a8afa">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">10.1.17</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Repudiation: </font>any Security Party repudiates any of the Security Documents or does or causes or permits to be done any act or thing evidencing an intention to repudiate any of the Security
                  Documents; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7e5c4ebd9c6346bfb1b243f4ae33e171">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">10.1.18</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Encumbrances enforceable: </font>any Encumbrance (other than Permitted Encumbrances) in respect of any of the property (or part thereof) which is the subject of any of the Security Documents becomes
                  enforceable; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z75fd41c4c4214b8da211d573282940c3">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">10.1.19</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Arrest: </font>a Mortgaged Vessel is arrested, confiscated, seized, taken in execution, impounded, forfeited, detained in exercise or purported exercise of any possessory lien or other claim or
                  otherwise taken from the possession of its Owner and that Owner shall fail to procure the release of such Mortgaged Vessel within a period of fifteen (15) days thereafter; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z17da695cfa05461884fe9619be7d2c97">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">10.1.20</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Registration: </font>the registration of any Mortgaged Vessel under the laws and flag of the relevant Flag State is cancelled or terminated without the prior written consent of the Lender; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf2451961587e4a91aa15e9b3f21d7a5b">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">10.1.21</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Unrest: </font>the Flag State of a Vessel becomes involved in hostilities or civil war or there is a seizure of power in the Flag State by unconstitutional means unless the Owner of the Vessel
                  registered in such Flag State shall have transferred its Vessel onto a new flag acceptable to the Lender within thirty (30) days of the Lender's written request to the Borrowers to effect such transfer; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">50</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z67dcc70df83240fcac8b5e68251db099">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">10.1.22</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Environmental Incidents: </font>an Environmental Incident occurs which gives rise, or may give rise, to an Environmental Claim which could, in the opinion of the Lender be expected to have a Material
                  Adverse Effect (i) on the financial condition of any Security Party or the Group taken as a whole or (ii) on the security constituted by any of the Security Documents or the enforceability of that security in accordance with its terms; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z65820d97bfb3413a9e1d679258a07514">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">10.1.23</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">P&amp;I: </font>an Owner or the Manager or any other person fails or omits to comply with any requirements of the protection and indemnity association or other insurer with which a Mortgaged Vessel is
                  entered for insurance or insured against protection and indemnity risks (including oil pollution risks) to the effect that any cover (including, without limitation, any cover in respect of liability for Environmental Claims arising in
                  jurisdictions where such Mortgaged Vessel operates or trades) is or may be liable to cancellation, qualification or exclusion at any time; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb912cc9c8c674e879e1656919284458d">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">10.1.24</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Material events: </font>any other event occurs or circumstance arises which, in the reasonable opinion of the Lender, is likely materially and adversely to affect either (i) the ability of any Security
                  Party to perform all or any of its obligations under or otherwise to comply with the terms of any of the Security Documents to which it is a party or (ii) the security created by any of the Security Documents or (iii) the value or nature
                  of the financial condition of any Security Party (other than the Manager); or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb739c37d7ea748deb68a78e0494d29cc">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">10.1.25</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Required Authorisations: </font>to the extent it has not been waived, any Required Authorisation is revoked or withheld or modified or is otherwise not granted or fails to remain in full force and
                  effect;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf0b496c6dafa478fbc87199563456d65">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">10.1.26</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Money Laundering: </font>any Security Party is in breach of or fails to observe any law, requirement, measure or procedure implemented to combat "money laundering" as defined in Article 1 of the
                  Directive (91/308 EEC) of the Council of the European Communities; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb0abffddac644d3e8a7fab60a1a02e11">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">10.1.27</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Management Agreement: </font>a Management Agreement is terminated, revoked, suspended, rescinded, transferred, novated or otherwise ceases to remain in full force and effect for any reason except with
                  the prior consent of the Lender; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf63e77811ee8428b97d4ee10d589cef7">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">10.1.28</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Change of Ownership: </font>there is any change in the immediate and/or ultimate legal and/or beneficial ownership or control of any of the shares of a Borrower or the Shareholder from that existing on
                  the Execution Date (and for the avoidance of doubt any change in the ownership of shares of and in the Corporate Guarantor occurring in the normal course of business shall not constitute a breach of this clause); or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1c6ae4c28b95438099e7b8d092d2a23b">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">10.1.29</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Sanctions: </font>a Security Party fails to comply with clauses 7.1.26 (Restricted Persons, unlawful activity), 7.1.27 (Sanctions) or 8.1.21 (Sanctions) of this Agreement.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb903d2dd7d3746a982aad2a32719fb55">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">10.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Acceleration</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">The Lender may at any time after the occurrence of an Event of Default, and only while the same is continuing and has not been remedied or waived, by notice
      to the Borrowers declare that:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zfbf8757c604f48ac8aada19530af3a26">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">10.2.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the obligation of the Lender to make its Commitment available shall be terminated, whereupon the Total Commitment shall be reduced to zero forthwith; and/or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">51</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5c595fde20c9415092470c0b0d9321be">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">10.2.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the Loan and all interest accrued and all other sums payable whatsoever under the Security Documents have become due and payable, whereupon the same shall, immediately or in accordance with the terms of such notice, become due and
                  payable.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za1896d89ec1e44759393f14e6970a2ee">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">10.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Demand Basis</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">If, under clause 10.2.2, the Lender has declared the Loan to be due and payable on demand, at any time thereafter the Lender shall by written notice to the
      Borrowers (a) demand repayment of the Loan on such date as may be specified whereupon, regardless of any other provision of this Agreement, the Loan shall become due and payable on the date so specified together with all interest accrued and all
      other sums payable under this Agreement or (b) withdraw such declaration with effect from the date specified in such notice.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf2e7cea6da4b4e0d87183df25f84671f">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; font-weight: bold;">11</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">INDEMNITIES</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb7413220847242a79e2eea44b808857d">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">11.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">General indemnity</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">Each Borrower agrees to indemnify the Lender on demand, without prejudice to any of the Lender's other rights under any of the Security Documents, against
      any loss (including loss of Margin) or expense (including, without limitation, Break Costs) which the Lender shall certify as sustained by it as a consequence of any Default, any prepayment of the Loan being made under clauses 4.3, 4.4, 8.2.1(a) or
      12.1 or any other repayment or prepayment of the Loan being made otherwise than on an Interest Payment Date relating to the part of the Loan prepaid or repaid; and/or the Loan not being made for any reason (excluding any default by the Lender) after
      the Drawdown Notice has been given.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zeba25e562cfc47afa9472478208a2373">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">11.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Environmental indemnity</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">The Borrowers shall indemnify the Lender on demand and hold it harmless from and against all costs, claims, expenses, payments, charges, losses, demands,
      liabilities, actions, Proceedings, penalties, fines, damages, judgements, orders, sanctions or other outgoings of whatever nature which may be incurred or made or asserted whensoever against the Lender at any time, whether before or after the
      repayment in full of principal and interest under this Agreement, arising howsoever out of an Environmental Claim made or asserted against the Lender which would not have been, or been capable of being, made or asserted against the Lender had it not
      entered into any of the Security Documents or been involved in any of the resulting or associated transactions.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9252465540e14a9f8a3c5e282e703af9">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">11.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Capital adequacy and reserve requirements indemnity</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">The Borrowers shall promptly indemnify the Lender on demand against any cost incurred or loss suffered by the Lender as a result of its complying with (i)
      the minimum reserve requirements from time to time of the European Central Bank (ii) any capital adequacy directive of the European Union and/or (iii) any revised framework for international convergence of capital measurements and capital standards
      and/or any regulation imposed by any Government Entity in connection therewith, and/or in connection with maintaining required reserves with a relevant national central bank to the extent that such compliance or maintenance relates to the Commitment
      and/or the</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">52</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">Loan or deposits obtained by it to fund the whole or part thereof and to the extent such cost or loss is not recoverable by the Lender under clause 12.2.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5b35c25aa56c42e0be71db2d52226bda">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; font-weight: bold;">12</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">UNLAWFULNESS, INCREASED COSTS AND BAIL-IN</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2e74664b3de14371928791d735bc7a20">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">12.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Unlawfulness</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">If it is or becomes contrary to any law, directive or regulation for the Lender to contribute to the Loan or to maintain its Commitment or fund the Loan,
      the Lender shall promptly give notice to the Borrowers whereupon (a) the Loan and Commitment shall be reduced to zero and (b) the Borrowers shall be obliged to prepay the Loan either (i) forthwith (without premium or penalty) or (ii) on a future
      specified date not being earlier than the latest date permitted by the relevant law, directive or regulation together with interest accrued to the date of prepayment and all other sums payable by the Borrowers under this Agreement.</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">Provided that if circumstances arise which would result in a notification under this clause 12.1 then, prior to giving such notice, the Lender shall use
      reasonable endeavours to transfer its obligations, liabilities and rights under this Agreement and the Security Documents to another office of the Lender not affected by the circumstances but the Lender shall not be under any obligation to take any
      such action if, in its opinion, to do would or might:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3dbd50a3dd724fd0af087caa345d5238">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>have an adverse effect on its business, operations or financial condition; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4b607cea9bba4d95b2483fe2e56220c6">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>involve it in any activity which is unlawful or prohibited or any activity that is contrary to, or inconsistent with, any regulation; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9d7963baa4414bc98d1a8670bf89ee95">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>involve it in any expense (unless indemnified to its satisfaction) or tax disadvantage.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zdbcb6f6f7b454f6abc81134372de3f8c">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">12.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Increased costs</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">If the result of any change in, or in the interpretation or application of, or the introduction of, any law or any regulation, request or requirement
      (whether or not having the force of law, but, if not having the force of law, with which the Lender or, as the case may be, its holding company habitually complies), including (without limitation) those relating to Taxation, capital adequacy,
      liquidity, reserve assets, cash ratio deposits and special deposits, is to:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z334cd9fda29c4d44b6faf37678c1d7df">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">12.2.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>subject the Lender to Taxes or change the basis of Taxation of the Lender with respect to any payment under any of the Security Documents (other than Taxes or Taxation on the overall net income, profits or gains of the Lender imposed
                  in the jurisdiction in which its principal or lending office under this Agreement is located); and/or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0299e925b7c14423bc2d9a50b8eec8b8">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">12.2.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>increase the cost to, or impose an additional cost on, the Lender or its holding company in making or keeping the Commitment available or maintaining or funding all or part of the Loan; and/or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z230a4539f38944699f740fe863bb6eb1">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">12.2.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>reduce the amount payable or the effective return to the Lender under any of the Security Documents; and/or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="margin-top: 0.25pt;"><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">53</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9a9ffadfb8734d15a92aa990138ba9ae">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">12.2.4</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>reduce the Lender's or its holding company's rate of return on its overall capital by reason of a change in the manner in which it is required to allocate capital resources to its obligations under any of the Security Documents; and/or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc71d4c5be87241b3b659859a552399a6">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">12.2.5</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>require the Lender or its holding company to make a payment or forgo a return on or calculated by reference to any amount received or receivable by it under any of the Security Documents; and/or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za6e8436e7dd543808d5db0f8be433232">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">12.2.6</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>require the Lender or its holding company to incur or sustain a loss (including a loss of future potential profits) by reason of being obliged to deduct all or part of the Commitment or the Loan from its capital for regulatory
                  purposes,</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">then and in each such case (subject to clause 12.3):</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5b6d3fede0ed4bbd9c376e0786c40764">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the Lender shall notify the Borrowers in writing of such event promptly upon its becoming aware of the same; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za985db42e9cd4ae1be0c7ad6aafb839f">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the Borrowers shall on demand made at any time whether or not the Loan has been repaid, pay to the Lender the amount which the Lender specifies (in a certificate setting forth the basis of the computation of such amount but not
                  including any matters which the Lender or its holding company regards as confidential) is required to compensate the Lender and/or (as the case may be) its holding company for such liability to Taxes, cost, reduction, payment , forgone
                  return or loss.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">For the purposes of this clause 12.2 "holding company" means the company or entity (if any) within the consolidated supervision of which the Lender is
      included.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z070113302a5c48e2802e9afde86acc02">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">12.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Exception</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">Nothing in clause 12. shall entitle the Lender to receive any amount in respect of compensation for any such liability to Taxes, increased or additional
      cost, reduction, payment, foregone return or loss to the extent that the same is the subject of an additional payment under clause 6.6.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z64cdeefb32d849da910fd7ddfda1765e">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">12.4</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Contractual recognition of bail-in</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">Notwithstanding any other term of any Security Document or any other agreement, arrangement or understanding between the parties to this Agreement, each
      such party acknowledges and accepts that any liability of any party to this Agreement to any other party to this Agreement under or in connection with the Security Documents may be subject to Bail-In Action by the relevant Resolution Authority and
      acknowledges and accepts to be bound by the effect of:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0965106abf8f4eafb5fcc6b297c284d5">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>any Bail-In Action in relation to any such liability, including (without limitation):</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z83df05011f034a08a7d25971cbbf4d0c">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>a reduction, in full or in part, in the principal amount, or outstanding amount due (including any accrued but unpaid interest) in respect of any such liability;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1059e88a494a4eee80c63da31aca80e6">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>a conversion of all, or part of, any such liability into shares or other instruments of ownership that may be issued to, or conferred on, it; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">54</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z13cc994615fa401fafca60ce9e58aaa6">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(iii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>a cancellation of any such liability; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc54feda0580e49a3bb53b4596e0f2fb9">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>a variation of any term of any Security Document to the extent necessary to give effect to any Bail-In Action in relation to any such liability</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6a2e7d153b9f42dc952cc273a9447f49">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; font-weight: bold;">13</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">APPLICATION OF MONEYS, SET OFF, PRO-RATA PAYMENTS AND MISCELLANEOUS</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zbb7198da02e84a938ebc8962407d4e76">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">13.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Application of moneys</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">All moneys received by the Lender under or pursuant to any of the Security Documents and expressed to be applicable in accordance with the provisions of
      this clause 13.1 or in a manner determined in the Lender's discretion, shall be applied in the following manner:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3ae8421aeaa14d478775e33232647b8d">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">13.1.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>first, in or towards payment, in such order as the Lender may decide, of any unpaid costs and expenses of the Lender under any of the Security Documents;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z35230fffb765400c9dc1e02548e42454">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">13.1.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>secondly, in or towards payment of any fees payable to the Lender under, or in relation to, the Security Documents which remain unpaid;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7738bf63b61b45bc937b66b9ffcebf4d">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">13.1.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>thirdly, in or towards payment to the Lender of any accrued default interest owing pursuant to clause 3.4 but remains unpaid;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf30b750210e843e68ea2f7ecac5d5e74">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">13.1.4</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>fourthly, in or towards payment to the Lender of any accrued interest owing in respect of the Loan which shall have become due under any of the Security Documents but remains unpaid;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9486ea4569084bca85dfa1b6dac80f10">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">13.1.5</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>fifthly, in or towards payment to the Lender of any due but unpaid Repayment Instalments;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc4e5292860c744869891802f9d2dc1ac">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">13.1.6</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>sixthly, in or towards payment to the Lender in application in repayment of the Loan in accordance with clause 4.7.2;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7a1d0bf850064f39b2e6e6b6756ad173">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">13.1.7</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>seventhly, in or towards payment for any loss suffered by reason of any such payment in respect of principal not being effected on an Interest Payment Date relating to the part of the Loan repaid and which amounts are so payable under
                  this Agreement and any other sum relating to the Loan which shall have become due under any of the Security Documents but remains unpaid; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zdf86a9a5ce104e78acf0d3cef028bedd">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">13.1.8</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>eighthly, the surplus (if any) shall be paid to the Borrowers or to whomsoever else may then be entitled to receive such surplus.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">The order of application set out in clauses 13.1.1 to 13.1.8 may be varied by the Lender without any reference to, or consent or approval from, the
      Borrowers.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2b4edc50f340485e8a20b4513b06e5c2">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">13.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Set-off</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2e6187e420d84e6885cbf9a069cd2ed1">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">13.2.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Each Borrower irrevocably authorises the. Tender (without prejudice to any of the Lender's rights at law, in equity or otherwise), following the occurrence of an Event of Default which is continuing, and without notice to the
                  Borrowers, to apply any credit balance to which any Borrower is then entitled standing upon any account of any Borrower with any branch of the Lender in or towards satisfaction of any sum due and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">55</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">payable from any Borrower to the Lender under any of the Security Documents. For this purpose, the Lender is authorised to purchase with the moneys standing
      to the credit of such account such other currencies as may be necessary to effect such application.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z593edbd16a634748af56d4120b63fe8d">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">13.2.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>The Lender shall not be obliged to exercise any right given to it by this clause 13.2. The Lender shall notify the Borrowers forthwith upon the exercise or purported exercise of any right of set off giving full details in relation
                  thereto.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z91a12d958b964cec8619156f46d8c8d7">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">13.2.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Nothing in this clause 13.2 shall be effective to create a charge or other security interest.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z821fc43de5684486bc2e0923343f766a">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">13.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Further assurance</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">Each Borrower undertakes with the Lender that the Security Documents shall both at the date of execution and delivery thereof and throughout the Facility
      Period be valid and binding obligations of the respective parties thereto which, with the rights of the Lender thereunder, are enforceable in accordance with their respective terms and that it will, at its expense, execute, sign, perfect and do, and
      will procure the execution, signing, perfecting and doing by each of the other Security Parties of, any and every such further assurance, document, act or thing as in the reasonable opinion of the Lender may be necessary for perfecting the security
      contemplated or constituted by the Security Documents.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za78f821647aa4651a154a6cd13479cf5">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">13.4</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Conflicts</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">In the event of any conflict between this Agreement and any of the other Security Documents, the provisions of this Agreement shall prevail.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zfb7878f501ff4a2e96092909982081e3">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">13.5</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">No implied waivers, remedies cumulative</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">No failure or delay on the part of the Lender to exercise any power, right or remedy under any of the Security Documents shall operate as a waiver thereof,
      nor shall any single or partial exercise by the Lender of any power, right or remedy preclude any other or further exercise thereof or the exercise of any other power, right or remedy. The remedies provided in the Security Documents are cumulative
      and are not exclusive of any remedies provided by law. No waiver by the Lender shall be effective unless it is in writing.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z81cb756c676c492fb83212ba797c86e7">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">13.6</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Scvcrability</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">If any provision of this Agreement is prohibited, invalid, illegal or unenforceable in any jurisdiction, such prohibition, invalidity, illegality or
      unenforceability shall not affect or impair howsoever the remaining provisions thereof or affect the validity, legality or enforceability of such provision in any other jurisdiction.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z178233773db048b291bc0f39841e6df2">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">13.7</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Force Majeure</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">Regardless of any other provision of this Agreement, the Lender shall not be liable for any failure to perform the whole or any part of this Agreement
      resulting directly or indirectly from (i) the action or inaction or purported action of any governmental or local authority (ii) any strike, lockout, boycott or blockade (including any strike, lockout, boycott or blockade effected by or upon the
      Lender or any of its representatives</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">56</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">or employees) (iii) any act of God (iv) any act of war (whether declared or not) or terrorism or (v) any other circumstances whatsoever outside the Lender's
      control.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7f2307f985224a5083651e1707003a1a">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">13.8</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Amendments</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">This Agreement may be amended or varied only by an instrument in writing executed by all parties hereto who irrevocably agree that the provisions of this
      clause 13.8 may not be waived or modified except by an instrument in writing to that effect signed by all of them.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1f63a299c3004bcca3dc3ddb6786b547">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">13.9</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Counterparts</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">This Agreement may be executed in any number of counterparts and all such counterparts taken together shall be deemed to constitute one and the same
      agreement which may be sufficiently evidenced by one counterpart.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7810f3882ca04ce3856f31e339eff156">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">13.10</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">English language</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">All documents required to be delivered under and/or supplied whensoever in connection howsoever with any of the Security Documents and all notices,
      communications, information and other written material whatsoever given or provided in connection howsoever therewith must either be in the English language or accompanied, at the Lender's request, by an English translation certified by a notary,
      lawyer or consulate acceptable to the Lender.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z451c273626c84191a03b23aabe90230e">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; font-weight: bold;">14</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">ACCOUNTS</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z521b1adbec464fd8b66e2d0b5ffe89bc">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">14.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">General</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">Each Borrower undertakes with the Lender that it will ensure that:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3771d49e1afe45fdbf812ae68a546716">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">14.1.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>it will on or before the Drawdown Date, open an Earnings Account in its name; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z26cdaf75c59c4efba46deb90d5e39089">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">14.1.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>all moneys payable to any Borrower in respect of the Earnings of its Mortgaged Vessel shall, unless and until the Lender directs to the contrary pursuant to the provisions of the relevant Mortgage, be paid to the Earnings Account in
                  the name of that Borrower, Provided however that if any of the moneys paid to such Earnings Account are payable in a currency other than USD, they shall be paid to a sub-account of that Earnings Account denominated in such currency
                  (except that if the relevant Borrower fails to open such a sub-account, the Lender shall then convert such moneys into USD at the Lender's spot rate of exchange at the relevant time for the purchase of USD with such currency and the term
                  "spot rate of exchange" shall include any premium and costs of exchange payable in connection with the purchase of USD with such currency).</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2ad81f037a20447a8b9eb34c0da2093d">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">14.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Earnings Account: withdrawals</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">Any sums standing to the credit of an Earnings Account may be applied by the Borrowers from time to time, subject to no Event of Default having occurred
      which is continuing unremedied and unwaived, in (i) making the payments required under this Agreement, (ii) the supply, crewing, management, maintenance, repair, insurance, operation and trading of the Mortgaged Vessels and (iii) payment of dividends
      to their shareholders annually.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">57</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z50d1a0957f994c22bd4763e9496e9a23">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">14.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Application of accounts</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">At any time after the occurrence of an Event of Default and while the same is continuing unwaived and unremedied, the Lender may, without prior notice to
      the Borrowers, apply all moneys then standing to the credit of the Earnings Account (together with interest from time to time accruing or accrued thereon) in or towards satisfaction of any sums due to Lender under the Security Documents at the time
      of such applications in the manner specified in clause 13.1. Following such application, the Lender shall give notice thereof to the Borrowers.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z11128bdeba334716821f4ef621f7b835">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; font-weight: bold;">15</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">ASSIGNMENT, TRANSFER AND LENDING OFFICE</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z40a8c2cee26c4bfdb1f16aa634a62ed9">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">15.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Benefit and burden</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">This Agreement shall be binding upon, and ensure for the benefit of, the Lender and the Borrowers and their respective successors in title.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4c350a73f5a84a3fba5200b8e2466b4f">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">15.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">No assignment by Borrowers</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">No Borrower may assign or transfer any of its rights or obligations under this Agreement.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3fac7e08fbc74d94b677fd8545a758a5">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">15.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Transfer by Lender</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">The Lender may at any time (i) change its office through which the Loan is made available or (ii) cause all or any part of its rights, benefits and/or
      obligations under this Agreement and the other Security Documents to be transferred or assigned without the consent of the Borrowers to a wholly-owned banking subsidiary or associated company of the Lender or to any third party (in either case a "<font style="font-weight: bold;">Transferee Lender</font>"<font style="font-weight: bold;">) </font>provided always that any such Transferee Lender, by delivery of such undertaking as the Lender may approve, becomes bound by the terms of this Agreement
      and agrees to perform all or, as the case may be, relevant part of the Lender's obligations under this Agreement the rights and equities of the Borrowers or of any other Security Party referred to above include, but are not limited to, any right of
      set-off and any other kind of cross-claim.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4f52bbf402e54521a0fa565e00e37d61">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">15.4</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Documenting transfers</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">If the Lender assigns all or any part of its rights or transfers all or any part of its rights, benefits and/or obligations as provided in clause 15.3, each
      Borrower undertakes, immediately on being requested to do so by the Lender and at the cost of the Transferee Lender, to enter into, and procure that the other Security Parties shall (at the cost of the Transferee Lender) enter into, such documents as
      may be necessary or desirable to transfer to the Transferee Lender all or the relevant part of the Lender's interest in the Security Documents and all relevant references in this Agreement to the Lender shall thereafter be construed as a reference to
      the Lender and/or its Transferee Lender (as the case may be) to the extent of their respective interests. For the avoidance of doubt there will be no expense for the Borrower in connection with an assignment or transfer, as provided in clauses 15.3
      and 15.5</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd74a7427baf149bead3727886dc3d646">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">15.5</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Sub-Participation</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">The Lender may sub-participate all or any part of its rights and/or obligations under the Security Documents at its own expense without the consent of, or
      notice to, the</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">58</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">Borrowers. Any such sub-participation shall have no effect on the Lender's rights under the Security Documents and shall not affect the Borrowers at all.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z83067c2d24df47b3b3ccfd910e84b1f4">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">15.6</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Disclosure of information</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">The Lender may disclose to a prospective assignee, transferee or to any other person (a "<font style="font-weight: bold;">Prospective Assignee</font>"<font style="font-weight: bold;">) </font>who may propose entering into contractual relations with the Lender in relation to this Agreement such information about the Borrowers and/or the other Security Parties as the Lender shall consider appropriate,
      but only if the Prospective assignee has first undertaken to the Borrowers to keep secret and confidential and, not without the prior written consent of the Borrowers, disclose to any third party, any of the information, reports or documents to be
      supplied by the Lender.</div>
    <div style="margin-left: 10.8pt; margin-top: 13.1pt;">15.7<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 39.6pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-weight: bold;">No additional costs</font></div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">If at the time of, or immediately after, any assignment or transfer by the Lender of all or any part of its rights or benefits or obligations under this
      Agreement, or any change in the office through which it lends for the purposes of this Agreement, the Borrowers would be obliged to pay to the Lender or, as the case may be, the Transferee Lender under clause 3.5, 6.6 or clause 12.2 any sum in excess
      of the sum (if any) which it would have been obliged to pay to the Lender or the Transferor Lender, as the case may be, under the relevant clause in the absence of such assignment, transfer or change, the Borrowers shall not be obliged to pay that
      excess.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7c0e5aff5cc44dc2ac5350b42ded8da5">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; font-weight: bold;">16</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">NOTICES AND OTHER MATTERS</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1ee542a0fb444de09991ecf4c8de3a74">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">16.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Notices</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z85b3d24ebb2c4f128cbc8c6e2168a131">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">16.1.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>unless otherwise specifically provided herein, every notice under or in connection with this Agreement shall be given in English by letter delivered personally and/or sent by post and/or transmitted by fax and/or electronically;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb9e75043d015459cafac395c4d939044">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">16.1.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>in this clause "notice" includes any demand, consent, authorisation, approval, instruction, certificate, request, waiver or other communication.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za12c4b571c8c4884bab5914cd2cb696c">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">16.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Addresses for communications, effective date of notices</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z74d4b526a3b648c1a8371a4e300e2b5e">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">16.2.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Subject to clause 16.2.2 and clause 16.2.5 notices to the Borrowers shall be deemed to have been given and shall take effect when received in full legible form by the Borrowers at the address and/or the fax number appearing below (or
                  at such other address or fax number or email address as the Borrowers may hereafter specify for such purpose to the Lender by notice in writing);</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="ze0b7fd6cebf548ae97ecf7243f5526e6">

        <tr>
          <td style="width: 25.7%; vertical-align: top;">
            <div>Address:</div>
          </td>
          <td style="width: 74.3%; vertical-align: top;">
            <div>c/o Euroseas Ltd.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25.7%; vertical-align: top;">&#160;</td>
          <td style="width: 74.3%; vertical-align: top;">
            <div>4 Messogiou &amp; Evropis Street</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25.7%; vertical-align: top;">&#160;</td>
          <td style="width: 74.3%; vertical-align: top;">
            <div>151 24 Maroussi</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25.7%; vertical-align: top;">&#160;</td>
          <td style="width: 74.3%; vertical-align: top;">
            <div>Greece</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25.7%; vertical-align: top;">
            <div>Fax:</div>
          </td>
          <td style="width: 74.3%; vertical-align: top;">
            <div>+30 211 1804097</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25.7%; vertical-align: top;">
            <div>Attn:</div>
          </td>
          <td style="width: 74.3%; vertical-align: top;">
            <div>Anastasios Aslidis</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25.7%; vertical-align: top;">
            <div>Email:</div>
          </td>
          <td style="width: 74.3%; vertical-align: top;">
            <div style="font-weight: bold;"><u>aha@euroseas.gr</u></div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">59</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4c31c687208643cc8a73520aaacbd514">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">16.2.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>notwithstanding the provisions of clause 16.2.1 or clause 16.2.5, a notice of Default and/or a notice given pursuant to clause 10.2 or clause 10.3 to the Borrowers shall be deemed to have been given and shall take effect when
                  delivered, sent or transmitted by the Lender to the Borrowers to the address or fax number referred to in clause 16.2.1;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z538c3f68beed4be7a539aa048dcaa34a">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">16.2.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>subject to clause 16.2.5, notices to the Lender shall be deemed to be given, and shall take effect, when received in full legible form by the Lender at the address and/or the fax number appearing below (or at any such other address or
                  fax number as the Lender may hereafter specify for such purpose to the Borrowers in writing);</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z6556126fa3e3478fac2cc14a0a1bae1d">

        <tr>
          <td style="width: 25.43%; vertical-align: top;">
            <div>Address:</div>
          </td>
          <td style="width: 74.57%; vertical-align: top;">
            <div>170 Alexandras Ave.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25.43%; vertical-align: top;">&#160;</td>
          <td style="width: 74.57%; vertical-align: top;">
            <div>11521 Athens</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25.43%; vertical-align: top;">&#160;</td>
          <td style="width: 74.57%; vertical-align: top;">
            <div>Greece</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25.43%; vertical-align: top;">
            <div>Fax No.</div>
          </td>
          <td style="width: 74.57%; vertical-align: top;">
            <div>+30 210 3739783</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25.43%; vertical-align: top;">
            <div>Attention:</div>
          </td>
          <td style="width: 74.57%; vertical-align: top;">
            <div>Thanassis Doudoulas / Olga Voutsa</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25.43%; vertical-align: top;">
            <div>Email:</div>
          </td>
          <td style="width: 74.57%; vertical-align: top;">
            <div><u>DoudoulasA@piraeusbank.gr</u> / <u>VoutsaOl@piraeusbank.gr</u></div>
          </td>
        </tr>
        <tr>
          <td style="width: 25.43%; vertical-align: top;">&#160;</td>
          <td style="width: 74.57%; vertical-align: top;">&#160;</td>
        </tr>

    </table>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z48a9377df86b468baf82de84919ab5e9">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">16.2.4</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>subject to clause 16.2.5, notices to the Lender shall be deemed to be given and shall take effect when received in full legible form by the Lender at its address and/or fax number specified in the definition of "Lender" (or at any
                  other address or fax number as the Lender may hereafter specify for such purpose); and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zee5f7e5970ce4ea48b9d1ca10e4d22a3">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">16.2.5</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>if under clause 16.2.1 or clause 16.2.3 a notice would be deemed to have been given and effective on a day which is not a working day in the place of receipt or is outside the normal business hours in the place of receipt, the notice
                  shall be deemed to have been given and to have taken effect at the opening of business on the next working day in such place.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd118b305453e4e7ebcda678c6c275608">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">16.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Electronic Communication</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5e599f4336fc44fb92cb733873715527">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">16.3.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Any communication to be made by and/or between the Lender and the Security Parties or any of them under or in connection with the Security Documents or any of them may be made by electronic mail or other electronic means, if and
                  provided that all such parties:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5aded292256f4f2d8dfce534eada3346">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>notify each other in writing of their electronic mail address and/or any other information required to enable the sending and receipt of information by that means; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z46ec9dda5d014012a2cce331990371a7">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>notify each other of any change to their electronic mail address or any other such information supplied by them.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6f7f9aa69c5d4ea7908f0e8509b1378e">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">16.3.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Any electronic communication made by and/or between the Lender and the Security Parties or any of them will be effective only when actually received in readable form.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zebf4fa3574dd4ce0ac84b440b7f29470">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">16.3.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>The Lender and the Borrowers further agree that information may be sent via email to (or from) third parties involved in the provision of services. In particular, the Borrowers are aware that:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z43cc293da00d4e759ba47e00e528a3a9">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the unencrypted information is transported over an open, publicly accessible network and can, in principle, be viewed by others, thereby allowing conclusions to be drawn about a banking relationship;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">60</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6fd36bf725f34e0bb155bdfce53184de">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the information can be changed and manipulated by a third party;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5a6ce59175694cfc86e7b1cf0ea942f8">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the sender's identity (sender of the e-mail) can be assumed or otherwise manipulated;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc933fd0d7358420ca78be8bfb5b5a8cf">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(d)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the exchange of information can be delayed or disrupted due to transmission errors, technical faults, disruptions, malfunctions, illegal interventions, network overload, the malicious blocking of electronic access by third parties, or
                  other shortcomings on the part of the network provider. In certain situations, time-critical orders and instructions might not be processed on time;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z00854567f0ac4ddb915fcdc0a4c8b384">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(e)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the Lender assumes no liability for any loss incurred as a result of manipulation of the e-mail address or content nor is it liable for any loss incurred by the Borrowers and any other Security Party due to interruptions and delays in
                  transmission caused by technical problems.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z92db78d96dc049b48f99777504e07d14">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">16.3.4</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>The Lender is entitled to assume that all the orders and instructions, and communications in general, received from the Borrowers or a third party are from an authorized individual, irrespective of the existing signatory rights in
                  accordance with the commercial register (or any other applicable equivalent document) or the specimen signature provided to the Lender. The Borrowers shall further procure that all third parties referred to herein agree with the use of
                  emails and are aware of the above terms and conditions related to the use of email.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z156755076b7b4d84842db3afd685e19b">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; font-weight: bold;">17</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">GOVERNING LAW</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">This Agreement and any non-contractual obligations arising out of or in connection with it is governed by and shall be construed in accordance with English
      law.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zeb7d611f55f44f43ac998dea0c17e3fb">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; font-weight: bold;">18</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">JURISDICTION</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z376fae646e6e4668a868e1ffd0868dc4">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">18.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Exclusive Jurisdiction</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">For the benefit of the Lender, and subject to clause 18.4 below, each Borrower hereby irrevocably agrees that the courts of England shall have exclusive
      jurisdiction:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z22db6a72b05e4be1b184c5e63082672b">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">18.1.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>to settle any disputes or other matters whatsoever arising under or in connection with this Agreement or any non-contractual obligation arising out of or in connection with this Agreement and any disputes or other such matters arising
                  in connection with the negotiation, validity or enforceability of this Agreement or any part thereof, whether the alleged liability shall arise under the laws of England or under the laws of some other country and regardless of whether a
                  particular cause of action may successfully be brought in the English courts; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z53df9e6756224541878d06a75b7a17c0">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">18.1.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>to grant interim remedies or other provisional or protective relief.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z33fa8ddbb56c4086b908ebcc98c992d1">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">18.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Submission and service of process</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">Each Borrower accordingly irrevocably and unconditionally submits to the jurisdiction of the English courts. Without prejudice to any other mode of service
      each Borrower:</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">61</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zfed665c3d014491f96ebc72c441a1ab9">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">18.2.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>irrevocably empowers and appoints Messrs Hill Dickinson Services (London) Ltd at present of The Broadgate Tower, 20 Primrose Street, London EC2A 2EW, England as its agent to receive and accept on its behalf any process or other
                  document relating to any proceedings before the English courts in connection with this Agreement;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb95f3f6c9cbe4912809fba826420235b">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">18.2.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>agrees to maintain such an agent for service of process in England from the date hereof until the end of the Facility Period;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5e037353489545e4a2bb1b9b2b53c562">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">18.2.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>agrees that failure by a process agent to notify the Borrowers of service of process will not invalidate the proceedings concerned;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd8f98810de424790a0c048aea3188865">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">18.2.4</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>without prejudice to the effectiveness of service of process on its agent under clause 18.2.1 above but as an alternative method, consents to the service of process relating to any such proceedings by mailing or delivering a copy of
                  the process to its address for the time being applying under clause 16.2; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze40599a12a804432b8e855fa68809a8b">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">18.2.5</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>agrees that if the appointment of any person mentioned in clause 18.2.1 ceases to be effective, the Borrowers shall immediately appoint a further person in England to accept service of process on its behalf in England and, failing such
                  appointment within seven (7) days the Lender shall thereupon be entitled and is hereby irrevocably authorised by the Borrowers in those circumstances to appoint such person by notice to the Borrowers.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2809ff9c1a2e4010b7cca76b8c6b45d5">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">18.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Forum non conveniens and enforcement abroad</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">Each Borrower:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zcbea0ac664ec4590bd72c175ec6e251d">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">18.3.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>waives any right and agrees not to apply to the English court or other court in any jurisdiction whatsoever to stay or strike out any proceedings commenced in England on the ground that England is an inappropriate forum and/or that
                  Proceedings have been or will be started in any other jurisdiction in connection with any dispute or related matter falling within clause 18.1; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2786a61d47134bc89bf56ed5ff42debc">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">18.3.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>agrees that a judgment or order of an English court in a dispute or other matter falling within clause 18.1 shall be conclusive and binding on the Borrowers and may be enforced against it in the courts of any other jurisdiction.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z063280389230478a8abe8729e816642b">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">18.4</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Right of Lender, but not Borrowers, to bring proceedings in any other jurisdiction</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z88c8786acd4948e3b44199d1349459d1">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">18.4.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Nothing in this clause 18 limits the right of the Lender to bring Proceedings, including third party proceedings, against the Borrowers or any of them, or to apply for interim remedies, in connection with this Agreement in any other
                  court and/or concurrently in more than one jurisdiction;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc0cadee39f7f478ebd2298e01e2fb22c">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">18.4.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the obtaining by the Lender of judgment in one jurisdiction shall not prevent the Lender from bringing or continuing proceedings in any other jurisdiction, whether or not these shall be founded on the same cause of action.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5b9371d272a94fdfa15f914f10e233e2">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">18.5</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Enforceability despite invalidity of Agreement</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">Without prejudice to the generality of clause 13.6, the jurisdiction agreement contained in this clause 18 shall be severable from the rest of this
      Agreement and shall remain valid, binding and in full force and shall continue to apply notwithstanding this</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">62</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">Agreement or any part thereof being held to be avoided, rescinded, terminated, discharged, frustrated, invalid, unenforceable, illegal and/or otherwise of
      no effect for any reason.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8bb18356474f4789a81de3048123122b">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">18.6</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Effect in relation to claims by and against non-parties</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf1a38aa7107449d4aeb2bc440c83f841">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">18.6.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>For the purpose of this clause "Foreign Proceedings" shall mean any Proceedings except proceedings brought or pursued in England arising out of or in connection with (i) or in any way related to any of the Security Documents or any
                  assets subject thereto or (ii) any action of any kind whatsoever taken by the Lender pursuant thereto or which would, if brought by the Borrowers or any of them against the Lender, have been required to be brought in the English courts;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze5eec8233c3e4d7b8327e2de05170924">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">18.6.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>no Borrower shall not bring or pursue any Foreign Proceedings against the Lender and each Borrower shall use its best endeavours to prevent persons not party to this Agreement from bringing or pursuing any Foreign Proceedings against
                  the Lender;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2db360b92b6c46c7af6723d925cb2025">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">18.6.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>If, for any reason whatsoever, any Security Party and/or any person connected howsoever with any Security Party (including but not limited to any shareholder of any Borrower) brings or pursues against the Lender any Foreign
                  Proceedings, the Borrowers shall indemnify the Lender on demand in respect of any and all claims, losses, damages, demands, causes of action, liabilities, costs and expenses (including, but not limited to, legal costs) of whatsoever
                  nature howsoever arising from or in connection with such Foreign Proceedings which the Lender certifies as having been incurred by it;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">the Lender and the Borrowers hereby agree and declare that the benefit of this clause 18 shall extend to and may be enforced by any officer, employee, agent
      or business associate of the Lender against whom any Borrower brings a claim in connection howsoever with any of the Security Documents or any assets subject thereto or any action of any kind whatsoever taken by, or on behalf of or for the purported
      benefit of the Lender pursuant thereto or which, if it were brought against the Lender, would fall within the material scope of clause 18.1. In those circumstances this clause 18 shall be read and construed as if references to the Lender were
      references to such officer, employee, agent or business associate, as the case may be.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z800f79cb518b42c49f2e5455b3e2bf4b">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right; font-weight: bold;">19</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Borrowers' obligations</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zbb598220dfbf4dd6a71e6df9ba0ca368">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">19.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Joint and several</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">Regardless of any other provision in any of the Security Documents, all obligations and liabilities whatsoever of the Borrowers herein contained are joint
      and several and shall be construed accordingly. Each of the Borrowers agrees and consents to be bound by the Security Documents to which it becomes a party notwithstanding that the other Borrowers may not do so or be effectually bound and
      notwithstanding that any of the Security Documents may be invalid or unenforceable against the other Borrowers, whether or not the deficiency is known to the Lender.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6db94579dbcb4f6ba757ea925231fa8d">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">19.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Borrowers as principal debtors</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">Each Borrower acknowledges that it is a principal and original debtor in respect of all amounts which may become payable by the Borrowers in accordance with
      the terms of</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">63</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">any of the Security Documents and agrees that the Lender may continue to treat it as such, whether or not the Lender is or becomes aware that such Borrower
      is or has become a surety for the other Borrowers.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z61cbcb5bde3248dc977736dddac97552">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">19.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Indemnity</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">The Borrowers undertake to keep the Lender fully indemnified on demand against all claims, damages, losses, costs and expenses arising from any failure of
      any Borrower to perform or discharge any purported obligation or liability of that Borrower which would have been the subject of this Agreement or any other Security Document had it been valid and enforceable and which is not or ceases to be valid
      and enforceable against the other Borrowers on any ground whatsoever, whether or not known to the Lender including, without limitation, any irregular exercise or absence of any corporate power or lack of authority of, or breach of duty by, any person
      purporting to act on behalf of the other Borrowers (or any legal or other limitation, whether under the Limitation Acts or otherwise or any disability or death, bankruptcy, unsoundness of mind, insolvency, liquidation, dissolution, winding up,
      administration, receivership, amalgamation, reconstruction or any other incapacity of any person whatsoever (including, in the case of a partnership, a termination or change in the composition of the partnership) or any change of name or style or
      constitution of any Security Party)).</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z69fdf39c8be94393bbbf77d948bf3c8f">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">19.4</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Liability unconditional</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">None of the obligations or liabilities of the Borrowers under any Security Document shall be discharged or reduced by reason of:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf2e5125b7d234ce7b6eb8f5b8b147d76">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">19.4.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the death, bankruptcy, unsoundness of mind, insolvency, liquidation, dissolution, winding-up, administration, receivership, amalgamation, reconstruction or other incapacity of any person whatsoever (including, in the case of a
                  partnership, a termination or change in the composition of the partnership) or any change of name or style or constitution of any Borrower or any other person liable;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z05f5d11181d34c34b0046bbb3f8d368d">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">19.4.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the Lender granting any time, indulgence or concession to, or compounding with, discharging, releasing or varying the liability of, any Borrower or any other person liable or renewing, determining, varying or increasing any
                  accommodation, facility or transaction or otherwise dealing with the same in any manner whatsoever or concurring in, accepting, varying any compromise, arrangement or settlement or omitting to claim or enforce payment from any Borrower or
                  any other person liable; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3b65a78b70e849618b22b775adce368a">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">19.4.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>anything done or omitted which but for this provision might operate to exonerate the Borrowers or any of them.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zea759caeb2e74209a30da48b0fa09cd5">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">19.5</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Recourse to other security</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">The Lender shall not be obliged to make any claim or demand or to resort to any security or other means of payment now or hereafter held by or available to
      them for enforcing any of the Security Documents against any Borrower or any other person liable and no action taken or omitted by the Lender in connection with any such security or other means of payment will discharge, reduce, prejudice or affect
      the liability of the Borrowers under the Security Documents to which any of them is, or is to be, a party.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">64</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zbac4480a9d12430098207af689b07cb6">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">19.6</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;">Waiver of Borrowers' rights</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">Each Borrower agrees with the Lender that, throughout the Facility Period, it will not, without the prior written consent of the Lender:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5f13ef79e14645d791d9c31358ab979a">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">19.6.1</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>exercise any right of subrogation, reimbursement and indemnity against the other Borrowers or any other person liable under the Security Documents;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za282b0c908314645b5cbd778d2f34b1f">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">19.6.2</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>demand or accept repayment in whole or in part of any Indebtedness now or hereafter due to such Borrower from the other Borrower or from any other person liable for such Indebtedness or demand or accept any guarantee against financial
                  loss or any document or instrument created or evidencing an Encumbrance in respect of the same or dispose of the same;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2e52a0293fbc41fcb8b64ef9936ec7a4">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">19.6.3</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>take any steps to enforce any right against the other Borrowers or any other person liable in respect of any such moneys; or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">claim any set-off or counterclaim against the other Borrowers or any other person liable or claim or prove in competition with the Lender in the liquidation
      of the other Borrowers or any other person liable or have the benefit of, or share in, any payment from or composition with, the other Borrowers or any other person liable or any security granted under any Security Document now or hereafter held by
      the Lender for any moneys owing under this Agreement or for the obligations or liabilities of any other person liable but so that, if so directed by the Lender, it will prove for the whole or any part of its claim in the liquidation of the other
      Borrowers or other person liable on terms that the benefit of such proof and all money received by it in respect thereof shall be held on trust for the Lender and applied in or towards discharge of any moneys owing under this Agreement in such manner
      as the Lender shall require</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">65</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: center; margin-top: 2.1pt; font-weight: bold;">Schedule 1</div>
    <div style="text-align: center; margin-top: 1.45pt; font-weight: bold;">Form of Drawdown Notice</div>
    <div style="margin-left: 10.8pt; margin-top: 13.5pt;">To:<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>Piraeus Bank S.A.</div>
    <div style="margin-left: 46.8pt; margin-top: 1.6pt;">170 Alexandras Ave.</div>
    <div style="margin-left: 46.8pt; margin-top: 1.6pt;">11521 Athens</div>
    <div style="margin-left: 46.8pt; margin-bottom: 12pt;">Greece</div>
    <div style="text-align: right; margin-right: 7.2pt; margin-bottom: 12pt;">[&#9679;] November 2019</div>
    <div style="margin-bottom: 12pt;">Dear Sirs</div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z66c768a40c604d8695813c2e6495f8f9">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">Re:</td>
              <td style="width: auto; vertical-align: top;">
                <div><font style="font-weight: bold;">Facility agreement dated [&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; ] November 2019 in respect of a loan of up to USD32,000,000 (the </font>"<font style="font-weight: bold;">Loan Agreement</font>"<font style="font-weight: bold;">) made between (1) [&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; ], [&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; ], [&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;&#160; ] and [&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;&#160; ] as Borrowers and (2) Piraeus Bank S.A. as Lender</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-bottom: 12pt;">We refer to the Loan Agreement. Words and expressions whose meanings are defined therein shall have the same meanings when used herein.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">We hereby give you notice that we wish to draw the sum of USD[&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; ] on [&#160;&#160; ] November 2019 in respect of the Loan Facility and select a first Interest Period in respect of
      such drawing of [&#9679;] months. The funds should be credited to the account of [&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;&#160; ] and numbered [&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; ] with [&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;&#160; ] of [&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;&#160; ].</div>
    <div style="margin-bottom: 12pt;">We confirm that:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za5d985cfba1e409c8a7528f6185e807d">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>no Default has occurred and is continuing;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z52f17c5b522646e9a9855c6b22906253">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the representations and warranties contained in clause 7 of the Loan Agreement are true and correct at the date hereof as if made with respect to the facts and circumstances existing at such date;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zfa6d18e9f60543f7a9feba26c862f55e">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the borrowing to be effected by the drawdown of the Loan will be within our corporate powers, has been validly authorised by appropriate corporate action and will not cause any limit on our borrowings (whether imposed by statute,
                  regulation, agreement or otherwise howsoever) to be exceeded;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9c7fa583beaa4558b264dda082acc031">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">(d)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>there has been no material adverse change in our financial position or in the consolidated financial position of the Borrowers or the Corporate Guarantor from that described by us to the Lender in the negotiation of the Loan Agreement
                  and/or in any documents or statements already delivered to the Lender in connection therewith;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd59cb86eaba84e51962ae669d0b8e2a0">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">(e)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>there are no Required Authorisations;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z277da9b50f894b249fa15e4e65876f94">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">(f)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>there has occurred nothing which would have a Material Adverse Effect; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z133428dc5c6647f98c629b0474bfdb19">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">(g)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>no part of the proceeds of the Loan shall be used for the purpose of acquiring shares in the share capital of the Lender or other banks and/or financial institutions or acquiring hybrid capital debentures (TI'rAouc u(3obuccbv <font style="font-style: italic;">icapaAai.cov) </font>of the Lender or other banks and/or financial institutions.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="margin-bottom: 15.1pt;">By&#160; _______________________________</div>
    <div style="margin-left: 46.8pt;">Authorised Signatory</div>
    <div style="margin-left: 46.8pt; margin-top: 0.55pt; margin-bottom: 30.4pt; font-weight: bold;">ANTWERP SHIPPING LTD</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">66</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-left: 46.8pt; font-weight: bold;">BUSAN SHIPPING LTD</div>
    <div style="margin-left: 46.8pt; font-weight: bold;">KEELUNG SHIPPING LTD</div>
    <div style="margin-left: 46.8pt; margin-top: 0.55pt; margin-bottom: 30.4pt; font-weight: bold;">OAKLAND SHIPPING LTD</div>
    <div style="margin-top: 0.2pt;"><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">67</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: center; margin-top: 1pt; font-weight: bold;">Schedule 2</div>
    <div style="text-align: center; margin-top: 0.95pt; font-weight: bold;">Conditions precedent</div>
    <div style="text-align: center; margin-top: 20.8pt; font-weight: bold;">Part 1</div>
    <div style="text-align: center; margin-top: 1.15pt; margin-bottom: 12pt;">(referred to in clause 9.1)</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zdb6a8bedc2ff41f2ae2fba82bf3a23fa">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Corporate documents</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">Certified Copies of all documents which evidence or relate to the constitution of each Security Party and its current corporate existence;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z676ba0d64907400f93927366560d94c6">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Corporate authorities</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3137c3f479c44c2db5a8751ef56edc89">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Certified Copies of resolutions of the directors of each Security Party and shareholders of each Borrower approving such of the MOA and the Security Documents to which such Security Party is a party and authorising the execution and
                  delivery thereof and performance of such Security Party's obligations thereunder, additionally certified by an officer of such Security Party, as having been duly passed at a duly convened meeting of the directors and shareholders of such
                  Security Party and not having been amended, modified or revoked and being in full force and effect; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z220806cbbb814b7ba64ecc2d7cfd4972">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>an original of any power of attorney issued by each Security Party pursuant to such resolutions;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z17fbdbdd81054f10a958b84883ef711f">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Required Authorisations</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">a certificate (dated no earlier than 5 Banking Days prior to the Drawdown Date) that there are no Required Authorisations or that there are no Required
      Authorisations except those described in such certificate and Certified Copies of which as duly executed (including any conditions and/or documents ancillary thereto) are appended thereto.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z75753e358d8e4819b5c36d77b23bd962">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">(d)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Certificate of incumbency</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">a list of directors, shareholders and officers of each Security Party specifying the names and positions of such persons, certified by an officer of the
      relevant Security Party to be true, complete and up to date;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z246952fc83cd48408e7332fe8bac106e">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">(e)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Shareholders</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">evidence acceptable to the Lender that all of the issued shares of and in each Borrower are issued in registered form and legally owned by the Shareholder
      and ultimately beneficially owned and controlled by the Corporate Guarantor;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zded0c760538f4a15836fb7d2739a13bb">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">(f)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Security Documents</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">the Corporate Guarantee, the Earnings Account Pledges and the Shares Pledges duly executed and delivered, and all documents to be executed and delivered
      thereunder;</div>
    <div style="margin-top: 77.55pt;"><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">68</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb953c0499df74e5ebcc4c0a9345302d6">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">(g)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Declaration of compliance / "know your customer"</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">written confirmation (in a form acceptable to the Lender) that:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2e5ba568a4df48f3b20fd6b0af9de3d1">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>each Borrower has complied at all times and in all respects with (i) any relevant employment legislation and employment regulations applicable to it, (ii) all documentation required by the Lender in relation to the Lender's "know your
                  customer" requirements and (iii) all documentation required by the Lender for the opening of its Earnings Account with the Lender; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2ac12078e6db42beb6c3df6f8a9d22fb">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the Guarantor and the Shareholder have complied at all times and in all respects with all documentation required by the Lender in relation to the Lender's "know your customer" requirements; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6bba7444b02c423d8897985df423dad7">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">(h)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Bank accounts</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">evidence that:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd78fd88ad011480c8366596a3b1307ab">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the Earnings Accounts have been opened by Antwerp, Busan, Keelung and Oakland respectively and duly completed mandates in relation thereto have been delivered to the Lender;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z81a03c3348f448ea892fd6d875deaeea">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>all mandate forms and other legal documents required for the opening of an account under any applicable law, such as the account for the securitization of the Shares Pledge as well as signature cards and properly adopted authorizations
                  have been duly delivered to and have been accepted by the compliance department of the Lender;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd5d3e02e2e6f4ba2b4557a6500850fab">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>process agent</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">a letter from the agent for receipt of service of proceedings referred to in clause 18.2.1 accepting its appointment under the said clause and under each of
      the other Security Documents in which it is or is to be appointed as the agent for any Security Party.</div>
    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">Part 2</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z094195cbb2714f46a32b5d05035235b7">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Copies of Underlying Documents</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">a Certified Copy of the MOA, the Management Agreement, any Extended Employment Contract and all ISM Code Documentation for the relevant Vessel;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1048ee4b52f148d0b1de7a3e2c0e5033">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Evidence satisfactory to the Lender that the relevant Vessel:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zad522e77a16348f09589e64b9462e7b8">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">i.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Purchase</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 90pt; margin-bottom: 12pt;">has been unconditionally delivered by the relevant Seller to, and accepted by, the relevant Owner under the relevant MOA, and all other amounts payable under the relevant MOA (in
      addition to the part to be financed by the Loan) has been duly paid (and funded by the relevant Owner through equity contribution and/or common shares contribution provided exclusively by the Corporate Guarantor), together with copies of the bill of
      sale and protocol of delivery and acceptance</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">69</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-left: 90pt; margin-bottom: 12pt;">relating thereto, certificate showing the relevant Vessel as being free of encumbrance (other than the relevant Mortgage) relating thereto;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1685a98fc28549d29dba145aaffb8a32">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">ii.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Registration and Encumbrances</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 90pt; margin-bottom: 12pt;">is registered in the name of the relevant Owner through the relevant Registry and that such Vessel, her Earnings, Insurances and Requisition Compensation are free of Encumbrances
      except Permitted Encumbrances (such evidence to include relevant certificates issued by the relevant Flag State and results of searches carried out against the said Registry by the Lender or its lawyers);</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7855580938544a8eb0264a5ee1491832">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">iii.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Classification</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 90pt; margin-bottom: 12pt;">maintains the Classification free of all overdue recommendations and requirements of the Classification Society affecting the Classification;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4080494abe4d4a5a9cb8e6c3eba5e19e">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">iv.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Insurance</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 90pt; margin-bottom: 12pt;">is insured in accordance with the provisions of the relevant Ship Security Documents and all requirements of such Ship Security Documents in respect of such insurance have been
      complied with (including without limitation, receipt by the Lender of customary brokers' letters of undertaking regarding the placing of hull and machinery and war risks cover and confirmation from the protection and indemnity association or other
      insurer with which such Vessel is, or is to be, entered for insurance or insured against protection and indemnity risks, that any necessary declarations required by the association or insurer for the removal of any oil pollution exclusion have been
      made and that any such exclusion does not apply to such Vessel ); and</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z858353292cdb45909c7bb4b98b03967a">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">v.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Management.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 90pt; margin-bottom: 12pt;">is managed by the Manager on terms in all material respects acceptable to the Lender;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9535b9b25bbd4a1c8c1fc1b2c7f64cfa">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Security Documents</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">the Mortgage, the General Assignment, any Charter Assignment in respect of any existing Extended Employment Contract and the Manager's Undertaking in
      respect of the relevant Vessel duly executed and delivered;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2011aaa1a7954cfebc8fdc3cd84671da">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">(d)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Notices of assignment and acknowledgements</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">counterpart originals of duly executed notices of assignment and acknowledgments (where relevant) required by the terms of the Security Documents referred
      to in (c) above in the forms prescribed by those Security Documents and any other documents required to be delivered pursuant thereto;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7f24b17b3799445cbcbe4e8090b4e224">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">(e)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Mortgage registration</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">evidence that the relevant Mortgage has been duly registered against the relevant Vessel in accordance with the laws of the relevant Registry;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zfbcd063e00be47a3aba21c5b947cfa00">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">(j)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Laws of Liberia: opinion</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">70</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">an opinion of Messrs Ince, special legal advisers to the Lender on the laws of Liberia;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za1ded834d9dc412abea517a33b2bead4">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">(k)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Laws of Marshall Islands: opinion</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">an opinion of Messrs Ince, special legal advisers to the Lender on the laws of Marshall Islands;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z02744ed6ee524d4dbfe74f0ff4b95f6f">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">(1)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Laws of Cyprus: opinion</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">an opinion of Messrs Scordis, Papapelrou &amp; Co LLC, special legal advisers to the Lender on the laws of Cyprus;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze2b0063f066f4f2bb9aac4a6f314b0dc">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">(m)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>ISPS Code</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">evidence satisfactory to the Lender that each Vessel is subject to a ship security plan which complies with the ISPS Code and a copy of the ISSC for each
      Vessel;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z69b2aa73149a437dbdf25013e74d3f23">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">(n)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>DOC and Application for SMC</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">Certified Copies of the DOC, ISSC, (if applicable) IAPP and EIAPP Certificates in respect of each Vessel and a Certified Copy of the SMC therefor and
      evidence that each Vessel and the Manager are in compliance with the ISM Code;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc177da16f43f41bb84b0d1dc4d9a4f9c">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">(o)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Additional Vessels' Certificates</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">Certified Copies of Classification Certificate, Safety Radio Equipment Certificate, Safety Equipment Certificate, International Oil Pollution Certificate,
      International Loadline Certificate, Safety Construction Certificate, International Tonnage Certificate, Minimum Safety Manning Certificate and Continuous Synopsis Record for the relevant Vessel;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd71eaf18d47c488eac3cc6705728642d">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">(p)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Lightweight</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">evidence satisfactory to the Lender of the lightweight tonnage of the relevant Vessel;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd447ee8333204bd682935f2b14bc5860">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">(q)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Manager's confirmation</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">written confirmation addressed by the Manager to the Lender that the representations and warranties set out in clause 7.1.22 (Environmental Matters) and
      clause 7.1.23 (ISM Code) are true and correct;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zab6d736b63e74612bd8bdb23c42bbac6">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">(r)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Insurance Report</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">a written report from a maritime insurance consultant or broker acceptable to the Lender in a form and content acceptable to the Lender (at the cost of the
      Borrowers) in respect of the insurances on each Vessel which report shall certify that such insurances are placed through or with insurance brokers and clubs, in amounts, covering risks and on terms acceptable to the Lender and that the same are in
      accordance with the terms of <font style="font-weight: bold;">the relevant Mortgage in respect of the relevant Vessel;</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9f0700784fd8498daae5e94c9d842489">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">(s)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Valuation</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">71</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">a satisfactory, in the opinion of the Lender, Valuation Amount (at the cost of the Borrowers) of the relevant Vessel addressed to the Lender from an
      Approved Broker dated no more than 15 days before the Drawdown Date;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za485cb6617ec42d1ab7de24cc540e205">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">(t)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Fees</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">evidence that all fees due and payable have been paid in full;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z38e3995f827e4be9ab3f3a6a852890d9">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">(u)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Material Adverse Effect</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">the Lender is satisfied that there has occurred nothing which would have a Material Adverse Effect, including in respect of the Manager;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z481b26aab6d045158f34d22a44f373e9">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">(v)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>MII and MAP Policy premium</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">evidence that the Borrowers have reimbursed the Lender in the amount of the first annual premium or, as the case may be, any additional premium for the MII
      and MAP Policy;</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4bb0b539948a4bbaac286ede4d4637de">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">(w)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Equity contribution</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">evidence satisfactory to the Lender that an amount representing in aggregate no less than USD1,250,000 multiplied by the number of Mortgaged Vessels
      (including the Vessel to be financed by the relevant Advance) representing part of the equity contribution of the Purchase Price has been deposited with the Lender prior to be remitted to the relevant Seller; and</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z725aa6e9db7d44769170cfb89cbe3098">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">(x)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Further conditions precedent</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 54pt; margin-bottom: 12pt;">such further evidence or opinions as may reasonably be required by the Lender.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">72</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: center; margin-top: 0.15pt; font-weight: bold;">Schedule 3</div>
    <div style="text-align: center; margin-top: 8.05pt; font-weight: bold;">Form of Compliance Certificate</div>
    <div style="margin-left: 7.2pt; margin-top: 20.4pt;">To:<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>Piraeus Bank S.A.</div>
    <div style="margin-left: 7.2pt; margin-top: 15.35pt;">From: Euroseas Ltd.</div>
    <div style="margin-left: 338.4pt; margin-top: 1.2pt;">Date [&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;&#160; ] 200[ ]</div>
    <div style="margin-left: 7.2pt; margin-top: 14.45pt;">Dear Sirs</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 7.2pt; margin-top: 12.3pt;"><font style="font-weight: bold;">Facility agreement dated [ ] November 2019 in respect of a loan of up to USD32,000,000 (the </font>"<font style="font-weight: bold;">Loan Agreement</font>"<font style="font-weight: bold;">) made between (1) Antwerp Shipping Ltd, Busan Shipping Ltd, Keelung Shipping Ltd and Oakland Shipping Ltd as joint and several Borrowers and (2) Piraeus Bank S.A. as
        Lender</font></div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 7.2pt; margin-top: 11.9pt;">We refer to the Loan Agreement. Words and expressions whose meanings are defined in the Loan Agreement shall have the same meanings when used herein.</div>
    <div style="text-align: justify; margin-right: 10.8pt; margin-left: 7.2pt; margin-top: 11.7pt;">We hereby confirm that [except as stated below] as at the date hereof to the best of our knowledge and belief after due inquiry:-</div>
    <div style="text-align: justify; margin-top: 11.1pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2fbfb3f8ab08405580aa369956ecac63">

            <tr>
              <td style="width: 7.2pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">1.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>all the Borrowers' financial covenants in the Loan Agreement set out in clause 8 are being fully complied with, and, in particular, by reference to the latest audited financial statements, management accounts and all other current
                  relevant information available to us:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="margin-top: 13.9pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8c6356835e2a4d0fbff3f1c9c64f8258">

            <tr>
              <td style="width: 57.6pt;"><br>
              </td>
              <td style="width: 39.6pt; vertical-align: top; align: right;">(c)</td>
              <td style="width: auto; vertical-align: top;">
                <div>the Net Worth of the Group is USD [&#160; &#160; &#160; &#160; &#160; &#160; ];</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-top: 11.8pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2538cd1ae71c4c409c67aacfbe187adb">

            <tr>
              <td style="width: 57.6pt;"><br>
              </td>
              <td style="width: 39.6pt; vertical-align: top; align: right;">(d)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the Total Liabilities are USD [ ] and the Total Assets (adjusted for market values of vessels calculated in accordance with clause 8.2.5(i)) are USD [ ]; and</div>
              </td>
            </tr>

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<DOCUMENT>
<TYPE>EX-4.21
<SEQUENCE>7
<FILENAME>d8410243_ex4-21.htm
<TEXT>
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  <div style="text-align: right;"><font style="font-weight: bold;">Exhibit 4.21</font><br>
  </div>
  <div> <br>
  </div>
  <div>
    <div style="text-align: center; margin-bottom: 12pt; color: #000000; font-weight: bold;">LETTER AGREEMENT</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; color: #000000;">THIS LETTER AGREEMENT (this &#8220;Agreement&#8221;) is dated as of November 7, 2019, and made by and among Euroseas Ltd., a Marshall Islands corporation (&#8220;Euroseas&#8221;), and
      Synergy Holdings Limited (formerly known as Nautilus Holdings No. 2 Limited), a Bermuda Company (&#8220;Seller&#8221;).</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; color: #000000;">WHEREAS, Euroseas has agreed to purchase the vessels MV SYNERGY BUSAN (IMO: 9450571), MV SYNERGY KEELUNG (IMO: 9450595), MV SYNERGY OAKLAND (IMO: 9450583) and MV
      SYNERGY ANTWERP (IMO: 9443580) (the &#8220;Vessels&#8221;), with each Vessel being purchased in a separate transaction pursuant to a Memorandum of Agreement (&#8220;MOA&#8221;) for each Vessel;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; color: #000000;">WHEREAS, in connection with the purchase of the Vessels, Euroseas has agreed to issue certain shares of its common stock, par value $0.03 per share (&#8220;Common
      Stock&#8221;) to Seller, subject to the terms and conditions set out in this Agreement;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; color: #000000;">WHEREAS, Seller and the Company have entered into an agreement of even date hereof pursuant to which Seller has agreed to purchase shares of Common Stock (the
      &#8220;Stock Purchase Agreement&#8221;);</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; color: #000000;">NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows, intending to be
      legally bound:</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="color: #000000;">1.&#160; &#160;&#160; If the 12-month New ConTex index for a 4,250 TEU vessel (as published on</font><font style="color: #0000FF;"><u>&#160;</u></font>https://www.vhbs.de/index<font style="color: #000000;"> or any successor website maintained by the Hamburg and Bremen Shipbrokers&#8217; Association) (the &#8220;Index Value&#8221;) is higher on November 16, 2020 at 4:00 p.m. New York time than the Index Value on November 15, 2019 at 4:00 p.m.
        New York time, then:</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000;">(a)&#160; &#160;&#160; On November 16, 2020, Euroseas shall issue to Seller the number of Common Shares determined as follows: US$125,000 multiplied by the
      number of Vessels actually delivered to Euroseas pursuant to and in compliance with the MOAs divided by the 20-day volume weighted average price of the Common Shares calculated on November 16, 2020 at 4:00 p.m. New York time (the &#8220;Initial Shares&#8221;);
      and</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000;">(b)&#160; &#160;&#160; On November 16, 2020, Euroseas shall be deemed to have issued such number of Common Shares, having the same value per share as each
      Initial Share (the &#8220;Additional Shares&#8221; and, together with the Initial Shares, the &#8220;Total Shares&#8221;), such that the aggregate value of such Additional Shares constitutes at least the aggregate par value of the Total Shares, and such Additional Shares
      shall be deemed to have been issued to Seller and returned to Euroseas.</div>
    <div style="text-align: justify; margin-bottom: 12pt; color: #000000;">If (i) the Index Value on November 16, 2020 at 4:00 p.m. New York time does not exceed the Index Value on November 15, 2019 at 4:00 p.m. New York time or (ii) Seller does not
      perform their obligations under Section 1(c) of the Stock Purchase Agreement or (iii) any Vessel seller does not perform all of its post-delivery obligations under the MOAs, except to the extent waived</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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    <div style="text-align: justify; margin-bottom: 12pt; color: #000000;">by parties thereto, then the transactions contemplated in (a) and (b) above shall not complete and Euroseas shall not issue the Initial Shares or the Additional Shares to Seller.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; color: #000000;">2.&#160; &#160;&#160; The Total Shares have been duly authorized by all necessary corporate action and, when paid for or issued in accordance with the terms hereof, the Total
      Shares shall be validly issued and outstanding, fully paid and nonassessable, free and clear of all Encumbrances of any kind.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; color: #000000;">3.&#160; &#160;&#160; The delivery and issuance of the Total Shares in accordance with the terms of and in reliance on the accuracy of Buyer&#8217;s representations and warranties set
      forth in this Agreement will be exempt from the registration requirements of the Securities Act.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; color: #000000;">4.&#160; &#160;&#160; Euroseas represents that it has not paid, and shall not pay, any commissions or other remuneration, directly or indirectly, to any broker, finder or any
      other third party in connection with the Shares pursuant to this Agreement.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; color: #000000;">5.&#160; &#160;&#160; Prior to the issuance of the Total Shares, the Nasdaq Stock Market shall have confirmed that it has completed its review of this Agreement and the
      transactions contemplated hereby.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; color: #000000;">6.&#160; &#160;&#160; Euroseas and Seller each hereby agree to make such changes to this Agreement as may be reasonably required by the Nasdaq Stock Market to approve the
      listing of additional shares application relating to the issuance of the Total Shares.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; color: #000000;">7.&#160; &#160;&#160; Seller agrees that the issuance of any Initial Shares or Additional Shares will be restricted securities within the meaning of Rule 144 of the Securities
      Act of 1933 as amended and may include a restrictive legend to such effect.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; color: #000000;">8.&#160; &#160;&#160; The representations and warranties of each party contained herein shall survive the date hereof for a period ending on the eighteen (18) month anniversary
      of the date hereof. Notwithstanding the foregoing, the passing of the above survival period for any representation or warranty shall not terminate or affect any claim with respect to such representation or warranty as to which notice has been
      delivered to the other party prior to the end of such survival period.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; color: #000000;">9.&#160; &#160;&#160; This Agreement may be executed in counterparts, all of which taken together shall constitute one and the same agreement.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; color: #000000;">10.&#160;&#160; This Agreement contains the final and complete integration of all prior expressions by the parties hereto with respect to the subject matter hereof and
      shall constitute the entire agreement among the parties hereto with respect to the subject matter hereof superseding all prior oral or written understandings.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; color: #000000;">11.&#160;&#160;&#160;&#160;&#160;Any provisions of this Agreement may be amended or waived if, but only if, such amendment or waiver, as applicable, is in writing and is signed by each of
      the parties hereto.</div>
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    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; color: #000000;">12.&#160; &#160;&#160; This Agreement may not be assigned, in whole or in part, without the prior written consent of each other party.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; color: #000000;">13.&#160; &#160;&#160; THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. EACH OF THE PARTIES HERETO HEREBY AGREES TO THE
      EXCLUSIVE JURISDICTION OF ANY FEDERAL COURT LOCATED WITHIN THE STATE OF NEW YORK. EACH OF THE PARTIES HERETO HEREBY WAIVES ANY OBJECTION BASED ON FORUM NON CONVENIENS, AND ANY OBJECTION TO VENUE OF ANY ACTION INSTITUTED HEREUNDER IN ANY OF THE
      AFOREMENTIONED COURTS AND CONSENTS TO THE GRANTING OF SUCH LEGAL OR EQUITABLE RELIEF AS IS DEEMED APPROPRIATE BY SUCH COURT.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; color: #000000;">14.&#160; &#160;&#160; TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE PARTIES HERETO HEREBY WAIVES ANY RIGHT TO HAVE A JURY PARTICIPATE IN RESOLVING ANY DISPUTE, WHETHER
      SOUNDING IN CONTRACT, TORT, OR OTHERWISE BETWEEN THE PARTIES HERETO ARISING OUT OF, CONNECTED WITH, RELATED TO, OR INCIDENTAL TO THE RELATIONSHIP BETWEEN ANY OF THEM IN CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. INSTEAD,
      ANY SUCH DISPUTE RESOLVED IN COURT WILL BE RESOLVED IN A BENCH TRIAL WITHOUT A JURY.</div>
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            <div style="color: #000000; font-weight: bold;">EUROSEAS LTD.</div>
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            <div style="color: #000000;">By:</div>
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            <div style="color: #000000;">/s/ Dr. Anastasios (Tasos) Aslidis</div>
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            <div style="color: #000000;">Dr. Anastasios (Tasos) Aslidis</div>
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            <div style="color: #000000;">Title:</div>
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            <div style="color: #000000;">CFO &amp; Treasurer</div>
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            <div style="color: #000000; font-weight: bold;">SYNERGY HOLDINGS LIMITED</div>
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            <div style="color: #000000; font-weight: bold;">(FORMERLY KNOWN AS NAUTILUS HOLDINGS NO. 2 LIMITED)</div>
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          <td style="width: 5%; vertical-align: top;">&#160;</td>
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            <div style="color: #000000;">By:</div>
          </td>
          <td style="width: 5%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 40%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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          <td style="width: 5%; vertical-align: top;">&#160;</td>
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            <div style="color: #000000;">Name:</div>
          </td>
          <td style="width: 40%; vertical-align: top;">&#160;</td>
        </tr>
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          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">
            <div style="color: #000000;">Title:</div>
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          <td style="width: 40%; vertical-align: top;">&#160;</td>
        </tr>

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    <div style="margin-bottom: 8pt; color: #000000;">Signature Page &#8211; Letter Agreement</div>
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<DOCUMENT>
<TYPE>EX-4.22
<SEQUENCE>8
<FILENAME>d8528243_ex4-22.htm
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  <div style="text-align: right;"><font style="font-weight: bold;">Exhibit 4.22</font><br>
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  <div> <br>
  </div>
  <div>
    <div style="text-align: center; margin-bottom: 12pt; color: #000000;">COLBY TRADING LTD</div>
    <div style="margin-bottom: 12pt; color: #000000;">EUROSEAS LTD</div>
    <div style="text-align: right; margin-right: 3.6pt; margin-bottom: 12pt; color: #000000;">September 30, 2019</div>
    <div style="margin-bottom: 12pt; color: #000000;">Dear Sirs</div>
    <div style="text-align: center; margin-bottom: 12pt; color: #000000; font-weight: bold;"><u>US$2,500,000 LOAN FACILITY</u></div>
    <div style="text-align: justify; margin-right: 7.2pt; margin-bottom: 12pt; color: #000000;">In accordance with our recent discussions, COLBY TRADING LTD, a Marshall Islands corporation (the `Lender&#8217;), is pleased to confirm that it will make available
      to EUROSEAS LTD, a Marshall Islands corporation (the &#8220;Borrower&#8221;), a loan facility of two million and five hundred thousand United States Dollars (US$2,500,000): for the purpose of financing the special survey and water ballast treatment (&#8220;WBT&#8221;) plant
      installation of M/V Akinada Bridge which is owned by a subsidiary of the Borrower and providing working capital financing upon and subject to the terms and conditions contained in this facility letter (the &#8220;Agreement&#8221;).</div>
    <div style="text-align: center; margin-bottom: 12pt; color: #000000;">ARTICLE 1</div>
    <div style="text-align: center; margin-bottom: 12pt; color: #000000;">DEFINITIONS AND INTERPRETATION</div>
    <div style="margin-left: 36pt; margin-bottom: 12pt;"><font style="color: #000000;">1.1</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="color: #000000;">In this Agreement:</font></div>
    <div style="text-align: justify; margin-right: 7.2pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">&#8220;Availability Period&#8221; </font>means the period commencing on the date of this Agreement and terminating on
      the earlier of (a) October 31, 2019 and (b) the date on which the Commitment is fully drawn, terminated or cancelled.</div>
    <div style="text-align: justify; margin-right: 7.2pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">&#8220;Business Day&#8221; </font>means a day (not being a Saturday or Sunday) on which banks and financial markets in
      New York, New York, are open for business and, in respect of a day on which a payment is required to be made hereunder, also a day on which banks and financial markets are open for business in New York, New York, London, England and Athens, Greece.</div>
    <div style="text-align: justify; margin-right: 7.2pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">&#8220;Commitment&#8221; </font>means the obligation of the Lender to make available the Loan to the Borrower up to the
      amount specified in Clause 2.1, as such amount may be reduced, terminated or cancelled in accordance with the terms of this Agreement.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">1</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-right: 3.6pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">&#8220;Dollars&#8221; </font>and &#8220;<font style="font-weight: bold;">$</font>&#8221; means the lawful currency for the time
      being of the United States of America.</div>
    <div style="text-align: justify; margin-right: 3.6pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">&#8220;Interest Period&#8221; </font>means a period the commencement and length of which shall be determined in
      accordance with the provisions of Clause 3.2.</div>
    <div style="margin-left: 36pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">&#8220;Interest&#8221; </font>means eight per cent (8%) per annum (365-day basis).</div>
    <div style="text-align: justify; margin-right: 3.6pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">&#8220;Loan&#8221; </font>means the principal amount borrowed by the Borrower under this Agreement or (as the context
      requires) the aggregate principal amount thereof from time to time outstanding hereunder.</div>
    <div style="text-align: justify; margin-right: 3.6pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">&#8220;month&#8221; </font>means a calendar month (however many days are comprised therein) save where the term is used
      to describe a period commencing on a given day, in which event the period shall commence on such day and end on the numerically corresponding day in the relevant succeeding calendar month, unless there is no such corresponding day, in which event
      such period shall be deemed to end on the last day of that succeeding calendar month.</div>
    <div style="text-align: justify; margin-right: 3.6pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">&#8220;Taxes&#8221; </font>includes any present or future taxes, levies, duties, imposts, charges, fees, deductions or
      withholdings of any nature, excluding taxes imposed on or measured by the net income or capital gains of the Lender (and &#8220;tax&#8221; and &#8220;taxation&#8221; shall be construed accordingly).</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="color: #000000;">1.2</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="color: #000000;">In this
        Agreement, clause headings are inserted for convenience only and shall not affect the construction of this Agreement and, unless the context otherwise requires, words denoting the singular number shall include the plural and vice versa. References
        to persons include references to bodies corporate and non-corporate.</font></div>
    <div style="text-align: center; margin-bottom: 12pt; color: #000000;">ARTICLE 2</div>
    <div style="text-align: center; margin-bottom: 12pt; color: #000000;">ADVANCE OF THE LOAN</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="color: #000000;">2.1</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="color: #000000;">Subject to the
        terms of this Agreement, and in reliance on the representations and warranties of the Borrower set out in Clause 6, the Lender agrees to make available to the Borrower a loan facility of a principal amount of two million and five hundred thousand
        Dollars (US$2,500,000) in one advance.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="color: #000000;">2.2</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="color: #000000;">The Borrower may
        make a request for the advancing of the Loan by sending to the Lender a duly completed notice of drawing (which shall be irrevocable) by facsimile (to be confirmed in writing), email or letter. Unless if the Lender agrees otherwise, such notice of
        drawing is to be received by the Lender not later than 11.00 A.M., New York time, on the drawdown date relating to the Loan, provided that the Loan may only be made on a Business Day during the Availability Period.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="color: #000000;">2.3</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="color: #000000;">Subject to the
        terms of this Agreement, the Lender shall make the proceeds of the Loan available to the Borrower for financing the special survey and water ballast treatment</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">2</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
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    <div style="text-align: justify; margin-bottom: 12pt; color: #000000;">(&#8220;WBT&#8221;) plant installation of M/V Akinada Bridge which is owned by a subsidiary of the Borrower and working capital purposes.</div>
    <div style="text-align: center; margin-left: 3.6pt; margin-bottom: 12pt; color: #000000;">ARTICLE 3</div>
    <div style="text-align: center; margin-left: 3.6pt; margin-bottom: 12pt; color: #000000;">INTEREST AND INTEREST PERIODS</div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;"><font style="color: #000000;">3.1</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="color: #000000;">Save as otherwise provided in this
        Agreement, the Borrower shall pay Interest on the unpaid principal amount of the Loan for each Interest Period relating thereto in arrears on the last day of such Interest Period until the Loan is paid in full (whether upon final maturity, by
        prepayment, acceleration or otherwise) which shall be in cash.</font></div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;"><font style="color: #000000;">3.2</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="color: #000000;">The duration of each Interest Period
        shall be 3 months and will coincide with calendar quarters except for the first Interest Period that will end on December 31, 2019 and the last Interest Period that will end on the date falling 365 days after the completion of the special survey
        and drydocking of MN Akinada Bridge. As a result the first Interest Period shall commence on the drawdown date relating to the Loan and will end on December 31, 2019 and each subsequent Interest Period shall commence on the last day of the
        preceding Interest Period but:</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-right: 3.6pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="color: #000000;">(a)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="color: #000000;">if an Interest Period would end on a day which is not a Business Day, such Interest Period shall be extended to the next succeeding Business Day, unless such Business Day falls in the next calendar month, in which case such
        Interest Period shall end on the immediately preceding Business Day; and</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-right: 3.6pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="color: #000000;">(b)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="color: #000000;">an Interest Period shall end on the repayment date specified in Clause 4.1 (last Interest Period).</font></div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;"><font style="color: #000000;">3.3</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="color: #000000;">In the event that the Lender does not
        receive within three Business Days of a due date any sum due under this Agreement, the Borrower shall pay to the Lender on demand default interest on such sum from and including the due date therefor to the date of actual payment (as well after as
        before judgement) at the rate per annum equal to[ the aggregate of (a) three per cent (3%), plus (b) Interest, such rate to be recalculated on the same basis at the end of each such period until such sum is received by the Lender.</font></div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;"><font style="color: #000000;">3.4</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="color: #000000;">By written notice to the Lender at
        least five Business Days prior to any Interest Period, the Borrower may elect the add the amount of Interest due for such Interest Period to the outstanding principal amount of the Loan (the accreted amount of which shall thereafter bear interest
        at Interest Rate or the Default Rate, as applicable).</font></div>
    <div style="text-align: center; margin-bottom: 12pt; color: #000000;">ARTICLE 4</div>
    <div style="text-align: center; margin-bottom: 12pt; color: #000000;">REPAYMENT AND PREPAYMENT</div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;"><font style="color: #000000;">4.1</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="color: #000000;">Subject to the terms of this
        Agreement the Borrower will repay the Loan to the Lender on a calendar quarter basis, the first and the last repayment installments will be of a</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">3</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 12pt; color: #000000;">principal amount of US$312,500 each and the other three repayment installments will be of a principal amount of US$625,000 each. The first repayment installment will be due on December 31, 2019 and the
      Loan will be paid in full on the date falling 365 days after completion of the drydocking of M/V Akinada Bridge.</div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;"><font style="color: #000000;">4.2</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="color: #000000;">The Borrower may prepay the whole or
        part of the Loan at any Interest Period provided it gives the Lender not less than five Business Days prior written notice.</font></div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;"><font style="color: #000000;">4.3</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="color: #000000;">Any notice of prepayment given under
        this clause shall be irrevocable and shall specify the date or dates when the relevant prepayment is to be made and the amount of that prepayment.</font></div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;"><font style="color: #000000;">4.4</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="color: #000000;">Any prepayment under this clause
        shall be made together with accrued interest on the amount prepaid and without premium or penalty.</font></div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;"><font style="color: #000000;">4.5</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="color: #000000;">Notwithstanding the foregoing, and
        only if the Borrowers working capital is not sufficient to make quarterly principal and interest payments to the Lender pursuant to the Loan whilst still maintaining at least US$500,000 in working capital, the Borrower at their option within three
        Business Days of the date when the Loan is due to be repaid may elect to convert whatever part of the outstanding principal amount of the Loan is required to ascertain that at least US$500,000 remain as working capital, into shares of stock of the
        Borrower at a rate equal to 75% of the lowest closing share price of the Borrower for the prior last fifteen Business Days</font></div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;"><font style="color: #000000;">4.6</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="color: #000000;">By written notice to the Borrower at
        least five Business Days prior to any Interest Period, the Lender may elect to convert the outstanding principal amount of the Loan, or part of it, into shares of stock of the Borrower at a rate equal to the lowest closing share price of the
        Borrower for the prior last fifteen Business Days.</font></div>
    <div style="text-align: center; margin-bottom: 12pt; color: #000000;">ARTICLE 5</div>
    <div style="text-align: center; margin-bottom: 12pt; color: #000000;">CONDITIONS PRECEDENT</div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;"><font style="color: #000000;">5.1</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="color: #000000;">Unless the Lender agrees otherwise
        (and then on such terms and conditions as the Lender may determine it his sole discretion) the Borrower may not serve a notice of drawing, and the Lender shall not be under any obligation to advance the Loan hereunder, until the Lender has
        received, and found to be reasonably satisfactory, each of the following documents:</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-right: 3.6pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="color: #000000;">(a)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="color: #000000;">a certified copy of a resolution of the Board of Directors of the Borrower approving this Agreement; and</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-right: 3.6pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="color: #000000;">(b)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="color: #000000;">certified copies of all governmental and other consents, licenses, approval and authorizations required with respect to this Agreement; and</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-right: 3.6pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="color: #000000;">(c)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="color: #000000;">the obligation of the Lender hereunder to make the Loan available is subject to the following further condition precedent that, both at the date of the notice of drawing and the drawdown date of the Loan, the representations
        and warranties of the Borrower in</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">4</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 8pt;"><br>
    </div>
    <div style="margin-right: 3.6pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000;">Clause 6 are true and accurate as of each such date, as if made on each such date with reference to the facts then subsisting at the relevant date.</div>
    <div style="text-align: center; margin-bottom: 12pt; color: #000000;">ARTICLE 6</div>
    <div style="text-align: center; margin-bottom: 12pt; color: #000000;">REPRESENTATIONS</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="color: #000000;">6.1</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="color: #000000;">The Borrower
        hereby represents and warrants to the Lender (and so that such representations and warranties shall survive the execution of this Agreement) that:</font></div>
    <div style="text-indent: 36pt; margin-right: 3.6pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="color: #000000;">(a)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="color: #000000;">it is a body corporate duly organized and validly existing under the laws of the Marshall Islands and has full corporate power and authority to enter into, and perform all its obligations under, this Agreement;</font></div>
    <div style="text-indent: 36pt; margin-right: 3.6pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="color: #000000;">(b)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="color: #000000;">this Agreement creates legal, valid and binding obligations enforceable against it in accordance with their respective terms; the entry into and performance by it of this Agreement does not violate in any respect any law or regulation,
        its constitutional documents or any material agreement to which it is a party;</font></div>
    <div style="text-indent: 36pt; margin-right: 3.6pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="color: #000000;">(d)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="color: #000000;">all consents, licenses, approvals and authorizations required by Borrower in connection with this Agreement and the transactions contemplated hereby and thereby have been obtained and are in full force and effect; and</font></div>
    <div style="text-indent: 36pt; margin-right: 3.6pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="color: #000000;">(e)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="color: #000000;">no action, suit, proceeding or litigation is presently taking place or pending or, to its knowledge, is threatened against the Borrower. which if adversely determined would result in a material adverse effect on Borrower.</font></div>
    <div style="text-indent: 36pt; margin-right: 3.6pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="color: #000000;">(f)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="color: #000000;">The Lender hereby represents and warrants to the Borrower (and so that such representations and warranties shall survive the execution of this Agreement) that:</font></div>
    <div style="text-indent: 36pt; margin-right: 3.6pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="color: #000000;">(g)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="color: #000000;">it is a body corporate duly organized and validly existing under the laws of the Marshall Islands and has full corporate power and authority to enter into, and perform all its obligations under, this Agreement;</font></div>
    <div style="text-indent: 36pt; margin-right: 3.6pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="color: #000000;">(h)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="color: #000000;">this Agreement creates legal, valid and binding obligations enforceable against it in accordance with their respective terms;</font></div>
    <div style="text-indent: 36pt; margin-right: 3.6pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="color: #000000;">(i)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="color: #000000;">the entry into and performance by it of this Agreement does not violate in any respect any law or regulation, its constitutional documents or any material agreement to which it is a party;</font></div>
    <div style="text-indent: 36pt; margin-right: 3.6pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="color: #000000;">(j)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="color: #000000;">all consents, licenses, approvals and authorizations required by Borrower in connection with this Agreement and the transactions contemplated hereby and thereby have been obtained and are in full force and effect; and</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">5</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 8pt;"><br>
    </div>
    <div style="text-indent: 36pt; margin-right: 3.6pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="color: #000000;">(k)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="color: #000000;">no action, suit, proceeding or litigation is presently taking place or pending or, to its knowledge, is threatened against the Lender, which if adversely determined would result in a material adverse effect on Lender.</font></div>
    <div style="text-align: center; margin-bottom: 12pt; color: #000000;">ARTICLE 7</div>
    <div style="text-align: center; margin-bottom: 12pt; color: #000000;">UNDERTAKINGS</div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;"><font style="color: #000000;">7.1</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="color: #000000;">The Borrower undertakes that, so long
        as the Commitment is in force or any amount remains outstanding or payable under this Agreement, it will obtain and promptly renew from time to time to the extent required, all authorizations, approvals, consents and licenses required under any
        applicable law or regulation with respect to this Agreement and it shall comply with the terms of the same.</font></div>
    <div style="text-align: center; margin-bottom: 12pt; color: #000000;">ARTICLE 8</div>
    <div style="text-align: center; margin-bottom: 12pt; color: #000000;">PAYMENTS</div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;"><font style="color: #000000;">8.1</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="color: #000000;">All payments to be made by the
        Borrower to the Lender under this Agreement shall be made on the due date therefore in Dollars and in same day funds and to such account as the Lender shall specify and shall be made (a) without set-off, counterclaim or condition and (b) free and
        clear of, and without deduction for or on account of, any present or future Taxes, unless the Borrower is required by law or regulation to make payment subject to any Taxes, in which event such payment shall be increased by such amount as may be
        necessary to ensure that the Lender receives a net amount, free and clear of all Taxes, equal to the full amount which the Lender would have received had such payment not been subject to such Taxes. The Borrower shall indemnify the Lender against
        any liability of the Lender in respect of such Taxes and shall promptly supply the Lender with copies of applicable tax receipts.</font></div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;"><font style="color: #000000;">8.2</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="color: #000000;">If any sum payable by the Borrower
        under this Agreement shall become due on a day which is not a Business Day, the due date therefor shall be extended to the next succeeding Business Day, unless such Business Day falls in the next calendar month, in which event such due date shall
        be the immediately preceding Business Day.</font></div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;"><font style="color: #000000;">8.3</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="color: #000000;">All payments of Interest and any
        other payments hereunder of an annual or periodic nature shall accrue from day-to-day and shall be calculated on the basis of the actual number of days elapsed in a 365 day year.</font></div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;"><font style="color: #000000;">8.4</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="color: #000000;">The Borrower shall indemnify the
        Lender on demand against all costs, expenses, liabilities and losses (including loss of profit and funding losses) sustained or incurred by the Lender as a result of or in connection with: (a) the Loan not being borrowed on the date specified in
        the notice of drawing as a result of Borrower revoking its notice of drawing; and/or (b) the receipt or recovery of all or any part of the Loan or an overdue sum otherwise than on the last day of an Interest Period relating thereto or other
        relevant period; and/or (c) (as separate and</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">6</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 12pt; color: #000000;">independent obligation) any claim, order or judgement which results in any sum payable under this Agreement being paid in a currency other than the currency due under this Agreement.</div>
    <div style="text-align: center; margin-bottom: 12pt; color: #000000;">ARTICLE 9</div>
    <div style="text-align: center; margin-bottom: 12pt; color: #000000;">CHANGES IN CIRCUMSTANCES</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="color: #000000;">9.1</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="color: #000000;">If the Lender
        shall at any time reasonably determine based on the advice of its counsel, that (a) the effect of any applicable law, regulation or regulatory requirements or the interpretation or application thereof or any change therein (including the imposition
        of Taxes on payments hereunder), or (b) the effect of complying with any applicable directive, request or requirement (whether or not having the force of law) of any central bank or any governmental, monetary or other authority (including any type
        or liquidity or capital adequacy controls or other banking or monetary controls) is to increase the cost to the Lender of making, funding or maintaining its commitment hereunder or being a party to this Agreement or on its capital, then the Lender
        shall notify the Borrower as soon as practicable thereof and the Borrower shall from time to time pay to the Lender within five Business Days such amounts as the Lender shall specify to be necessary to compensate the Lender for such increased cost
        or such reduction so long as such amount reflects a reasonable basis for the calculation thereof.</font></div>
    <div style="text-align: center; margin-right: 4.5pt; margin-left: 4.5pt; margin-bottom: 12pt; color: #000000;">ARTICLE 10</div>
    <div style="text-align: center; margin-right: 4.5pt; margin-left: 4.5pt; margin-bottom: 12pt; color: #000000;">FEES AND EXPENSES</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="color: #000000;">10.1</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="color: #000000;">The Borrower
        shall pay to the Lender all costs, fees and expenses (including, but not limited to, legal fees and expenses) and Taxes thereon incurred by the Lender in connection with (a) negotiating, preparing and executing this Agreement, and (b) preserving or
        enforcing or attempting to preserve or enforce any of its rights under this Agreement. The Borrower shall also pay or indemnify the Lender against all stamp, documentary and other like duties and Taxes to which the Agreement may be subject or give
        rise.</font></div>
    <div style="text-align: center; margin-right: 4.5pt; margin-left: 4.5pt; margin-bottom: 12pt; color: #000000;">ARTICLE 11</div>
    <div style="text-align: center; margin-right: 4.5pt; margin-left: 4.5pt; margin-bottom: 12pt; color: #000000;">MISCELLANEOUS</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="color: #000000;">11.1</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="color: #000000;">Except as
        otherwise provided for in this Agreement, all notices or other communications under or in respect of this Agreement to either party hereto shall be in writing and shall be deemed to be duly given or made when delivered (in the case of personal
        delivery or letter) and when dispatched (in the case of facsimile) to the party to which it is addressed at such address as such party may hereafter specify for such purpose to the other by notice in writing. A written notice includes a notice by
        facsimile.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="color: #000000;">11.2</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="color: #000000;">The Borrower
        hereby authorizes the Lender (without prior notice) to apply any credit balance in any currency (whether or not then due) which is at any time held by the Lender for the account of the Borrower in or towards satisfaction of any sums then due from
        the Borrower to the Lender under this Agreement and unpaid</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">7</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="color: #000000;">11.3</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="color: #000000;">A certificate
        or determination of the Lender as to any matter provided for in this Agreement shall be conclusive and binding on the Borrower in the absence of manifest error.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="color: #000000;">11.4</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="color: #000000;">This Agreement
        shall be binding upon and inure to the benefit of the Lender and the Borrower and their respective successors and permitted assigns and references in this Agreement to either of them shall be construed accordingly, provided that the Borrower may
        not assign or transfer any of its rights and/or obligations under this Agreement.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="color: #000000;">11.5</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="color: #000000;">No delay or
        omission on the part of the Lender in exercising any right, power or remedy under this Agreement shall impair such right, power of remedy or be construed as a waiver thereof or of any other right, power or remedy.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="color: #000000;">11.6</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="color: #000000;">If any one or
        more of the provisions in this Agreement is or becomes invalid, illegal of unenforceable in any respect under any law or regulation, the validity, legality and enforceability of the remaining provisions of this Agreement shall not be in any way
        affected or impaired thereby.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="color: #000000;">11.7</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="color: #000000;">This Agreement
        shall be governed by, and construed in accordance with the laws of England in relation to any dispute arising out of or in connection with this agreement, and for the exclusive benefit or the Lender, the Borrower hereby irrevocably and
        unconditionally (a) submits to the jurisdiction of the High Court of Justice in England, and waives any objection to proceedings with respect to this Agreement in such Court on the grounds of venue or inconvenient forum, and (b) appoints Hill
        Dickinson International currently at The Broadgate Tower, 20 Primrose Street, London, EC2A 2EW, England, as its agent for service of process in respect of proceedings before such Courts and undertakes that, throughout the term of this Agreement
        Nothing in this Clause shall affect the right of the Lender to serve process in any manner permitted by law.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt; color: #000000;">If you are in agreement with the above terms and condition, please sign and return the enclosed copy of this Agreement.</div>
    <div style="margin-bottom: 12pt; color: #000000;">Yours faithfully,</div>
    <div style="margin-right: 3.6pt; margin-bottom: 12pt; color: #000000;">COLBY TRADING LTD</div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z00a0f76c6f11445fb7825efdfb8551d7">

        <tr>
          <td style="width: 5%; vertical-align: top; padding-bottom: 2px;">
            <div style="color: #000000;">By:</div>
          </td>
          <td colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>/s/&#160; Nikolaos Priton</div>
          </td>
          <td style="width: 50%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">
            <div style="color: #000000;">Name:</div>
          </td>
          <td style="width: 40%; vertical-align: top;">
            <div>Nikolaos Priton</div>
          </td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">
            <div>Title:</div>
          </td>
          <td style="width: 40%; vertical-align: top;">
            <div>Attorney &#8211; in - fact</div>
          </td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">8</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 12pt; color: #000000; font-weight: bold;">AGREED AND ACCEPTED</div>
    <div style="margin-bottom: 12pt; color: #000000;">We refer to your letter dated September 30, 2019 set out above and we confirm that we accept and agree to be bound by the terms and conditions thereof.</div>
    <div style="margin-bottom: 12pt; color: #000000;">EUROSEAS LTD</div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z65de4f0c34a54b65bd82036bb23d8e74">

        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div>By:</div>
          </td>
          <td colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="margin-right: 3.75pt;">/s/ Aristides J. Pittas</div>
          </td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">
            <div>Name:</div>
          </td>
          <td style="width: 40%; vertical-align: top;">
            <div>Aristides J. Pittas</div>
          </td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">
            <div>Title:</div>
          </td>
          <td style="width: 40%; vertical-align: top;">
            <div>Attorney &#8211; in - fact</div>
          </td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>

    </table>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="margin-bottom: 12pt; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">Dated: September 30, 2019</div>
    <div style="margin-bottom: 12pt; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;"> <br>
    </div>
  </div>
  <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">9</font></div>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.23
<SEQUENCE>9
<FILENAME>d8528204_ex4-23.htm
<TEXT>
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    <title></title>
    <!-- Licensed to: Seward & Kissel LLP
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<body bgcolor="#ffffff" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;">
  <br>
  <div style="text-align: right; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Exhibit 4.23</div>
  <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;"> <br>
  </div>
  <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;"> <br>
  </div>
  <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;"> <br>
  </div>
  <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Dated 20th December 2019</div>
  <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', serif;"><font style="font-weight: bold;">EUROSEAS LTD</font><br>
    as Borrower</div>
  <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">and</div>
  <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', serif;"><font style="font-weight: bold;">COLBY TRADING LTD</font><br>
    as Lender</div>
  <div style="margin-bottom: 12pt;"><br>
  </div>
  <div style="margin-bottom: 12pt;"><br>
  </div>
  <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">FIRST SUPPLEMENTAL AGREEMENT</div>
  <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">relating to<br>
    a loan agreement dated 30 September 2019<br>
    in respect of a loan facility<br>
    of U$2,500,000</div>
  <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', serif;"> <br>
  </div>
  <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', serif;"> <br>
  </div>
  <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
    <div style="page-break-after:always;" id="DSPFPageBreak">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
  </div>
  <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;"><font style="font-weight: bold;">THIS FIRST SUPPLEMENTAL AGREEMENT </font>is dated 20<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> December 2019 and made between</div>
  <div style="text-indent: -36pt; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">PARTIES</div>
  <div style="text-align: justify; margin-bottom: 12pt;">
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z54ff086480dd44f689c39373ac1f41e1">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">(1)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', serif;"><font style="font-weight: bold;">EUROSEAS LTD </font>a company incorporated under the laws of the Marshall Islands, (the &#8220;<font style="font-weight: bold;">Borrower</font>&#8221;)<font style="font-weight: bold;">&#160;</font>and</div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="text-align: justify; margin-bottom: 12pt;">
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf505320899a14a5ab006984e0f1d0dd3">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">(2)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', serif;"><font style="font-weight: bold;">COLBY TRADING LTD, </font>a company incorporated under the laws of the Marshall Islands (as <font style="font-weight: bold;">&#8220;Lender</font>&#8221;).</div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">BACKGROUND</div>
  <div style="text-align: justify; margin-bottom: 12pt;">
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9b6dbd423ca44556b9cbdcf26de1bbbc">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">(A)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', serif;">By a loan facility dated 30 September 2019 (as from time to time amended or supplemented, the &#8220;<font style="font-weight: bold;">Loan</font>&#8221;)<font style="font-weight: bold;">&#160;</font>and made
                between (i) the Borrower and (ii) the Lender, the Lender agreed to make available to the Borrower a loan facility of $2,500,000 for the purpose of financing the special survey and water ballasting treatment ("WBT") plant installation of my
                Akinanda Bridge which is owned by a subsidiary of the Borrower and providing working capital financing on the terms and conditions contained therein.</div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="text-align: justify; margin-bottom: 12pt;">
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4fa0c7128d504b0da0586f2e46be73b2">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">(B)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', serif;">Whereas for reasons beyond Borrower's control the special survey and water ballasting treatment ("WBT") plant installation delayed and a result my Akinanda Bridge was delivered to her
                charterers on 4 December 2019.</div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="text-align: justify; margin-bottom: 12pt;">
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze8d5193e8e554547b80392dcaa653319">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">(C)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', serif;">The Borrower has requested (the "Request") that the Lender agrees to defer payment of the first repayment instalment in the amount of US$312,500 (which was originally due on 31 December
                2019) to be repaid together with the last repayment instalment, i.e. 365 days after completion of the dry docking of my Akinada Bridge.</div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="text-align: justify; margin-bottom: 12pt;">
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze69e1c90e7824702af8bed4e07bb902b">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">(D)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', serif;">This First Supplemental Agreement sets out the terms and conditions on which the Lender agrees to:</div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="text-align: justify; margin-bottom: 12pt;">
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd659faa2c7ca4d7386b1cad84d7cce37">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">(i)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', serif;">the Borrower's Request; and</div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="text-align: justify; margin-bottom: 12pt;">
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z757c98b214104906ab200dbda59ab89c">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">(ii)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', serif;">the consequential amendments to the Loan.</div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">OPERATIVE PROVISIONS</div>
  <div style="margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">NOW THEREFORE IT IS HEREBY AGREED</div>
  <div style="margin-bottom: 12pt;">
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd1e5f805020d455194b848f4870ccc15">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif; font-weight: bold;">1</td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">DEFINITIONS</div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="margin-bottom: 12pt;">
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zfa0f2900db4843948b27f5e9b66d710b">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-family: 'Times New Roman', serif; font-weight: bold;">1</font><font style="font-family: 'Times New Roman', serif;">.</font><font style="font-family: 'Times New Roman', serif; font-weight: bold;">1</font></td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Defined Expressions</div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Words and expressions defined in the Loan (as hereby amended) and the recitals hereto and not otherwise defined herein shall have the same
    meanings when used in this First Supplemental Agreement.</div>
  <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
    <div style="page-break-after:always;" id="DSPFPageBreak">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
  </div>
  <div style="margin-bottom: 12pt;"><br>
  </div>
  <div style="margin-bottom: 12pt;">
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4bcec15e0aca496f81d6930bd4dcc496">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif; font-weight: bold;">2</td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">REPRESENTATIONS AND WARRANTIES</div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="margin-bottom: 12pt;">
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd56dc64d9e7b4274b8cc6fd34d05d042">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-family: 'Times New Roman', serif; font-weight: bold;">2</font><font style="font-family: 'Times New Roman', serif;">.</font><font style="font-family: 'Times New Roman', serif; font-weight: bold;">1</font></td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Repetition of Loan representations</div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The Borrower hereby represents to the Lender, as at the date of this First Supplemental Agreement, that the representations and warranties
    set forth in Articles 6 and 7 of the Loan (updated mutatis mutandis to the date of this Supplemental Agreement), are true and correct as if all references therein to "this Agreement" were references to the Loan as further amended by this First
    Supplemental Agreement.</div>
  <div style="margin-bottom: 12pt;">
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za6a9955bbc554db6a4b6a6996375ad0f">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-family: 'Times New Roman', serif; font-weight: bold;">2</font><font style="font-family: 'Times New Roman', serif;">.</font><font style="font-family: 'Times New Roman', serif; font-weight: bold;">2</font></td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Further representations and warranties</div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The Borrower hereby further represents and warrants to the Lender that as at the date of this First Supplemental Agreement:</div>
  <div style="text-align: justify; margin-bottom: 12pt;">
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1aac742484fb4eb98ce17a2a415e99bf">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">(a)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', serif;">it has all power to enter into and perform its obligations under this First Supplemental Agreement;</div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="text-align: justify; margin-bottom: 12pt;">
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd91535fbd66c4d138fd224f8d6c2a83f">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">(b)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', serif;">all consents, licences, approvals and authorizations required in connection with this First Supplemental Agreement and the transactions contemplated hereby and thereby have been obtained and
                are in full force and effect; and</div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="text-align: justify; margin-bottom: 12pt;">
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z085bdd1aa9af4992af1c2e1106f8076d">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">(c)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', serif;">no action, suit, proceeding or litigation is presently taking place or pending or, to its knowledge, is threatened against the Borrower which if adversely determined would result to a
                Material Adverse Effect on the Borrower;</div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="margin-bottom: 12pt;">
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0181a9bdcf774d189bf1e250d8f642fa">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif; font-weight: bold;">3</td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">AGREEMENT OF THE LENDER</div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="margin-bottom: 12pt;">
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za7baf12308b547aba806c826249898e0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-family: 'Times New Roman', serif; font-weight: bold;">3</font><font style="font-family: 'Times New Roman', serif;">.</font><font style="font-family: 'Times New Roman', serif; font-weight: bold;">1</font></td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Agreement of the Lender</div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The Lender, relying upon each of the representations and warranties set out in Articles 2.1 and 2.2 of this First Supplemental Agreement,
    hereby agrees with the Borrower to:</div>
  <div style="margin-bottom: 12pt;">
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z811a2d420bc84e42a67f1ef4ff76976e">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">(a)</td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif;">the Request; and</div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="margin-bottom: 12pt;">
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z609c72431a6d47678b450c11d39e38b0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">(b)</td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif;">the amendments/variations to the Loan referred to in Article 5.</div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="margin-bottom: 12pt;">
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zdbfe68d926e942168a1044b013521805">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif; font-weight: bold;">4</td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">CONDITIONS</div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="margin-bottom: 12pt;">
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd68619fa6be44d23b4cf1a2c6dc1797e">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-family: 'Times New Roman', serif; font-weight: bold;">4</font><font style="font-family: 'Times New Roman', serif;">.</font><font style="font-family: 'Times New Roman', serif; font-weight: bold;">1</font></td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Conditions precedent</div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The agreement of the Lender contained in Clause 3.1 of this First Supplemental Agreement shall be expressly subject to the condition that the
    Lender shall have received:</div>
  <div style="text-align: justify; margin-bottom: 12pt;">
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3d3365eb82334cef9d7950b007b05042">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">(a)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', serif;">in form and substance satisfactory to it and its legal advisors an original of this First Supplemental Agreement duly executed by the parties hereto; and</div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="text-align: justify; margin-bottom: 12pt;">
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb606d052a7844b329cf5f63d22e917ba">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">(b)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', serif;">such legal opinions as the Lender may reasonably require in respect of the matters contained in this First Supplemental Agreement;</div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="margin-bottom: 12pt;"><br>
  </div>
  <div style="margin-bottom: 12pt;"><br>
  </div>
  <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
    <div style="page-break-after:always;" id="DSPFPageBreak">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
  </div>
  <div style="margin-bottom: 12pt;">
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z45f845a29a66425090a5f20b0b29659d">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif; font-weight: bold;">5</td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">VARIATIONS TO LOAN</div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="margin-bottom: 12pt;">
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2bd38a15e7484322bec41a1be77a9321">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-family: 'Times New Roman', serif; font-weight: bold;">5</font><font style="font-family: 'Times New Roman', serif;">.</font><font style="font-family: 'Times New Roman', serif; font-weight: bold;">1</font></td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Specific amendments to Loan</div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">In consideration of the agreement of the Lender contained in Article 3.1 of this First Supplemental Agreement, the Borrower hereby agrees
    with the Lender that, the provisions of the Loan shall be varied and/or amended and/or supplemented as follows:</div>
  <div style="margin-bottom: 12pt;">
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1ec0edb379164eedb1d3bf327cf22b13">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">(a)</td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif;">by deleting Article 4.1 and replacing it with the following:</div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">"4.1 Subject to the terms of this Agreement the Borrower will repay the Loan to the Lender in four repayment instalments of a principal
    amount of US$625,000 each. The first repayment instalment will be due on 31 March, 2020 and quarterly thereafter and the Loan will be paid in full on the date falling 365 days after completion of the drydocking of MN Akinada Bridge"</div>
  <div style="margin-bottom: 12pt;">
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zbbe1b508a0764099a1d8b90021bb5656">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-family: 'Times New Roman', serif; font-weight: bold;">5</font><font style="font-family: 'Times New Roman', serif;">.</font><font style="font-family: 'Times New Roman', serif; font-weight: bold;">2</font></td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Loan to remain in full force and effect</div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The Loan shall remain in full force and effect and the security provided to the Lender shall continue and remain valid and enforceable as
    amended and supplemented by:</div>
  <div style="margin-bottom: 12pt;">
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z54b94a2f7d584095bfdd8806c5d6c77e">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">(a)</td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif;">the amendments to the Loan; and</div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="text-align: justify; margin-bottom: 12pt;">
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2db4f894422c4b799c190dbd9d5ae4f1">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">(b)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', serif;">such further or consequential modifications as may be necessary to make the same consistent with, and to give full effect to, the terms of this First Supplemental Agreement.</div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="margin-bottom: 12pt;">
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zadf44edfc0fb4d3d9e23354ba842ddab">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif; font-weight: bold;">6</td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">SUPPLEMENTAL</div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="margin-bottom: 12pt;">
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z27b578e3a3a941e2823c5e93252061fa">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-family: 'Times New Roman', serif; font-weight: bold;">6</font><font style="font-family: 'Times New Roman', serif;">.</font><font style="font-family: 'Times New Roman', serif; font-weight: bold;">1</font></td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Counterparts</div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">This First Supplemental Agreement may be executed in any number of counterparts.</div>
  <div style="margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-weight: bold;">7</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-weight: bold;">L</font><font style="font-family: 'Times New Roman', serif; font-weight: bold;">AW AND
      JURISDICTION</font></div>
  <div style="margin-bottom: 12pt;">
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z358d03b1177742bdb5b93edfb78c16ff">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-family: 'Times New Roman', serif; font-weight: bold;">7</font><font style="font-family: 'Times New Roman', serif;">.</font><font style="font-family: 'Times New Roman', serif; font-weight: bold;">1</font></td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Governing law</div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">This First Supplemental Agreement shall be governed by and construed in accordance with English law.</div>
  <div style="margin-bottom: 12pt;">
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1a32addb44b240d1b96393e1d2e486bb">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-family: 'Times New Roman', serif; font-weight: bold;">7</font><font style="font-family: 'Times New Roman', serif;">.</font><font style="font-family: 'Times New Roman', serif; font-weight: bold;">2</font></td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Incorporation of the Loan Agreement provisions</div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The provisions of Article 11.7 <font style="font-style: italic;">(Jurisdiction) </font>of the Loan, as amended and supplemented by this
    First Supplemental Agreement, shall apply to this First Supplemental Agreement as if they were expressly incorporated in this First Supplemental Agreement with any necessary medications.</div>
  <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">This First Supplemental Agreement has been duly executed by or on behalf of the parties and has, on the date stated at the beginning of this Deed, been
    delivered as a Deed.</div>
  <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
    <div style="page-break-after:always;" id="DSPFPageBreak">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
  </div>
  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z4e11ab7ed43c4c21a53a798f95985f6b">

      <tr>
        <td style="width: 100%; vertical-align: top; background-color: #FFFFFF;"> <br>
        </td>
      </tr>

  </table>
  <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">EXECUTION PAGE</div>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="zaa0238e133cd4360beb06ebdc00bd63a">

      <tr>
        <td style="width: 17%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', serif; font-weight: bold;">BORROWER</div>
        </td>
        <td style="width: 5%; vertical-align: top;">&#160;</td>
        <td style="width: 78%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 17%; vertical-align: top;">&#160;</td>
        <td style="width: 5%; vertical-align: top;">&#160;</td>
        <td style="width: 78%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 17%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', serif;"><font style="font-weight: bold;">SIGNED</font> by Aristides J. Pittas</div>
        </td>
        <td style="width: 5%; vertical-align: top;">) <br>
        </td>
        <td style="width: 78%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', serif;">/s/ Aristides J. Pittas</div>
        </td>
      </tr>
      <tr>
        <td style="width: 17%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', serif;">for and behalf of</div>
        </td>
        <td style="width: 5%; vertical-align: top;">) <br>
        </td>
        <td style="width: 78%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 17%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', serif; font-weight: bold;">EUROSEAS LTD</div>
        </td>
        <td style="width: 5%; vertical-align: top;">) <br>
        </td>
        <td style="width: 78%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 17%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', serif;">in the presence of:</div>
        </td>
        <td style="width: 5%; vertical-align: top;">) <br>
        </td>
        <td style="width: 78%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 17%; vertical-align: top;">&#160;</td>
        <td style="width: 5%; vertical-align: top;">&#160;</td>
        <td style="width: 78%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 17%; vertical-align: top;">&#160;</td>
        <td style="width: 5%; vertical-align: top;">&#160;</td>
        <td style="width: 78%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 17%; vertical-align: top;">&#160;</td>
        <td style="width: 5%; vertical-align: top;">&#160;</td>
        <td style="width: 78%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 17%; vertical-align: top;">&#160;</td>
        <td style="width: 5%; vertical-align: top;">&#160;</td>
        <td style="width: 78%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 17%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', serif; font-weight: bold;">LENDER</div>
        </td>
        <td style="width: 5%; vertical-align: top;">&#160;</td>
        <td style="width: 78%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 17%; vertical-align: top;">&#160;</td>
        <td style="width: 5%; vertical-align: top;">) <br>
        </td>
        <td style="width: 78%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 17%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', serif;"><font style="font-weight: bold;">SIGNED</font> by Nikolaos Pittas</div>
        </td>
        <td style="width: 5%; vertical-align: top;">) <br>
        </td>
        <td style="width: 78%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', serif;">/s/ Nikolaos Pittas</div>
        </td>
      </tr>
      <tr>
        <td style="width: 17%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', serif;">for and behalf of</div>
        </td>
        <td style="width: 5%; vertical-align: top;">) <br>
        </td>
        <td style="width: 78%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 17%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', serif; font-weight: bold;">COLBY TRADING LTD</div>
        </td>
        <td style="width: 5%; vertical-align: top;">) <br>
        </td>
        <td style="width: 78%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 17%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', serif;">in the presence of:</div>
        </td>
        <td style="width: 5%; vertical-align: top;">&#160;</td>
        <td style="width: 78%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 17%; vertical-align: top;">&#160;</td>
        <td style="width: 5%; vertical-align: top;">&#160;</td>
        <td style="width: 78%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 17%; vertical-align: top;">&#160;</td>
        <td style="width: 5%; vertical-align: top;">&#160;</td>
        <td style="width: 78%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 17%; vertical-align: top;">&#160;</td>
        <td style="width: 5%; vertical-align: top;">&#160;</td>
        <td style="width: 78%; vertical-align: top;">&#160;</td>
      </tr>

  </table>
  <div><br>
  </div>
  <div><br>
  </div>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.24
<SEQUENCE>10
<FILENAME>d8528216_ex4-24.htm
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Seward & Kissel LLP
         Document created using EDGARfilings PROfile 6.4.0.0
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  </head>
<body bgcolor="#ffffff" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;">
  <br>
  <div style="text-align: right; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;"><a name="z_GoBack"></a>Exhibit 4.24</div>
  <div style="margin-bottom: 12pt;"><br>
  </div>
  <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Dated March 20, 2020<br>
  </div>
  <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', serif;"><font style="font-weight: bold;">EUROSEAS LTD</font><br>
    as Borrower</div>
  <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">and</div>
  <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', serif;"><font style="font-weight: bold;">COLBY TRADING LTD</font><br>
    as Lender</div>
  <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">SECOND SUPPLEMENTAL AGREEMENT</div>
  <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">relating to<br>
    a loan agreement dated 30 September 2019<br>
    in respect of a loan facility<br>
    of U$2,500,000<br>
    as supplemented by the First Supplemental Agreement dated 20 December 2019</div>
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  <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;"><font style="font-weight: bold;">THIS SECOND SUPPLEMENTAL AGREEMENT </font>is dated 30<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> March 2020 and made between</div>
  <div style="margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">PARTIES</div>
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            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">(1)</td>
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              <div style="font-family: 'Times New Roman', serif;"><font style="font-weight: bold;">EUROSEAS LTD </font>a company incorporated under the laws of the Marshall Islands, (the &#8220;<font style="font-weight: bold;">Borrower</font>&#8221;)<font style="font-weight: bold;">&#160;</font>and</div>
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            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">(2)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', serif;"><font style="font-weight: bold;">COLBY TRADING LTD, </font>a company incorporated under the laws of the Marshall Islands (as &#8220;<font style="font-weight: bold;">Lender</font>&#8221;).</div>
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  <div style="margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">BACKGROUND</div>
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            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">(A)</td>
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              <div style="font-family: 'Times New Roman', serif;">By a loan facility dated 30 September 2019 as supplemented by a First Supplemental Agreement dated 20<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> December 2019 (as from time to time amended or supplemented, the &#8220;<font style="font-weight: bold;">Loan</font>&#8221;) and made between (i) the Borrower and (ii) the Lender, the Lender agreed to make available to the Borrower a loan facility of $2,500,000 for the purpose of financing the special survey and water
                ballasting treatment (&#8220;WBT&#8221;) plant installation of my Akinanda Bridge which is owned by a subsidiary of the Borrower and providing working capital financing on the terms and conditions contained therein.</div>
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            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">(B)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', serif;">Whereas the Borrower has requested (the &#8220;<font style="font-weight: bold;">Request</font>&#8221;) that the Lender agrees to defer payment of the first repayment instalment in the amount of
                US$625,000 (which was originally due on 31 March 2020) to be repaid on 15 May 2020.</div>
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            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">(C)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', serif;">This Second Supplemental Agreement sets out the terms and conditions on which the Lender agrees to:</div>
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            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">(i)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', serif;">the Borrower&#8217;s Request; and</div>
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            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">(ii)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', serif;">the consequential amendments to the Loan.</div>
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  <div style="margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">OPERATIVE PROVISIONS</div>
  <div style="margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">NOW THEREFORE IT IS HEREBY AGREED</div>
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            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif; font-weight: bold;">1</td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">DEFINITIONS</div>
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            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif; font-weight: bold;">1.1</td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Defined Expressions</div>
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  <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Words and expressions defined in the Loan (as hereby amended) and the recitals hereto and not otherwise defined herein shall have the same
    meanings when used in this Second Supplemental Agreement.</div>
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            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif; font-weight: bold;">2</td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">REPRESENTATIONS AND WARRANTIES</div>
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            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif; font-weight: bold;">2.1</td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Repetition of Loan representations</div>
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  <div style="text-align: justify; margin-right: 3.6pt; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The Borrower hereby represents to the Lender, as at the date of this Second Supplemental Agreement, that the
    representations and warranties set forth in Articles 6 and 7 of the Loan (updated mutatis mutandis to the date of this Supplemental Agreement), are true and correct as if all references therein to &#8220;this Agreement&#8221; were references to the Loan as further
    amended by this Second Supplemental Agreement.</div>
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            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif; font-weight: bold;">2.2</td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Further representations and warranties</div>
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  <div style="text-align: justify; margin-right: 3.6pt; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The Borrower hereby further represents and warrants to the Lender that as at the date of this Second Supplemental
    Agreement:</div>
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            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">(a)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', serif;">it has all power to enter into and perform its obligations under this Second Supplemental Agreement;</div>
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            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">(b)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', serif;">all consents, licences, approvals and authorizations required in connection with this Second Supplemental Agreement and the transactions contemplated hereby and thereby have been obtained
                and are in full force and effect; and</div>
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            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">(c)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', serif;">no action, suit, proceeding or litigation is presently taking place or pending or, to its knowledge, is threatened against the Borrower which if adversely determined would result to a
                Material Adverse Effect on the Borrower;</div>
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            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif; font-weight: bold;">3</td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">AGREEMENT OF THE LENDER</div>
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            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif; font-weight: bold;">3.1</td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Agreement of the Lender</div>
            </td>
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  <div style="text-align: justify; margin-right: 3.6pt; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The Lender, relying upon each of the representations and warranties set out in Articles 2.1 and 2.2 of this Second
    Supplemental Agreement, hereby agrees with the Borrower to:</div>
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            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">(a)</td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif;">the Request; and</div>
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            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">(b)</td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif;">the amendments/variations to the Loan referred to in Article 5.</div>
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            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif; font-weight: bold;">4</td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">CONDITIONS</div>
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            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif; font-weight: bold;">4.1</td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Conditions precedent</div>
            </td>
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  <div style="text-align: justify; margin-right: 3.6pt; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The agreement of the Lender contained in Clause 3.1 of this Second Supplemental Agreement shall be expressly subject to
    the condition that the Lender shall have received:</div>
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            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">(a)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', serif;">in form and substance satisfactory to it and its legal advisors an original of this Second Supplemental Agreement duly executed by the parties hereto; and</div>
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            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">(b)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', serif;">such legal opinions as the Lender may reasonably require in respect of the matters contained in this Second Supplemental Agreement;</div>
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            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif; font-weight: bold;">5</td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">VARIATIONS TO LOAN</div>
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            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif; font-weight: bold;">5.1</td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Specific amendments to Loan</div>
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  <div style="text-align: justify; margin-right: 3.6pt; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">In consideration of the agreement of the Lender contained in Article 3.1 of this Second Supplemental Agreement, the
    Borrower hereby agrees with the Lender that, the provisions of the Loan shall be varied and/or amended and/or supplemented as follows:</div>
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            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">(a)</td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif;">by deleting Article 4.1 and replacing it with the following:</div>
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  </div>
  <div style="text-align: justify; margin-right: 3.6pt; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">&#8220;4.1 Subject to the terms of this Agreement the Borrower will repay the Loan to the Lender in four repayment instalments
    of a principal amount of US$625,000 each. The first repayment instalment will be due on 15 May, 2020 and quarterly thereafter and the Loan will be paid in full on the date falling 365 days after completion of the drydocking of MA Akinada Bridge&#8221;</div>
  <div style="margin-bottom: 12pt;">
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z86b021b66d0b431a98a7f13bc6e6a216">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif; font-weight: bold;">5.2</td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Loan to remain in full force and effect</div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="text-align: justify; margin-right: 3.6pt; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The Loan shall remain in full force and effect and the security provided to the Lender shall continue and remain valid
    and enforceable as amended and supplemented by:</div>
  <div style="margin-bottom: 12pt;">
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9bdc3e20181343c1b3e63b93a0fb6268">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">(a)</td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif;">the amendments to the Loan; and</div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="text-align: justify; margin-bottom: 12pt;">
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z84c00b4a498d45e2bae2b90deec928f5">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">(b)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman', serif;">such further or consequential modifications as may be necessary to make the same consistent with, and to give full effect to, the terms of this Second Supplemental Agreement.</div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="margin-bottom: 12pt;">
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z05bfec569365408081cf73513671e7fe">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif; font-weight: bold;">6</td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">SUPPLEMENTAL</div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="margin-bottom: 12pt;">
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z924654bf809c401cbdb3d8fee1114e4b">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif; font-weight: bold;">6.1</td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Counterparts</div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="text-align: justify; margin-right: 3.6pt; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">This Second Supplemental Agreement may be executed in any number of counterparts.</div>
  <div style="margin-bottom: 12pt;">
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z908350ed74434102a92f73bdccd93153">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif; font-weight: bold;">7</td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">LAW AND JURISDICTION</div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="margin-bottom: 12pt;">
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc37ad79f6e5c43bb8ada01d7c0f21c67">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif; font-weight: bold;">7.1</td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Governing law</div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="text-align: justify; margin-right: 3.6pt; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">This Second Supplemental Agreement shall be governed by and construed in accordance with English law.</div>
  <div style="margin-bottom: 12pt;">
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6a0de30233864e249579f2ce0b3ac11c">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif; font-weight: bold;">7.2</td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Incorporation of the Loan Agreement provisions</div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="text-align: justify; margin-right: 3.6pt; margin-left: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The provisions of Article 11.7 <font style="font-style: italic;">(Jurisdiction) </font>of the Loan, as amended and
    supplemented by this Second Supplemental Agreement, shall apply to this Second Supplemental Agreement as if they were expressly incorporated in this Second Supplemental Agreement with any necessary medications.</div>
  <div style="margin-right: 3.6pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">This Second Supplemental Agreement has been duly executed by or on behalf of the parties and has, on the date stated at the beginning of this Deed, been
    delivered as a Deed.</div>
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      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
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  <div style="margin-bottom: 10pt;"><br>
  </div>
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      <tr>
        <td style="width: 100%; vertical-align: top; background-color: #FFFFFF;">
          <div style="font-family: 'Times New Roman', serif; font-size: 8pt;"></div>
        </td>
      </tr>

  </table>
  <div style="text-align: center; font-family: 'Times New Roman',serif; font-weight: bold;">EXECUTION PAGE</div>
  <div><br>
  </div>
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      <tr>
        <td style="width: 34.2%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', serif; font-weight: bold;">BORROWER</div>
        </td>
        <td style="width: 2.87%; vertical-align: top;">&#160;</td>
        <td style="width: 62.93%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 34.2%; vertical-align: top;">&#160;</td>
        <td style="width: 2.87%; vertical-align: top;">&#160;</td>
        <td style="width: 62.93%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 34.2%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', serif;"><font style="font-weight: bold;">SIGNED</font> by Aristides J. Pittas</div>
        </td>
        <td style="width: 2.87%; vertical-align: top;">&#160;</td>
        <td style="width: 62.93%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', serif;">/s/ Aristides J. Pittas</div>
        </td>
      </tr>
      <tr>
        <td style="width: 34.2%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', serif;">for and behalf of</div>
        </td>
        <td style="width: 2.87%; vertical-align: top;">&#160;</td>
        <td style="width: 62.93%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 34.2%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', serif; font-weight: bold;">EUROSEAS LTD</div>
        </td>
        <td style="width: 2.87%; vertical-align: top;">&#160;</td>
        <td style="width: 62.93%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 34.2%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', serif;">in the presence of:</div>
        </td>
        <td style="width: 2.87%; vertical-align: top;">&#160;</td>
        <td style="width: 62.93%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 34.2%; vertical-align: top;">&#160;</td>
        <td style="width: 2.87%; vertical-align: top;">&#160;</td>
        <td style="width: 62.93%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 34.2%; vertical-align: top;">&#160;</td>
        <td style="width: 2.87%; vertical-align: top;">&#160;</td>
        <td style="width: 62.93%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 34.2%; vertical-align: top;">&#160;</td>
        <td style="width: 2.87%; vertical-align: top;">&#160;</td>
        <td style="width: 62.93%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 34.2%; vertical-align: top;">&#160;</td>
        <td style="width: 2.87%; vertical-align: top;">&#160;</td>
        <td style="width: 62.93%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 34.2%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', serif; font-weight: bold;">LENDER</div>
        </td>
        <td style="width: 2.87%; vertical-align: top;">&#160;</td>
        <td style="width: 62.93%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 34.2%; vertical-align: top;">&#160;</td>
        <td style="width: 2.87%; vertical-align: top;">&#160;</td>
        <td style="width: 62.93%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 34.2%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', serif;"><font style="font-weight: bold;">SIGNED</font> by Nikolaos Pittas</div>
        </td>
        <td style="width: 2.87%; vertical-align: top;">&#160;</td>
        <td style="width: 62.93%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', serif;">/s/ Nikolaos Pittas</div>
        </td>
      </tr>
      <tr>
        <td style="width: 34.2%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', serif;">for and behalf of</div>
        </td>
        <td style="width: 2.87%; vertical-align: top;">&#160;</td>
        <td style="width: 62.93%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 34.2%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', serif; font-weight: bold;">COLBY TRADING LTD</div>
        </td>
        <td style="width: 2.87%; vertical-align: top;">&#160;</td>
        <td style="width: 62.93%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 34.2%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', serif;">in the presence of:</div>
        </td>
        <td style="width: 2.87%; vertical-align: top;">&#160;</td>
        <td style="width: 62.93%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 34.2%; vertical-align: top;">&#160;</td>
        <td style="width: 2.87%; vertical-align: top;">&#160;</td>
        <td style="width: 62.93%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 34.2%; vertical-align: top;">&#160;</td>
        <td style="width: 2.87%; vertical-align: top;">&#160;</td>
        <td style="width: 62.93%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 34.2%; vertical-align: top;">&#160;</td>
        <td style="width: 2.87%; vertical-align: top;">&#160;</td>
        <td style="width: 62.93%; vertical-align: top;">&#160;</td>
      </tr>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.25
<SEQUENCE>11
<FILENAME>d8498133_ex4-25.htm
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Seward & Kissel LLP
         Document created using EDGARfilings PROfile 6.4.0.0
         Copyright 1995 - 2020 Broadridge -->
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<body style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;" bgcolor="#ffffff">
  <!--PROfilePageNumberReset%Num%1%%%-->
  <div><br>
  </div>
  <div style="text-align: right;"><font style="font-weight: bold;">Exhibit 4.25</font><br>
  </div>
  <div> <br>
  </div>
  <div> <br>
  </div>
  <div>
    <div style="text-align: center; margin-bottom: 12pt; font-size: 12pt;">COLBY TRADING LTD</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">EUROSEAS LTD</div>
    <div style="text-align: right; margin-bottom: 12pt; font-size: 12pt;">November 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup>, 2019</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">Dear Sirs</div>
    <div style="text-align: center; margin-bottom: 12pt; font-size: 12pt; font-weight: bold;"><u>US$2,500,000 LOAN FACILITY</u></div>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">In accordance with our recent discussions, COLBY TRADING LTD, a Marshall Islands corporation (the `Lender&#8217;), is pleased to confirm
      that it will make available to EUROSEAS LTD, a Marshall Islands corporation (the &#8220;Borrower&#8221;), a loan facility of two million five hundred thousand United States Dollars (US$2,500,000): for the purpose of providing working capital financing upon and
      subject to the terms and conditions contained in this facility letter (the &#8220;Agreement&#8221;).</div>
    <div style="text-align: center; margin-bottom: 12pt; font-size: 12pt;">ARTICLE 1</div>
    <div style="text-align: center; margin-bottom: 12pt; font-size: 12pt;">DEFINITIONS AND INTERPRETATION</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">1.1</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">In
        this Agreement:</font></div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; font-size: 12pt;"><font style="font-weight: bold;">&#8220;Availability
        Period&#8221; </font>means the period commencing on the date of this Agreement and terminating on the earlier of (a) December 31, 2019 and (b) the date on which the Commitment is fully drawn, terminated or cancelled.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; font-size: 12pt;"><font style="font-weight: bold;">&#8220;Business Day&#8221; </font>means
      a day (not being a Saturday or Sunday) on which banks and financial markets in New York, New York, are open for business and, in respect of a day on which a payment is required to be made hereunder, also a day on which banks and financial markets are
      open for business in New York, New York, London, England and Athens, Greece.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; font-size: 12pt;"><font style="font-weight: bold;">&#8220;Commitment&#8221; </font>means
      the obligation of the Lender to make available the Loan to the Borrower up to the amount specified in Clause 2.1, as such amount may be reduced, terminated or cancelled in accordance with the terms of this Agreement.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; font-size: 12pt;"><font style="font-weight: bold;">&#8220;Dollars&#8221; </font>and
      <font style="font-weight: bold;">&#8220;$&#8221;</font> means the lawful currency for the time being of the United States of America.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">1</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; font-size: 12pt;"><font style="font-weight: bold;">&#8220;Interest Period&#8221; </font>means
      a period the commencement and length of which shall be determined in accordance with the provisions of Clause 3.2.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; font-size: 12pt;"><font style="font-weight: bold;">&#8220;Interest&#8221; </font>means
      eight per cent (8%) per annum (365 day basis).</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; font-size: 12pt;"><font style="font-weight: bold;">&#8220;Loan&#8221; </font>means
      the principal amount borrowed by the Borrower under this Agreement or (as the context requires) the aggregate principal amount thereof from time to time outstanding hereunder.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; font-size: 12pt;"><font style="font-weight: bold;">&#8220;month&#8221; </font>means
      a calendar month (however many days are comprised therein) save where the term is used to describe a period commencing on a given day, in which event the period shall commence on such day and end on the numerically corresponding day in the relevant
      succeeding calendar month, unless there is no such corresponding day, in which event such period shall be deemed to end on the last day of that succeeding calendar month.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; font-size: 12pt;"><font style="font-weight: bold;">&#8220;Taxes&#8221; </font>includes
      any present or future taxes, levies, duties, imposts, charges, fees, deductions or withholdings of any nature, excluding taxes imposed on or measured by the net income or capital gains of the Lender (and &#8220;tax&#8221; and &#8220;taxation&#8221; shall be construed
      accordingly).</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">1.2</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">In
        this Agreement, clause headings are inserted for convenience only and shall not affect the construction of this Agreement and, unless the context otherwise requires, words denoting the singular number shall include the plural and vice versa.
        References to persons include references to bodies corporate and non-corporate.</font></div>
    <div style="text-align: center; margin-bottom: 12pt; font-size: 12pt;">ARTICLE 2</div>
    <div style="text-align: center; margin-bottom: 12pt; font-size: 12pt;">ADVANCE OF THE LOAN</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">2.1</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">Subject
        to the terms of this Agreement, and in reliance on the representations and warranties of the Borrower set out in Clause 6, the Lender agrees to make available to the Borrower a loan facility of a principal amount of two million five hundred
        thousand Dollars (US$2,500,000) in one advance.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">2.2</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">The
        Borrower may make a request for the advancing of the Loan by sending to the Lender a duly completed notice of drawing (which shall be irrevocable) by facsimile (to be confirmed in writing), email or letter. Unless if the Lender agrees otherwise,
        such notice of drawing is to be received by the Lender not later than 11.00 A.M., New York time, two Business Days prior to the drawdown date relating to the Loan, provided that the Loan may only be made on a Business Day during the Availability
        Period.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">2.3</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 12pt;">Subject
        to the terms of this Agreement, the Lender shall make the proceeds of the Loan available to the Borrower for working capital purposes.</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">2</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: center; margin-bottom: 12pt; font-size: 12pt;">ARTICLE 3</div>
    <div style="text-align: center; margin-bottom: 12pt; font-size: 12pt;">INTEREST AND INTEREST PERIODS</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">3.1</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">Save
        as otherwise provided in this Agreement, the Borrower shall pay Interest on the unpaid principal amount of the Loan for each Interest Period relating thereto in arrears on the last day of such Interest Period until the Loan is paid in full (whether
        upon final maturity, by prepayment, acceleration or otherwise) which shall be in cash.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">3.2</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">The
        duration of each Interest Period shall be 3 months. The first Interest Period shall commence on the drawdown date relating to the Loan and each subsequent Interest Period shall commence on the last day of the preceding Interest Period but:</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">&#160; (a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">if an Interest Period would end on a day which is not a Business Day, such Interest Period shall be extended to the next succeeding Business Day, unless such Business Day falls in the next calendar month, in which case such
        Interest Period shall end on the immediately preceding Business Day; and</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">&#160; (b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">an Interest Period shall end on the repayment date specified in Clause 4.1.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">3.3</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 12pt;">In
        the event that the Lender does not receive within three Business Days of a due date any sum due under this Agreement, the Borrower shall pay to the Lender on demand default interest on such sum from and including the due date therefor to the date
        of actual payment (as well after as before judgement) at the rate per annum equal to the aggregate of (a) three per cent (3%), plus (b) Interest, such rate to be recalculated on the same basis at the end of each such period until such sum is
        received by the Lender.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">3.4</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 12pt;">By
        written notice to the Lender at least five Business Days prior to any Interest Period, the Borrower may elect the add the amount of Interest due for such Interest Period to the outstanding principal amount of the Loan (the accreted amount of which
        shall thereafter bear interest at Interest Rate or the Default Rate, as applicable).</font></div>
    <div style="text-align: center; margin-bottom: 12pt; font-size: 12pt;">ARTICLE 4</div>
    <div style="text-align: center; margin-bottom: 12pt; font-size: 12pt;">REPAYMENT AND PREPAYMENT</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">4.1</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">The
        Borrower will repay the Loan to the Lender in full on December 31<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup>, 2020.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">4.2</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">The
        Borrower may prepay the whole or part of the Loan at any Interest Period provided it gives the Lender not less than five Business Days prior written notice.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">4.3</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">Any
        notice of prepayment given under this clause shall be irrevocable and shall specify the date or dates when the relevant prepayment is to be made and the amount of that prepayment.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">4.4</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">Any
        prepayment under this clause shall be made together with accrued interest on the amount prepaid and without premium or penalty.</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">3</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">4.5</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">Notwithstanding
        the foregoing, and only if the Borrower&#8217;s working capital is not sufficient to fully repay the Loan whilst still maintaining at least $500,000 in working capital, the Borrower at its option within three Business Days of the date when the Loan is
        due to be repaid may elect to convert whatever part of the outstanding principal amount of the Loan is required to ascertain that at least $500,000 remain as working capital, into shares of stock of the Borrower at a rate equal to 75% of the lowest
        closing share price of the Borrower for the prior last fifteen Business Days</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">4.6</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">By
        written notice to the Borrower at least five Business Days prior to any Interest Period, the Lender may elect to convert the outstanding principal amount of the Loan, or part of it, into shares of stock of the Borrower at a rate equal to the lowest
        closing share price of the Borrower for the prior last fifteen Business Days.</font></div>
    <div style="text-align: center; margin-bottom: 12pt; font-size: 12pt;">ARTICLE 5</div>
    <div style="text-align: center; margin-bottom: 12pt; font-size: 12pt;">CONDITIONS PRECEDENT</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">5.1</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">Unless
        the Lender agrees otherwise (and then on such terms and conditions as the Lender may determine it his sole discretion) the Borrower may not serve a notice of drawing, and the Lender shall not be under any obligation to advance the Loan hereunder,
        until the Lender has received, and found to be reasonably satisfactory, each of the following documents:</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">&#160; (a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">a certified copy of a resolution of the Board of Directors of the Borrower approving this Agreement; and</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">&#160; (b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">certified copies of all governmental and other consents, licenses, approval and authorizations required with respect to this Agreement; and</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">&#160; (c)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">the obligation of the Lender hereunder to make the Loan available is subject to the following further condition precedent that, both at the date of the notice of drawing and the drawdown date of the Loan, the representations
        and warranties of the Borrower in Clause 6 are true and accurate as of each such date, as if made on each such date with reference to the facts then subsisting at the relevant date.</font></div>
    <div style="text-align: center; margin-bottom: 12pt; font-size: 12pt;">ARTICLE 6</div>
    <div style="text-align: center; margin-bottom: 12pt; font-size: 12pt;">REPRESENTATIONS</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">6.1</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">The
        Borrower hereby represents and warrants to the Lender (and so that such representations and warranties shall survive the execution of this Agreement) that:</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">&#160; (a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">it is a body corporate duly organized and validly existing under the laws of the Marshall Islands and has full corporate power and authority to enter into, and perform all its obligations under, this Agreement;</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">&#160; (b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">this Agreement creates legal, valid and binding obligations enforceable against it in accordance with their respective terms;</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">4</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">&#160; (c)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">the entry into and performance by it of this Agreement does not violate in any respect any law or regulation, its constitutional documents or any material agreement to which it is a party;</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">&#160; (d)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">all consents, licenses, approvals and authorizations required by Borrower in connection with this Agreement and the transactions contemplated hereby and thereby have been obtained and are in full force and effect; and</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">&#160; (e)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">no action, suit, proceeding or litigation is presently taking place or pending or, to its knowledge, is threatened against the Borrower, which if adversely determined would result in a material adverse effect on Borrower.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">6.2</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">The
        Lender hereby represents and warrants to the Borrower (and so that such representations and warranties shall survive the execution of this Agreement) that:</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">&#160; (a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">it is a body corporate duly organized and validly existing under the laws of the Marshall Islands and has full corporate power and authority to enter into, and perform all its obligations under, this Agreement;</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">&#160; (b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">this Agreement creates legal, valid and binding obligations enforceable against it in accordance with their respective terms;</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">&#160; (c)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">the entry into and performance by it of this Agreement does not violate in any respect any law or regulation, its constitutional documents or any material agreement to which it is a party;</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">&#160; (d)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">all consents, licenses, approvals and authorizations required by Borrower in connection with this Agreement and the transactions contemplated hereby and thereby have been obtained and are in full force and effect; and</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">&#160; (e)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">no action, suit, proceeding or litigation is presently taking place or pending or, to its knowledge, is threatened against the Lender, which if adversely determined would result in a material adverse effect on Lender.</font></div>
    <div style="text-align: center; margin-bottom: 12pt; font-size: 12pt;">ARTICLE 7</div>
    <div style="text-align: center; margin-bottom: 12pt; font-size: 12pt;">UNDERTAKINGS</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">7.1</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">The
        Borrower undertakes that, so long as the Commitment is in force or any amount remains outstanding or payable under this Agreement, it will obtain and promptly renew from time to time to the extent required, all authorizations, approvals, consents
        and licenses required under any applicable law or regulation with respect to this Agreement and it shall comply with the terms of the same.</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">5</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: center; margin-bottom: 12pt; font-size: 12pt;">ARTICLE 8<br>
      PAYMENTS</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">8.1</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">All
        payments to be made by the Borrower to the Lender under this Agreement shall be made on the due date therefore in Dollars and in same day funds and to such account as the Lender shall specify and shall be made (a) without set-off, counterclaim or
        condition and (b) free and clear of, and without deduction for or on account of, any present or future Taxes, unless the Borrower is required by law or regulation to make payment subject to any Taxes, in which event such payment shall be increased
        by such amount as may be necessary to ensure that the Lender receives a net amount, free and clear of all Taxes, equal to the full amount which the Lender would have received had such payment not been subject to such Taxes. The Borrower shall
        indemnify the Lender against any liability of the Lender in respect of such Taxes and shall promptly supply the Lender with copies of applicable tax receipts.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">8.2</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">If
        any sum payable by the Borrower under this Agreement shall become due on a day which is not a Business Day, the due date therefor shall be extended to the next succeeding Business Day, unless such Business Day falls in the next calendar month, in
        which event such due date shall be the immediately preceding Business Day.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">8.3</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">All
        payments of Interest and any other payments hereunder of an annual or periodic nature shall accrue from day-to-day and shall be calculated on the basis of the actual number of days elapsed in a 365 day year.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">8.4</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">The
        Borrower shall indemnify the Lender on demand against all costs, expenses, liabilities and losses (including loss of profit and funding losses) sustained or incurred by the Lender as a result of or in connection with: (a) the Loan not being
        borrowed on the date specified in the notice of drawing as a result of Borrower revoking its notice of drawing; and/or (b) the receipt or recovery of all or any part of the Loan or an overdue sum otherwise than on the last day of an Interest Period
        relating thereto or other relevant period; and/or (c) (as separate and independent obligation) any claim, order or judgement which results in any sum payable under this Agreement being paid in a currency other than the currency due under this
        Agreement.</font></div>
    <div style="text-align: center; margin-bottom: 12pt; font-size: 12pt;">ARTICLE 9</div>
    <div style="text-align: center; margin-bottom: 12pt; font-size: 12pt;">CHANGES IN CIRCUMSTANCES</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">9.1</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">If
        the Lender shall at any time reasonably determine based on the advice of its counsel, that (a) the effect of any applicable law, regulation or regulatory requirements or the interpretation or application thereof or any change therein (including the
        imposition of Taxes on payments hereunder), or (b) the effect of complying with any applicable directive, request or requirement (whether or not having the force of law) of any central bank or any governmental, monetary or other authority
        (including any type or liquidity or capital adequacy controls or other banking or monetary controls) is to increase the cost to the Lender of making, funding or maintaining its commitment hereunder or being a party to this Agreement or on its
        capital, then the Lender shall notify the Borrower as soon as practicable thereof and the Borrower shall from time to time pay to the Lender within five Business Days such amounts as the Lender shall specify</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">6</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">to be necessary to compensate the Lender for such increased cost or such reduction so long as such amount reflects a reasonable basis
      for the calculation thereof..</div>
    <div style="text-align: center; margin-bottom: 12pt; font-size: 12pt;">ARTICLE 10</div>
    <div style="text-align: center; margin-bottom: 12pt; font-size: 12pt;">FEES AND EXPENSES</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">10.1</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">The
        Borrower shall pay to the Lender all costs, fees and expenses (including, but not limited to, legal fees and expenses) and Taxes thereon incurred by the Lender in connection with (a) negotiating, preparing and executing this Agreement, and (b)
        preserving or enforcing or attempting to preserve or enforce any of its rights under this Agreement. The Borrower shall also pay or indemnify the Lender against all stamp, documentary and other like duties and Taxes to which the Agreement may be
        subject or give rise.</font></div>
    <div style="text-align: center; margin-bottom: 12pt; font-size: 12pt;">ARTICLE 11</div>
    <div style="text-align: center; margin-bottom: 12pt; font-size: 12pt;">MISCELLANEOUS</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">11.1</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">Except
        as otherwise provided for in this Agreement, all notices or other communications under or in respect of this Agreement to either party hereto shall be in writing and shall be deemed to be duly given or made when delivered (in the case of personal
        delivery or letter) and when dispatched (in the case of facsimile) to the party to which it is addressed at such address as such party may hereafter specify for such purpose to the other by notice in writing. A written notice includes a notice by
        facsimile.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">11.2</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 12pt;">The
        Borrower hereby authorizes the Lender (without prior notice) to apply any credit balance in any currency (whether or not then due) which is at any time held by the Lender for the account of the Borrower in or towards satisfaction of any sums then
        due from the Borrower to the Lender under this Agreement and unpaid</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">11.3</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 12pt;">A
        certificate or determination of the Lender as to any matter provided for in this Agreement shall be conclusive and binding on the Borrower in the absence of manifest error.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">11.4</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 12pt;">This
        Agreement shall be binding upon and inure to the benefit of the Lender and the Borrower and their respective successors and permitted assigns and references in this Agreement to either of them shall be construed accordingly, provided that the
        Borrower may not assign or transfer any of its rights and/or obligations under this Agreement.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">11.5</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160; <font style="font-size: 12pt;">No
        delay or omission on the part of the Lender in exercising any right, power or remedy under this Agreement shall impair such right, power of remedy or be construed as a waiver thereof or of any other right, power or remedy.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">11.6</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">If
        any one or more of the provisions in this Agreement is or becomes invalid, illegal of unenforceable in any respect under any law or regulation, the validity, legality and enforceability of the remaining provisions of this Agreement shall not be in
        any way affected or impaired thereby.</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">7</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">11.7</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">This
        Agreement shall be governed by, and construed in accordance with the laws of England in relation to any dispute arising out of or in connection with this agreement, and for the exclusive benefit or the Lender, the Borrower hereby irrevocably and
        unconditionally (a) submits to the jurisdiction of the High Court of Justice in England, and waives any objection to proceedings with respect to this Agreement in such Court on the grounds of venue or inconvenient forum, and (b) appoints Hill
        Dickinson International currently at The Broadgate Tower, 20 Primrose Street, London, EC2A 2EW, England, as its agent for service of process in respect of proceedings before such Courts and undertakes that, throughout the term of this Agreement
        Nothing in this Clause shall affect the right of the Lender to serve process in any manner permitted by law.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">If you are in agreement with the above terms and condition, please sign and return the enclosed copy of this Agreement.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">Yours faithfully,</div>
    <table style="width: 60%; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;" id="zb2af21235d2e4ad8b4d0bddb178242bc" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td colspan="2" style="vertical-align: top;">
            <div style="text-align: justify; font-size: 12pt;">COLBY TRADING LTD</div>
          </td>
          <td style="width: 5.6%; vertical-align: top;">&#160;</td>
          <td colspan="2" style="vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td colspan="2" style="vertical-align: top;">&#160;</td>
          <td style="width: 5.6%; vertical-align: top;">&#160;</td>
          <td colspan="2" style="vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 8%; vertical-align: top;">
            <div style="text-align: justify; font-size: 12pt;">By:</div>
          </td>
          <td style="width: 30%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify; font-size: 12pt;">/s/ Nikaloos Pittan</div>
          </td>
          <td style="width: 5.6%; vertical-align: top;">&#160;</td>
          <td style="width: 8%; vertical-align: top;">&#160;</td>
          <td style="width: 48%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 8%; vertical-align: top;">&#160;</td>
          <td style="width: 30%; vertical-align: top;">
            <div style="text-align: justify; font-size: 12pt;">Name: Nikaloos Pittan</div>
          </td>
          <td style="width: 5.6%; vertical-align: top;">&#160;</td>
          <td style="width: 8%; vertical-align: top;">&#160;</td>
          <td style="width: 48%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 8%; vertical-align: top;">&#160;</td>
          <td style="width: 30%; vertical-align: top;">
            <div style="text-align: justify; font-size: 12pt;">Title: Attorney-in-fact</div>
          </td>
          <td style="width: 5.6%; vertical-align: top;">&#160;</td>
          <td style="width: 8%; vertical-align: top;">&#160;</td>
          <td style="width: 48%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 8%; vertical-align: top;">&#160;</td>
          <td style="width: 30%; vertical-align: top;">&#160;</td>
          <td style="width: 5.6%; vertical-align: top;">&#160;</td>
          <td style="width: 8%; vertical-align: top;">&#160;</td>
          <td style="width: 48%; vertical-align: top;">&#160;</td>
        </tr>

    </table>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt; font-weight: bold;">AGREED AND ACCEPTED</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">We refer to your letter dated November 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup>, 2019 set out above and we confirm that we accept and agree to be bound by the
      terms and conditions thereof.</div>
    <table style="width: 60%; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;" id="z967b7161c62d4238a17cebf4be944c63" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td colspan="2" style="vertical-align: top;">
            <div style="text-align: justify; font-size: 12pt;">EUROSEAS LTD</div>
          </td>
          <td style="width: 5.6%; vertical-align: top;">&#160;</td>
          <td colspan="2" style="vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td colspan="2" style="vertical-align: top;">&#160;</td>
          <td style="width: 5.6%; vertical-align: top;">&#160;</td>
          <td colspan="2" style="vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 8%; vertical-align: top;">
            <div style="text-align: justify; font-size: 12pt;">By:</div>
          </td>
          <td style="width: 30%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify; font-size: 12pt;">/s/ Aristides S. Pittan</div>
          </td>
          <td style="width: 5.6%; vertical-align: top;">&#160;</td>
          <td style="width: 8%; vertical-align: top;">&#160;</td>
          <td style="width: 48%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 8%; vertical-align: top;">&#160;</td>
          <td style="width: 30%; vertical-align: top;">
            <div style="text-align: justify; font-size: 12pt;">Name: Aristides S. Pittan</div>
          </td>
          <td style="width: 5.6%; vertical-align: top;">&#160;</td>
          <td style="width: 8%; vertical-align: top;">&#160;</td>
          <td style="width: 48%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 8%; vertical-align: top;">&#160;</td>
          <td style="width: 30%; vertical-align: top;">
            <div style="text-align: justify; font-size: 12pt;">Title: Attorney-in-fact</div>
          </td>
          <td style="width: 5.6%; vertical-align: top;">&#160;</td>
          <td style="width: 8%; vertical-align: top;">&#160;</td>
          <td style="width: 48%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 8%; vertical-align: top;">&#160;</td>
          <td style="width: 30%; vertical-align: top;">&#160;</td>
          <td style="width: 5.6%; vertical-align: top;">&#160;</td>
          <td style="width: 8%; vertical-align: top;">&#160;</td>
          <td style="width: 48%; vertical-align: top;">&#160;</td>
        </tr>

    </table>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">Dated: November 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup>, 2019</div>
  </div>
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<TYPE>EX-4.29
<SEQUENCE>12
<FILENAME>d8498133_ex4-29.htm
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  <div style="text-align: right; margin-top: 12pt; font-weight: bold;"><u> </u>Exhibit 4.29<u><br>
    </u></div>
  <br>
  <div><br>
  </div>
  <div style="text-align: center; margin-top: 12pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"><u>REGISTRATION RIGHTS AGREEMENT</u></div>
  <div style="text-indent: 36pt; margin-top: 12pt; font-family: 'Times New Roman', Times, serif;">This Registration Rights Agreement (this &#8220;<font style="font-weight: bold;">Agreement</font>&#8221;) is made and entered into effective as of November 7, 2019, by
    and among Euroseas Ltd., a Marshall Islands corporation (the &#8220;<font style="font-weight: bold;">Company</font>&#8221;), and the shareholder signatory hereto (the &#8220;<font style="font-weight: bold;">Investor</font>&#8221;).</div>
  <div style="text-align: center; margin-top: 12pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">RECITALS</div>
  <div style="text-indent: 36pt; margin-top: 12pt;"><font style="font-family: 'Times New Roman', Times, serif;">A.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">The Company has agreed pursuant to the Stock Purchase Agreement
      between the Company and the Investor dated November 7, 2019 (the &#8220;<font style="font-weight: bold;">SPA</font>&#8221;) to issue 4,225,352 shares (the &#8220;<font style="font-weight: bold;">SPA Shares</font>&#8221;) of the Company&#8217;s common stock, par value $0.03 per
      share (the &#8220;<font style="font-weight: bold;">Common Stock</font>&#8221;) and additional shares of Common Stock pursuant to the Letter Agreement between the Company and the Investor dated November 7, 2019 (together with the SPA Shares, the &#8220;<font style="font-weight: bold;">Sale Shares</font>&#8221;) to the Investor.</font></div>
  <div style="text-indent: 36pt; margin-top: 12pt;"><font style="font-family: 'Times New Roman', Times, serif;">B.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">The offering of the Sale Shares was made by the Company pursuant
      to an exemption from the registration requirements of the Securities Act.</font></div>
  <div style="text-indent: 36pt; margin-top: 12pt;"><font style="font-family: 'Times New Roman', Times, serif;">C.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">On the date hereof, the SPA Shares were issued to the Investor.</font></div>
  <div style="text-indent: 36pt; margin-top: 12pt;"><font style="font-family: 'Times New Roman', Times, serif;">D.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">As a condition to the Investor acquiring the Sale Shares, the
      Company agreed to grant the Investor certain registration rights with respect to the Sale Shares.</font></div>
  <div style="text-indent: 36pt; margin-top: 12pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;">NOW, THEREFORE</font>, in consideration of the foregoing recitals and the mutual representations, warranties, covenants and
    promises contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:</div>
  <div style="text-indent: 36pt; margin-top: 12pt;"><font style="font-family: 'Times New Roman', Times, serif;">1.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;"><u>Definitions</u></font>. As
      used in this Agreement, the following terms shall have the following meanings:</font></div>
  <div style="text-indent: 36pt; margin-top: 12pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-weight: bold;">Advice</font>&#8221; shall have the meaning set forth in <u>Section 6(b)</u>.</div>
  <div style="text-indent: 36pt; margin-top: 12pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-weight: bold;">Agreement</font>&#8221; shall have the meaning set forth in the preamble above.</div>
  <div style="text-indent: 36pt; margin-top: 12pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-weight: bold;">Alternative Transaction</font>&#8221; shall have the meaning set forth in <u>Section 2(g)(iv)</u>.</div>
  <div style="text-indent: 36pt; margin-top: 12pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-weight: bold;">Business Day</font>&#8221; means any day except Saturday, Sunday and any day which shall be a federal legal holiday or a day on
    which banking institutions in the State of New York, Nicosia, Cyprus or Athens, Greece are authorized or required by law or other governmental action to close.</div>
  <div style="text-indent: 36pt; margin-top: 12pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-weight: bold;">Commission</font>&#8221;<font style="font-weight: bold;">&#160;</font>means the Securities and Exchange Commission.</div>
  <div style="text-indent: 36pt; margin-top: 12pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-weight: bold;">Effectiveness Date</font>&#8221; shall have the meaning set forth in <u>Section 2(a)</u>.</div>
  <div style="text-indent: 36pt; margin-top: 12pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-weight: bold;">Effectiveness Period</font>&#8221; shall have the meaning set forth in <u>Section 2(a)</u>.</div>
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  <div style="text-indent: 36pt; margin-top: 12pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-weight: bold;">Exchange Act</font>&#8221; means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated
    thereunder.</div>
  <div style="text-indent: 36pt; margin-top: 12pt; font-family: 'Times New Roman', Times, serif;">&#160;&#8220;<font style="font-weight: bold;">Holder</font>&#8221; or &#8220;<font style="font-weight: bold;">Holders</font>&#8221; means the Investor and any subsequent permitted
    transferees or assignees under Section 6(f) of this Agreement.</div>
  <div style="text-indent: 36pt; margin-top: 12pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-weight: bold;">Indemnified Party</font>&#8221; shall have the meaning set forth in <u>Section 5(c)</u>.</div>
  <div style="text-indent: 36pt; margin-top: 12pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-weight: bold;">Indemnifying Party</font>&#8221; shall have the meaning set forth in <u>Section 5(c)</u>.</div>
  <div style="text-indent: 36pt; margin-top: 12pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-weight: bold;">Initiating Shelf Take-Down Holder</font>&#8221; shall have the meaning set forth in <u>Section 2(g)(i)</u>.</div>
  <div style="text-indent: 36pt; margin-top: 12pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-weight: bold;">Investor</font>&#8221; shall have the meaning set forth in the preamble.</div>
  <div style="text-indent: 36pt; margin-top: 12pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-weight: bold;">Losses</font>&#8221; shall have the meaning set forth in <u>Section 5(a)</u>.</div>
  <div style="text-indent: 36pt; margin-top: 12pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-weight: bold;">Shelf Take-Down</font>&#8221; shall have the meaning set forth in <u>Section 2(g)(i)</u>.</div>
  <div style="text-indent: 36pt; margin-top: 12pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-weight: bold;">Marketed Underwritten Shelf Take-Down</font>&#8221; shall have the meaning set forth in <u>Section 2(g)(iii)</u>.</div>
  <div style="text-indent: 36pt; margin-top: 12pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-weight: bold;">Marketed Underwritten Shelf Take-Down Notice</font>&#8221; shall have the meaning set forth in <u>Section 2(g)(iii)</u>.</div>
  <div style="text-indent: 36pt; margin-top: 12pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-weight: bold;">Participating Holder</font>&#8221; means, with respect to any registration, any Holder of Registrable Securities covered by the
    applicable Registration Statement.</div>
  <div style="text-indent: 36pt; margin-top: 12pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-weight: bold;">Person</font>&#8221; means any individual, partnership, corporation, limited liability company, unincorporated organization, trust
    or joint venture, or a governmental authority or political subdivision thereof or any other entity.</div>
  <div style="text-indent: 36pt; margin-top: 12pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-weight: bold;">Piggyback Registration</font>&#8221; shall have the meaning set forth in <u>Section 2(b)</u>.</div>
  <div style="text-indent: 36pt; margin-top: 12pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-weight: bold;">Plan of Distribution</font>&#8221; shall have the meaning set forth in <u>Section 2(a)</u>.</div>
  <div style="text-indent: 36pt; margin-top: 12pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-weight: bold;">Proceeding</font>&#8221; means an action, claim, suit, investigation or proceeding (including, without limitation, an
    investigation or partial proceeding, such as a deposition), whether commenced or threatened.</div>
  <div style="text-indent: 36pt; margin-top: 12pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-weight: bold;">Prospectus</font>&#8221; means the prospectus included in the Registration Statement (including, without limitation, a prospectus
    that includes any information previously omitted from a prospectus filed as part of an effective registration statement in reliance upon Rule 430A promulgated under the Securities Act), as amended or supplemented by any prospectus supplement, with
    respect to the terms of the offering of any portion of the Registrable Securities covered by the Registration Statement, and all other amendments and supplements to the Prospectus, including post-effective amendments, and all material incorporated by
    reference or deemed to be incorporated by reference in such Prospectus.</div>
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    <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman', Times, serif; font-weight: normal; font-style: normal;" id="DSPFPageNumber">2</font></div>
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  <div style="text-indent: 36pt; margin-top: 12pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-weight: bold;">Registrable Securities</font>&#8221; means the Sale Shares (excluding any Sale Shares repurchased by the Company pursuant to
    Section 3 of the SPA) together with any securities issued or issuable upon any exchange, stock split, dividend or other distribution, recapitalization or similar event with respect to the foregoing.</div>
  <div style="text-indent: 36pt; margin-top: 12pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-weight: bold;">Registration Statement</font>&#8221; means each registration statement required to be filed hereunder, including the Prospectus,
    amendments and supplements to the registration statement or Prospectus, including pre- and post-effective amendments, all exhibits thereto, and all material incorporated by reference or deemed to be incorporated by reference in the Registration
    Statement.</div>
  <div style="text-indent: 36pt; margin-top: 12pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-weight: bold;">Rule 415</font>&#8221; means Rule 415 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended
    from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same effect as such Rule.</div>
  <div style="text-indent: 36pt; margin-top: 12pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-weight: bold;">Rule 424</font>&#8221; means Rule 424 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended
    from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same effect as such Rule.</div>
  <div style="text-indent: 36pt; margin-top: 12pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-weight: bold;">Sale Shares</font>&#8221; shall have the meaning set forth in the recitals above.</div>
  <div style="text-indent: 36pt; margin-top: 12pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-weight: bold;">Securities Act</font>&#8221; means the Securities Act of 1933, as amended.</div>
  <div style="text-indent: 36pt; margin-top: 12pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-weight: bold;">Shelf Take-Down</font>&#8221; shall have the meaning set forth in <u>Section 2(g)(i)</u>.</div>
  <div style="text-indent: 36pt; margin-top: 12pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-weight: bold;">Suspension Certificate</font>&#8221; shall have the meaning set forth in <u>Section 6(d)</u>.</div>
  <div style="text-indent: 36pt; margin-top: 12pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-weight: bold;">Trading Market</font>&#8221; means the New York Stock Exchange, the NASDAQ Global Market or the NASDAQ Capital Market; and, with
    respect to any particular date, shall mean the Trading Market on which the Common Stock is listed or quoted for trading on such date.</div>
  <div style="text-indent: 36pt; margin-top: 12pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-weight: bold;">Underwritten Offering</font>&#8221; means a registration in which securities of the Company are sold to an underwriter or
    underwriters (or other counterparty) for reoffering to the public.</div>
  <div style="text-indent: 36pt; margin-top: 12pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-weight: bold;">Underwritten Shelf Take-Down Notice</font>&#8221; shall have the meaning set forth in <u>Section 2(g)(ii)</u>.</div>
  <div style="text-indent: 36pt; margin-top: 12pt;"><font style="font-family: 'Times New Roman', Times, serif;">2.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;"><u>Registration</u></font>.&#160; (a)
      As soon as practicable after the date hereof, and in no event more than 60 days after the date hereof, the Company shall prepare and file with the Commission a Registration Statement, covering the offering and resale of all of the Registrable
      Securities pursuant to Rule 415, or if Rule 415 is not available for offers or sales of the Registrable Securities, for such other means of distribution of Registrable Securities as the Holder may reasonably request (or, at the Holder&#8217;s option to
      delay such registration). The Registration Statement required hereunder shall be on Form F-3 (except if the Company is not then eligible to register for resale the Registrable Securities on Form F-3, in which case the registration shall be on Form
      F-1 or another appropriate form as shall be selected by the Company upon advice of its counsel). If the rules of the Commission prevent the Company from including any or all of the Registrable Securities on the Registration Statement required to be
      filed within the time period</font></div>
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    <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman', Times, serif; font-weight: normal; font-style: normal;" id="DSPFPageNumber">3</font></div>
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  <div style="margin-top: 12pt; font-family: 'Times New Roman', Times, serif;">set forth in the first sentence of this Section 2(a), the Company shall continue to use its reasonable best efforts to register all remaining Registrable Securities as set forth
    in this Section 2, whether by way of amending such Registration Statement or filing a new Registration Statement. The Registration Statement required hereunder shall contain (except if otherwise directed by the Holders) a &#8220;<font style="font-weight: bold;">Plan of Distribution</font>&#8221; acceptable to the Holder. The Company shall use its reasonable best efforts to cause the Registration Statement to be declared effective under the Securities Act as promptly as possible after the filing thereof,
    and in any event <font style="background-color: #FFFFFF;">within five (5)&#160;Business Days after the Company learns that no review of a particular Registration Statement will be made by the Commission&#8217;s staff or that the Commission&#8217;s staff has no further
      comments on a particular Registration Statement (as the case may be)</font> (the &#8220;<font style="font-weight: bold;">Effectiveness Date</font>&#8221;).&#160; The Company shall use its reasonable best efforts to keep such Registration Statement continuously
    effective under the Securities Act (including the filing of any necessary amendments, post-effective amendments and supplements) until the date which is three years after the date hereof or such later date when all Registrable Securities covered by the
    Registration Statement (i) have been sold pursuant to the Registration Statement or an exemption from the registration requirements of the Securities Act or (ii) may be sold without volume restrictions pursuant to Rule 144 promulgated under the
    Securities Act, as determined by the counsel to the Company pursuant to a written opinion letter to such effect, addressed and reasonably acceptable to the Company&#8217;s transfer agent and the affected Holders (the &#8220;<font style="font-weight: bold;">Effectiveness

      Period</font>&#8221;).</div>
  <div style="text-indent: 72pt; margin-top: 12pt;"><font style="font-family: 'Times New Roman', Times, serif;">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;"><u>Right to Piggyback</u>. If the Company does not maintain an
      effective registration statement for any portion of the Registrable Securities at any time during the Effectiveness Period, the Company proposes to register any of its common equity securities under the Securities Act (other than a registration
      statement on Form S-8 or on Form F-4 or any similar successor forms thereto or in connection with (A) an employee stock option, stock purchase or compensation plan or securities issued or issuable pursuant to any such plan, (B) a dividend
      reinvestment plan or (C) a merger or the acquisition of the securities or substantially all the assets of another entity), whether for its own account or for the account of one or more shareholders of the Company, and the registration form to be used
      may be used for any registration of Registrable Securities (a &#8220;<font style="font-weight: bold;">Piggyback Registration</font>&#8221;), the Company shall give prompt written notice (in any event within 10 Business Days after its receipt of notice of any
      exercise of other demand registration rights) to all Holders of its intention to effect such a registration and shall, subject to Sections 2(c) and 4(d), include in such registration all such Registrable Securities with respect to which the Company
      has received written requests for inclusion therein within 15 Business Days after the delivery of the Company&#8217;s notice. The Company may postpone or withdraw the filing or the effectiveness of a Piggyback Registration at any time in its sole
      discretion.</font></div>
  <div style="text-indent: 72pt; margin-top: 12pt;"><font style="font-family: 'Times New Roman', Times, serif;">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;"><u>Priority on Initial Registrations</u>.&#160; If, (i) as a result
      of applicable law or based upon comments received by the Commission, all of the securities to be included in the Registration Statement for any registration initiated on behalf of the Investor pursuant to Section 2(a) cannot be so included, or (ii)
      such registration is an underwritten primary registration, and the managing underwriters advise the Company in writing that in their opinion the number of securities requested to be included in such registration exceeds the number which can be sold
      in such offering without having an adverse effect on such offering, then the Company shall include in such registration (i) first, such number of Registrable Securities requested to be included therein (allocated pro rata among the Holders based on
      the relative number of such Registrable</font></div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman', Times, serif; font-weight: normal; font-style: normal;" id="DSPFPageNumber">4</font></div>
    <div id="DSPFPageBreak" style="page-break-after:always;">
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  <div style="margin-top: 12pt; font-family: 'Times New Roman', Times, serif;">Securities then held by each such Holder or in such manner as they may otherwise agree) and (ii) second, the securities proposed to be sold in such registration by holders of
    securities other than the Registrable Securities.</div>
  <div style="text-indent: 72pt; margin-top: 12pt;"><font style="font-family: 'Times New Roman', Times, serif;">(c)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;"><u>Priority on Primary Piggyback Registrations</u>.&#160; If, (i) as
      a result of applicable law or based upon comments received by the Commission, all of the securities to be included in the registration statement for any Piggyback Registration initiated as a primary registration on behalf of the Company, cannot be so
      included, or (ii) a Piggyback Registration is an underwritten primary registration on behalf of the Company, and the managing underwriters advise the Company in writing that in their opinion the number of securities requested to be included in such
      registration exceeds the number which can be sold in such offering without having an adverse effect on such offering, then the Company shall include in such registration statement (x) first, the securities the Company proposes to sell, and (y)
      second, the Registrable Securities and other securities requested to be included therein by the Holders and the holders of such other securities (the &#8220;<font style="font-weight: bold;">Other Holders</font>&#8221;), if any, pro rata among the Holders and the
      Other Holders on the basis of the number of shares requested to be registered by the Holders and the Other Holders.</font></div>
  <div style="text-indent: 72pt; margin-top: 12pt;"><font style="font-family: 'Times New Roman', Times, serif;">(d)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;"><u>Priority on Secondary Piggyback Registrations</u>. If, (i) as
      a result of applicable law or based upon comments received by the Commission, all of the securities to be included in the registration statement for any Piggyback Registration initiated as a secondary registration on behalf of a holder of the
      Company&#8217;s securities other than Registrable Securities,&#160; if Registrable Securities are included therein, cannot be so included or (ii) a Piggyback Registration is an underwritten secondary registration on behalf of a holder of the Company&#8217;s
      securities other than Registrable Securities, and the managing underwriters advise the Company in writing that, in their opinion, the number of securities requested to be included in such registration statement exceeds the number which can be sold in
      such offering without having an adverse effect on such offering, the Company shall include in such registration (x) first, the Registrable Securities and other securities requested to be included therein by the Holders and the Other Holders, if any,
      pro rata among the Holders and the Other Holders on the basis of the number of shares requested to be registered by the Holders and the Other Holders, and (x) second, the securities the Company proposes to sell, if any.</font></div>
  <div style="text-indent: 72pt; margin-top: 12pt;"><font style="font-family: 'Times New Roman', Times, serif;">(e)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;"><u>Selection of Underwriters</u>. If any Piggyback Registration
      is an underwritten primary offering, the Company or, if such Piggyback Registration is an underwritten secondary offering, the holder of the Company&#8217;s securities initiating such Piggyback Registration, shall have the right to select the managing
      underwriter or underwriters to administer any such offering.</font></div>
  <div style="text-indent: 72pt; margin-top: 12pt;"><font style="font-family: 'Times New Roman', Times, serif;">(f)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;"><u>Shelf Takedown Registrations</u>.</font></div>
  <div style="text-indent: 108pt; margin-top: 12pt;"><font style="font-family: 'Times New Roman', Times, serif;">(i)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">An offering or sale of Registrable Securities pursuant to the
      shelf registration statement (each, a &#8220;<font style="font-weight: bold;">Shelf Take-Down</font>&#8221;) may be initiated only by the Investor (the &#8220;<font style="font-weight: bold;">Initiating Shelf Take-Down Holder</font>&#8221;). Except as set forth in Section
      2(g)(iii) with respect to Marketed Underwritten Shelf Take-Downs, the Initiating Shelf Take-Down Holder shall not be required to permit the offer and sale of Registrable Securities by other Holders in connection with any such Shelf Take-Down
      initiated by such Initiating Shelf Take-Down Holder.</font></div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman', Times, serif; font-weight: normal; font-style: normal;" id="DSPFPageNumber">5</font></div>
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  <div style="text-indent: 108pt; margin-top: 12pt;"><font style="font-family: 'Times New Roman', Times, serif;">(ii)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">Subject to Section 2(j), if the Initiating Shelf Take-Down
      Holder elects by written request to the Company, a Shelf Take-Down shall be in the form of an Underwritten Offering (an &#8220;<font style="font-weight: bold;">Underwritten Shelf Take-Down Notice</font>&#8221;) and the Company shall amend or supplement the
      applicable shelf registration statement for such purpose as soon as practicable. Subject to Section 2(g)(iii) below, such Initiating Shelf Take-Down Holder shall have the right to select the managing underwriter or underwriters, which shall be
      reasonably acceptable to the Company, to administer such offering.</font></div>
  <div style="text-indent: 108pt; margin-top: 12pt;"><font style="font-family: 'Times New Roman', Times, serif;">(iii)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">Subject to Section 3(k)(vi), if the plan of distribution set
      forth in any Underwritten Shelf Take-Down Notice includes a customary &#8220;road show&#8221; (including an &#8220;electronic road show&#8221; or other substantial marketing effort by the Company and the underwriters over a period expected to exceed 24 hours (a &#8220;<font style="font-weight: bold;">Marketed Underwritten Shelf Take-Down</font>&#8221;)), promptly upon delivery of such Underwritten Shelf Take-Down Notice (but in no event more than three (3) Business Days thereafter), the Company shall promptly deliver a
      written notice (a &#8220;<font style="font-weight: bold;">Marketed Underwritten Shelf Take-Down Notice</font>&#8221;) of such Marketed Underwritten Shelf Take-Down to all Holders (other than the Initiating Shelf Take-Down Holder), and the Company shall include
      in such Marketed Underwritten Shelf Take-Down all such Registrable Securities of such Holders that are registered on such shelf registration statement for which the Company has received written requests, which requests must specify the aggregate
      amount of such Registrable Securities of such Holder to be offered and sold pursuant to such Marketed Underwritten Shelf Take-Down, for inclusion therein within one (1) Business Day after the date that such Marketed Underwritten Shelf Take-Down
      Notice has been delivered; provided, that if the managing underwriter or underwriters of any proposed Marketed Underwritten Shelf Take-Down informs the Holders that have requested to participate in such Marketed Underwritten Shelf Take-Down in
      writing that, in its or their good-faith opinion, the number of securities which such Holders intend to include in such offering exceeds the number of securities that, in the good-faith opinion of the managing underwriter or underwriters in such
      offering (as evidenced by a written notice to the relevant Holders and the Company), can be sold in such offering without being likely to have a significant adverse effect on the price, timing or the distribution of the securities offered or the
      market for the securities offered, then the securities to be included in such Marketed Underwritten Shelf Take-Down shall be (i) first, the number of Registrable Securities that, in the opinion of such managing underwriter or underwriters, can be
      sold without having such adverse effect in such Marketed Underwritten Shelf Take-Down, which number shall be allocated (1) first to the Registrable Securities requested to be included in such Marketed Underwritten Shelf Take-Down by the Initiating
      Shelf Take-Down Holder, and (2) second to the Registrable Securities requested to be included in such Marketed Underwritten Shelf Take-Down by any requesting Holder who is not the Initiating Shelf Take-Down Holder on a pro rata basis and (ii) second,
      and only if all the securities referred to in clause (i) above have been included, the number of Registrable Securities that, in the opinion of such managing underwriter or underwriters, can be sold without having such adverse effect in such Marketed
      Underwritten Shelf Take-Down, which such number shall be allocated pro rata among the Holders (excluding the requesting Holder(s)) that have requested to participate in such Marketed Underwritten Shelf Take-Down based on the relative number of
      Registrable Securities then held by each such Holder (provided that any securities thereby allocated to a Holder that exceed such Holder&#8217;s request shall be reallocated among the remaining requesting Holders in like manner). The Holders of a majority
      of the Registrable Securities to be included in any Marketed Underwritten Shelf Take-Down shall have the right to select the</font></div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman', Times, serif; font-weight: normal; font-style: normal;" id="DSPFPageNumber">6</font></div>
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  <div style="margin-top: 12pt; font-family: 'Times New Roman', Times, serif;">managing underwriter or underwriters to administer such offering. No holder of securities of the Company shall be permitted to include such holder&#8217;s securities in any Marketed
    Underwritten Shelf Take-Down except for Holders who wish to include Registrable Securities pursuant to this Section 2(g)(iii).</div>
  <div style="text-indent: 108pt; margin-top: 12pt;"><font style="font-family: 'Times New Roman', Times, serif;">(iv)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">The Company shall use its reasonable best efforts to cooperate
      in a timely manner with any request of the requesting Holders in respect of any block trade that is registered pursuant to a shelf registration (each, an &#8220;<font style="font-weight: bold;">Alternative Transaction</font>&#8221;). including (A) having
      appropriate representatives of the Company, upon reasonable request and at reasonable times, available to answer questions and make presentations to any prospective purchasers of Registrable Securities in such Alternative Transaction and (B)
      responding to reasonable information requests from prospective purchasers of Registrable Securities in such Alternative Transaction. Notwithstanding the foregoing or anything else to the contrary in this Agreement, the Company will not be required to
      (I) provide such cooperation with respect to more than two such sales efforts or (2) disclose to the transferee any material the Company deems to constitute material, non-public information to the extent that such information would not otherwise be
      required under the Securities Act or the rules and regulations promulgated thereunder to be included or incorporated by reference in the Registration Statement.</font></div>
  <div style="text-indent: 72pt; margin-top: 12pt;"><font style="font-family: 'Times New Roman', Times, serif;">(g)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;"><u>Underwritten Offerings</u>.</font></div>
  <div style="text-indent: 108pt; margin-top: 12pt;"><font style="font-family: 'Times New Roman', Times, serif;">(i)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">Shelf Registrations. If requested by the underwriters for any
      Underwritten Offering, the Company shall enter into an underwriting agreement with such underwriters for such offering, such agreement to be reasonably satisfactory in substance and form to the Company, each Participating Holder and the underwriters,
      and to contain such representations and warranties by the Company and such other terms as are generally prevailing in agreements of that type, including indemnities no less favorable to the recipient thereof than those customarily provided by the
      Company as part of its public offerings. Each Participating Holder shall cooperate reasonably with the Company in the negotiation of such underwriting agreement and shall give consideration to the reasonable suggestions of the Company regarding the
      form thereof. The Participating Holders shall be parties to such underwriting agreement, which underwriting agreement shall contain such representations and warranties by, and the other agreements on the part of, the Company to and for the benefit of
      such Participating Holders as are customarily made by issuers to selling shareholders in secondary underwritten public offerings. Any such Participating Holder shall not be required to make any representations or warranties to or agreements with the
      Company or the underwriters in connection with such underwriting agreement other than representations, warranties or agreements regarding such Participating Holder, such Participating Holder&#8217;s title to the Registrable Securities, such Participating
      Holder&#8217;s authority to sell the Registrable Securities, such Participating Holder&#8217;s intended method of distribution, absence of liens with respect to the Registrable Securities, receipt of all required consents and approvals with respect to the entry
      into such underwriting agreement and the sale of such Registrable Securities and any other representations required to be made by such Participating Holder under applicable law, rule or regulation, and the aggregate amount of the liability of such
      Participating Holder in connection with such underwriting agreement shall not exceed such Participating Holder&#8217;s net proceeds from such Underwritten Offering.</font></div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman', Times, serif; font-weight: normal; font-style: normal;" id="DSPFPageNumber">7</font></div>
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  <div style="text-indent: 108pt; margin-top: 12pt;"><font style="font-family: 'Times New Roman', Times, serif;">(ii)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;"><u>Participation in Underwritten Registrations</u>. Subject to
      the provisions of Section 2(i)(i) above, no Person may participate in any Underwritten Offering hereunder unless such Person (i) agrees to sell such Person&#8217;s securities on the basis provided in any underwriting arrangements approved by the Persons
      entitled to approve such arrangements and (ii) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents reasonably required under the terms of such underwriting arrangements.</font></div>
  <div style="text-indent: 108pt; margin-top: 12pt;"><font style="font-family: 'Times New Roman', Times, serif;">(iii)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;"><u>Price and Underwriting Discounts</u>. In the case of an
      Underwritten Offering, the price, underwriting discount and other financial terms for the Registrable Securities shall be determined by the Investor participating in such Underwritten Offering.</font></div>
  <div style="text-indent: 72pt; margin-top: 12pt;"><font style="font-family: 'Times New Roman', Times, serif;">(h)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;"><u>Limitation on Underwritten Offerings</u>. Notwithstanding the
      rights and obligations set forth in this Section 2, in no event shall the Company be obligated to take any action to effect any Underwritten Shelf Take-Down or Underwritten Offering unless the Holder initiating such Underwritten Offering propose to
      sell at least five percent of Registrable Securities.</font></div>
  <div style="text-indent: 36pt; margin-top: 12pt;"><font style="font-family: 'Times New Roman', Times, serif;">3.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;"><u>Registration Procedures</u></font>.</font></div>
  <div style="text-indent: 36pt; margin-top: 12pt; font-family: 'Times New Roman', Times, serif;">In connection with the Company&#8217;s registration obligations of Registrable Securities hereunder, the Company shall:</div>
  <div style="text-indent: 72pt; margin-top: 12pt;"><font style="font-family: 'Times New Roman', Times, serif;">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">Not less than five (5) Business Days prior to the filing of the
      Registration Statement or any related Prospectus or any amendment or supplement thereto, (i) furnish to the Holders copies of all such documents proposed to be filed (including documents incorporated or deemed incorporated by reference to the extent
      requested by such Person) which documents will be subject to the review of such Holders, and (ii) cause its officers and directors, counsel and independent certified public accountants to respond to such inquiries as shall be necessary, in the
      reasonable opinion of respective legal counsel to conduct a reasonable investigation within the meaning of the Securities Act. The Company shall not file the Registration Statement or any such Prospectus or any amendments or supplements thereto to
      which the Holders of a majority of the Registrable Securities shall reasonably object in good faith.</font></div>
  <div style="text-indent: 72pt; margin-top: 12pt;"><font style="font-family: 'Times New Roman', Times, serif;">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">(i) Prepare and file with the Commission such amendments,
      including post-effective amendments, to the Registration Statement and the Prospectus used in connection therewith as may be necessary to keep the Registration Statement continuously effective as to the Registrable Securities for the Effectiveness
      Period; (ii) cause the related Prospectus to be amended or supplemented by any required Prospectus supplement, and as so supplemented or amended to be filed pursuant to Rule 424; (iii) respond as promptly as reasonably possible to any comments
      received from the Commission with respect to the Registration Statement or any amendment thereto; and (iv) comply in all material respects with the provisions of the Securities Act and the Exchange Act with respect to the disposition of all
      Registrable Securities covered by the Registration Statement in accordance with the intended methods of disposition by the Holders thereof set forth in the Registration Statement as so amended or in such Prospectus as so supplemented.</font></div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman', Times, serif; font-weight: normal; font-style: normal;" id="DSPFPageNumber">8</font></div>
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  </div>
  <div style="text-indent: 72pt; margin-top: 12pt;"><font style="font-family: 'Times New Roman', Times, serif;">(c)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">Notify the Holders of Registrable Securities to be sold as
      promptly as reasonably possible (and, in the case of (i)(A) below, not less than two (2) Business Days prior to such filing) and (if requested by any such Person) confirm such notice in writing promptly following the day (i) (A) when a Prospectus or
      any Prospectus supplement or post-effective amendment to the Registration Statement is proposed to be filed; (B) when the Commission notifies the Company whether there will be a &#8220;review&#8221; of the Registration Statement and whenever the Commission
      comments in writing on the Registration Statement (the Company shall upon request provide true and complete copies thereof and all written responses thereto as promptly as reasonably possible to each of the Holders who so requests provided such
      requesting Holders agree to keep such information confidential until it is publicly disclosed); and (C) with respect to the Registration Statement or any post-effective amendment, when the same has become effective; (ii) of any request by the
      Commission or any other Federal or state governmental authority during the period of effectiveness of the Registration Statement for amendments or supplements to the Registration Statement or Prospectus or for additional information; (iii) of the
      issuance by the Commission or any other federal or state governmental authority of any stop order suspending the effectiveness of the Registration Statement covering any or all of the Registrable Securities or the initiation of any Proceedings for
      that purpose; (iv) of the receipt by the Company of any notification with respect to the suspension of the qualification or exemption from qualification of any of the Registrable Securities for sale in any jurisdiction, or the initiation or
      threatening of any Proceeding for such purpose, and (v) of the occurrence of any event or passage of time that makes the financial statements included in the Registration Statement ineligible for inclusion therein or any statement made in the
      Registration Statement or Prospectus or any document incorporated or deemed to be incorporated therein by reference untrue in any material respect or that requires any revisions to the Registration Statement, Prospectus or other documents so that, in
      the case of the Registration Statement or the Prospectus, as the case may be, it will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in
      light of the circumstances under which they were made, not misleading (provided that such Holder of Registrable Securities agrees to keep such information confidential until it is publicly disclosed).</font></div>
  <div style="text-indent: 72pt; margin-top: 12pt;"><font style="font-family: 'Times New Roman', Times, serif;">(d)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">Use its reasonable best efforts to avoid the issuance of, or, if
      issued, obtain the withdrawal of (i) any order suspending the effectiveness of the Registration Statement, or (ii) any suspension of the qualification (or exemption from qualification) of any of the Registrable Securities for sale in any
      jurisdiction, at the earliest practicable moment.</font></div>
  <div style="text-indent: 72pt; margin-top: 12pt;"><font style="font-family: 'Times New Roman', Times, serif;">(e)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">To the extent requested by such Holders, furnish to each Holder,
      without charge, at least one conformed copy of the Registration Statement and each amendment thereto, including financial statements and schedules, all documents incorporated or deemed to be incorporated therein by reference, and all exhibits
      (including those previously furnished or incorporated by reference) promptly after the filing of such documents with the Commission.</font></div>
  <div style="text-indent: 72pt; margin-top: 12pt;"><font style="font-family: 'Times New Roman', Times, serif;">(f)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">Promptly deliver to each Holder, without charge, as many copies
      of the Prospectus or Prospectuses (including each form of prospectus) and each amendment or supplement thereto as such Persons may reasonably request in connection with resales by the Holder of Registrable Securities. The Company hereby consents to
      the use of such Prospectus and each amendment or supplement thereto by each of the selling Holders in connection with the</font></div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman', Times, serif; font-weight: normal; font-style: normal;" id="DSPFPageNumber">9</font></div>
    <div id="DSPFPageBreak" style="page-break-after:always;">
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  </div>
  <div style="margin-top: 12pt; font-family: 'Times New Roman', Times, serif;">offering and sale of the Registrable Securities covered by such Prospectus and any amendment or supplement thereto, except after the giving of any notice pursuant to <u>Section
      3(c)</u>.</div>
  <div style="text-indent: 72pt; margin-top: 12pt;"><font style="font-family: 'Times New Roman', Times, serif;">(g)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">Use its reasonable best efforts to register or qualify or
      cooperate with the selling Holders in connection with the registration or qualification (or exemption from the registration or qualification) of such Registrable Securities for the resale by the Holder under the securities or blue sky laws of such
      jurisdictions within the United States as any Holder reasonably requests in writing, to keep each of the registration or qualification (or exemption therefrom) effective during the Effectiveness Period and to do any and all other acts or things
      reasonably necessary to enable the disposition in such jurisdictions of the Registrable Securities covered by the Registration Statement; provided, that the Company shall not be required to qualify generally to do business in any jurisdiction where
      it is not then so qualified, subject the Company to any material tax in any such jurisdiction where it is not then so subject or file a general consent to service of process in any such jurisdiction.</font></div>
  <div style="text-indent: 72pt; margin-top: 12pt;"><font style="font-family: 'Times New Roman', Times, serif;">(h)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">If requested by the Holders, cooperate with the Holders to
      facilitate the timely preparation and delivery of certificates representing Registrable Securities to be delivered to a transferee pursuant to the Registration Statement, which certificates shall be free, of all restrictive legends, and to enable
      such Registrable Securities to be in such denominations and registered in such names as any such Holders may request.</font></div>
  <div style="text-indent: 72pt; margin-top: 12pt;"><font style="font-family: 'Times New Roman', Times, serif;">(i)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">Upon the occurrence of any event contemplated by <u>Section
        3(c)(v)</u>, as promptly as reasonably possible, prepare a supplement or amendment, including a post-effective amendment, to the Registration Statement or a supplement to the related Prospectus or any document incorporated or deemed to be
      incorporated therein by reference, and file any other required document so that, as thereafter delivered, neither the Registration Statement nor such Prospectus will contain an untrue statement of a material fact or omit to state a material fact
      required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading.</font></div>
  <div style="text-indent: 72pt; margin-top: 12pt;"><font style="font-family: 'Times New Roman', Times, serif;">(j)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">Comply with all applicable rules and regulations of the
      Commission and use its reasonable best efforts to cause all Registrable Securities to be listed for trading on a Trading Market, if the Company is then listed on a Trading Market.</font></div>
  <div style="text-indent: 72pt; margin-top: 12pt;"><font style="font-family: 'Times New Roman', Times, serif;">(k)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">In the case of an Underwritten Offering:</font></div>
  <div style="text-indent: 108pt; margin-top: 12pt;"><font style="font-family: 'Times New Roman', Times, serif;">(i)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">make such representations and warranties to the Participating
      Holders and the underwriters or agents, if any, in form, substance and scope as are customarily made by issuers in secondary underwritten public offerings;</font></div>
  <div style="text-indent: 108pt; margin-top: 12pt;"><font style="font-family: 'Times New Roman', Times, serif;">(ii)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">enter into such customary agreements (including underwriting
      agreements) and take all such other actions as any Participating Holder or the managing underwriter or underwriters, if any, reasonably request in order to expedite or facilitate the registration and disposition of such Registrable Securities;</font></div>
  <div style="text-indent: 108pt; margin-top: 12pt;"><font style="font-family: 'Times New Roman', Times, serif;">(iii)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">make reasonable efforts to obtain for delivery to the
      Participating Holders and to the underwriter or underwriters, if any, an opinion or opinions from counsel for the Company dated the date of the closing under the underwriting agreement, in customary form,</font></div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman', Times, serif; font-weight: normal; font-style: normal;" id="DSPFPageNumber">10</font></div>
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  <div style="margin-top: 12pt; font-family: 'Times New Roman', Times, serif;">scope and substance, which opinions shall be reasonably satisfactory to such Holders or underwriters, as the case may be, and their respective counsel;</div>
  <div style="text-indent: 108pt; margin-top: 12pt;"><font style="font-family: 'Times New Roman', Times, serif;">(iv)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">make reasonable efforts to obtain for delivery to the Company
      and the managing underwriter or underwriters, with copies to the Participating Holders, a cold comfort letter from the Company&#8217;s independent certified public accountants in customary form and covering such matters of the type customarily covered by
      cold comfort letters as the managing underwriter or underwriters reasonably request, dated the date of execution of the underwriting agreement and brought down to the date of the closing of the Underwritten Offering, as specified in the underwriting
      agreement;</font></div>
  <div style="text-indent: 108pt; margin-top: 12pt;"><font style="font-family: 'Times New Roman', Times, serif;">(v)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">subject to the execution of any confidentiality agreements as
      reasonably requested by the Company, make available upon reasonable notice at reasonable times and for reasonable periods for inspection by any Participating Holder, by any underwriter participating in any disposition to be effected pursuant to such
      Registration Statement and by any attorney, accountant or other agent retained by such Participating Holder(s) or any such underwriter, all pertinent financial and other records, pertinent corporate documents and properties of the Company as shall be
      necessary to enable them to exercise their due diligence responsibility, and cause all of the Company&#8217;s officers, directors and employees and the independent public accountants who have certified its financial statements to make themselves available
      to discuss the business of the Company and to supply all information reasonably requested by any such Person in connection with such Registration Statement as shall be necessary to enable them to exercise their due diligence responsibility; and</font></div>
  <div style="text-indent: 108pt; margin-top: 12pt;"><font style="font-family: 'Times New Roman', Times, serif;">(vi)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">in the case of an Underwritten Offering of Registrable
      Securities in an amount of at least five percent (5%) of the Company&#8217;s then-outstanding common shares, cause executive officers of the Company to participate in customary &#8220;road show&#8221; presentations that may be reasonably requested by the managing
      underwriter or underwriters in any such Underwritten Offering no more than once per calendar quarter over a period of no more than 24 hours (provided, however, that such participation is not required to be in person by any such executive officer) and
      otherwise to facilitate, cooperate with, and participate in each such proposed Underwritten Offering to the extent reasonably requested by the managing underwriter or underwriters.</font></div>
  <div style="text-indent: 72pt; margin-top: 12pt;"><font style="font-family: 'Times New Roman', Times, serif;">(l)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">Cooperate with each Participating Holder and each underwriter,
      if any, participating in the disposition of such Registrable Securities and their respective counsel in connection with any filings required to be made with the FINRA.</font></div>
  <div style="text-indent: 72pt; margin-top: 12pt;"><font style="font-family: 'Times New Roman', Times, serif;">(m)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">Use its reasonable efforts to comply with all applicable
      securities laws and make available to its security holders, as soon as reasonably practicable, an earnings statement satisfying the provisions of Section 11(a) of the Securities Act and the rules and regulations promulgated thereunder.</font></div>
  <div style="text-indent: 36pt; margin-top: 12pt; font-family: 'Times New Roman', Times, serif;">The Company may require each selling Holder to furnish to the Company a certified statement as to the number of shares of Common Stock beneficially owned by
    such Holder and the person thereof that has voting and dispositive control over the Sale Shares, for purposes of disclosure in the &#8220;Selling Stockholder&#8221; table in the Registration Statement.</div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman', Times, serif; font-weight: normal; font-style: normal;" id="DSPFPageNumber">11</font></div>
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  <div style="text-indent: 36pt; margin-top: 12pt;"><font style="font-family: 'Times New Roman', Times, serif;">4.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;"><u>Registration Expenses</u></font>.
      All fees and expenses incident to the performance of or compliance with this Agreement by the Company shall be borne by the Company whether or not any Registrable Securities are sold pursuant to the Registration Statement. The fees and expenses
      referred to in the foregoing sentence shall include, without limitation, (i) all registration and filing fees (including, without limitation, fees and expenses (A) with respect to filings required to be made with the Trading Market on which the
      Common Stock is then listed for trading, and (B) for compliance with applicable state securities or blue sky laws), (ii) printing expenses (including, without limitation, expenses of printing certificates for Registrable Securities and of printing
      prospectuses if the printing of prospectuses is reasonably requested by the Holders of a majority of the Registrable Securities included in the Registration Statement), (iii) messenger, telephone and delivery expenses, (iv) fees and disbursements of
      counsel for the Company and reasonable fees and expenses of one counsel for the holders of Registrable Securities participating in such registration as a group (selected by the holders of a majority of the Registrable Securities included in the
      registration), (v) Securities Act liability insurance, if the Company so desires such insurance, (vi) &#8220;road show&#8221; expenses of the Company and any Persons retained by the Company in connection with any offering of securities and (vii) fees and
      expenses of all other Persons retained by the Company in connection with the consummation of the transactions contemplated by this Agreement. In addition, the Company shall be responsible for all of its internal and accounting expenses incurred in
      connection with the consummation of the transactions contemplated by this Agreement (including, without limitation, all salaries and expenses of its officers and employees performing legal or accounting duties and all fees and expenses of the
      Company&#8217;s certified public accountants), the expense of the preparation of all financial statements and any audit or review thereof by the Company&#8217;s accountants, including in connection with their rendering a &#8220;cold comfort&#8221; letter to the
      underwriters, if requested, and the fees and expenses incurred in connection with the listing of the Registrable Securities on any securities exchange as required hereunder. In no event shall the Company be responsible for any broker, underwriter or
      similar commissions or any legal fees or other costs of the Holders.</font></div>
  <div style="text-indent: 36pt; margin-top: 12pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif;">5.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;"><u>Indemnification</u></font>.</font></div>
  <div style="text-align: justify; text-indent: 72pt;"><font style="font-family: 'Times New Roman', Times, serif;">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;"><u>Indemnification by the Company</u>. The Company shall,
      notwithstanding any termination of this Agreement, indemnify and hold harmless each Holder, the officers, directors, agents and employees of each of them, each Person who controls any such Holder (within the meaning of Section 15 of the Securities
      Act or Section 20 of the Exchange Act), and the officers, directors, agents and employees of each such controlling Person, to the fullest extent permitted by applicable law, from and against any and all losses, claims, damages, liabilities, costs
      (including, without limitation, reasonable attorneys&#8217; fees) and expenses (collectively, &#8220;<font style="font-weight: bold;">Losses</font>&#8221;), as incurred (irrespective of whether they are incurred while investigating, preparing or defending any action,
      claim, suit, inquiry, proceeding, investigation or appeal taken from the foregoing by or before any court or governmental, administrative or other regulatory agency, body or the Commission, irrespective of whether any such action is pending or
      threatened, and irrespective of whether such indemnified person is or may reasonably be a party thereto, to which any of them may become subject, or otherwise), to the extent arising out of or relating to any untrue or alleged untrue statement of a
      material fact contained in the Registration Statement, any Prospectus or any form of prospectus or in any amendment or supplement thereto or in any preliminary prospectus, or arising out of or relating to any omission or alleged omission of a
      material fact required to be stated therein or necessary to make the statements therein (in the case of any Prospectus or form of prospectus or supplement thereto, in light of the circumstances</font></div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman', Times, serif; font-weight: normal; font-style: normal;" id="DSPFPageNumber">12</font></div>
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  </div>
  <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">under which they were made) not misleading, or any violation or alleged violation by the Company of the Securities Act, Exchange Act or any state securities law, or any rule
    or regulation thereunder, except to the extent, but only to the extent, that (1) such untrue statements or omissions are based solely upon information regarding such Holder furnished in writing to the Company by such Holder expressly for use therein,
    or to the extent that such information relates to such Holder or such Holder&#8217;s proposed method of distribution of Registrable Securities as set forth in the Plan of Distribution<font style="font-weight: bold;">&#160;</font>approved by such Holder expressly
    for use in the Registration Statement, such Prospectus or such form of Prospectus or in any amendment or supplement thereto, or (2) in the case of an occurrence of an event of the type specified in <u>Section 3(c)(ii)-(v)</u>, the use by such Holder
    of an outdated or defective Prospectus after the Company has notified such Holder in writing that the Prospectus is outdated or defective and prior to the receipt by such Holder of the Advice contemplated in <u>Section 6(b)</u>.</div>
  <div style="text-indent: 72pt; margin-top: 12pt;"><font style="font-family: 'Times New Roman', Times, serif;">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;"><u>Indemnification by Holders</u>. Each Holder shall, severally
      and not jointly, indemnify and hold harmless the Company, its officers, directors, agents and employees, each Person who controls the Company (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act), and the
      officers, directors, agents and employees of each such controlling Person, to the fullest extent permitted by applicable law, from and against any and all Losses, as incurred, (irrespective of whether they are incurred while investigating, preparing
      or defending any action, claim, suit, inquiry, proceeding, investigation or appeal taken from the foregoing by or before any court or governmental, administrative or other regulatory agency, body or the Commission, irrespective of whether any such
      action is pending or threatened, and irrespective of whether such indemnified person is or may reasonably be a party thereto, to which any of them may become subject, or otherwise), to the extent arising out of or based upon any untrue or alleged
      untrue statement of a material fact contained in the Registration Statement, any Prospectus or any form of prospectus or in any amendment or supplement thereto or in any preliminary prospectus, or arising out of or relating to any omission or alleged
      omission of a material fact required to be stated therein or necessary to make the statements therein (in the case of any Prospectus or form of prospectus or supplement thereto, in light of the circumstances under which they were made) not misleading
      to the extent, but only to the extent, that such untrue statement or omission is contained in any information so furnished in writing by such Holder to the Company specifically for inclusion in the Registration Statement or such Prospectus expressly
      for use therein; provided, that each Holder&#8217;s obligation to indemnify such indemnified parties shall only be to the extent of the net proceeds received by such Holder in the offering to which the Registration Statement relates, or to the extent that
      such information relates to such Holder or such Holder&#8217;s proposed method of distribution of Registrable Securities as set forth in the Plan of Distribution<font style="font-weight: bold;">&#160;</font>expressly approved in writing by such Holder expressly
      for use in the Registration Statement, such Prospectus or such form of Prospectus or in any amendment or supplement thereto, or (3) in the case of an occurrence of an event of the type specified in <u>Section 3(c)(ii)-(v)</u>, the use by such Holder
      of an outdated or defective Prospectus after the Company has notified such Holder in writing that the Prospectus is outdated or defective and prior to the receipt by such Holder of the Advice contemplated in <u>Section 6(b)</u>.</font></div>
  <div style="text-indent: 72pt; margin-top: 12pt;"><font style="font-family: 'Times New Roman', Times, serif;">(c)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;"><u>Conduct of Indemnification Proceedings</u>. If any Proceeding
      shall be brought or asserted against any Person entitled to indemnity hereunder (an &#8220;<font style="font-weight: bold;">Indemnified Party</font>&#8221;), such Indemnified Party shall promptly notify the Person from whom indemnity is sought (the &#8220;<font style="font-weight: bold;">Indemnifying Party</font>&#8221;) in writing, and the Indemnifying Party shall have the right to</font></div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman', Times, serif; font-weight: normal; font-style: normal;" id="DSPFPageNumber">13</font></div>
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  <div style="margin-top: 12pt; font-family: 'Times New Roman', Times, serif;">assume the defense thereof, including the employment of counsel reasonably satisfactory to the Indemnified Party and the payment of all fees and expenses incurred in connection
    with defense thereof; provided, that the failure of any Indemnified Party to give such notice shall not relieve the Indemnifying Party of its obligations or liabilities pursuant to this Agreement, except (and only) to the extent that it shall be
    finally determined by a court of competent jurisdiction (which determination is not subject to appeal or further review) that such failure shall have prejudiced the Indemnifying Party.</div>
  <div style="text-indent: 72pt; margin-top: 12pt; font-family: 'Times New Roman', Times, serif;">An Indemnified Party shall have the right to employ separate counsel in any such Proceeding and to participate in the defense thereof, but the fees and
    expenses of such counsel shall be at the expense of such Indemnified Parties unless: (1) the Indemnifying Party has agreed in writing to pay such fees and expenses; (2) the Indemnifying Party shall have failed promptly to assume the defense of such
    Proceeding and to employ counsel reasonably satisfactory to such Indemnified Party in any such Proceeding; or (3) the named parties to any such Proceeding (including any impleaded parties) include both such Indemnified Party and the Indemnifying Party,
    and such Indemnified Party shall have been advised by counsel that a conflict of interest is reasonably likely to exist if the same counsel were to represent such Indemnified Party and the Indemnifying Party (in which case, if such Indemnified Party
    notifies the Indemnifying Party in writing that it elects to employ separate counsel at the expense of the Indemnifying Party, the Indemnifying Party shall not have the right to assume the defense thereof and the reasonable fees and expenses of no more
    than one separate counsel (the Indemnified Party&#8217;s counsel who first notifies the Company of such obligation) shall be at the expense of the Indemnifying Party). The Indemnifying Party shall not be liable for any settlement of any such Proceeding
    effected without its written consent. No Indemnifying Party shall, without the prior written consent of the Indemnified Party, effect any settlement of any pending Proceeding in respect of which any Indemnified Party is a party, unless such settlement
    includes an unconditional release of such Indemnified Party from all liability on claims that are the subject matter of such Proceeding.</div>
  <div style="text-indent: 72pt; margin-top: 12pt; font-family: 'Times New Roman', Times, serif;">All reasonable fees and expenses of the Indemnified Party (including reasonable fees and expenses to the extent incurred in connection with investigating or
    preparing to defend such Proceeding in a manner not inconsistent with this Section) shall be paid to the Indemnified Party, as incurred, within ten (10) Business Days of written notice thereof to the Indemnifying Party; <u>provided</u>, that the
    Indemnified Party shall promptly reimburse the Indemnifying Party for that portion of such fees and expenses applicable to such actions for which such Indemnified Party is not entitled to indemnification hereunder, determined based upon the relative
    faults of the parties.</div>
  <div style="text-indent: 72pt; margin-top: 12pt;"><font style="font-family: 'Times New Roman', Times, serif;">(d)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;"><u>Contribution</u>. If a claim for indemnification under <u>Section

        5(a) or 5(b)</u> is unavailable to an Indemnified Party (by reason of public policy or otherwise), then each Indemnifying Party, in lieu of indemnifying such Indemnified Party, shall contribute to the amount paid or payable by such Indemnified
      Party as a result of such Losses, in such proportion as is appropriate to reflect the relative fault of the Indemnifying Party and Indemnified Party in connection with the actions, statements or omissions that resulted in such Losses as well as any
      other relevant equitable considerations. The relative fault of such Indemnifying Party and Indemnified Party shall be determined by reference to, among other things, whether any action in question, including any untrue or alleged untrue statement of
      a material fact or omission or alleged omission of a material fact, has been taken or made by, or relates to information supplied</font></div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman', Times, serif; font-weight: normal; font-style: normal;" id="DSPFPageNumber">14</font></div>
    <div id="DSPFPageBreak" style="page-break-after:always;">
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  <div style="margin-top: 12pt; font-family: 'Times New Roman', Times, serif;">by, such Indemnifying Party or Indemnified Party, and the parties&#8217; relative intent, knowledge, access to information and opportunity to correct or prevent such action, statement
    or omission. The amount paid or payable by a party as a result of any Losses shall be deemed to include, subject to the limitations set forth in <u>Section 5(c)</u>, any reasonable attorneys&#8217; or other reasonable fees or expenses incurred by such party
    in connection with any Proceeding to the extent such party would have been indemnified for such fees or expenses if the indemnification provided for in this Section was available to such party in accordance with its terms.</div>
  <div style="text-indent: 72pt; margin-top: 12pt; font-family: 'Times New Roman', Times, serif;">The parties hereto agree that it would not be just and equitable if contribution pursuant to this <u>Section 5(d)</u> were determined by pro rata allocation
    or by any other method of allocation that does not take into account the equitable considerations referred to in the immediately preceding paragraph. Notwithstanding the provisions of this <u>Section 5(d)</u>, no Holder shall be required to
    contribute, in the aggregate, any amount in excess of the amount by which the proceeds actually received by such Holder from the sale of the Registrable Securities subject to the Proceeding exceeds the amount of any damages that such Holder has
    otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission, except in the case of fraud by such Holder. The indemnity and contribution agreements contained in this Section are in addition to any
    liability that the Indemnifying Parties may have to the Indemnified Parties.</div>
  <div style="text-indent: 36pt; margin-top: 12pt;"><font style="font-family: 'Times New Roman', Times, serif;">6.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;"><u>Miscellaneous</u></font>.</font></div>
  <div style="text-indent: 72pt; margin-top: 12pt;"><font style="font-family: 'Times New Roman', Times, serif;">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;"><u>Compliance</u>. Each Holder covenants and agrees that it will
      comply with the prospectus delivery requirements of the Securities Act as applicable to it in connection with sales of Registrable Securities pursuant to the Registration Statement.</font></div>
  <div style="text-indent: 72pt; margin-top: 12pt;"><font style="font-family: 'Times New Roman', Times, serif;">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;"><u>Discontinued Disposition</u>. Each Holder agrees that, upon
      receipt of a notice from the Company of the occurrence of any event of the kind described in <u>Section 3(c)</u>, such Holder will forthwith discontinue disposition of such Registrable Securities under the Registration Statement until the earlier of
      (i) the filing of the supplemented Prospectus and/or amended Registration Statement or (ii) such Holder is advised in writing (the &#8220;<font style="font-weight: bold;">Advice</font>&#8221;) by the Company that the use of the applicable Prospectus may be
      resumed, and, in either case, has received copies of any additional or supplemental filings that are incorporated or deemed to be incorporated by reference in such Prospectus or Registration Statement. In the event of a discontinued disposition under
      this <u>Section 6(b)</u>, the Company will use its reasonable best efforts to ensure that the use of the Prospectus may be resumed as promptly as is practicable and to provide copies of the supplemented Prospectus and/or amended Registration
      Statement or the Advice as soon as possible in order to enable each Holder to resume dispositions of the Registrable Securities.</font></div>
  <div style="text-indent: 72pt; margin-top: 12pt;"><font style="font-family: 'Times New Roman', Times, serif;">(c)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;"><u>Amendments in Writing</u>. No amendment, modification,
      waiver, termination or discharge of any provision of this Agreement, or any consent to any departure by the Company and any Holder of the then outstanding Registrable Securities from any provision hereof, shall in any event be effective unless the
      same shall be in writing and made by the Company and at least a majority of the Holders of the then outstanding Registrable Securities, and each such amendment, modification, waiver, termination or discharge shall be effective only in the specific
      instance and for the specific purpose for which given. No provision of this</font></div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman', Times, serif; font-weight: normal; font-style: normal;" id="DSPFPageNumber">15</font></div>
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  </div>
  <div><br>
  </div>
  <div style="margin-top: 12pt; font-family: 'Times New Roman', Times, serif;">Agreement shall be varied, contradicted or explained by any oral agreement, course of dealing or performance or any other matter not set forth in an agreement in writing and
    signed by the Company and at least a majority of the Holders of the then outstanding Registrable Securities.</div>
  <div style="text-indent: 72pt; margin-top: 12pt;"><font style="font-family: 'Times New Roman', Times, serif;">(d)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;"><u>Suspension of Trading</u>. At any time after the Registrable
      Securities are covered by an effective Registration Statement, the Company may deliver to the Holders of such Registrable Securities a certificate (the &#8220;<font style="font-weight: bold;">Suspension Certificate</font>&#8221;) approved by the Chief Executive
      Officer of the Company and signed by an officer of the Company stating that the effectiveness of and sales of Registrable Securities under the Registration Statement would:</font></div>
  <div style="text-indent: 108pt; margin-top: 12pt;"><font style="font-family: 'Times New Roman', Times, serif;">(i)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">materially interfere with any transaction that would require
      the Company to prepare financial statements under the Securities Act that the Company would otherwise not be required to prepare in order to comply with its obligations under the Exchange Act, or</font></div>
  <div style="text-indent: 108pt; margin-top: 12pt;"><font style="font-family: 'Times New Roman', Times, serif;">(ii)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">require public disclosure of any transaction of the type
      discussed in <u>Section 6(d)(i)</u> prior to the time such disclosure might otherwise be required.</font></div>
  <div style="text-indent: 72pt; margin-top: 12pt; font-family: 'Times New Roman', Times, serif;">After the delivery of a Suspension Certificate by Holders of Registrable Securities, the Company may, in its discretion, require such Holders of Registrable
    Securities to refrain from selling or otherwise transferring or disposing of any Registrable Securities or other Company securities then held by such Holders for a specified period of time that is customary under the circumstances (not to exceed sixty
    (60) days). Notwithstanding the foregoing sentence, the Company shall be permitted to cause Holders of Registrable Securities to so refrain from selling or otherwise transferring or disposing of any Registrable Securities or other securities of the
    Company on only one occasion during each twelve (12) consecutive month period that the Registration Statement remains effective. The Company may impose stop transfer instructions to enforce any required agreement of the Holders under this <u>Section
      6(d)</u>.</div>
  <div style="text-indent: 72pt; margin-top: 12pt;"><font style="font-family: 'Times New Roman', Times, serif;">(e)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;"><u>Notices</u>. All notices, requests, consents and other
      communications under this Agreement shall be in writing and shall be deemed delivered (i) on the date of transmission when delivered via facsimile prior to 5:00 p.m. (New York City time) on a Business Day, (ii) one Business Day after transmission
      when delivered via facsimile later than 5:00 p.m. (New York City time) on any date and earlier than 11:59 p.m. (New York City time) on such date, (iii) upon delivery when delivered personally, (iv) three (3) days after being sent by registered or
      certified mail, return receipt requested, postage prepaid, or (v) one (1) Business Day after being sent via a reputable nationwide overnight courier service guaranteeing next business day delivery, in each case to the intended recipient as set forth
      below:</font></div>
  <div style="margin-left: 72pt; margin-top: 12pt; font-family: 'Times New Roman', Times, serif;">If to the Company:</div>
  <div><br>
  </div>
  <div style="margin-left: 72pt; font-family: 'Times New Roman', Times, serif;">Euroseas Ltd.<br>
    4 Messogiou Street &amp; Evropis St.<br>
    151 25 Maroussi Greece<br>
    Attention: Aristides J. Pittas, Chairman, President &amp; CEO</div>
  <div style="margin-left: 72pt; margin-top: 12pt; font-family: 'Times New Roman', Times, serif;">With a copy (which shall not constitute notice) to:</div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman', Times, serif; font-weight: normal; font-style: normal;" id="DSPFPageNumber">16</font></div>
    <div id="DSPFPageBreak" style="page-break-after:always;">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
  </div>
  <div><br>
  </div>
  <div style="margin-left: 72pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Seward &amp; Kissel LLP<br>
    One Battery Park Plaza<br>
    New York, NY 10004<br>
    Attention:&#160; Anthony Tu-Sekine, Esq.</div>
  <div style="margin-left: 72pt; margin-top: 12pt; font-family: 'Times New Roman', Times, serif;">If to the Investor, to:</div>
  <div><br>
  </div>
  <div style="margin-left: 72pt; font-family: 'Times New Roman', Times, serif;">c/o Synergy Marine Limited</div>
  <div style="margin-left: 72pt; font-family: 'Times New Roman', Times, serif;">5<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> Floor</div>
  <div style="margin-left: 72pt; font-family: 'Times New Roman', Times, serif;">Lapithion Tower</div>
  <div style="margin-left: 72pt; font-family: 'Times New Roman', Times, serif;">5 Deligiorgi Street</div>
  <div style="margin-left: 72pt; font-family: 'Times New Roman', Times, serif;">Nicosia 1066, Cyprus<br>
    Attention: Savvas Georghiades</div>
  <div style="margin-left: 72pt; font-family: 'Times New Roman', Times, serif;">Email: sgeorghiades@synergy-marine.com.cy</div>
  <div style="margin-left: 72pt; margin-top: 12pt; font-family: 'Times New Roman', Times, serif;">With a copy (which shall not constitute notice) to:</div>
  <div style="margin-left: 72pt; margin-top: 12pt; font-family: 'Times New Roman', Times, serif;">Watson Farley &amp; Williams LLP</div>
  <div style="margin-left: 72pt; font-family: 'Times New Roman', Times, serif;">Attn: Steven Hollander</div>
  <div style="margin-left: 72pt; font-family: 'Times New Roman', Times, serif;">250 West 55<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> Street, 31<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> Floor</div>
  <div style="margin-left: 72pt; font-family: 'Times New Roman', Times, serif;">New York, New York 10019</div>
  <div><br>
  </div>
  <div style="text-indent: 36pt; margin-top: 12pt; font-family: 'Times New Roman', Times, serif;">Any party may change the address to which notices, requests, consents or other communications hereunder are to be delivered by giving the other parties notice
    in the manner set forth in this Section.</div>
  <div style="text-indent: 72pt; margin-top: 12pt;"><font style="font-family: 'Times New Roman', Times, serif;">(f)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;"><u>Successors and Assigns</u>. This Agreement shall be binding
      upon, shall inure to the benefit of and shall be enforceable by the parties hereto and their respective successors and assigns. The Company may not assign its rights or obligations hereunder without the prior written consent of all of the Holders of
      the then-outstanding Registrable Securities, provided a sale of the Company shall not be deemed an assignment. Any Holder may assign its rights hereunder to a purchaser or transferee of Registrable Securities; <u>provided</u>, that (i) the Company
      is furnished a written notice of the name and address of such transferee or assignee and the Registrable Securities with respect to which such registration rights are being assigned and (ii) such purchaser or transferee shall, as a condition to the
      effectiveness of such assignment, be required to execute a counterpart to this Agreement agreeing to be treated as a Holder whereupon such purchaser or transferee shall have the benefits of, and shall be subject to the restrictions contained in, this
      Agreement as if such purchaser or transferee was originally included in the definition of an Holder herein and had originally been a party hereto.</font></div>
  <div style="text-indent: 72pt; margin-top: 12pt;"><font style="font-family: 'Times New Roman', Times, serif;">(g)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;"><u>Execution in Counterparts; Facsimile Signatures</u>. This
      Agreement and any amendment, waiver or consent hereto may be executed by the parties hereto in separate counterparts, each of which, when so executed and delivered, shall be an original, but all such counterparts shall together constitute one and the
      same instrument. All such counterparts may be</font></div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman', Times, serif; font-weight: normal; font-style: normal;" id="DSPFPageNumber">17</font></div>
    <div id="DSPFPageBreak" style="page-break-after:always;">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
  </div>
  <div><br>
  </div>
  <div style="margin-top: 12pt; font-family: 'Times New Roman', Times, serif;">delivered among the parties hereto by facsimile or other electronic transmission, which shall not affect the validity thereof.</div>
  <div style="text-indent: 72pt; margin-top: 12pt;"><font style="font-family: 'Times New Roman', Times, serif;">(h)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;"><u>Governing Law; Jurisdiction</u>. This Agreement shall be
      governed by and construed under the laws of the State of New York without regard to conflicts of laws principles. Any action or proceeding seeking to enforce any provision of, or based on any right arising out of, this Agreement shall be brought
      against the parties hereto or thereto in the courts of the State of New York, County of New York, or, if it has or can acquire jurisdiction, in the United States District Court for the Southern District of New York, and each of the parties consents
      to the exclusive jurisdiction of such courts (and of the appropriate appellate courts) in any such action or proceeding and waives any objection to venue laid therein. The parties hereby expressly waive all rights to trial by jury in any suit, action
      or proceeding arising under this Agreement.</font></div>
  <div style="text-indent: 72pt; margin-top: 12pt;"><font style="font-family: 'Times New Roman', Times, serif;">(i)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;"><u>Cumulative Remedies</u>. All remedies, either under this
      Agreement or by law, afforded to the parties hereto, shall be cumulative and not alternative.</font></div>
  <div style="text-indent: 72pt; margin-top: 12pt;"><font style="font-family: 'Times New Roman', Times, serif;">(j)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;"><u>Severability</u>. Any provision of this Agreement which is
      prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof or affecting the validity or enforceability of
      such provision in any other jurisdiction.</font></div>
  <div style="text-indent: 72pt; margin-top: 12pt;"><font style="font-family: 'Times New Roman', Times, serif;">(k)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;"><u>Section Headings and References</u>. The section headings are
      for the convenience of the parties and in no way alter, modify, amend, limit or restrict the contractual obligations of the parties. Any reference in this Agreement to a particular section or subsection shall refer to a section or subsection of this
      Agreement, unless specified otherwise.</font></div>
  <div style="text-align: center; margin-top: 12pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">&#160;[Remainder of page intentionally left blank; Signature pages follow]</div>
  <div style="margin-top: 12pt;"><br>
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    <div id="DSPFPageBreak" style="page-break-after:always;">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
  </div>
  <div><br>
  </div>
  <div style="text-indent: 36pt; margin-top: 12pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;">IN WITNESS WHEREOF</font>, the parties have executed this Registration Rights Agreement as of the date first written above.</div>
  <div style="margin-top: 12pt;"><br>
  </div>
  <div style="text-align: center; margin-top: 12pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">
    <table cellspacing="0" cellpadding="0" id="z91e79bdcfb364687835ec5a46e468d02" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

        <tr>
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            <div style="font-family: 'Times New Roman',Times,serif; font-style: italic; font-weight: bold;">THE COMPANY:</div>
            <div style="font-family: 'Times New Roman',Times,serif; font-style: italic; font-weight: bold;"> <br>
            </div>
          </td>
        </tr>
        <tr>
          <td style="width: 48.75%; vertical-align: top;">&#160;</td>
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            <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">EUROSEAS LTD.</div>
            <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;"> <br>
            </div>
          </td>
        </tr>
        <tr>
          <td style="width: 48.75%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
          <td style="width: 6.27%; vertical-align: top; padding-bottom: 2px;">
            <div style="font-family: 'Times New Roman',Times,serif;">By:</div>
          </td>
          <td style="width: 44.99%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">/s/ Dr. Anastasios (Tasos) Aslidis</td>
        </tr>
        <tr>
          <td style="width: 48.75%; vertical-align: top;">&#160;</td>
          <td style="width: 6.27%; vertical-align: top;">&#160;</td>
          <td style="width: 44.99%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">Name: Dr. Anastasios (Tasos) Aslidis</div>
          </td>
        </tr>
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          <td style="width: 48.75%; vertical-align: top;">&#160;</td>
          <td style="width: 6.27%; vertical-align: top;">&#160;</td>
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            <div style="font-family: 'Times New Roman',Times,serif;">Title:&#160; CFO &amp; Treasurer</div>
          </td>
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  <div style="text-align: center; margin-top: 12pt; font-family: 'Times New Roman', Times, serif; font-style: italic;"> <br>
  </div>
  <div style="text-align: center; margin-top: 12pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">[Investor Signature page follows]</div>
  <div style="margin-top: 6pt; margin-bottom: 6pt;"><br>
  </div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
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  <div style="margin-top: 6pt; margin-bottom: 6pt;"><br>
  </div>
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      <tr>
        <td style="width: 48.75%; vertical-align: top;">&#160;</td>
        <td style="width: 51.25%; vertical-align: top;" colspan="2">
          <div style="font-style: italic;"><font style="font-weight: bold;">INVESTOR</font>:</div>
          <div style="font-weight: bold;"><br>
            SYNERGY HOLDINGS LIMITED (formerly known as Nautilus Holdings No. 2 Limited)</div>
          <div><font style="font-size: 12pt;"><br>
            </font>&#160;</div>
        </td>
      </tr>
      <tr>
        <td style="width: 48.75%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
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          <div>By:</div>
        </td>
        <td style="width: 44.99%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
      </tr>
      <tr>
        <td style="width: 48.75%; vertical-align: top;">&#160;</td>
        <td style="width: 6.27%; vertical-align: top;">&#160;</td>
        <td style="width: 44.99%; vertical-align: top;">
          <div>Name:</div>
        </td>
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        <td style="width: 48.75%; vertical-align: top;">&#160;</td>
        <td style="width: 6.27%; vertical-align: top;">&#160;</td>
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          <div>Title:</div>
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<DOCUMENT>
<TYPE>EX-4.30
<SEQUENCE>13
<FILENAME>d8498133_ex4-30.htm
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Seward & Kissel LLP
         Document created using EDGARfilings PROfile 6.4.0.0
         Copyright 1995 - 2020 Broadridge -->
  </head>
<body bgcolor="#ffffff" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;">
  <div style="text-align: right;"><font style="font-weight: bold;">Exhibit 4.30</font><br>
  </div>
  <div><br>
  </div>
  <div>
    <div style="text-align: right; margin-bottom: 12pt; font-size: 12pt; font-weight: bold;">EXECUTION VERSION</div>
    <div style="text-align: center; margin-bottom: 12pt; font-size: 12pt; font-weight: bold;">EUROSEAS LTD.</div>
    <div style="text-align: center; margin-bottom: 12pt; font-size: 12pt; font-weight: bold;">Up to US$10,000,000 of Common Shares</div>
    <div style="text-align: center; margin-bottom: 12pt; font-size: 12pt; font-weight: bold;"><u>EQUITY DISTRIBUTION AGREEMENT</u></div>
    <div style="text-align: right; margin-bottom: 12pt; font-size: 12pt;">October 30, 2018</div>
    <div style="margin-bottom: 12pt; font-size: 12pt;">Maxim Group LLC<br>
      405 Lexington Avenue<br>
      New York, New York 10174</div>
    <div style="margin-bottom: 12pt; font-size: 12pt;">Ladies and Gentlemen:</div>
    <div style="text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">Euroseas Ltd., a corporation organized under the laws of the Republic of the Marshall Islands (the &#8220;<font style="font-weight: bold; font-style: italic;">Company</font>&#8221;), proposes to
      issue and sell through Maxim Group LLC (the &#8220;<font style="font-weight: bold; font-style: italic;">Agent</font>&#8221;), as sales agent, common shares of the Company, par value $0.03 per share (the &#8220;<font style="font-weight: bold; font-style: italic;">Common

        Shares</font>&#8221;), having an aggregate offering price of up to US$10,000,000 of Common Shares (the Common Shares subject to this Equity Distribution Agreement (this &#8220;<font style="font-weight: bold; font-style: italic;">Agreement</font>&#8221;) being
      referred to herein as the &#8220;<font style="font-weight: bold; font-style: italic;">Shares</font>&#8221;) on terms set forth herein. The Shares consist entirely of authorized but unissued Common Shares to be issued and sold by the Company.</div>
    <div style="text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">The Company hereby confirms its agreement with the Agent with respect to the sale of the Shares.</div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">1.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt; font-style: italic; font-weight: bold;">Representations and Warranties of the Company.</font></div>
    <div style="text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">The Company represents and warrants to, and agrees with, the Agent as follows:</font></div>
    <div style="text-indent: 108pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(i)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">A registration statement on Form F-3 (File No. 333-208305) (the &#8220;<font style="font-weight: bold; font-style: italic;">registration statement</font>&#8221;) was initially declared effective by the Securities and Exchange Commission (the &#8220;<font style="font-weight: bold; font-style: italic;">Commission</font>&#8221;) on December 19, 2016, and is currently effective,
        under the Securities Act of 1933, as amended (the &#8220;<font style="font-weight: bold; font-style: italic;">Securities Act of 1933</font>&#8221;), and the rules and regulations promulgated thereunder (the &#8220;<font style="font-weight: bold; font-style: italic;">Rules

          and Regulations</font>&#8221; and collectively with the Securities Act of 1933, the &#8220;<font style="font-weight: bold; font-style: italic;">Securities Act</font>&#8221;); since the date of effectiveness of the registration statement, no additional or
        supplemental information was requested by the Commission; no stop order of the Commission preventing or suspending the use of any Base Prospectus (as defined below), the Prospectus Supplement (as defined below), the Prospectus (as defined below) or
        any Permitted Free Writing Prospectus (as defined below), or the effectiveness of the Registration Statement, has been issued, and no proceedings for such purpose have been instituted or, to the Company&#8217;s knowledge, are contemplated by the
        Commission. Except where the context otherwise requires, &#8220;<font style="font-weight: bold; font-style: italic;">Registration Statement</font>,&#8221; as used herein, means the registration statement, as amended at the time of such registration statement&#8217;s
        effectiveness for purposes of Section 11 of the Securities Act, as such section applies to the Agent, including (1) all documents filed as a part thereof or incorporated or deemed to be incorporated by reference therein, (2) any information
        contained or incorporated by reference in a prospectus filed with the Commission pursuant to Rule 424(b)</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
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    <!--PROfilePageNumberReset%Num%2%%%-->
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="margin-bottom: 12pt; font-size: 12pt;">under the Securities Act, to the extent such information is deemed, pursuant to Rule 430B or Rule 430C under the Securities Act, to be part of the registration statement at such time, and (3) any
      registration statement filed to register the offer and sale of Shares pursuant to Rule 462(b) under the Securities Act (the &#8220;<font style="font-weight: bold; font-style: italic;">462(b) Registration Statement</font>&#8221;). Except where the context
      otherwise requires, &#8220;<font style="font-weight: bold; font-style: italic;">Base Prospectus</font>,&#8221; as used herein, means the prospectus filed as part of the Registration Statement, together with any amendments or supplements thereto as of the date of
      this Agreement. Except where the context otherwise requires, &#8220;<font style="font-weight: bold; font-style: italic;">Prospectus Supplement</font>,&#8221; as used herein, means the most recent prospectus supplement relating to the Shares, filed by the Company
      with the Commission pursuant to Rule 424(b) under the Securities Act and in accordance with the terms of this Agreement. Except where the context otherwise requires, &#8220;<font style="font-weight: bold; font-style: italic;">Prospectus</font>,&#8221; as used
      herein, means the Prospectus Supplement together with the Base Prospectus attached to or used with the Prospectus Supplement, as may be amended or supplemented from time to time. &#8220;<font style="font-weight: bold; font-style: italic;">Permitted Free
        Writing Prospectus</font>,&#8221; as used herein, means the documents, if any, listed on <u>Schedule A</u> attached hereto and, after the date hereof, any &#8220;issuer free writing prospectus&#8221; as defined in Rule 433 of the Securities Act, that is expressly
      agreed to by the Company and the Agent in writing to be a Permitted Free Writing Prospectus. Any reference herein to the Registration Statement, the Base Prospectus, the Prospectus Supplement, the Prospectus or any Permitted Free Writing Prospectus
      shall be deemed to refer to and include the documents, if any, incorporated by reference, or deemed to be incorporated by reference, therein pursuant to Item 6 of Form F-3 (the &#8220;<font style="font-weight: bold; font-style: italic;">Incorporated
        Documents</font>&#8221;), including, unless the context otherwise requires, the documents, if any, filed as exhibits to such Incorporated Documents. For purposes of this Agreement, all references to the Registration Statement, the Rule 462(b)
      Registration Statement, the Base Prospectus, the Prospectus or any amendment or supplement to any of the foregoing shall be deemed to include the copy filed with the Commission pursuant to its Electronic Data Gathering, Analysis and Retrieval System
      (&#8220;<font style="font-weight: bold; font-style: italic;">EDGAR</font>&#8221;). All references in this Agreement to financial statements and schedules and other information which is &#8220;described,&#8221; &#8220;contained,&#8221; &#8220;included&#8221; or &#8220;stated&#8221; in the Registration
      Statement, the Base Prospectus, the Prospectus or any Permitted Free Writing Prospectus (or other references of like import) shall be deemed to mean and include all such financial statements and schedules and other information which is incorporated
      by reference in or otherwise deemed by the Rules and Regulations to be a part of or included in the Registration Statement, the Base Prospectus, the Prospectus or Permitted Free Writing Prospectus as the case may be. Any reference herein to the terms
      &#8220;<font style="font-weight: bold; font-style: italic;">amend</font>,&#8221; &#8220;<font style="font-weight: bold; font-style: italic;">amendment</font>&#8221; or &#8220;<font style="font-weight: bold; font-style: italic;">supplement</font>&#8221; with respect to the Registration
      Statement, any Base Prospectus, the Prospectus, the Prospectus Supplement or any Permitted Free Writing Prospectus shall be deemed to refer to and include the filing of any document under the Securities Exchange Act of 1934, as amended, and the rules
      and regulations thereunder (collectively, the &#8220;<font style="font-weight: bold; font-style: italic;">Exchange Act</font>&#8221;) on or after the initial effective date of the Registration Statement, or the date of such Base Prospectus, the Prospectus, the
      Prospectus Supplement or such Permitted Free Writing Prospectus, if any, as the case may be, and incorporated or deemed to be incorporated therein by reference pursuant to Item 6 of Form F-3. &#8220;<font style="font-weight: bold; font-style: italic;">Time
        of Sale</font>&#8221; means each time a Share is purchased pursuant to this Agreement.</div>
    <div style="text-indent: 108pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(ii)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 12pt;">(A)&#160; &#160; &#160; The Registration Statement complied when it became effective, complies as of the date hereof, and will
        comply upon the effectiveness of any amendment thereto and at each Time of Sale and each Settlement Date (as applicable), in all material respects, with the requirements of the Securities Act; at all times during which a prospectus is required by
        the Securities Act to be delivered (whether physically or through</font></div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;">2</font></div>
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    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="margin-bottom: 12pt; font-size: 12pt;">compliance with Rule 172 under the Securities Act or any similar rule) in connection with any sale of Shares (the &#8220;<font style="font-weight: bold; font-style: italic;">Prospectus Delivery Period</font>&#8221;);

      the Registration Statement, as may be amended, will comply, in all material respects, with the requirements of the Securities Act; the conditions to the use of Form F-3 in connection with the offering and sale of the Shares as contemplated hereby
      (the &#8220;<font style="font-weight: bold; font-style: italic;">Offering</font>&#8221;) have been satisfied, subject to the limitations imposed on transactions conducted pursuant to General Instruction I.B.5 of Form F-3; the Registration Statement meets, and
      the Offering complies with, the requirements of Rule 415 under the Securities Act (including, without limitation, Rule 415(a)(5)); the Registration Statement did not, as of the time of its effectiveness and as of the date hereof, and will not, as of
      the effective date of any amendment thereto, at each Time of Sale, if any, and at all times during a Prospectus Delivery Period, contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or
      necessary to make the statements therein not misleading.</div>
    <div style="text-indent: 144pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(B)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 12pt;">The Prospectus, as of the date of the Prospectus Supplement, as of the date hereof (if filed with the Commission on
        or prior to the date hereof), at each Settlement Date and Time of Sale (as applicable), and at all times during a Prospectus Delivery Period, complied, complies or will comply, in all material respects, with the requirements of the Securities Act;
        and the Prospectus, and each supplement thereto, as of their respective dates, at each Settlement Date or Time of Sale (as applicable), and at all times during a Prospectus Delivery Period, did not and will not include an untrue statement of a
        material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading.</font></div>
    <div style="text-indent: 144pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(C)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 12pt;">Each Permitted Free Writing Prospectus, if any, as of its date and as of each Settlement Date and Time of Sale (as
        applicable), and at all times during a Prospectus Delivery Period (when taken together with the Prospectus at such time) will not include an untrue statement of a material fact or omit to state a material fact necessary in order to make the
        statements therein, in the light of the circumstances under which they were made, not misleading.</font></div>
    <div style="text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">The representations and warranties set forth in subparagraphs (A), (B) and (C) above shall not apply to any statement contained in the Registration Statement, any Base Prospectus,
      the Prospectus or any Permitted Free Writing Prospectus in reliance upon and in conformity with information concerning the Agent that is furnished in writing by or on behalf of the Agent expressly for use in the Registration Statement, such Base
      Prospectus, the Prospectus or such Permitted Free Writing Prospectus, if any, it being understood and agreed that only such information furnished by the Agent as of the date hereof consists of the information described in <u>Section 6(b)(ii).</u></div>
    <div style="text-indent: 108pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(iii)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 12pt;">Prior to the execution of this Agreement, the Company has not, directly or indirectly, offered or sold any Shares
        by means of any &#8220;prospectus&#8221; (within the meaning of the Securities Act) or used any &#8220;prospectus&#8221; (within the meaning of the Securities Act) in connection with the Offering, in each case other than the Base Prospectus or any Permitted Free Writing
        Prospectus; the Company has not, directly or indirectly, prepared, used or referred to any Permitted Free Writing Prospectus except in compliance with Rules 164 and 433 under the Securities Act; assuming that a Permitted Free Writing Prospectus, if
        any, is sent or given after the Registration Statement was filed with the Commission (and after such Permitted</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;">3</font></div>
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    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="margin-bottom: 12pt; font-size: 12pt;">Free Writing Prospectus, if any, was, if required pursuant to Rule 433(d) under the Securities Act, filed with the Commission), the Company will satisfy the provisions of Rule 164 or Rule 433 necessary
      for the use of a free writing prospectus (as defined in Rule 405) in connection with the Offering; the conditions set forth in one or more of subclauses (i) through (iv), inclusive, of Rule 433(b)(1) under the Securities Act are satisfied, and the
      registration statement relating to the Offering, as initially filed with the Commission, includes a prospectus that, other than by reason of Rule 433 or Rule 431 under the Securities Act, satisfies the requirements of Section 10 of the Securities
      Act; neither the Company nor the Agent is disqualified, by reason of subsection (f) or (g) of Rule 164 under the Securities Act, from using, in connection with the Offering, &#8220;free writing prospectuses&#8221; (as defined in Rule 405 under the Securities
      Act) pursuant to Rules 164 and 433 under the Securities Act; the Company is not an &#8220;ineligible issuer&#8221; (as defined in Rule 405 under the Securities Act) as of the eligibility determination date for purposes of Rules 164 and 433 under the Securities
      Act with respect to the offering of the Shares contemplated by the Registration Statement; the parties hereto agree and understand that the content of any and all &#8220;road shows&#8221; (as defined in Rule 433 under the Securities Act) related to the Offering
      is solely the property of the Company.</div>
    <div style="text-indent: 108pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(iv)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">Each Permitted Free Writing Prospectus, as of its issue date, each Time of Sale and each Settlement Date occurring
        after such issue date and at all subsequent times through the Prospectus Delivery Period (as defined below) or until any earlier date that the Company notified or notifies the Agent as described in <u>Section 4(c)(iii),</u> did not, does not and
        will not include any information that conflicted, conflicts or will conflict with the information contained in the Registration Statement, any Base Prospectus or the Prospectus. The foregoing sentence does not apply to statements in or omissions
        from any Permitted Free Writing Prospectus based upon and in conformity with written information furnished to the Company by the Agent specifically for use therein, it being understood and agreed that only such information furnished by the Agent as
        of the date hereof consist of the information described in <u>Section&#160; 6(b)(ii).</u></font></div>
    <div style="text-indent: 108pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(v)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">The consolidated financial statements of the Company and the Subsidiaries (as defined below), together with the
        related notes, set forth or incorporated by reference in the Registration Statement and the Prospectus comply in all material respects with the requirements of the Securities Act and the Exchange Act and fairly present in all material respects the
        financial condition of the Company and the Subsidiaries, as a whole, as of the dates indicated and the results of operations and changes in cash flows for the periods therein specified in conformity with U.S. generally accepted accounting
        principles consistently applied throughout the periods involved. The selected financial data and the summary financial information included in the documents in the Registration Statement and in the Prospectus constitute a fair summary of the
        information purported to be summarized and have been compiled on a basis consistent with that of the audited financial statements included in the Registration Statement. No other financial statements or supporting schedules are required to be
        included or incorporated by reference in the Registration Statement or the Prospectus under the Securities Act except as so included or incorporated by reference. All disclosures contained in the Registration Statement or the Prospectus or
        incorporated by reference therein regarding &#8220;non GAAP financial measures&#8221; (as such term is defined by the applicable rules and regulations of the Commission) comply with Regulation G of the Exchange Act and Item 10 of Regulation S-K of the
        Securities Act to the extent applicable. To the Company&#8217;s knowledge, Deloitte Certified Public Accountants S.A.,</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;">4</font></div>
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    <div><br>
    </div>
    <div style="margin-bottom: 12pt; font-size: 12pt;">which has expressed its opinion with respect to the financial statements and schedules, if any, filed as a part of the Registration Statement and included in the Registration Statement and the
      Prospectus, is a registered public accounting firm within the meaning of the Securities Act, and in the performance of its work for the Company has not been in violation of the auditor independence requirements of the Sarbanes-Oxley Act of 2002 (the
      &#8220;<font style="font-weight: bold; font-style: italic;">Sarbanes-Oxley Act</font>&#8221;).</div>
    <div style="text-indent: 108pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(vi)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 12pt;">The Company and each of the Subsidiaries has been duly organized and is validly existing as a corporation under the
        laws of its jurisdiction of incorporation. The Company and each of the Subsidiaries has full corporate power and authority to own its respective properties and conduct its business as currently being carried on and as described in the Registration
        Statement and the Prospectus, and is duly qualified to do business as a foreign corporation in good standing in each jurisdiction in which it owns or leases real property or in which the conduct of its business makes such qualification necessary
        and in which the failure to so qualify would have a material adverse effect upon the results of operations, business, management, properties, prospects, conditions (financial or otherwise) or operations, of the Company and the Subsidiaries, either
        individually or taken as a whole (&#8220;<font style="font-weight: bold; font-style: italic;">Material Adverse Effect</font>&#8221;).</font></div>
    <div style="text-indent: 108pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(vii)</font>&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 12pt;">Except as disclosed in the Prospectus, subsequent to the dates as of which information is given in the Prospectus,
        the Company (including its Subsidiaries on a consolidated basis) has not incurred any material liabilities or obligations, direct or contingent, or entered into any material transactions, or declared or paid any dividends or made any distribution
        of any kind with respect to the capital stock of the Company; and there has not been any change in the capital stock of the Company, or issuance of options, warrants, convertible securities or other rights to purchase the capital stock of the
        Company, or any material change in the short-term or long-term debt of the Company (other than as a result of the exercise of any currently outstanding options or warrants that are disclosed in the Prospectus), or any Material Adverse Effect or any
        development that would reasonably be expected to result in a Material Adverse Effect. Since the date of the latest balance sheet presented in the Registration Statement and the Prospectus, neither the Company nor any Subsidiary has entered into any
        transactions, including any acquisition or disposition of any business or asset, which are material to the Company and the Subsidiaries taken as a whole, except for transactions which are disclosed in the Registration Statement and the Prospectus.</font></div>
    <div style="text-indent: 108pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(viii)</font>&#160;&#160;&#160;&#160;&#160; <font style="font-size: 12pt;">Except as set forth in the Prospectus, there is not pending or, to the knowledge of the Company, threatened or
        contemplated, any action, suit or proceeding to which the Company or any of its Subsidiaries or of which any property or assets of the Company or any of its Subsidiaries is the subject before or by any court or governmental agency, authority or
        body, or any arbitrator or mediator, which, individually or in the aggregate, would reasonably be expected to result in any Material Adverse Effect.</font></div>
    <div style="text-indent: 108pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(ix)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 12pt;">There are no statutes, regulations, contracts or documents that are required to be described in the Registration
        Statement and the Prospectus or be filed as exhibits to the Registration Statement by the Securities Act that have not been so described or filed.</font></div>
    <div style="text-indent: 108pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(x)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">This Agreement has been duly authorized, executed and delivered by the Company, and constitutes a valid, legal and
        binding obligation of the Company,</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;">5</font></div>
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    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="margin-bottom: 12pt; font-size: 12pt;">enforceable against the Company in accordance with its terms, except as rights to indemnity hereunder may be limited by federal or state securities laws and except as such enforceability may be limited
      by bankruptcy, insolvency, reorganization or similar laws affecting the rights of creditors generally and subject to general principles of equity. The execution, delivery and performance of this Agreement and the consummation of the transactions
      herein contemplated will not result in a breach or violation of any of the terms and provisions of, or constitute a default under, (i) any law, rule or regulation to which the Company or any of its Subsidiaries is subject, (ii) any agreement or
      instrument to which the Company or any of its Subsidiaries or by which it is bound or to which any of its property is subject, (iii) the Company&#8217;s Amended and Restated Articles of Incorporation or Bylaws, each as amended, or the organizational
      documents of any of its Subsidiaries, or (iv) any order, rule, regulation or decree of any court or governmental agency or body having jurisdiction over the Company or any of its Subsidiaries or any of its properties, except, in the case of clauses
      (i), (ii) and (iv), for such breaches, violations or defaults that would not reasonably be expected to result in a Material Adverse Effect; no consent, approval, authorization or order of, or filing with, any court or governmental agency or body is
      required for the execution, delivery and performance of this Agreement or for the consummation of the transactions contemplated hereby and thereby, including the issuance or sale of the Shares by the Company, except for such consents, approvals,
      authorizations, orders or filings as have been obtained or made or as may be required under the Securities Act or state securities or blue sky laws; and the Company has and will have full power and authority to enter into this Agreement and to
      authorize, issue and sell the Shares as contemplated hereby and thereby.</div>
    <div style="text-indent: 108pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(xi)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 12pt;">All of the issued and outstanding shares of capital stock of the Company, including the outstanding Common Shares,
        are duly authorized and validly issued, fully paid and nonassessable, have been issued in compliance with all applicable foreign, federal and state securities laws, were not issued in violation of or subject to any preemptive rights or other rights
        to subscribe for or purchase securities that have not been waived in writing, and the holders thereof are not subject to personal liability by reason of being such holders; all of the issued and outstanding shares of capital stock of each of the
        Subsidiaries are duly authorized and validly issued, fully paid and nonassessable, and are owned by the Company, directly or through wholly-owned Subsidiaries, free and clear of any security interest, mortgage, pledge, lien, encumbrance, claim or
        equity except for those arising under any credit facility or loan agreement (&#8220;<font style="font-weight: bold; font-style: italic;">Credit Facilities</font>&#8221;) to which the Company or any of its Subsidiaries is a party or their assets are bound as
        disclosed in the Registration Statement and the Prospectus, have been issued in compliance with all applicable foreign, federal and state securities laws, were not issued in violation of or subject to any preemptive rights or other rights to
        subscribe for or purchase securities that have not been waived in writing, and the holders thereof are not subject to personal liability by reason of being such holders; the Shares which may be sold under this Agreement by the Company have been
        duly authorized and, when issued, delivered and paid for in accordance with the terms of this Agreement will have been validly issued and will be fully paid and nonassessable, and the holders thereof will not be subject to personal liability solely
        by reason of being such holders; and the capital stock of the Company, including the Common Shares, conforms in all material respects to the description thereof in the Registration Statement and the Prospectus. Except as otherwise stated in the
        Registration Statement and the Prospectus, there are no preemptive rights or other rights to subscribe for or to purchase, or any restriction upon the voting or transfer of, any Common Shares pursuant to the Company&#8217;s Amended and</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;">6</font></div>
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    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="margin-bottom: 12pt; font-size: 12pt;">Restated Articles of Incorporation, as amended, or any agreement or other instrument to which the Company is a party or by which the Company is bound. Neither the filing of the Registration Statement
      nor the Offering gives rise to any rights for or relating to the registration of any Common Shares or other securities of the Company, except for such registration rights as have been duly waived. Except as described in the Registration Statement and
      the Prospectus, there are no options, warrants, agreements, contracts or other rights in existence to purchase or acquire from the Company any shares of the capital stock of the Company. The Company has an authorized and outstanding capitalization as
      set forth in the Registration Statement and the Prospectus as of the dates set forth therein.</div>
    <div style="text-indent: 108pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(xii)</font>&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 12pt;">The Company and each of its Subsidiaries holds, and is operating in compliance with all grants, authorizations,
        licenses, permits, consents, certificates and orders of any governmental or self-regulatory body required for the conduct of its respective businesses and all such grants, authorizations, licenses, permits, consents, certifications and orders are
        valid and in full force and effect, except for such noncompliance or failures to be in full force and effect that would not reasonably be expected to result in a Material Adverse Effect; and neither the Company nor any of its Subsidiaries has
        received notice of any revocation or modification of any such grant, authorization, license, permit, consent, certification or order or has reason to believe that any such grant, authorization, license, permit, consent, certification or order will
        not be renewed in the ordinary course; and the Company and each of its Subsidiaries is in compliance with all applicable federal, state, local and foreign laws, regulations, orders and decrees, except for such noncompliance that would not
        reasonably be expected to result in a Material Adverse Effect. No approval, authorization, consent or order of or filing with any foreign, federal, state or local governmental or regulatory commission, board, body, authority or agency is required
        in connection with the issuance and sale of the Shares or the consummation by the Company of the transactions contemplated hereby, other than (i) registration of the Shares under the Securities Act, (ii) any necessary qualification under the
        securities or blue sky laws of the various jurisdictions in which the Shares are being offered by the Agent, (iii) the filing of any reports under the Exchange Act, (iv) such approvals as may be required by the Financial Industry Regulatory
        Authority, Inc. (&#8220;<font style="font-weight: bold; font-style: italic;">FINRA</font>&#8221;), (v) approval of the listing of the Shares by the NASDAQ Capital Market or (vi) such approvals as have been obtained or made as of the Time of Sale.</font></div>
    <div style="text-indent: 108pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(xiii)</font>&#160;&#160;&#160;&#160;&#160; <font style="font-size: 12pt;">The Company and each of its Subsidiaries has good and marketable title to all property (whether real or personal)
        described in the Registration Statement and the Prospectus as being owned by it, in each case free and clear of all liens, claims, security interests, other encumbrances or defects except such as are described in the Registration Statement and the
        Prospectus, except as would not materially impair the use or value thereof. The property held under lease by the Company and each of its Subsidiaries is held by it under valid, subsisting and enforceable leases with only such exceptions with
        respect to any particular lease as do not interfere in any material respect with the conduct of the business of the Company or such Subsidiary.</font></div>
    <div style="text-indent: 108pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(xiv)</font>&#160;&#160;&#160;&#160;&#160; <font style="font-size: 12pt;">The Company and each of its Subsidiaries owns, possesses, or can acquire on reasonable terms, all Intellectual
        Property (as defined below) necessary for the conduct of their respective businesses as now conducted or as described in the Registration Statement and the Prospectus to be conducted. Except as would not result in a Material Adverse Effect, (A)
        there are no rights of third parties to any such Intellectual Property owned by the</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;">7</font></div>
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    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="margin-bottom: 12pt; font-size: 12pt;">Company, except as otherwise disclosed to the Agent in writing by the Company prior to the date hereof; (B) to the knowledge of the Company, there is no infringement, misappropriation or violation by
      third parties of any such Intellectual Property; (C) there is no pending or, to the knowledge of the Company, threatened, action, suit, proceeding or claim by others challenging the Company&#8217;s or any Subsidiary&#8217;s rights in or to any such Intellectual
      Property, and the Company is unaware of any facts which would form a reasonable basis for any such claim; (D) the Intellectual Property owned by the Company and each of the Subsidiaries, and to the knowledge of the Company, the Intellectual Property
      licensed to the Company, each of the Subsidiaries, has not been adjudged invalid or unenforceable, in whole or in part, and there is no pending or, to the knowledge of the Company, threatened action, suit, proceeding or claim by others challenging
      the validity or scope of any such Intellectual Property, and the Company is unaware of any facts which would form a reasonable basis for any such claim; (E) there is no pending or, to the knowledge of the Company, threatened action, suit, proceeding
      or claim by others that the Company or any of its Subsidiaries infringes, misappropriates or otherwise violates any Intellectual Property or other proprietary rights of others, and neither the Company nor any of the Subsidiaries has received any
      written notice of such claim; and (F) to the Company&#8217;s knowledge, no employee of the Company or any of its Subsidiaries is in or has ever been in violation of any term of any employment contract, patent disclosure agreement, invention assignment
      agreement, non-competition agreement, non-solicitation agreement, nondisclosure agreement or any restrictive covenant to or with a former employer where the basis of such violation relates to such employee&#8217;s employment with the Company or any of its
      Subsidiaries or actions undertaken by the employee while employed with the Company or any of its Subsidiaries. &#8220;<font style="font-weight: bold; font-style: italic;">Intellectual Property</font>&#8221; shall mean all patents, patent applications, trade and
      service marks, trade and service mark registrations, trade names, copyrights, licenses, inventions, trade secrets, domain names, technology, know-how and other intellectual property.</div>
    <div style="text-indent: 108pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(xv)</font>&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 12pt;">Neither the Company nor any of its Subsidiaries is (A) in violation of its articles of incorporation or similar
        organizational documents, or (B) in breach of or otherwise in default, and no event has occurred which, with notice or lapse of time or both, would constitute such a default in the performance of any material obligation, agreement or condition
        contained in any bond, debenture, note, indenture, loan agreement, mortgage, deed of trust or any other material contract, lease or other instrument to which it is subject or by which any of them may be bound, or to which any of the material
        property or assets of the Company or any of its Subsidiaries is subject (collectively, the &#8220;<font style="font-weight: bold; font-style: italic;">Material Contracts</font>&#8221;); or (C) in violation of any law or statute or any judgment, order, rule or
        regulation of any court or arbitrator or governmental or regulatory authority, except in the case of (B) and (C) above, as could not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect.</font></div>
    <div style="text-indent: 108pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(xvi)</font>&#160;&#160;&#160;&#160;&#160; <font style="font-size: 12pt;">The Company and each of the Subsidiaries has timely filed all applicable federal, state, local, foreign and other
        income and franchise tax returns required to be filed and are not in default in the payment of any taxes which were payable pursuant to said returns or any assessments with respect thereto, other than any which the Company or any of its
        Subsidiaries is contesting in good faith. There is no pending dispute with any taxing authority relating to any of such returns, and the Company has no knowledge of any proposed liability for any tax to be imposed upon the properties or assets of
        the Company or any of its Subsidiaries for which there is not an adequate reserve reflected in the Company&#8217;s financial statements included in the Registration Statement. There are no documentary, stamp or other issuance or transfer</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;">8</font></div>
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    </div>
    <div style="margin-bottom: 12pt; font-size: 12pt;">taxes or duties or similar fees or charges under U.S. federal law or the laws of any U.S. state, the Republic of the Marshall Islands, or any political subdivision of any thereof, required to be paid
      in connection with the execution and delivery of this Agreement or the issuance, sale and delivery by the Company of the Shares.</div>
    <div style="text-indent: 108pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(xvii)</font>&#160;&#160;&#160;&#160; <font style="font-size: 12pt;">The Company has not distributed and will not distribute any prospectus or other offering material in connection with
        the Offering other than the Registration Statement and the Prospectus or other materials permitted by the Securities Act to be distributed by the Company; provided, however, that the Company has not made and will not make any offer relating to the
        Shares that would constitute a &#8220;free writing prospectus&#8221; as defined in Rule 405 under the Securities Act, except in accordance with the provisions of <u>Section 4(o)</u> of this Agreement.</font></div>
    <div style="text-indent: 108pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(xviii)</font>&#160;&#160;&#160; <font style="font-size: 12pt;">The issuance and sale of the Shares as contemplated in this Agreement does not contravene the rules and regulations
        of the NASDAQ Capital Market. The Common Shares are registered pursuant to Section 12(b) of the Exchange Act and are listed on the NASDAQ Capital Market and the Company has taken no action designed to, or likely to have the effect of, terminating
        the registration of the Common Shares under the Exchange Act or delisting the Common Shares from the NASDAQ Capital Market nor, except as disclosed in the Registration Statement or the Prospectus, has the Company received any notification that the
        Commission or the NASDAQ Capital Market is contemplating terminating such registration or listing. The Company has complied in all material respects with the applicable requirements of the NASDAQ Capital Market for maintaining the listing of the
        Common Shares thereon. The Company has filed an application to include the Shares on the NASDAQ Capital Market.</font></div>
    <div style="text-indent: 108pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(xix)</font>&#160;&#160;&#160;&#160;&#160; <font style="font-size: 12pt;">The Company has no subsidiaries other than those listed on Schedule E hereto (collectively, the &#8220;<font style="font-weight: bold; font-style: italic;">Subsidiaries</font>&#8221;). The Company does not own, directly or indirectly, any shares of stock or any other equity or long-term debt securities of any other corporation or have any equity interest in
        any other corporation, partnership, joint venture, association, trust or other entity.</font></div>
    <div style="text-indent: 108pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(xx)</font>&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 12pt;">The Company and each of its Subsidiaries have established and maintain systems of internal accounting controls
        sufficient to provide reasonable assurances that (A) transactions are executed in accordance with management&#8217;s general or specific authorization; (B) transactions are recorded as necessary to permit preparation of financial statements in conformity
        with generally accepted accounting principles and to maintain accountability for assets; (C) access to assets is permitted only in accordance with management&#8217;s general or specific authorization; and (D) amounts reflected on the Company&#8217;s
        consolidated balance sheet for assets are compared with existing assets at reasonable intervals and appropriate action is taken with respect to any differences. Except as described in the Registration Statement and the Prospectus, since the filing
        of the annual report on Form 20-F for the fiscal year ended December 31, 2017, there has been (i) no new material weakness identified to the Company&#8217;s board of directors (or committee thereof) in the Company&#8217;s internal control over financial
        reporting (whether or not remediated) and (ii) no change in the Company&#8217;s internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, the Company&#8217;s internal control over financial reporting.</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;">9</font></div>
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    <div style="text-indent: 108pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(xxi)</font>&#160;&#160;&#160;&#160; <font style="font-size: 12pt;">Except as described in the Registration Statement or the Prospectus, the Company and each of the Subsidiaries: (A) is
        and at all times since January 1, 2018 has been in material compliance with all United States (federal, state and local) and foreign statutes, rules, regulations, treaties, or guidances applicable to the Company or the Subsidiaries (&#8220;<font style="font-weight: bold; font-style: italic;">Applicable Laws</font>&#8221;); (B) since January 1, 2018 has not received any notice of adverse finding, warning letter, untitled letter or other correspondence or notice from any Governmental Authority
        (as defined below) alleging or asserting noncompliance with any Applicable Laws or any licenses, certificates, approvals, clearances, authorizations, permits and supplements or amendments thereto required by any such Applicable Laws (&#8220;<font style="font-weight: bold; font-style: italic;">Authorizations</font>&#8221;); (C) since January 1, 2018 has not received notice of any claim, action, suit, proceeding, hearing, enforcement, investigation, arbitration or other action from any
        Governmental Authority or third party alleging that any product operation or activity is in violation of any Applicable Laws or Authorizations and has no knowledge that any such Governmental Authority or third party intends to assert any such
        claim, litigation, arbitration, action, suit, investigation or proceeding; (D) since January 1, 2018 has not received notice that any Governmental Authority has taken, is taking or intends to take action to limit, suspend, modify or revoke any
        Authorizations and the Company has no knowledge that any such Governmental Authority is considering such action; and (E) has filed, obtained, maintained or submitted all material reports, documents, forms, notices, applications, records, claims,
        submissions and supplements or amendments as required by any Applicable Laws or Authorizations and that all such reports, documents, forms, notices, applications, records, claims, submissions and supplements or amendments were complete and correct
        in all material respects on the date filed (or were corrected or supplemented by a subsequent submission). &#8220;<font style="font-weight: bold; font-style: italic;">Governmental Authority</font>&#8221; means any federal, provincial, state, local, foreign or
        other governmental or quasi-governmental agency or body or any other type of regulatory authority or body, including, without limitation, the NASDAQ Capital Market. The aggregate of all pending legal or governmental proceedings to which the Company
        or any Subsidiary is a party or of which any of their respective property or assets is the subject which are not described in the Registration Statement and the Prospectus, including ordinary routine litigation incidental to the business, would not
        result in a Material Adverse Effect.</font></div>
    <div style="text-indent: 108pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(xxii)</font>&#160;&#160;&#160;&#160; <font style="font-size: 12pt;">Other than as contemplated by this Agreement, the Company has not incurred any liability for any finder&#8217;s or broker&#8217;s
        fee or agent&#8217;s commission in connection with the execution and delivery of this Agreement or the consummation of the transactions contemplated hereby. The Company has not entered into any other sales agency agreements or other similar arrangements
        with any agent or any other representative in respect of &#8220;at the market&#8221; offerings of the Shares in accordance with Rule 415 under the Securities Act.</font></div>
    <div style="text-indent: 108pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(xxiii)</font>&#160;&#160;&#160; <font style="font-size: 12pt;">The Company and each of the Subsidiaries carries, or is covered by, insurance in such amounts and covering such risks
        the Company reasonably believes are adequate for the conduct of its respective business and the value of its properties and as is customary for companies engaged in similar businesses in similar industries; all policies of insurance and any
        fidelity or surety bonds insuring the Company, each of its Subsidiaries and their respective businesses, assets, employees, officers and directors are in full force and effect; the Company and each of its Subsidiaries is in compliance with the
        terms of such policies and instruments in all material respects; there are no claims by the Company or any of the Subsidiaries under any such policy or instrument as to which any insurance company is denying liability or defending under a
        reservation of rights clause; neither the Company nor any of the</font></div>
    <div><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;">10</font></div>
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    </div>
    <div style="margin-bottom: 12pt; font-size: 12pt;">Subsidiaries has been refused any insurance coverage sought or applied for; and the Company has no reason to believe that it will not be able to renew its existing insurance coverage as and when such
      coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business at a cost that would not have a Material Adverse Effect.</div>
    <div style="text-indent: 108pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(xxiv)</font>&#160;&#160;&#160; <font style="font-size: 12pt;">The Company is not (and is not an affiliate of), and immediately after receipt of payment for the Shares, will not be
        (and will not be an affiliate of), an &#8220;investment company&#8221; within the meaning of the Investment Company Act of 1940, as amended. The Company currently intends to conduct its business in a manner so that it will not become subject to the Investment
        Company Act of 1940, as amended.</font></div>
    <div style="text-indent: 108pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(xxv)</font>&#160;&#160;&#160;&#160; <font style="font-size: 12pt;">The Incorporated Documents, at the time they were or hereinafter are filed with the Commission, complied and will
        comply in all material respects to the requirements of the Securities Act and the Exchange Act, and were filed on a timely basis with the Commission and no Incorporated Document contained or will contain an untrue statement of a material fact or
        omitted to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided, that, no representation is made herein regarding the
        representations, warranties and covenants, or any descriptions thereof, contained in any agreements or documents included as exhibits to the Incorporated Documents. There is no material document required to be described in the Registration
        Statement or the Prospectus or to be filed as an exhibit to the Registration Statement which was not described or filed as required. All material agreements of the Company and all agreements governing or evidencing any and all related party
        transactions have been filed with the Commission to the extent required and applicable under the Exchange Act. Neither the Company nor any Subsidiaries has sent or received any communication regarding termination of, or intent not to renew, any of
        the contracts or agreements referred to or described in the Registration Statement and the Prospectus, or referred to or described in, or filed as an exhibit to, the Registration Statement or any Incorporated Document (including, without
        limitation, all charter parties to which the Company or any Subsidiary is a party), and no such termination or non-renewal has been threatened by the Company or any of its Subsidiaries or, to the Company&#8217;s knowledge, any other party to any such
        contract or agreement. Any descriptions of the terms of any of the foregoing contracts and agreements that are contained in the Registration Statement and the Prospectus are accurate and complete in all material respects. The Shareholders Rights
        Agreement, dated May 18, 2009, by and between the Company and American Stock Transfer and Trust Company, LLC (as amended, the &#8220;<font style="font-weight: bold; font-style: italic;">Rights Agreement</font>&#8221;), constitutes a valid and binding agreement
        of each such party enforceable against each such party in accordance with its terms; and when issued in accordance with the terms of the Rights Agreement, the preferred stock purchase rights constitute valid and binding obligations of the Company
        and the Registration Statement and the Prospectus contain a summary of the terms of the Rights Agreement, which summary is accurate and complete in all material respects.</font></div>
    <div style="text-indent: 108pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(xxvi)</font>&#160;&#160;&#160; <font style="font-size: 12pt;">The Company is in compliance in all material respects with all applicable provisions of the Sarbanes-Oxley Act and the
        rules and regulations of the Commission thereunder.</font></div>
    <div style="text-indent: 108pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(xxvii)</font>&#160;&#160; <font style="font-size: 12pt;">Except as described in the Registration Statement and the Prospectus, the Company has established and maintains
        disclosure controls and procedures</font></div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;">11</font></div>
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    <div><br>
    </div>
    <div style="margin-bottom: 12pt; font-size: 12pt;">(within the meaning of Rule 13a-15(e) of the Exchange Act) and such controls and procedures are designed to ensure that information required to be disclosed in the reports that the Company files or
      submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the Commission and that such information is accumulated and communicated to the Company&#8217;s management, including
      its Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. The Company has utilized such controls and procedures in preparing and evaluating the disclosures in the Registration
      Statement and the Prospectus.</div>
    <div style="text-indent: 108pt; margin-bottom: 12pt; font-size: 12pt;">(xxviii) To the knowledge of the Company, neither the Company, the Subsidiaries, nor any director, officer, agent, employee or affiliate of the Company or any Subsidiary, has taken
      any action directly or indirectly, that would result in a violation by such persons of the FCPA (as defined below), including, without limitation, making use of the mails or any means or instrumentality of interstate commerce corruptly in furtherance
      of an offer, payment, promise to pay or authorization of the payment of any money, or other property, gift, promise to give, or authorization of the giving of anything of value to any &#8220;Foreign official&#8221; (as such term is defined in the FCPA) or any
      foreign political party or official thereof or any candidate for foreign political office, in contravention of the FCPA, and the Company and each of its Subsidiaries has conducted its business in compliance with the FCPA and has instituted and
      maintains policies and procedures designed to ensure, and which are reasonably expected to continue to ensure, continued compliance therewith. &#8220;<font style="font-weight: bold; font-style: italic;">FCPA</font>&#8221; means the Foreign Corrupt Practices Act
      of 1977, as amended, and the rules and regulations thereunder.</div>
    <div style="text-indent: 108pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(xxix)</font>&#160;&#160; <font style="font-size: 12pt;">The Company and each of its Subsidiaries have complied in all material respects with the money laundering statutes of
        applicable jurisdictions, the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by applicable governmental agencies (collectively, the &#8220;<font style="font-weight: bold; font-style: italic;">Money Laundering Laws</font>&#8221;), and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company or any of its Subsidiaries with respect to the Money
        Laundering Laws is pending or, to the knowledge of the Company, threatened.</font></div>
    <div style="text-indent: 108pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(xxx)</font>&#160;&#160;&#160; <font style="font-size: 12pt;">Neither the Company, any of its Subsidiaries, nor, to the knowledge of the Company, any director, officer, employee,
        representative, agent, or affiliate of the Company or any of its Subsidiaries is currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury.</font></div>
    <div style="text-indent: 108pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(xxxi)</font>&#160;&#160; <font style="font-size: 12pt;">No transaction has occurred or agreement or understanding entered into between or among the Company or any of its
        Subsidiaries on the one hand, and any officer, director or 5% or greater stockholder of the Company or any Subsidiary of the Company or any affiliate or affiliates of any such officer, director or 5% or greater stockholder that is required to be
        described that is not so described in the Registration Statement and the Prospectus. Neither the Company nor any of its Subsidiaries has, directly or indirectly, extended or maintained credit, or arranged for the extension of credit, or renewed an
        extension of credit, in the form of a personal loan to or for any of its directors or executive officers in violation of applicable laws, including Section 402 of the Sarbanes-Oxley Act.</font></div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;">12</font></div>
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    <div style="text-indent: 108pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(xxxii)</font>&#160;&#160;&#160;&#160;&#160; &#160; &#160; &#160; &#160;&#160;&#160; <font style="font-size: 12pt;">(a) Neither the Company nor any of its Subsidiaries is in violation of any applicable international,
        national, state or local convention, law, regulation, order, governmental license, convention, treaty (including those promulgated by the International Maritime Organization) or other requirement relating to pollution or protection of human health
        or safety (as they relate to exposure to Materials of Environmental Concern (as defined below)) or protection of the environment (including, without limitation, ambient air, surface water, groundwater, land surface or subsurface strata) or
        protection of natural resources, including without limitation, conventions, laws or regulations relating to emissions, discharges, releases or threatened releases of chemicals, pollutants, contaminants, wastes, toxic substances, hazardous
        substances, petroleum, petroleum products or other hydrocarbons (collectively, &#8220;<font style="font-weight: bold; font-style: italic;">Materials of Environmental Concern&#8221;</font>), or otherwise relating to the manufacture, processing, distribution,
        use, treatment, storage, disposal, transport or handling of Materials of Environmental Concern (collectively, &#8220;<font style="font-weight: bold; font-style: italic;">Environmental Laws&#8221;</font>), nor has the Company or any Subsidiary received any
        written communication, whether from a Governmental Authority, citizens group, employee or otherwise, that alleges that the Company or any such Subsidiary is in violation of any Environmental Law or governmental license required pursuant to
        Environmental Law; except, in each case, as would not, individually or in the aggregate, have a Material Adverse Effect; (b) there is no claim, action or cause of action filed with a court or Governmental Authority and no investigation, or other
        action with respect to which the Company or any Subsidiary has received written notice alleging potential liability for investigatory costs, cleanup costs, governmental response costs, natural resources damages, property damages, personal injuries,
        attorneys&#8217; fees or penalties arising out of, based on or resulting from the presence, or release into the environment, of any Material of Environmental Concern at any location owned, leased or operated by the Company or any Subsidiary, now or in
        the past, or from any vessel owned, leased or operated by the Company or any Subsidiary, now or in the past (collectively, &#8220;<font style="font-weight: bold; font-style: italic;">Environmental Claim&#8221;</font>), pending or, to the knowledge of the
        Company, threatened against the Company or any Subsidiary or any person or entity whose liability for any Environmental Claim the Company or any Subsidiary has retained or assumed either contractually or by operation of law, except as would not,
        individually or in the aggregate, have a Material Adverse Effect; (c) to the knowledge of the Company, there are no past or present actions, activities, circumstances, conditions, events or incidents, including, without limitation, the release,
        emission, discharge, presence or disposal of any Material of Environmental Concern, that reasonably would be expected to result in a violation of any Environmental Law, require expenditures to be incurred pursuant to Environmental Law, or form the
        basis of an Environmental Claim against the Company, any Subsidiary or against any person or entity whose liability for any Environmental Claim the Company or any Subsidiary has retained or assumed either contractually or by operation of law,
        except as would not, individually or in the aggregate, have a Material Adverse Effect (for the avoidance of doubt, the operation of vessels in the ordinary course of business shall not be deemed, by itself, an action, activity, circumstance or
        condition set forth in this clause (c)); and (d) none of the Company or any Subsidiary is subject to any pending proceeding under Environmental Law to which a Governmental Authority is a party and which the Company reasonably believes is likely to
        result in monetary sanctions of US$100,000 or more. The Company has reasonably concluded that any existing compliance and remediation costs and liabilities arising under Environmental Laws and resulting from the business, operations or properties
        of the Company or any Subsidiary would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, except as set forth in or contemplated</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;">13</font></div>
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    <div><br>
    </div>
    <div style="margin-bottom: 12pt; font-size: 12pt;">in the Registration Statement and the Prospectus. In the ordinary course of its business, the Company conducts a periodic review of the effect of Environmental Laws on the business, operations and
      properties of the Company and the Subsidiaries, in the course of which it identifies and evaluates associated costs and liabilities (including, without limitation, any capital or operating expenditures required for clean-up, closure of properties or
      compliance with Environmental Laws or any permit, license or approval, any related constraints on operating activities and any potential liabilities to third parties). No facts or circumstances have come to the Company&#8217;s attention that could result
      in costs or liabilities that could be expected, individually or in the aggregate, to have a Material Adverse Effect.</div>
    <div style="text-indent: 108pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(xxxiii)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 12pt;">The Company and each of the Subsidiaries (A) is in compliance, in all material respects, with applicable
        foreign, federal, state and local laws, rules, regulations, statutes and codes promulgated by applicable governmental authorities (including pursuant to the Occupational Health and Safety Act) relating to the protection of human health and safety
        in the workplace (&#8220;<font style="font-weight: bold; font-style: italic;">Occupational Laws</font>&#8221;); (B) has received all material permits, licenses or other approvals required of it under applicable Occupational Laws to conduct its business as
        currently conducted; and (C) is in compliance, in all material respects, with all terms and conditions of such permit, license or approval. No action, proceeding, revocation proceeding, writ, injunction or claim is pending or, to the Company&#8217;s
        knowledge, threatened against the Company or any of its Subsidiaries relating to Occupational Laws, and the Company does not have knowledge of any facts, circumstances or developments relating to its operations or cost accounting practices that
        could reasonably be expected to form the basis for or give rise to such actions, suits, investigations or proceedings.</font></div>
    <div style="text-indent: 108pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(xxxiv)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 12pt;">No material labor problem or dispute with the employees of the Company or any of its Subsidiaries exists or, to
        the knowledge of the Company, is threatened or imminent.</font></div>
    <div style="text-indent: 108pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(xxxv)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">The Company has not, and to its knowledge no one acting on its behalf has, (a) taken, directly or indirectly, any
        action designed to cause or to result in the stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of any of the Shares, (b) sold, bid for, purchased, or paid any compensation for soliciting
        purchases of, any of the Shares or (c) paid or agreed to pay to any person any compensation for soliciting another to purchase any other securities of the Company, other than, in the case of clauses (b) and (c), compensation paid to the Agent in
        connection with the sale of the Shares.</font></div>
    <div style="text-indent: 108pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(xxxvi)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 12pt;">Other than the Agent, no person or entity has the right to act as a placement agent, underwriter or as a
        financial advisor in connection with the sale of the Shares contemplated hereby, and the Company is not a party to any agreement with an agent or underwriter for any other &#8220;at the market&#8221; offering or continuous equity transaction.</font></div>
    <div style="text-indent: 108pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(xxxvii)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 12pt;">There is no transaction, arrangement or other relationship between the Company or any of its Subsidiaries and an
        unconsolidated or other off balance sheet entity that is required to be disclosed by the Company in the Registration Statement or the Prospectus and is not so disclosed or that otherwise could be reasonably likely to have a Material Adverse Effect.</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;">14</font></div>
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    <div style="text-indent: 108pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(xxxviii)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 12pt;">None of the Company, its Subsidiaries, or any of their respective affiliates, nor any person or entity acting
        on their behalf (excluding the Agent) has, directly or indirectly, made any offers or sales of any security or solicited any offers to buy any security, under circumstances that would cause the transactions contemplated by this Agreement to require
        approval of stockholders of the Company under any applicable stockholder approval provisions, including, without limitation, under the rules and regulations of the NASDAQ Capital Market. None of the Company, its Subsidiaries, their affiliates nor
        any person or entity acting on their behalf will take any action or steps that would cause the offering of any of the Shares to be integrated with other offerings of securities of the Company.</font></div>
    <div style="text-indent: 108pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(xxxix)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">Any statistical and market-related data included in the Registration Statement and the Prospectus are based on
        or derived from sources that the Company believes to be reliable and accurate and, to the extent required, the Company has obtained the written consent to the use of such data from such sources.</font></div>
    <div style="text-indent: 108pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(xl)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 12pt;">The Registration Statement is not the subject of a pending proceeding or examination under Section 8(d) or
        8(e) of the Securities Act, and the Company is not the subject of a pending proceeding under Section 8A of the Securities Act in connection with the offering of the Shares.</font></div>
    <div style="text-indent: 108pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(xli)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 12pt;">Except as set forth in the Registration Statement or the Prospectus, the Company and its board of directors
        have taken all necessary action, if any, in order to render inapplicable any control share acquisition, business combination, poison pill (including any distribution under a rights agreement) or other similar anti-takeover provision under the
        Company&#8217;s Amended and Restated Articles of Incorporation, as amended, or the laws of the Republic of the Marshall Islands that is or could become applicable to the purchasers of the Shares.</font></div>
    <div style="text-indent: 108pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(xlii)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 12pt;">There are no affiliations with any FINRA member firm among the Company&#8217;s officers, directors or, to the
        knowledge of the Company, any five percent (5%) or greater stockholder of the Company, except as set forth in the Registration Statement or the Prospectus.</font></div>
    <div style="text-indent: 108pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(xliii)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 12pt;">Neither the Company nor any Subsidiary or any of their respective properties or assets has any immunity
        from the jurisdiction of any court or from any legal process (whether through service or notice, attachment prior to judgment, attachment in aid of execution or otherwise) under the laws of the United States, the Republic of the Marshall Islands,
        Liberia, Panama or any political subdivisions thereof.</font></div>
    <div style="text-indent: 108pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(xliv)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 12pt;">The Company is a &#8220;foreign private issuer&#8221; as defined in Rule 405 promulgated under the Securities Act.</font></div>
    <div style="text-indent: 108pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(xlv)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160; <font style="font-size: 12pt;">The Company did not qualify as a &#8220;passive foreign investment company&#8221; within the meaning of Section 1297 of
        the United States Internal Revenue Code of 1986, as amended, for its most recently completed taxable year, if any.</font></div>
    <div style="text-indent: 108pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(xlvi)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 12pt;">Each &#8220;forward-looking statement&#8221; (within the meaning of Section 27A of the Securities Act or Section 21E of
        the Exchange Act) contained in the Registration</font></div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;">15</font></div>
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    <div style="margin-bottom: 12pt; font-size: 12pt;">Statement and the Prospectus has been made or reaffirmed with a reasonable basis and has been disclosed in good faith.</div>
    <div style="text-indent: 108pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(xlvii)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 12pt;">The Company has the power to submit, and pursuant to Section 18 of this Agreement has legally, validly,
        effectively and irrevocably submitted, to the jurisdiction of any federal or state court in the State of New York, County of New York, and has the power to designate, appoint and empower, and pursuant to Section 18 of this Agreement has legally,
        validly and effectively designated, appointed and empowered, an agent for service of process in any suit or proceeding based on or arising under this Agreement in any federal or state court in the State of New York.</font></div>
    <div style="text-indent: 108pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(xlviii)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160; <font style="font-size: 12pt;">The interactive data in eXtensible Business Reporting Language included or incorporated by reference in the
        Registration Statement fairly presents the information called for in all material respects and has been prepared in accordance with the Commission&#8217;s rules and guidelines applicable thereto.</font></div>
    <div style="text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">Any certificate signed by any officer of the Company and delivered to the Agent or the Agent&#8217;s counsel shall be
        deemed a representation and warranty by the Company to the Agent as to the matters covered thereby.</font></div>
    <div style="text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(c)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">At each Bringdown Date (as defined herein) and each Time of Sale, the Company shall be deemed to have affirmed each
        representation and warranty contained in or made pursuant to this Agreement as of such date as though made at and as of such date (except that such representations and warranties shall be deemed to relate to the Registration Statement and the
        Prospectus as amended and supplemented relating to such Shares on such date).</font></div>
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              <td style="width: 36pt; vertical-align: top; align: right; font-size: 12pt; font-style: italic; font-weight: bold;">2.</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-size: 12pt; font-style: italic; font-weight: bold;">Representations and Warranties of the Company as to Maritime Matters.</div>
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    <div style="text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">Each of the vessels described in the Registration Statement and the Prospectus as being owned by the Company or any
        Subsidiary as described therein (&#8220;<font style="font-weight: bold; font-style: italic;">Owned Vessels</font>&#8221;) has been duly and validly registered in the name of a Subsidiary under the laws and regulations and flag of the nation of its
        registration; no other action is necessary to establish and perfect such entity&#8217;s title to and interest in any of the Owned Vessels as against any third party; and each Owned Vessel is owned directly by the Company or such Subsidiary free and clear
        of all liens, claims, security interests or other encumbrances, except such as are described in or contemplated by the Registration Statement or the Prospectus. Each such Subsidiary has good title to the applicable Owned Vessel, free and clear of
        all mortgages, pledges, liens, security interests and claims and all defects of the title of record except for maritime liens incurred in the ordinary course and those liens arising under Credit Facilities, each as disclosed in the Registration
        Statement and the Prospectus.</font></div>
    <div style="text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">Each memorandum of agreement or option agreement to which the Company or any of its Subsidiaries is a party to
        purchase any vessels as described in the Registration Statement and the Prospectus has been duly authorized and has been executed and delivered by the respective parties thereto, and the Company has no reason to believe that such agreements do not
        constitute valid and binding agreements of each such party enforceable in all material respects against each such party in accordance with its terms. Upon exercise of its</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;">16</font></div>
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    <div style="margin-bottom: 12pt; font-size: 12pt;">rights to acquire any vessel as provided for in any such memorandum of agreement or option agreement, the Company or applicable Subsidiary will have an enforceable right to acquire the vessel subject
      to the same.</div>
    <div style="text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(c)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">Any vessel currently being built for the Company or any Subsidiary (a &#8220;<font style="font-weight: bold; font-style: italic;">NewBuild Vessel</font><font style="font-style: italic;">&#8221;</font>) is disclosed in the Registration Statement or the Prospectus. Each applicable Subsidiary has all rights, title and interest as purchaser of each NewBuild Vessel under a
        shipbuilding contract for such NewBuild Vessels (each, a &#8220;<font style="font-weight: bold; font-style: italic;">Shipbuilding Contract</font>&#8221;), free of any mortgages, pledges, liens, security interests, claims, restrictions or encumbrances except
        for those liens arising under Credit Facilities or as disclosed in the Registration Statement or the Prospectus and all installments which were due to be paid under each Shipbuilding Contract up to and including the date hereof have been duly paid
        or extended upon the mutual consent of the parties to such Shipbuilding Contract and there are no defaults or breaches by the applicable Subsidiary or, to the Company&#8217;s knowledge, by the builder of the applicable NewBuild Vessel, under any
        Shipbuilding Contract, in any such case which would permit the builder to terminate such Shipbuilding Contract or entitle the builder to delay delivery of the applicable NewBuild Vessel for more than ten (10) days. Each Shipbuilding Contract has
        been duly authorized and has been executed and delivered by the respective parties thereto, and the Company has no reason to believe that such agreements do not constitute valid and binding agreements of each such party enforceable in all material
        respects against each such party in accordance with its terms.</font></div>
    <div style="text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(d)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">Each of the Owned Vessels is in good standing with respect to the payment of past and current taxes, fees and other
        amounts payable under the laws of the jurisdiction in which it is registered, except where such lien or defect of title or record would not result in a Material Adverse Effect.</font></div>
    <div style="text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(e)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">Each of the Owned Vessels is operated in compliance with the rules, codes of practice, conventions, protocols,
        guidelines or similar requirements or restrictions imposed, published or promulgated by any governmental authority, classification society or insurer applicable to the respective Owned Vessel (collectively, &#8220;<font style="font-weight: bold; font-style: italic;">Maritime Guidelines</font>&#8221;) and all applicable international, national, state and local conventions, laws, regulations, orders, governmental licenses and other requirements (including, without limitation, all Environmental
        Laws), in each case as in effect on the date hereof, except where such failure to be in compliance would not result in a Material Adverse Effect. The Company and each applicable Subsidiary are qualified to own or lease, as the case may be, and
        operate such Owned Vessels under all applicable international, national, state and local conventions, laws, regulations, orders, governmental licenses and other requirements (including, without limitation, all Environmental Laws) and Maritime
        Guidelines, including the laws, regulations and orders of each such vessel&#8217;s flag state, in each case as in effect on the date hereof, except where such failure to be so qualified would not result in a Material Adverse Effect.</font></div>
    <div style="text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(f)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">Each of the Owned Vessels is classed by a classification society which is a full member of the International
        Association of Classification Societies and such Owned Vessels are in class with valid class and trading certificates, without any overdue recommendations, in each case based on the classification and certification requirements in effect on the
        date hereof.</font></div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;">17</font></div>
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    <div style="text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">3.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><font style="font-weight: bold; font-style: italic;">Purchase, Sale and Delivery of Shares</font>.</font></div>
    <div style="text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><font style="font-style: italic;">At the Market Sales</font>. On the basis of the representations, warranties and
        agreements herein the Company agrees that, from time to time during the term of this Agreement, on the terms and subject to the conditions set forth herein, it may issue and sell through the Agent, acting as sales agent, the Shares up to an
        aggregate offering price of US$10,000,000; provided, however, that in no event shall the Company issue or sell through the Agent such number of Shares that (a) exceeds the number or dollar amount of Common Shares registered on the Registration
        Statement, pursuant to which the Offering is being made, (b) exceeds the number of authorized but unissued Common Shares or (c) would cause the Company or the offering of the Shares to not satisfy the eligibility and transaction requirements for
        use of Form F-3 (including, if applicable, General Instruction I.B.5 of Form F-3 (the lesser of (a), (b) and (c), the &#8220;<font style="font-weight: bold; font-style: italic;">Maximum Amount</font>&#8221;)). Notwithstanding anything to the contrary contained
        herein, the parties hereto agree that compliance with the limitations set forth in this <u>Section 3(a)</u> on the number and aggregate sales price of Shares issued and sold under this Agreement shall be the sole responsibility of the Company and
        that Agent shall have no obligation in connection with such compliance. Notwithstanding the foregoing, the Company agrees that it will provide the Agent with written notice no less than one (1) business day prior to the date on which it makes the
        initial sale of Shares under this Agreement. As used herein, the terms &#8220;<font style="font-weight: bold; font-style: italic;">business day</font>&#8221; means any day (other than Saturday, Sunday or any federal holiday in the United States) in which
        commercial banks in New York, New York are open for business.</font></div>
    <div style="text-indent: 108pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(i)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">For purposes of selling the Shares through the Agent, the Company hereby appoints the Agent as exclusive agent of
        the Company for the purpose of soliciting purchases of the Shares from the Company pursuant to this Agreement and the Agent agrees to use its commercially reasonable efforts to sell the Shares on the terms and subject to the conditions stated
        herein.</font></div>
    <div style="text-indent: 108pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(ii)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">Each time the Company wishes to issue and sell the Shares hereunder (each, a &#8220;<font style="font-weight: bold; font-style: italic;">Transaction</font>&#8221;), it will notify the Agent by telephone (confirmed promptly by facsimile or e-mail to the appropriate individual listed on <u>Schedule D</u> hereto, using a form substantially similar to that set forth on
        <u>Schedule C</u> hereto (a &#8220;<font style="font-weight: bold; font-style: italic;">Transaction Notice</font>&#8221;) as to the maximum number of Shares to be sold by the Agent on such day and in any event not in excess of the amount available for issuance
        under the Prospectus and the currently effective Registration Statement, the time period during which sales are requested to be made, any limitation on the number of shares that may be sold in any one Trading Day (as defined below), and any minimum
        price below which sales may not be made. The Transaction Notice shall originate from any of the individuals from the Company set forth on <u>Schedule B</u> (with a copy to each of the other individuals from the Company listed on such Schedule),
        and shall be addressed to each of the individuals from the Agent set forth on <u>Schedule D,</u> as such <u>Schedule D</u> may be amended from time to time. Subject to the terms and conditions hereof and unless the sale of the Shares described
        therein has been declined, suspended, or otherwise terminated in accordance with the terms of this Agreement, the Agent shall promptly acknowledge the Transaction Notice by facsimile or e-mail (or by some other method mutually agreed to in writing
        by the parties) and shall use its commercially reasonable efforts to sell all of the Shares so designated by the Company in, and in accordance with the terms set forth in, the Transaction Notice; provided, however, that any obligation of the Agent
        to use such commercially reasonable efforts shall be</font></div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;">18</font></div>
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    <div style="margin-bottom: 12pt; font-size: 12pt;">subject to the continuing accuracy of the representations and warranties of the Company herein, to the performance by the Company of its obligations hereunder and to the continuing satisfaction of the
      additional conditions specified in <u>Section 5</u> of this Agreement. The gross sales price of the Shares sold under this <u>Section 3(a)</u> shall be equal to the market price for the Common Shares sold by the Agent under this <u>Section 3(a)</u>
      on the NASDAQ Capital Market at the time of such sale. For the purposes hereof, &#8220;<font style="font-weight: bold; font-style: italic;">Trading Day</font>&#8221; means any day on which Common Shares are purchased and sold on the principal market on which the
      Common Shares are listed or quoted.</div>
    <div style="text-indent: 108pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(iii)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 12pt;">The Company or the Agent may, upon notice to the other party hereto by telephone (confirmed promptly by facsimile
        or e-mail to the respective individuals of the other party set forth on <u>Schedule D</u> hereto, which confirmation shall be promptly acknowledged by the other party), suspend the Offering for any reason and at any time, whereupon the Agent shall
        so suspend the offering of Shares until further notice is provided by the other party to the contrary; <font style="font-style: italic;">provided</font>, <font style="font-style: italic;">however</font>, that such suspension or termination shall
        not affect or impair the parties&#8217; respective obligations with respect to the Shares sold hereunder prior to the receipt by the Agent of such notice. Each of the parties agrees that no such notice under this <u>Section 3(a)(iii)</u> shall be
        effective against the other unless it is made to one of the individuals named on <u>Schedule D</u> hereto, as such Schedule may be amended from time to time.</font></div>
    <div style="text-indent: 108pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(iv)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">The Company acknowledges and agrees that (A) there can be no assurance that the Agent will be successful in selling
        the Shares, (B) the Agent will incur no liability or obligation to the Company or any other person or entity if it does not sell Shares for any reason other than a failure by the Agent to use its commercially reasonable efforts consistent with its
        normal trading and sales practices and applicable law and regulations to sell such Shares as required under this Agreement, and (C) the Agent shall be under no obligation to purchase shares on a principal basis pursuant to this Agreement.</font></div>
    <div style="text-indent: 108pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(v)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">The Agent may sell Shares by any method permitted by law to be an &#8220;at the market offering&#8221; as defined in Rule 415
        under the Securities Act, including without limitation sales made directly on the NASDAQ Capital Market, on any other existing trading market for the Common Shares or to or through a market maker. The Agent may also sell Shares in privately
        negotiated transactions (which, for the avoidance of doubt, shall not include block trades initiated on the NASDAQ Capital Market) with the Company&#8217;s prior written approval.</font></div>
    <div style="text-indent: 108pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(vi)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">The compensation to the Agent for sales of the Shares, as an agent of the Company, shall be a transaction fee (the
        &#8220;<font style="font-weight: bold; font-style: italic;">Transaction Fee</font>&#8221;) equal to three percent (3.0%) of the gross sales price of all the Shares sold pursuant to this <u>Section 3(a).</u> The remaining proceeds, after further deduction for
        any transaction or other fees imposed by any governmental or self-regulatory organization in respect of such sales, shall constitute the net proceeds to the Company for such Shares (the &#8220;<font style="font-weight: bold; font-style: italic;">Net
          Proceeds</font>&#8221;). The Agent shall notify the Company as promptly as practicable if any deduction referenced in the preceding sentence will be required.</font></div>
    <div style="text-indent: 108pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(vii)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 12pt;">In the event the Company and the Agent mutually determine that instead of proceeding with the Offering to proceed
        with (or concurrently with the Offering engage in) a different offering of the Company&#8217;s equity, equity-linked or debt securities (each, an &#8220;<font style="font-weight: bold; font-style: italic;">Alternative Transaction</font>&#8221;), the terms and
        conditions of such offering shall be memorialized in</font></div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;">19</font></div>
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    <div style="margin-bottom: 12pt; font-size: 12pt;">a separate agreement, the terms of which shall provide a customary fee to the Agent as well as reimbursement of Agent&#8217;s related legal fees and disbursements as agreed to between the parties; provided,
      that the Company shall pay the Agent a cash fee of six percent (6.0%) of the gross proceeds of the Alternative Transaction, including the gross proceeds derived from the exercise of warrants issued in connection with the Alternative Transaction. In
      addition, the Agent shall be entitled to a Transaction Fee (whether in connection with the Offering or the Alternative Transaction) with respect to any public or private offering or other financing or capital-raising transactions of the Company or
      any Subsidiary to the extent such financing or capital is provided to the Company or any such Subsidiary by investors or lenders introduced to the Company by the Agent, but only if such Alternative Transaction is consummated within the twelve (12)
      month period from the date hereof. This Section 3(a)(vii) shall survive the termination of this Agreement.</div>
    <div style="text-indent: 108pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(viii)</font>&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 12pt;">The Agent shall provide written confirmation (which may be by facsimile or electronic mail) to the Company
        following the close of trading on the Capital Market each day in which the Shares are sold under this <u>Section 3(a)</u> setting forth the number of the Shares sold on such day, the aggregate gross sale proceeds, the Net Proceeds to the Company,
        and the compensation payable by the Company to the Agent with respect to such sales.</font></div>
    <div style="text-indent: 108pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(ix)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 12pt;">All Shares sold pursuant to this <u>Section 3(a)</u> will be delivered by the Company to Agent for the accounts of
        the Agent on the second full business day following the date on which such Shares are sold, or at such other time and date as Agent and the Company determine pursuant to Rule 15c6-1(a) under the Exchange Act, each such time and date of delivery
        being herein referred to as a &#8220;<font style="font-weight: bold; font-style: italic;">Settlement Date</font>.&#8221; On each Settlement Date, the Shares sold through the Agent for settlement on such date shall be issued and delivered by the Company to the
        Agent against payment of the Net Proceeds from the sale of such Shares. Settlement for all such Shares shall be effected by free delivery of the Shares by the Company or its transfer agent (i) to the Agent or its designee&#8217;s account (provided the
        Agent shall have given the Company written notice of such designee prior to the Settlement Date) at The Depository Trust Company (&#8220;<font style="font-weight: bold; font-style: italic;">DTC</font>&#8221;) or (ii) by such other means of delivery as may be
        mutually agreed upon by the parties hereto, which in all cases (provided that such Shares were sold pursuant to the Registration Statement) shall be freely tradable, transferable, registered shares in good deliverable form, in return for payment in
        same day funds delivered to an account designated by the Company. If the Company or its transfer agent (if applicable) shall default on its obligation to deliver the Shares on any Settlement Date, the Company shall (A) indemnify and hold the Agent
        harmless against any loss, claim or damage arising from or as a result of such default by the Company and (B) pay the Agent any commission to which it would otherwise be entitled absent such default against payment of the Net Proceeds therefor by
        wire transfer of same day funds payable to the order of the Company at 9:00 a.m. New York City time. If the Agent breaches this Agreement by failing to deliver the Net Proceeds on any Settlement Date for the shares delivered by the Company, the
        Agent will pay the Company interest based on the effective prime rate until such proceeds, together with such interest, have been fully paid.</font></div>
    <div style="text-indent: 108pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(x)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 12pt;">Under no circumstances shall the Company cause or request the offer or sale of any Shares if, after giving effect to
        the sale of such Shares, the aggregate gross sales proceeds sold pursuant to this Agreement would exceed the lesser of (A) together with all</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;">20</font></div>
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    <div style="margin-bottom: 12pt; font-size: 12pt;">sales of Shares under this Agreement, the Maximum Amount, (B) the amount available for offer and sale under the currently effective Registration Statement and (C) the amount authorized from time to
      time to be issued and sold under this Agreement by the Company&#8217;s board of directors, a duly authorized committee thereof or a duly authorized executive committee, and notified to the Agent in writing. Under no circumstances shall the Company cause or
      request the offer or sale of any Shares at a price lower than the minimum price authorized from time to time by the Company&#8217;s board of directors, duly authorized committee thereof or a duly authorized executive committee, and notified to the Agent in
      writing. Further, under no circumstances shall the aggregate offering amount of the Shares sold pursuant to this Agreement, including any separate underwriting or similar agreement covering principal transactions, exceed the Maximum Amount.</div>
    <div style="text-indent: 108pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(xi)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 12pt;">Unless the exceptive provisions set forth in Rule 101(c)(1) of Regulation M under the Exchange Act are satisfied
        with respect to the Shares, the Company shall give the Agent at least one business day&#8217;s prior notice of its intent to sell any Shares in order to allow the Agent time to comply with Regulation M.</font></div>
    <div style="text-indent: 108pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(xii)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 12pt;">The Company agrees that during the term of this Agreement, any offer to sell, any solicitation of an offer to buy,
        or any sales of Shares in an &#8220;at the market offering&#8221; as defined in Rule 415 under the Securities Act, including pursuant to <u>Section 4(o)</u> of this Agreement, shall only be effected by or through the Agent; provided, however, that the
        foregoing limitation shall not apply to the exercise of any outstanding option or warrant described in the Registration Statement and the Prospectus.</font></div>
    <div style="text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">Nothing herein contained shall constitute the Agent an unincorporated association or partner with the Company. Under
        no circumstances shall any Shares be sold pursuant to this Agreement after the date which is three years after the Registration Statement is first declared effective by the Commission.</font></div>
    <div style="text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(c)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">Notwithstanding any other provisions of this Agreement, the Company agrees that no sale of Shares shall take place,
        and the Company shall not request the sale of any Shares, and the Agent shall not be obligated to sell, during any period in which the Company is, or could be deemed to be, in possession of material non-public information or the Company&#8217;s insider
        trading policy would prohibit the purchase and sale of the Company&#8217;s Common Shares by its officers and directors.</font></div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">4.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><font style="font-weight: bold; font-style: italic;"><u>Covenants</u></font><u>.</u> The Company covenants and agrees
        with the Agent as follows:</font></div>
    <div style="text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">After the date hereof and through any Prospectus Delivery Period, prior to amending or supplementing the Registration
        Statement (including any Rule 462(b) Registration Statement), Base Prospectus, the Prospectus or any Permitted Free Writing Prospectus, the Company shall furnish to the Agent for review a copy of each such proposed amendment or supplement, allow
        the Agent a reasonable amount of time to review and comment on such proposed amendment or supplement, and the Company shall not file any such proposed amendment or supplement to which the Agent or counsel to the Agent reasonably object; provided
        that the foregoing shall not apply with regards to the filing by the Company of any Form 20-F, Form 6-K or other Incorporated Document. Subject to this <u>Section 4(a),</u></font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;">21</font></div>
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    <div style="margin-bottom: 12pt; font-size: 12pt;">immediately following execution of this Agreement, the Company will prepare a prospectus supplement describing the selling terms of the Shares hereunder, the plan of distribution thereof and such other
      information as may be required by the Securities Act or the Rules and Regulations or as the Agent and the Company may deem appropriate, and if requested by the Agent, a Permitted Free Writing Prospectus containing the selling terms of the Shares
      hereunder and such other information as the Company and the Agent may deem appropriate, and will file or transmit for filing with the Commission, in accordance with Rule 424(b) or Rule 433, as the case may be, copies of the Prospectus as supplemented
      and each such Permitted Free Writing Prospectus.</div>
    <div style="text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">After the date of this Agreement, the Company shall promptly advise the Agent in writing (i) of the receipt of any
        comments of, or requests for additional or supplemental information from, the Commission or for any amendments or supplements to the Registration Statement, the Base Prospectus, the Prospectus or any Permitted Free Writing Prospectus (excluding any
        Incorporated Documents), (ii) of the time and date of any filing of any post-effective amendment to the Registration Statement or any amendment or supplement to any Base Prospectus, the Prospectus or any Permitted Free Writing Prospectus(excluding
        any Incorporated Documents), (iii) of the time and date that any post-effective amendment to the Registration Statement becomes effective, (iv) of the issuance by the Commission of any stop order suspending the effectiveness of the Registration
        Statement or any post-effective amendment thereto or of any order preventing or suspending its use or the use of any Base Prospectus, the Prospectus or any Permitted Free Writing Prospectus, or (v) of any proceedings to remove, suspend or terminate
        from listing or quotation the Common Shares from any securities exchange upon which it is listed for trading or included or designated for quotation, or of the threatening or initiation of any proceedings for any of such purposes. If the Commission
        shall enter any such stop order at any time, the Company may terminate this Agreement. Additionally, the Company agrees that it shall comply with the provisions of Rules 424(b), 430B and 430C, as applicable, under the Securities Act and will use
        its reasonable efforts to confirm that any filings made by the Company under Rule 424(b), Rule 433 or Rule 462 were received in a timely manner by the Commission (without reliance on Rule 424(b)(8) or Rule 164(b)).</font></div>
    <div style="text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(c)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">(i)&#160; &#160;&#160; From the date hereof through the later of (A) the termination of this Agreement and (B) the end of any
        applicable Prospectus Delivery Period, the Company will comply with all requirements imposed upon it by the Securities Act, as now and hereafter amended, and by the Rules and Regulations, as from time to time in force, and by the Exchange Act so
        far as necessary to permit the continuance of sales of or dealings in the Shares as contemplated by the provisions hereof, the Base Prospectus, the Prospectus and any Permitted Free Writing Prospectus. If during any applicable Prospectus Delivery
        Period any event occurs as a result of which the Base Prospectus, the Prospectus, or any Permitted Free Writing Prospectus would include an untrue statement of a material fact or omit to state a material fact necessary to make the statements
        therein, in the light of the circumstances then existing, not misleading, or if during any applicable Prospectus Delivery Period it is necessary or appropriate in the opinion of the Company or its counsel or in the reasonable opinion of the Agent
        or counsel to the Agent to amend the Registration Statement or supplement the Base Prospectus, the Prospectus or any Permitted Free Writing Prospectus, to comply with the Securities Act or to file under the Exchange Act any document which would be
        deemed to be incorporated by reference in the Prospectus in order to comply with the Securities Act or the Exchange Act, the Company</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;">22</font></div>
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    <div style="margin-bottom: 12pt; font-size: 12pt;">will promptly notify Agent (or the Agent will notify the Company, as applicable), and the Agent shall suspend the offering and sale of any such Shares, and the Company will amend the Registration
      Statement or supplement the Base Prospectus, the Prospectus or any Permitted Free Writing Prospectus or file such document (at the expense of the Company) so as to correct such statement or omission or effect such compliance within the time period
      prescribed by the Securities Act or the Exchange Act.</div>
    <div style="text-indent: 108pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(ii)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">In case the Agent is required to deliver (whether physically or through compliance with Rule 172 under the
        Securities Act or any similar rule), in connection with the sale of the Shares, a Prospectus after the nine-month period referred to in Section 10(a)(3) of the Securities Act, or after the time a post-effective amendment to the Registration
        Statement is required pursuant to Item 512(a) of Regulation S-K under the Securities Act, the Company will prepare, at its expense, promptly upon request such amendment or amendments to the Registration Statement and the Prospectus as may be
        necessary to permit compliance with the requirements of Section 10(a)(3) of the Securities Act or Item 512(a) of Regulation S-K under the Securities Act, as the case may be. The Company shall cause each amendment or supplement to any Base
        Prospectus or the Prospectus to be filed with the Commission as required pursuant to the applicable paragraph of Rule 424(b) of the Securities Act or, in the case of any document which would be deemed to be incorporated by reference therein, to be
        filed with the Commission as required pursuant to the Exchange Act, within the time period prescribed. The Company shall promptly notify the Agent if any Material Contract is terminated or if the other party thereto gives written notice of its
        intent to terminate any such Material Contract.</font></div>
    <div style="text-indent: 108pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(iii)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">If at any time following issuance of a Permitted Free Writing Prospectus there occurs an event or development as a
        result of which such Permitted Free Writing Prospectus would conflict with the information contained in the Registration Statement, the Base Prospectus or the Prospectus, or would include an untrue statement of a material fact or omitted or would
        omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances prevailing at that subsequent time, not misleading, the Company promptly will notify the Agent and will promptly amend or supplement,
        at its own expense, such Permitted Free Writing Prospectus to eliminate or correct such conflict, untrue statement or omission.</font></div>
    <div style="text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(d)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">The Company shall use commercially reasonable efforts to take or cause to be taken all necessary action to qualify
        the Shares for sale under the securities laws of such jurisdictions as Agent reasonably designates and to continue such qualifications in effect so long as required for the distribution of the Shares, except that the Company shall not be required
        in connection therewith to qualify as a foreign corporation or to execute a general consent to service of process in any state. The Company shall promptly advise the Agent of the receipt by the Company of any notification with respect to the
        suspension of the qualification of the Shares for offer or sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose.</font></div>
    <div style="text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(e)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">The Company will furnish to the Agent and counsel for the Agent, to the extent requested, copies of the Registration
        Statement, the Base Prospectus, the Prospectus, any Permitted Free Writing Prospectus, and all amendments and supplements to such documents, in</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;">23</font></div>
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    <div style="margin-bottom: 12pt; font-size: 12pt;">each case as soon as available and in such quantities as the Agent may from time to time reasonably request.</div>
    <div style="text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(f)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">The Company will make generally available to its security holders as soon as practicable an earnings statement (which
        need not be audited) covering a 12-month period that shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 of the Rules and Regulations. If the Company makes any public announcement or release disclosing its results of
        operations or financial condition for a completed quarterly, semi-annual or annual fiscal period (each, an &#8220;<font style="font-weight: bold; font-style: italic;">Earnings Release</font>&#8221;) and the Company has not yet filed an Annual Report on Form
        20-F or a Form 6-K with respect to such information, as applicable, then, prior to any sale of Shares, the Company shall be obligated to (x) file a prospectus supplement with the Commission under the applicable paragraph of Rule 424(b), which
        prospectus supplement shall include the applicable financial information or (y) file a Report on Form 6-K, which Form 6-K shall include the applicable financial information.</font></div>
    <div style="text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(g)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">The Company, whether or not the transactions contemplated hereunder are consummated or this Agreement is terminated,
        will pay or cause to be paid (i) all expenses (including stock or transfer taxes and stamp or similar duties allocated to the respective transferees) incurred in connection with the registration, issue, sale and delivery of the Shares, (ii) all
        reasonable expenses and fees (including, without limitation, fees and expenses of the Company&#8217;s accountants and counsel) in connection with the preparation, printing, filing, delivery, and shipping of the Registration Statement (including the
        financial statements therein and all amendments, schedules, and exhibits thereto), the Base Prospectus, each Prospectus, any Permitted Free Writing Prospectus, and any amendment thereof or supplement thereto, and the producing, word-processing,
        printing, delivery, and shipping of this Agreement and other closing documents, including Blue Sky Memoranda (covering the states and other applicable jurisdictions) prepared by counsel, if required, and including the cost to furnish copies of each
        thereof to the Agent, (iii) all filing fees, (iv) listing fees, if any, (v) the cost and expenses of the Company relating to investor presentations or any &#8220;roadshow&#8221; undertaken in connection with marketing of the Shares as agreed to by the Company,
        and (vi) all other costs and expenses of the Company incident to the performance of its obligations hereunder that are not otherwise specifically provided for herein. The Company has advanced the sum of US$10,000 to the Agent, which pursuant to
        Rule 5110(f)(2)(C) of FINRA shall be returned to the Company to the extent the expenses have not been actually incurred. The Company shall reimburse the Agent upon request for its reasonable costs and out-of-pocket expenses incurred in connection
        with this Agreement, including the fees and disbursements of its legal counsel, not to exceed US$65,000, which amount shall be payable in three installments: (A) $20,000 within two (2) business days of the date on which US$1,000,000 in aggregate
        gross proceeds has been raised hereunder, (B) $20,000 within two (2) business days of the date on which US$2,000,000 in aggregate gross proceeds has been raised hereunder and (C) $25,000 within two (2) business days of the date on which
        US$10,000,000 in aggregate gross proceeds has been raised hereunder. In addition, the Company shall pay the Agent US$7,500 for its legal fees on each Bringdown Date. All such reimbursements under this Agreement shall be paid in U.S. dollars.</font></div>
    <div style="text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(h)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">The Company will apply the net proceeds from the sale of the Shares in the manner set forth under the caption &#8220;Use of
        Proceeds&#8221; in the Base Prospectus, the Prospectus, and any Permitted Free Writing Prospectus.</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;">24</font></div>
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    <div style="text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(i)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">The Company will not, without (i) giving the Agent at least three business days&#8217; prior written notice specifying the
        nature of the proposed sale and the date of such proposed sale and (ii) the Agent&#8217;s suspending activity under this Agreement for such period of time as requested by the Company or as deemed appropriate by the Agent in light of the proposed sale,
        offer for sale, sell, contract to sell, pledge, grant any option for the sale of, enter into any transaction which is designed to, or might reasonably be expected to, result in the disposition (whether by actual disposition or effective economic
        disposition due to cash settlement or otherwise) by the Company or any Subsidiary, or otherwise issue or dispose of, directly or indirectly (or publicly disclose the intention to make any such offer, sale, pledge, grant, issuance or other
        disposition), of any Common Shares or any securities convertible into or exchangeable for, or any options or rights to purchase or acquire, Common Shares, or permit the registration under the Securities Act of any Common Shares, such securities,
        options or rights, except for (i) the registration of the Shares and the sales through the Agent pursuant to this Agreement (ii) the registration of Common Shares issued or issuable with respect to any currently outstanding options and warrants
        that are described in the Registration Statement and the Prospectus and (iii) a registration statement on Form F-8 relating to employee benefit plans.</font></div>
    <div style="text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(j)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">The Company shall not, at any time at or after the execution of this Agreement, offer or sell any Shares by means of
        any &#8220;prospectus&#8221; (within the meaning of the Securities Act), or use any &#8220;prospectus&#8221; (within the meaning of the Securities Act) in connection with the offer or sale of the Shares, in each case other than the Prospectus or any Permitted Free Writing
        Prospectus.</font></div>
    <div style="text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(k)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">Until the termination of this Agreement, the Company will not take, directly or indirectly, any action designed to or
        that would constitute or that might reasonably be expected to cause or result in, under the Exchange Act or otherwise, stabilization or manipulation in violation of the Securities Act, the Exchange Act or the rules and regulations thereunder of the
        price of any security of the Company to facilitate the sale or resale of the Shares or otherwise violate any provision of Regulation M under the Exchange Act.</font></div>
    <div style="text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(l)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">The Company will not incur any liability for any finder&#8217;s or broker&#8217;s fee or agent&#8217;s commission in connection with
        the execution and delivery of this Agreement or the consummation of the transactions contemplated hereby or thereby, except as contemplated herein.</font></div>
    <div style="text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(m)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">During any applicable Prospectus Delivery Period, the Company will file on a timely basis with the Commission such
        periodic and current reports as required by the Rules and Regulations.</font></div>
    <div style="text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(n)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">Except as described in the Company&#8217;s annual report on Form 20-F for the fiscal year ended December 31, 2017, the
        Company has maintained, and will maintain, such controls and other procedures, including without limitation those required by Sections 302 and 906 of the Sarbanes-Oxley Act and the applicable regulations thereunder, that are designed to ensure that
        information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Commission&#8217;s rules and forms, including
        without limitation, controls and procedures designed to ensure that information required to be disclosed by the</font></div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;">25</font></div>
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    <div style="margin-bottom: 12pt; font-size: 12pt;">Company in the reports that it files or submits under the Exchange Act is accumulated and communicated to the Company&#8217;s management, including its principal executive officer and its principal financial
      officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure, to ensure that material information relating to Company is made known to them by others within those entities.</div>
    <div style="text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(o)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">Each of the Company and Agent represent and agree that, neither the Company nor the Agent has made and will make any
        offer relating to the Shares that would constitute an &#8220;issuer free writing prospectus,&#8221; as defined in Rule 433 under the Securities Act, or that would otherwise constitute a &#8220;free writing prospectus,&#8221; as defined in Rule 405 under the Securities
        Act, required to be filed with the Commission other than a Permitted Free Writing Prospectus. The Company represents that it has treated or agrees that it will treat each Permitted Free Writing Prospectus as an &#8220;issuer free writing prospectus,&#8221; as
        defined in Rule 433, and has complied and will comply with the requirements of Rule 433 applicable to any Permitted Free Writing Prospectus, including timely Commission filing where required, legending and record keeping.</font></div>
    <div style="text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(p)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">On the date hereof and each date when the Company (A) amends or supplements (other than a supplement to a Prospectus
        filed pursuant to Rule 424(b) under the Securities Act relating solely to the offering of securities other than the Shares ) the Registration Statement or Prospectus by means of a post-effective amendment, sticker, or supplement but not by means of
        incorporation of documents by reference into the Registration Statement or the Prospectus relating to the Shares, (B) files an annual report on Form 20-F under the Exchange Act (including any Form 20-F/A containing amended material financial
        information or a material amendment to the previously filed Form 20-F) or (C) files a report on Form 6-K containing quarterly or semi-annual financial information that is incorporated by reference in the Registration Statement and Prospectus (each
        of the dates in (A) through (C) are referred to herein as a &#8220;<font style="font-weight: bold; font-style: italic;">Bringdown Date</font>&#8221;), the Agent shall receive a favorable opinion and negative assurances letter of Seward &amp; Kissel LLP, U.S.
        counsel for the Company, together with a favorable opinion of Seward &amp; Kissel LLP, special counsel for the Company on issues of Marshall Islands law, a favorable opinion of Seward &amp; Kissel LLP, special counsel for the Company on issues of
        Liberia law, and a favorable opinion of Karnakis &amp; Karnakis, special Panamanian counsel for the Company, each dated as of a date within ten (10) days after the applicable Bringdown Date, addressed to the Agent and modified as necessary to
        relate to the Registration Statement and the Prospectus as amended and supplemented to the time of delivery of such opinions. With respect to this <u>Section 4(p),</u> in lieu of delivering such opinions or letters for Bringdown Dates subsequent
        to the date hereof, such counsel may furnish agent with a letter (a &#8220;<font style="font-weight: bold; font-style: italic;">Reliance Letter</font>&#8221;) to the effect that Agent may rely upon a prior opinion or letter delivered under this <u>Section
          4(p)</u> to the same extent as if it were dated the date of such letter (except that statement in such prior opinion shall be deemed to relate to the Registration Statement and the Prospectus as amended or supplemented as of the date of such
        Reliance Letter); provided, however, the requirement to provide opinions and letters under this <u>Section 4(p)</u> is hereby waived for any Bringdown Date occurring at a time at which no Transaction Notice is pending, which waiver shall continue
        until the earlier to occur of the date the Company delivers a Transaction Notice hereunder and the next occurring Bringdown Date. Notwithstanding the foregoing, if the Company subsequently decides to sell Shares following a Bringdown Date when the
        Company relied on such waiver and did not provide Agent with opinions and letters under this <u>Section 4(p),</u> then before the Company</font></div>
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    <div style="margin-bottom: 12pt; font-size: 12pt;">delivers the Transaction Notice or Agent sells any Shares, the Company shall cause Seward &amp; Kissel LLP to furnish to the Agent a written opinion and negative assurance letter dated the date of the
      Transaction Notice.</div>
    <div style="text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(q)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">On the date hereof, and each date when the Company files an annual report on Form 20-F, or a report on Form 6-K
        containing quarterly or semi-annual financial information that is incorporated by reference in the Registration Statement and Prospectus, the Company shall cause Deloitte Certified Public Accountants S.A., or other independent accountants
        satisfactory to the Agent, to deliver to the Agent (x) a letter, dated as of a date within ten (10) days after such date and addressed to Agent, in form and substance satisfactory to Agent (the first such letter, the &#8220;<font style="font-weight: bold; font-style: italic;">Initial Comfort Letter</font>&#8221;), confirming that they are independent public accountants within the meaning of the Securities Act and are in compliance with the applicable requirements relating to the qualifications of
        accountants under Rule 2-01 of Regulation S-X of the Commission, and stating the conclusions and findings of said firm with respect to the financial information and other matters and (y) a letter updating the Initial Comfort Letter with any
        information that would have been included in the Initial Comfort Letter had it been given on such date and as modified as necessary to relate to the date of such letter (each such letter, a &#8220;<font style="font-weight: bold; font-style: italic;">Bringdown

          Comfort Letter</font>&#8221;); <font style="font-style: italic;">provided, however, </font>the requirement to provide a Bringdown Comfort Letter under this <u>Section 4(q)</u> is hereby waived for any Bringdown Date occurring at a time at which no
        Transaction Notice is pending, which waiver shall continue until the earlier to occur of the date the Company delivers a Transaction Notice hereunder and the next occurring Bringdown Date. Notwithstanding the foregoing, if the Company subsequently
        decides to sell Shares following a Bringdown Date when the Company relied on such waiver and did not provide Agent with a Bringdown Comfort Letter under this <u>Section 4(q),</u> then before the Company delivers the Transaction Notice or Agent
        sells any Shares, the Company shall cause Deloitte Certified Public Accountants S.A., or other independent accountants satisfactory to the Agent, to deliver to the Agent a Bringdown Comfort Letter dated the date of the Transaction Notice.</font></div>
    <div style="text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(r)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">On the date hereof and each Bringdown Date, the Company shall furnish to the Agent a certificate, dated as of a date
        within ten (10) days after the applicable Bringdown Date and addressed to Agent, signed by the chief executive officer and by the chief financial officer of the Company, to the effect that:</font></div>
    <div style="text-indent: 108pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(i)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">The representations and warranties of the Company in this Agreement are true and correct in all material respects as
        if made at and as of the date of the certificate, and the Company has complied in all material respects with all the agreements and satisfied all the conditions on its part to be performed or satisfied at or prior to the date of the certificate;</font></div>
    <div style="text-indent: 108pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(ii)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 12pt;">No stop order or other order suspending the effectiveness of the Registration Statement or any part thereof or any
        amendment thereof or the qualification of the Shares for offering or sale or notice that would prevent use of the Registration Statement, nor suspending or preventing the use of the Base Prospectus, the Prospectus or any Permitted Free Writing
        Prospectus, has been issued, and no proceeding for that purpose has been instituted or, to the best of their knowledge, is contemplated by the Commission or any state or regulatory body;</font></div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;">27</font></div>
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    <div style="text-indent: 108pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(iii)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 12pt;">The Shares to be sold on that date have been duly and validly authorized by the Company and all corporate action
        required to be taken for the authorization, issuance and sale of the Shares on that date has been validly and sufficiently taken;</font></div>
    <div style="text-indent: 108pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(iv)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 12pt;">Subsequent to the respective dates as of which information is given in the Base Prospectus, the Prospectus or any
        Permitted Free Writing Prospectus, as amended and supplemented, and except for pending transactions disclosed therein, the Company has not incurred any material liabilities or obligations, direct or contingent, or entered into any material
        transactions, not in the ordinary course of business, or declared or paid any dividends or made any distribution of any kind with respect to its capital stock, and there has not been any change in the capital stock or any issuance of options,
        warrants, convertible securities or other rights to purchase the capital stock (other than as a result of the exercise of any currently outstanding options or warrants that are disclosed in the Prospectus), or any material change in the short-term
        or long-term debt, of the Company, or any Material Adverse Effect or any development that would reasonably be likely to result in a Material Adverse Effect (whether or not arising in the ordinary course of business), or any material loss by strike,
        fire, flood, earthquake, accident or other calamity, whether or not covered by insurance, incurred by the Company; and</font></div>
    <div style="text-indent: 108pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(v)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">Except as stated in the Base Prospectus, the Prospectus, and any Permitted Free Writing Prospectus, as amended and
        supplemented, there is not pending, or, to the knowledge of the Company, threatened or contemplated, any action, suit or proceeding to which the Company is a party before or by any court or governmental agency, authority or body, or any arbitrator,
        which would reasonably be likely to result in any Material Adverse Effect; provided, however, the requirement to provide a certificate under this <u>Section 4(r)</u> is hereby waived for any Bringdown Date occurring at a time at which no
        Transaction Notice is pending, which waiver shall continue until the earlier to occur of the date the Company delivers a Transaction Notice hereunder and the next occurring Bringdown Date. Notwithstanding the foregoing, if the Company subsequently
        decides to sell Shares following a Bringdown Date when the Company relied on such waiver and did not provide Agent with a certificate under this <u>Section 4(r),</u> then before the Company delivers the Transaction Notice or Agent sells any
        Shares, the Company shall provide Agent with a certificate dated the date of the Transaction Notice.</font></div>
    <div style="text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(s)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">A reasonable time prior to each Bringdown Date, the Company, if so requested by the Agent, shall conduct a due
        diligence session, in form and substance, satisfactory to the Agent, which shall include representatives of the management and the accountants of the Company.</font></div>
    <div style="text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(t)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">The Company shall disclose in its annual report on Form 20-F and its reports on Form 6-K with quarterly or
        semi-annual financial information the number of Shares sold through the Agent under this Agreement, the Net Proceeds to the Company and the compensation paid by the Company with respect to sales of the Shares pursuant to this Agreement.</font></div>
    <div style="text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(u)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">The Company shall ensure that there are at all times sufficient Common Shares to provide for the issuance, free of
        any preemptive rights, out of its authorized but unissued Common Shares, of the maximum aggregate number of Shares authorized for issuance by the Company&#8217;s board of directors pursuant to the terms of this Agreement. The Company will</font></div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;">28</font></div>
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    <div style="margin-bottom: 12pt; font-size: 12pt;">use its reasonable best efforts to cause the Shares to be listed on the NASDAQ Capital Market, and to maintain such listing. The Company shall cooperate with Agent and use its reasonable efforts to
      permit Shares to be eligible for clearance and settlement through the facilities of DTC.</div>
    <div style="text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(v)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">At any time during the term of this Agreement, the Company will advise the Agent promptly after it receives notice or
        obtains knowledge of any information or fact that would alter or affect any opinion, certificate, letter and other document provided to the Agent pursuant to <u>Section 4</u> herein.</font></div>
    <div style="text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(w)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">Subject to compliance with any applicable requirements of Regulation M under the Exchange Act and compliance with
        applicable securities laws, the Company consents to the Agent trading in Common Shares for the Agent&#8217;s own account and for the account of its clients (in compliance with all applicable laws) at the same time as sales of the Shares occur pursuant to
        this Agreement.</font></div>
    <div style="text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(x)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">If to the knowledge of the Company, any condition set forth in <u>Section 5&#160; </u>of this Agreement shall not have
        been satisfied on the applicable Settlement Date, the Company will offer to any person who has agreed to purchase the Shares on such Settlement Date from the Company as the result of an offer to purchase solicited by the Agent the right to refuse
        to purchase and pay for such Shares.</font></div>
    <div style="text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(y)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">On the date hereof and each Bringdown Date, the Company shall furnish to the Agent an incumbency certificate, dated
        as of such date and addressed to Agent, signed by the secretary of the Company.</font></div>
    <div style="text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(z)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">Each acceptance by the Company of an offer to purchase the Shares hereunder shall be deemed to be an affirmation to
        the Agent that the representations and warranties of the Company contained in or made pursuant to this Agreement are true and correct as of the date of such acceptance as though made at and as of such date, and an undertaking that such
        representations and warranties will be true and correct as of the Settlement Date for the Shares relating to such acceptance, as though made at and as of such date (except that such representations and warranties shall be deemed to relate to the
        Registration Statement and the Prospectus as amended and supplemented relating to such Shares).</font></div>
    <div style="text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(aa)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">The Company shall ensure that there are at all times sufficient Common Shares to provide for the issuance, free of
        any preemptive rights, out of its authorized but unissued Common Shares or Common Shares held in treasury, of the maximum aggregate number of Shares authorized for issuance by the Company&#8217;s board of directors pursuant to the terms of this
        Agreement.</font></div>
    <div style="text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(bb)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">During any period when the delivery of a prospectus relating to the Shares is required (including in circumstances
        where such requirement may be satisfied pursuant to Rule 172, 173 or any similar rule) to be delivered under the Securities Act, the Company will file all documents required to be filed with the Commission pursuant to the Exchange Act within the
        time periods required by the Exchange Act and the regulations thereunder.</font></div>
    <div style="text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(cc)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">The Company shall cooperate with Agent and use its reasonable efforts to permit the Shares to be eligible for
        clearance and settlement through the facilities of DTC.</font></div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;">29</font></div>
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    <div style="text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(dd)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">The Company will apply the Net Proceeds from the sale of the Shares in the manner set forth in the Prospectus.</font></div>
    <div style="text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(ee)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">To the extent that the Registration Statement is not available for the sales of the Shares as contemplated by this
        Agreement, the Company shall file a new registration statement with respect to any additional shares of Common Stock necessary to complete such sales of the Shares and shall cause such registration statement to become effective as promptly as
        practicable. After the effectiveness of any such registration statement, all references to &#8220;Registration Statement&#8221; included in this Agreement shall be deemed to include such new registration statement, including all documents incorporated by
        reference therein pursuant to Item 6 of Form F-3, and all references to &#8220;Base Prospectus&#8221; included in this Agreement shall be deemed to include the final form of prospectus, including all documents incorporated therein by reference, included in any
        such registration statement at the time such registration statement became effective.</font></div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">5.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><font style="font-weight: bold; font-style: italic;">Conditions of Agent&#8217;s Obligations</font>. The obligations of the
        Agent hereunder are subject to (i) the accuracy of, as of the date hereof, each Bringdown Date, and each Time of Sale (in each case, as if made at such date), and compliance with, all representations, warranties and agreements of the Company
        contained herein, (ii) the performance by the Company of its obligations hereunder and (iii) the following additional conditions:</font></div>
    <div style="text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">If the filing of the Prospectus, or any amendment or supplement thereto, or any Permitted Free Writing Prospectus, is
        required under the Securities Act or the Rules and Regulations, the Company shall have filed the Prospectus (or such amendment or supplement) or such Permitted Free Writing Prospectus with the Commission in the manner and within the time period so
        required (without reliance on Rule 424(b)(8) or Rule 164(b)); the Registration Statement shall remain effective; no stop order suspending the effectiveness of the Registration Statement or any part thereof, any Rule 462(b) Registration Statement,
        or any amendment thereof, nor suspending or preventing the use of the Base Prospectus, the Prospectus or any Permitted Free Writing Prospectus shall have been issued; no proceedings for the issuance of such an order shall have been initiated or
        threatened; and any request of the Commission for additional information (to be included in the Registration Statement, the Base Prospectus, the Prospectus, any Permitted Free Writing Prospectus or otherwise) shall have been complied with to the
        Agent&#8217;s satisfaction.</font></div>
    <div style="text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">The Agent shall not have advised the Company that the Registration Statement, the Base Prospectus, the Prospectus, or
        any amendment or supplement thereto, or any Permitted Free Writing Prospectus, contains an untrue statement of fact which, in the Agent&#8217;s opinion, is material, or omits to state a fact which, in the Agent&#8217;s opinion, is material and is required to
        be stated therein or is necessary to make the statements therein (i) with respect to the Registration Statement, not misleading and (ii) with respect to the Base Prospectus, the Prospectus or any Permitted Free Writing Prospectus, in light of the
        circumstances under which they were made, not misleading.</font></div>
    <div style="text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(c)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">Except as set forth or contemplated in the Base Prospectus, the Prospectus and any Permitted Free Writing Prospectus,
        subsequent to the respective dates as of which information is given therein, the Company shall not have incurred any material liabilities or</font></div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;">30</font></div>
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    <div style="margin-bottom: 12pt; font-size: 12pt;">obligations, direct or contingent, or entered into any material transactions, or declared or paid any dividends or made any distribution of any kind with respect to its capital stock and there shall
      not have been any change in the capital stock, or any issuance of options, warrants, convertible securities or other rights to purchase the capital stock (other than as a result of the exercise of any currently outstanding options or warrants that
      are disclosed in the Prospectus), or any material change in the short-term or long-term debt, of the Company, or any Material Adverse Effect or any development that would be reasonably likely to result in a Material Adverse Effect (whether or not
      arising in the ordinary course of business), or any material loss by strike, fire, flood, earthquake, accident or other calamity, whether or not covered by insurance, incurred by the Company, the effect of which, in any such case described above, in
      the Agent&#8217;s judgment, makes it impractical or inadvisable to offer or deliver the Shares.</div>
    <div style="text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(d)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">The Company shall have performed each of its obligations under <u>Section</u></font></div>
    <div style="text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(e)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">The Company shall have performed each of its obligations under <u>Section</u></font></div>
    <div style="text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(f)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">The Company shall have performed each of its obligations under <u>Section 4(r).</u></font></div>
    <div style="text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(g)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">FINRA shall not have raised any objection to the fairness and reasonableness of the terms and arrangements under this
        Agreement.</font></div>
    <div style="text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(h)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">All filings with the Commission required by Rule 424 under the Securities Act to have been filed by the Settlement
        Date shall have been made within the applicable time period prescribed for such filing by Rule 424.</font></div>
    <div style="text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(i)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">The Company shall have furnished to Agent and the Agent&#8217;s counsel such additional documents, certificates and
        evidence as they may have reasonably requested.</font></div>
    <div style="text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(j)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">Trading in the Common Shares shall not have been suspended on the NASDAQ Capital Market. The Shares shall have been
        listed and authorized for trading on the NASDAQ Capital Market prior to the first Settlement Date, and satisfactory evidence of such actions shall have been provided to the Agent and its counsel, which may include oral confirmation from a
        representative of the NASDAQ Capital Market.</font></div>
    <div style="text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">All such opinions, certificates, letters and other documents will be in compliance with the provisions hereof only if they are reasonably satisfactory in form and substance to Agent
      and the Agent&#8217;s counsel. The Company will furnish Agent with such conformed copies of such opinions, certificates, letters and other documents as Agent shall reasonably request.</div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">6.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><font style="font-weight: bold; font-style: italic;">Indemnification and Contribution</font>.</font></div>
    <div style="text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">(i)&#160; &#160; &#160;&#160; The Company agrees to indemnify and hold harmless the Agent and each of the other Indemnified Parties (as
        defined below) from and against, and pay on demand for, any losses, claims, damages, obligations, penalties, judgments, awards, liabilities, costs, expenses and disbursements, and any and all actions suits proceedings and investigations</font></div>
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    <div style="margin-bottom: 12pt; font-size: 12pt;">in respect thereof and any and all legal and other costs, expenses and disbursements in giving testimony or furnishing documents in response to subpoena or otherwise (including, without limitation, the
      costs, expenses and disbursements, as and when incurred, of investigating, preparing, pursuing or defending any such action, suit, proceeding or investigation (whether or not in connection with litigation in which any Indemnified Party is a party))
      (collectively, &#8220;<font style="font-weight: bold; font-style: italic;">Losses</font>&#8221;), directly or indirectly, caused by, relating to, based upon, arising out of , or in connection with this Agreement, including, without limitation, any act or
      omission by the Agent in connection with its acceptance of or the performance or non-performance of its obligations under the Agreement, any breach by the Company of any representation, warranty, covenant or agreement contained in the Agreement (or
      in any instrument, document or agreement relating thereto, including any agency agreement), or the enforcement by the Agent of its rights under the Agreement or these indemnification provisions, except to the extent that any such Losses are found in
      a final judgment by a court of competent jurisdiction (not subject to further appeal) to have resulted primarily and directly from the gross negligence or willful misconduct of the Indemnified Party seeking indemnification hereunder. The Company also
      agrees that no Indemnified Party shall have any liability (whether direct or indirect, in contract or tort or otherwise) to the Company for or in connection with this Agreement for any other reason, except to the extent that any such liability is
      found in a final judgment by a court of competent jurisdiction (not subject to further appeal) to have resulted primarily and directly from such Indemnified Party&#8217;s gross negligence or willful misconduct This indemnity agreement will be in addition
      to any liability that the Company otherwise might have.</div>
    <div style="text-indent: 108pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(ii)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">These indemnification provisions shall extend to the following persons (collectively, the &#8220;<font style="font-weight: bold; font-style: italic;">Indemnified Parties</font>&#8221;): Maxim, its present and former affiliated entities, managers, members, officers, employees, legal counsel, agents and controlling persons (within the meaning of the
        federal securities laws), and the officers, directors, partners, stockholders, members, managers, employees, legal counsel, agents and controlling persons of any of them. These indemnification provisions shall be in addition to any liability which
        the Company may otherwise have to any Indemnified Party.</font></div>
    <div style="text-indent: 108pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(iii)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">If any action, suit, proceeding or investigation is commenced, as to which an Indemnified Party proposes to demand
        indemnification, it shall notify the Company with reasonable promptness; <u>provided</u>, <u>however</u>, that any failure by an Indemnified Party to notify the Company shall not relieve the Company from its obligations hereunder except to the
        extent that the Company is actually and materially prejudiced by such failure to notify. An Indemnified Party shall have the right to retain counsel of its own choice to represent it, and the fees, expenses and disbursements of such counsel shall
        be borne by the Company. Any such counsel shall, to the extent consistent with its professional responsibilities, cooperate with the Company and any counsel designated by the Company. The Company shall be liable for any settlement of any claim
        against any Indemnified Party made with the Company&#8217;s written consent. The Company shall not, without the prior written consent of the Agent, settle or compromise any claim, or permit a default or consent to the entry of any judgment in respect
        thereof, unless such settlement, compromise or consent (i) includes, as an unconditional term thereof, the giving by the claimant to all of the Indemnified Parties of an unconditional release from all liability in respect of such claim, and (ii)
        does not contain any factual or legal admission by or with respect to an Indemnified Party or an adverse statement with respect to the character,</font></div>
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    <div style="margin-bottom: 12pt; font-size: 12pt;">professionalism, expertise or reputation of any Indemnified Party or any action or inaction of any Indemnified Party.</div>
    <div style="text-indent: 108pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(iv)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">In order to provide for just and equitable contribution, if a claim for indemnification pursuant to these
        indemnification provisions is made but it is found in a final judgment by a court of competent jurisdiction (not subject to further appeal) that such indemnification may not be enforced in such case, even though the express provisions hereof
        provide for indemnification in such case, then the Company shall contribute to the Losses to which any Indemnified Party may be subject (i) in accordance with the relative benefits received by the Company and its stockholders, subsidiaries and
        affiliates, on the one hand, and the Indemnified Party, on the other hand, and (ii) if (and only if) the allocation provided in clause (i) of this sentence is not permitted by applicable law, in such proportion as to reflect not only the relative
        benefits, but also the relative fault of the Company, on the one hand, and the Indemnified Party, on the other hand, in connection with the statements, acts or omissions which resulted in such Losses as well as any relevant equitable
        considerations. No person found liable for a fraudulent misrepresentation shall be entitled to contribution from any person who is not also found liable for fraudulent misrepresentation. The relative benefits received (or anticipated to be
        received) by the Company and its stockholders, subsidiaries and affiliates shall be deemed to be equal to the aggregate consideration payable or receivable by such parties in connection with the transaction or transactions to which the Agreement
        relates relative to the amount of fees actually received by the Agent in connection with such transaction or transactions. Notwithstanding the foregoing, in no event shall the amount contributed by all Indemnified Parties exceed the amount of fees
        previously received by the Agent pursuant to the Agreement.</font></div>
    <div style="text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">(i)&#160; &#160;&#160;&#160; The Agent will indemnify and hold harmless the Company and its affiliates and directors and each officer of
        the Company who signed the Registration Statement and each person, if any, who controls the Company within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act (the &#8220;<font style="font-weight: bold; font-style: italic;">Company

          Indemnified Parties</font>&#8221;) from and against any Losses to which the Company or the Company Indemnified Parties may become subject, under the Securities Act or otherwise (including in settlement of any litigation, if such settlement is effected
        with the written consent of the Agent), insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon an untrue statement or omission or alleged untrue statement or omission of a material fact
        contained in the Registration Statement, any Base Prospectus, the Prospectus, or any amendment or supplement thereto or any Permitted Free Writing Prospectus, but only and solely to the extent that such untrue statement or alleged untrue statement
        or omission or alleged omission was made in the Registration Statement, any Base Prospectus, the Prospectus, or any amendment or supplement thereto, or any Permitted Free Writing Prospectus in reliance upon and in conformity with written
        information furnished to the Company by Agent expressly for use in the preparation thereof, it being understood and agreed that the only information furnished by the Agent consists of the information described as such in <u>Section 6(b)(ii)</u>
        hereof, by the Company in connection with investigating or defending against any such loss, claim, damage, liability or action.</font></div>
    <div style="text-indent: 108pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(ii)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 12pt;">The Agent confirms and the Company acknowledges that as of the date hereof no information has been furnished in
        writing to the Company by or on behalf of the Agent specifically for inclusion in the Registration Statement, any Base Prospectus, the</font></div>
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    <div style="margin-bottom: 12pt; font-size: 12pt;">Prospectus or any Permitted Free Writing Prospectus except for the second sentence of the seventh paragraph in the section of the Prospectus captioned &#8220;Plan of Distribution.&#8221;</div>
    <div style="text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(c)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">If the indemnification provided for in this <u>Section 6</u> is unavailable or insufficient to hold harmless an
        indemnified party under subsection (a) or (b) above, then each indemnifying party shall contribute to the amount paid or payable by such indemnified party as a result of the losses, claims, damages or liabilities referred to in subsection (a) or
        (b) above, (i) in such proportion as is appropriate to reflect the relative benefits received by the Company on the one hand and the Agent on the other from the Offering or (ii) if the allocation provided by clause (i) above is not permitted by
        applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) above but also the relative fault of the Company on the one hand and the Agent on the other in connection with the statements
        or omissions that resulted in such losses, claims, damages or liabilities, as well as any other relevant equitable considerations. The relative benefits received by the Company on the one hand and the Agent on the other shall be deemed to be in the
        same proportion as the total net proceeds from the Offering (before deducting expenses) received by the Company and the total underwriting discounts and commissions received by the Agent, bear to the total public offering price of the Shares. The
        relative fault shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Company or
        the Agent and the parties&#8217; relevant intent, knowledge, access to information and opportunity to correct or prevent such untrue statement or omission. The Company and the Agent agree that it would not be just and equitable if contributions pursuant
        to this subsection (c) were to be determined by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to in the first sentence of this subsection (c). The amount paid by an
        indemnified party as a result of the losses, claims, damages or liabilities referred to in the first sentence of this subsection (c) shall be deemed to include any legal or other expenses reasonably incurred by such indemnified party in connection
        with investigating or defending against any action or claim which is the subject of this subsection (c). Notwithstanding the provisions of this subsection (c), the Agent shall not be required to contribute any amount in excess of the amount by
        which the total price at which the Shares underwritten by it and distributed to the public were offered to the public exceeds the amount of any damages that the Agent has otherwise been required to pay by reason of such untrue or alleged untrue
        statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent
        misrepresentation.</font></div>
    <div style="text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(d)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">Neither termination of this Agreement nor completion of the Offering shall affect these indemnification provisions
        which shall remain operative and in full force and effect. The indemnification provisions shall be binding upon the Company and the Agent and their respective successors and assigns and shall inure to the benefit of the Indemnified Parties and the
        Company Indemnified Parties and their respective successors, assigns, heirs and personal representatives.</font></div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">7.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><font style="font-weight: bold; font-style: italic;">Representations and Agreements to Survive Delivery</font>. All
        representations and warranties of the Company herein or in certificates delivered pursuant hereto, and agreements of the Agent and the Company herein, including but not limited to the agreements of the Agent and</font></div>
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    <div style="margin-bottom: 12pt; font-size: 12pt;">the Company contained in <u>Section 6</u> hereof, shall remain operative and in full force and effect regardless of any investigation made by or on behalf of the Agent or any controlling person
      thereof, or the Company or any of its officers, directors, or controlling persons, and shall survive delivery of, and payment for, the Shares to and by the Agent hereunder.</div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">8.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><font style="font-weight: bold; font-style: italic;">Termination of this Agreement</font>.</font></div>
    <div style="text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">The Company shall have the right, by giving written notice as hereinafter specified, to terminate the provisions of
        this Agreement relating to the solicitation of offers to purchase the Shares in its sole discretion at any time upon thirty (30) days&#8217; prior written notice. Any such termination shall be without liability of any party to any other party except that
        (i) if the Shares have been sold through the Agent for the Company, then <u>Sections 4(g)</u> and <u>4(x)</u> shall remain in full force and effect, (ii) with respect to any pending sale, through the Agent for the Company, the obligations of the
        Company with respect to such pending sale of Shares, including in respect of compensation of the Agent, shall remain in full force and effect notwithstanding such termination and (iii) the provisions of <u>Section 3(a)(vii), Section 4(g), Section
          6</u> and <u>Section</u> 7 of this Agreement shall remain in full force and effect notwithstanding such termination.</font></div>
    <div style="text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">The Agent shall have the right, by giving written notice as hereinafter specified, to terminate the provisions of
        this Agreement relating to the solicitation of offers to purchase the Shares in its sole discretion at any time. Any such termination shall be without liability of any party to any other party except that (i) the provisions of the last three
        sentences of <u>Section 4(g)</u> and the entirety of <u>Section 3(a)(vii), Section 6</u> and <u>Section 7</u> of this Agreement shall remain in full force and effect notwithstanding such termination and (ii) the provisions of <u>Section</u>
        4(g) other than the last three sentences thereof shall remain in full force and effect only if the Agent has terminated this Agreement as a result of the Company&#8217;s default of its obligations hereunder and its failure to cure any default within a
        reasonable period of time.</font></div>
    <div style="text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(c)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">This Agreement shall remain in full force and effect for twelve (12) months from the date hereof unless terminated
        pursuant to <u>Sections 8(a)</u> or <u>(b)</u> above or otherwise by mutual agreement of the parties; provided that any such termination by mutual agreement shall in all cases be deemed to provide that<u> Section 3(a)(vii), Section 4(g), Section
          6 </u>and Section 7 shall remain in full force and effect.</font></div>
    <div style="text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(d)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;">Any termination of this Agreement shall be effective on the date specified in such notice of termination; provided
        that such termination shall not be effective until the close of business on the date of receipt of such notice by the Agent or the Company, as the case may be. If such termination shall occur prior to the Settlement Date for any sale of the Shares,
        such sale shall settle in accordance with the provisions of <u>Section 3(a)</u> of this Agreement.</font></div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">9.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><font style="font-weight: bold; font-style: italic;">Default by the Company</font>. If the Company shall fail at any
        Settlement Date to sell and deliver the number of Shares which it is obligated to sell hereunder, then this Agreement shall terminate without any liability on the part of the Agent or, except as provided in <u>Section </u> 4(g) hereof, any
        non-defaulting party. No action taken pursuant to this <u>Section 9</u> shall relieve the Company from liability, if any, in respect of such default, and the Company shall (A) hold the Agent harmless against any loss, claim or damage arising from
        or as a result of such default by</font></div>
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    <div style="margin-bottom: 12pt; font-size: 12pt;">the Company and (B) pay the Agent any commission to which it would otherwise be entitled absent such default.</div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">10.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><font style="font-weight: bold; font-style: italic;">Notices</font>. Except as otherwise provided herein, all
        communications under this Agreement shall be in writing and, if to the Agent, shall be mailed, delivered or sent by facsimile or email transmission to Maxim Group LLC, 405 Lexington Avenue, New York, New York 10174, Attention: Clifford A. Teller,
        Executive Managing Director, Head of Investment Banking (fax: (212) 895-3783; <u>email: cteller@maximgrp.com),</u> with a required copy (which shall not constitute notice) to Ellenoff Grossman &amp; Schole LLP, 1345 Avenue of the Americas, New
        York, New York 10105, Attention: Barry I. Grossman, Esq. (fax: (212) 370-7889; <u>email: bigrossman@egsllp.com).</u> Notices to the Company shall be given to it at 4 Messogiou &amp; Evropis Street, 151 24 Maroussi, Greece, Attention: Simos
        Pariaros (fax: +30-211-1804097; <u>email: smp@euroseas.gr;</u>&#160;<u>aha@euroseas.gr</u> and <u>ajp@euroseas.gr</u>), with a required copy (which shall not constitute notice) to Seward &amp; Kissel LLP, One Battery Park Plaza, New York, New York
        10004, Attn: Attention: Anthony Tu-Sekine (fax: 212-480-8421; <u>email: mailto:tu-sekine@sewkis.com).</u> Any party to this Agreement may change such address for notices by sending to the parties to this Agreement written notice of a new address
        for such purpose.</font></div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">11.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><font style="font-weight: bold; font-style: italic;">Persons Entitled to Benefit of Agreement</font>. This Agreement
        shall inure to the benefit of and be binding upon the parties hereto and their respective successors and assigns and the controlling persons, officers and directors referred to in Section 6. Nothing in this Agreement is intended or shall be
        construed to give to any other person, firm or corporation any legal or equitable remedy or claim under or in respect of this Agreement or any provision herein contained. The term &#8220;successors and assigns&#8221; as herein used shall not include any
        purchaser, as such purchaser, of any of the Shares from the Agent.</font></div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">12.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><font style="font-weight: bold; font-style: italic;">Absence of Fiduciary Relationship</font>. The Company
        acknowledges and agrees that: (a) the Agent has been retained solely to act as an sales agent and/or principal in connection with the sale of the Shares and that no fiduciary, advisory or agency relationship between the Company and the Agent has
        been created in respect of any of the transactions contemplated by this Agreement, irrespective of whether the Agent has advised or are advising the Company on other matters; (b) the price and other terms of the Shares set forth in this Agreement
        were established by the Company following discussions and arms-length negotiations with the Agent and the Company is capable of evaluating and understanding and understands and accepts the terms, risks and conditions of the transactions
        contemplated by this Agreement; (c) it has been advised that the Agent and its affiliates are engaged in a broad range of transactions which may involve interests that differ from those of the Company and that the Agent has no obligation to
        disclose such interest and transactions to the Company by virtue of any fiduciary, advisory or agency relationship; (d) it has been advised that the Agent is acting, in respect of the transactions contemplated by this Agreement, solely for the
        benefit of the Agent, and not on behalf of the Company; and (e) it waives to the fullest extent permitted by law, any claims it may have against the Agent for breach of fiduciary duty or alleged breach of fiduciary duty in respect of any of the
        transactions contemplated by this Agreement and agrees that the Agent shall have no liability (whether direct or indirect) to the Company in respect of such a fiduciary duty claim on behalf of or in right of the Company, including stockholders,
        employees or creditors of the Company.</font></div>
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    <div style="text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">13.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><font style="font-weight: bold; font-style: italic;">Governing Law</font>. This Agreement shall be governed by and
        construed in accordance with the laws of the State of New York, including Section 5-1401 of the General Obligations Law of the State of New York, but otherwise without regard to conflict of laws rules that would apply the laws of any other
        jurisdiction.</font></div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">14.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><font style="font-weight: bold; font-style: italic;">Counterparts</font>. This Agreement may be executed in one or
        more counterparts and, if executed in more than one counterpart, the executed counterparts shall each be deemed to be an original and all such counterparts shall together constitute one and the same instrument.</font></div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">15.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><font style="font-weight: bold; font-style: italic;">Adjustments for Stock Splits</font>. The parties acknowledge and
        agree that all share-related numbers contained in this Agreement shall be adjusted to take into account any stock split, stock dividend or similar event effected with respect to the Shares.</font></div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">16.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><font style="font-weight: bold; font-style: italic;">Entire Agreement; Amendment; Severability; Headings</font>. This
        Agreement (including all schedules and exhibits attached hereto and transaction notices issued pursuant hereto) constitutes the entire agreement and supersedes all other prior and contemporaneous agreements and undertakings, both written and oral,
        among the parties hereto with regard to the subject matter hereof. Neither this Agreement nor any term hereof may be amended except pursuant to a written instrument executed by the Company and the Agent. In the event that any one or more of the
        provisions contained herein, or the application thereof in any circumstance, is held invalid, illegal or unenforceable as written by a court of competent jurisdiction, then such provision shall be given full force and effect to the fullest possible
        extent that it is valid, legal and enforceable, and the remainder of the terms and provisions herein shall be construed as if such invalid, illegal or unenforceable term or provision was not contained herein, but only to the extent that giving
        effect to such provision and the remainder of the terms and provisions hereof shall be in accordance with the intent of the parties as reflected in this Agreement. The section headings used in this Agreement are for convenience only and shall not
        affect the construction hereof.</font></div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">17.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><font style="font-weight: bold; font-style: italic;">Waiver of Jury Trial</font>. Each of the Company and the Agent
        hereby waives any right it may have to a trial by jury in respect of any claim based upon or arising out of this Agreement or the transactions contemplated hereby.</font></div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">18.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt;"><font style="font-weight: bold; font-style: italic;">Submission to Jurisdiction; Agent for Service. </font>Except as
        set forth below, no claim arising out of or in any way relating to this Agreement may be commenced, prosecuted or continued in any court other than the courts of the State of New York located in the City and County of New York or in the United
        States District Court for the Southern District of New York, which courts shall have non-exclusive jurisdiction over the adjudication of such matters, and the Company consents to the jurisdiction of such courts and personal service with respect
        thereto. The Company hereby consents to personal jurisdiction, service and venue in any court in which any claim arising out of or in any way relating to this Agreement is brought by any third party against the Agent or any indemnified party. The
        Company has appointed Seward &amp; Kissel LLP, One Battery Park Plaza, New York, New York 10004, as its authorized agent (the &#8220;<font style="font-weight: bold; font-style: italic;">Authorized Agent</font>&#8221;) upon whom process may be served in any
        suit, action or proceeding arising out of or based upon this Agreement or the transactions contemplated herein which may be instituted in any New York Court, by the Authorized Agent, the directors, officers, partners, employees and agents of the
        Authorized Agent and each affiliate of the Authorized Agent, and</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;">37</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="margin-bottom: 12pt; font-size: 12pt;">expressly accept the non-exclusive jurisdiction of any such court in respect of any such suit, action or proceeding. The Company hereby represents and warrants that the Authorized Agent has accepted
      such appointment and has agreed to act as said agent for service of process, and the Company agrees to take any and all action, including the filing of any and all documents that may be necessary to continue such appointment in full force and effect
      as aforesaid. The Company hereby authorizes and directs the Authorized Agent to accept such service. Service of process upon the Authorized Agent shall be deemed, in every respect, effective service of process upon the Company. If the Authorized
      Agent shall cease to act as agent for service of process, the Company shall appoint, without unreasonable delay, another such agent in the United States, and notify you of such appointment. Notwithstanding the foregoing, any action arising out of or
      based upon this Agreement may be instituted by the Authorized Agent, the directors, officers, partners, employees and agents of the Authorized Agent and each respective affiliate of the Authorized Agent, in any court of competent jurisdiction in the
      Republic of the Marshall Islands. This paragraph shall survive any termination of this Agreement, in whole or in part. The Company agrees that a final judgment in any such action, proceeding or counterclaim brought in any such court shall be
      conclusive and binding upon the Company and may be enforced in any other courts to the jurisdiction of which the Company is or may be subject, by suit upon such judgment.</div>
    <div style="text-align: center; margin-bottom: 12pt; font-size: 12pt;">[Signature Page Follows]</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;">38</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <!--PROfilePageNumberReset%Num%40%%%-->
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">If the foregoing is in accordance with your understanding of our agreement, please sign and return to the Company the enclosed duplicate of this Agreement, whereupon this letter and
      your acceptance shall represent a binding agreement between the Company and the Agent in accordance with its terms.</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z9d1c434050124ebabbd758393d2afd7b" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 49.79%; vertical-align: bottom;">
              <div style="font-family: 'Times New Roman', serif;">&#160;</div>
            </td>
            <td style="width: 50.21%; vertical-align: bottom; font-size: 12pt;" colspan="3">
              <div style="font-family: 'Times New Roman',serif;">Very truly yours,</div>
              <div style="font-family: 'Times New Roman',serif;">&#160;</div>
              <div style="font-family: 'Times New Roman',serif;">EUROSEAS LTD.</div>
            </td>
          </tr>
          <tr>
            <td style="width: 49.79%; vertical-align: bottom;">
              <div style="font-family: 'Times New Roman', serif;">&#160;</div>
            </td>
            <td style="width: 50.21%; vertical-align: bottom;" colspan="3">
              <div style="font-family: 'Times New Roman',serif; font-size: 12pt;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 49.79%; vertical-align: bottom; padding-bottom: 2px;">
              <div style="font-family: 'Times New Roman', serif;">&#160;</div>
            </td>
            <td style="width: 6.7%; vertical-align: bottom; padding-bottom: 2px;">
              <div style="font-family: 'Times New Roman',serif; font-size: 12pt;">By:</div>
            </td>
            <td style="width: 21.76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-family: 'Times New Roman',serif; font-size: 12pt;">&#160;/s/ Dr. Anastasios Aslidis</div>
            </td>
            <td style="width: 21.76%; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 49.79%; vertical-align: bottom;">
              <div style="font-family: 'Times New Roman', serif;">&#160;</div>
            </td>
            <td style="width: 6.7%; vertical-align: bottom;">
              <div style="font-family: 'Times New Roman',serif; font-size: 12pt;">Name:</div>
            </td>
            <td style="width: 43.51%; vertical-align: bottom;" colspan="2">
              <div style="font-family: 'Times New Roman',serif; font-size: 12pt;">Anastasios Aslidis</div>
            </td>
          </tr>
          <tr>
            <td style="width: 49.79%; vertical-align: bottom;">
              <div style="font-family: 'Times New Roman', serif;">&#160;</div>
            </td>
            <td style="width: 6.7%; vertical-align: bottom;">
              <div style="font-family: 'Times New Roman',serif; font-size: 12pt;">Title:</div>
            </td>
            <td style="width: 43.51%; vertical-align: bottom;" colspan="2">
              <div style="font-family: 'Times New Roman',serif; font-size: 12pt;">Chief Financial Officer</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="margin-bottom: 12pt; font-size: 12pt;">Confirmed as of the date first<br>
      above mentioned.</div>
    <div style="margin-bottom: 12pt; font-size: 12pt;">MAXIM GROUP LLC</div>
    <div style="margin-bottom: 12pt; font-size: 12pt;">
      <table cellspacing="0" cellpadding="0" id="z260cc149c458438098bd08f0e764caf7" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 44.24%; vertical-align: bottom;" colspan="3">
              <div style="font-family: 'Times New Roman', serif; font-size: 12pt;">&#160;</div>
            </td>
            <td style="width: 55.76%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif; font-size: 12pt;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 44.24%; vertical-align: bottom;" colspan="3">
              <div style="font-family: 'Times New Roman', serif; font-size: 12pt;">&#160;</div>
            </td>
            <td style="width: 55.76%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif; font-size: 12pt;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 6.84%; vertical-align: bottom; padding-bottom: 2px;">
              <div style="font-family: 'Times New Roman', serif; font-size: 12pt;">By:</div>
            </td>
            <td style="width: 18.7%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-family: 'Times New Roman', serif; font-size: 12pt;">/s/ Clifford A. Teller</div>
            </td>
            <td style="width: 18.7%; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td style="width: 55.76%; vertical-align: top; padding-bottom: 2px;">
              <div style="font-family: 'Times New Roman', serif; font-size: 12pt;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 6.84%; vertical-align: bottom;">
              <div style="font-family: 'Times New Roman', serif; font-size: 12pt;">Name:</div>
            </td>
            <td style="width: 37.4%; vertical-align: bottom;" colspan="2">
              <div style="font-family: 'Times New Roman', serif; font-size: 12pt;">Clifford A. Teller</div>
            </td>
            <td style="width: 55.76%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif; font-size: 12pt;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 6.84%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif; font-size: 12pt;">Title:</div>
            </td>
            <td style="width: 37.4%; vertical-align: top;" colspan="2">
              <div style="font-family: 'Times New Roman', serif; font-size: 12pt;">Executive Managing Director,</div>
              <div style="font-family: 'Times New Roman', serif; font-size: 12pt;">Head of Investment Banking</div>
            </td>
            <td style="width: 55.76%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif; font-size: 12pt;">&#160;</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="margin-bottom: 12pt; font-size: 12pt;"> <br>
    </div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;">40</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: center; margin-bottom: 12pt; font-size: 12pt; font-weight: bold;"><u>Schedule A</u></div>
    <div style="text-align: center; margin-bottom: 12pt; font-size: 12pt;">Permitted Free Writing Prospectus</div>
    <div style="text-align: center; margin-bottom: 12pt; font-size: 12pt;">None.</div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: center; margin-bottom: 12pt; font-size: 12pt;">Schedule A-1</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: center; margin-bottom: 12pt; font-size: 12pt; font-weight: bold;"><u>Schedule B</u></div>
    <div style="text-align: center; margin-bottom: 12pt; font-size: 12pt;">Individuals Permitted to Authorize Sales of Shares</div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zbf9b7f6d46884e8e89bed99eac582f10">

        <tr>
          <td style="width: 35%; vertical-align: top;">&#160;</td>
          <td style="width: 4%; vertical-align: top;">
            <div style="font-size: 12pt;">&#8226;</div>
          </td>
          <td style="width: 61%; vertical-align: top;">
            <div style="font-size: 12pt;">Simos Pariaros - smp@euroseas.gr</div>
          </td>
        </tr>
        <tr>
          <td style="width: 35%; vertical-align: top;">&#160;</td>
          <td style="width: 4%; vertical-align: top;">
            <div style="font-size: 12pt;">&#8226;</div>
          </td>
          <td style="width: 61%; vertical-align: top;">
            <div style="font-size: 12pt;">Tasos Aslidis - aha@euroseas.gr</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: center; margin-bottom: 12pt; font-size: 12pt;">Schedule B-1</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: center; margin-bottom: 12pt; font-size: 12pt; font-weight: bold;"><u>Schedule C</u></div>
    <div style="text-align: center; margin-bottom: 12pt; font-size: 12pt;">Form of Transaction Notice</div>
    <div style="margin-bottom: 12pt;"><br>
      <div style="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8e9bfe9d9164491cbc683eeebc15115e">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right; font-size: 12pt;">From:</td>
                <td style="width: auto; vertical-align: top;">
                  <div style="font-size: 12pt;">Euroseas Ltd</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zfa1187289ac8418b88fedf8afae841f8">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right; font-size: 12pt;">To:</td>
                <td style="width: auto; vertical-align: top;">
                  <div style="font-size: 12pt;">Maxim Group LLC</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb51ebf3d60a846909d1026cbb01c76dd">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right; font-size: 12pt;">Subject:</td>
                <td style="width: auto; vertical-align: top;">
                  <div style="font-size: 12pt;">Transaction Notice</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4f327ccecb494d1aba0c429ea2131fc4">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right; font-size: 12pt;">Date:</td>
                <td style="width: auto; vertical-align: top;">
                  <div style="font-size: 12pt;">[&#8226;], 201 __</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
    </div>
    <div style="margin-bottom: 12pt; font-size: 12pt;">Ladies and Gentlemen:</div>
    <div style="text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">Pursuant to the terms and subject to the conditions contained in the Equity Distribution Agreement between Euroseas Ltd. (the <u>&#8220;</u><font style="font-weight: bold;"><u>Company</u></font><u>&#8221;),</u>
      and Maxim Group LLC (&#8220;<font style="font-weight: bold;">Agent</font>&#8221;), dated October 30, 2018, the Company hereby requests that the Agent sell up to [&#8226;] of the Company&#8217;s common shares, par value $0.03 per share, at a minimum market price of $[&#8226;] per
      share, during the time period beginning [month, day, time] and ending [month, day, time].</div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: center; margin-bottom: 12pt; font-size: 12pt;">Schedule C-1</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: center; margin-bottom: 12pt; font-size: 12pt; font-weight: bold;"><u>Schedule D</u></div>
    <div style="text-align: center; margin-bottom: 12pt; font-size: 12pt;">Individuals to Which Notice Can Be Given</div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z5977a0cf3d424384a7dada173ffb3b2b">

        <tr>
          <td style="width: 35%; vertical-align: top;">&#160;</td>
          <td style="width: 4%; vertical-align: top;">
            <div style="font-size: 12pt;">&#8226;</div>
          </td>
          <td style="width: 61%; vertical-align: top;">
            <div style="font-size: 12pt;">William Vitale, Head of Equity Trading,<u> bvitale@maximgrp.com</u></div>
          </td>
        </tr>
        <tr>
          <td style="width: 35%; vertical-align: top;">&#160;</td>
          <td style="width: 4%; vertical-align: top;">
            <div style="font-size: 12pt;">&#8226;</div>
          </td>
          <td style="width: 61%; vertical-align: top;">
            <div style="font-size: 12pt;">Rich Vaughan <u>-</u><u> rvaughan@maximgrp.com</u></div>
          </td>
        </tr>
        <tr>
          <td style="width: 35%; vertical-align: top;">&#160;</td>
          <td style="width: 4%; vertical-align: top;">
            <div style="font-size: 12pt;">&#8226;</div>
          </td>
          <td style="width: 61%; vertical-align: top;">
            <div style="font-size: 12pt;">Robert Sayegh <u>-</u><u> rsayegh@maximgrp.com</u></div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="margin-bottom: 12pt;"><br>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
        <br>
      </div>
      <br>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: center; margin-bottom: 12pt; font-size: 12pt;">Schedule D-1</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: center; margin-bottom: 12pt; font-size: 12pt; font-weight: bold;"><u>Schedule E</u></div>
    <div style="text-align: center; margin-bottom: 12pt; font-size: 12pt;">List of Subsidiaries</div>
    <table cellspacing="0" cellpadding="2" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z013ac1e706d948418a7007d3d9294463">

        <tr>
          <td style="width: 62.09%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="font-size: 12pt; font-weight: bold;">Subsidiary</div>
          </td>
          <td style="width: 37.91%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 12pt; font-weight: bold;">Country of Incorporation</div>
          </td>
        </tr>
        <tr>
          <td style="width: 62.09%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="font-size: 12pt;">Gregos Shipping Limited</div>
          </td>
          <td style="width: 37.91%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 12pt;">Liberia</div>
          </td>
        </tr>
        <tr>
          <td style="width: 62.09%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="font-size: 12pt;">Joanna Maritime Ltd</div>
          </td>
          <td style="width: 37.91%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 12pt;">Liberia</div>
          </td>
        </tr>
        <tr>
          <td style="width: 62.09%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="font-size: 12pt;">Noumea Shipping Ltd</div>
          </td>
          <td style="width: 37.91%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 12pt;">Liberia</div>
          </td>
        </tr>
        <tr>
          <td style="width: 62.09%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="font-size: 12pt;">Athens Shipping Ltd</div>
          </td>
          <td style="width: 37.91%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 12pt;">Marshall Islands</div>
          </td>
        </tr>
        <tr>
          <td style="width: 62.09%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="font-size: 12pt;">Bridge Shipping Ltd</div>
          </td>
          <td style="width: 37.91%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 12pt;">Marshall Islands</div>
          </td>
        </tr>
        <tr>
          <td style="width: 62.09%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="font-size: 12pt;">Corfu Navigation Ltd</div>
          </td>
          <td style="width: 37.91%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 12pt;">Marshall Islands</div>
          </td>
        </tr>
        <tr>
          <td style="width: 62.09%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="font-size: 12pt;">Jonathan John Shipping Ltd</div>
          </td>
          <td style="width: 37.91%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 12pt;">Marshall Islands</div>
          </td>
        </tr>
        <tr>
          <td style="width: 62.09%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="font-size: 12pt;">Manolis Shipping Limited</div>
          </td>
          <td style="width: 37.91%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 12pt;">Marshall Islands</div>
          </td>
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        <tr>
          <td style="width: 62.09%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="font-size: 12pt;">Oinousses Navigation Ltd</div>
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          <td style="width: 37.91%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 12pt;">Marshall Islands</div>
          </td>
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        <tr>
          <td style="width: 62.09%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="font-size: 12pt;">Allendale Investments S.A.</div>
          </td>
          <td style="width: 37.91%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 12pt;">Panama</div>
          </td>
        </tr>
        <tr>
          <td style="width: 62.09%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="font-size: 12pt;">Alterwall Business Inc.</div>
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          <td style="width: 37.91%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 12pt;">Panama</div>
          </td>
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    </table>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: center; margin-bottom: 12pt; font-size: 12pt;">Exhibit E-1</div>
  </div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.31
<SEQUENCE>14
<FILENAME>d8529221_ex43-1.htm
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Seward & Kissel LLP
         Document created using EDGARfilings PROfile 6.4.0.0
         Copyright 1995 - 2020 Broadridge -->
  </head>
<body bgcolor="#ffffff" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;">
  <div>
    <div style="text-align: right; font-family: 'Times New Roman', serif; font-weight: bold;">Exhibit 4.31</div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="margin-right: 270.4pt; margin-bottom: 12pt;"><img width="170" height="51" src="image00001.jpg"></div>
    <div><br>
    </div>
    <div style="font-family: 'Times New Roman', serif; font-weight: bold;">ATHENS, 16/04/2020</div>
    <div><br>
    </div>
    <div style="font-family: 'Times New Roman', serif; font-weight: bold;">EUROSEAS LTD<br>
      40, Agiou Konstantinou Str.<br>
      GR 15124, Marousi<br>
      Attn: Mr A. Pittas / Mr. T. Aslidis</div>
    <div><br>
    </div>
    <div style="font-family: 'Times New Roman', serif; font-weight: bold;">RE: SWAP TRANSACTION</div>
    <div><br>
    </div>
    <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Our Ref: 20295-21787</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The purpose of this confirmation is to confirm the terms and conditions of the Swap Transaction entered into between <font style="font-weight: bold;">EUROBANK SA/ATHENS </font>(&#8220;Party A&#8221;) and <font style="font-weight: bold;">EUROSEAS LTD </font>(&#8220;Party B&#8221;) on the Trade Date specified below (The Swap Transaction).</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The definitions and provisions contained in the 2006 ISDA Definitions, as published by the International Swaps and Derivatives Association,
      Inc., are incorporated into this Confirmation. In the event of any inconsistency between those definitions and provisions and this Confirmation, this Confirmation will govern.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">This Confirmation constitutes a &#8220;Confirmation&#8221; as referred to in , and supplements, forms part of and is subject to the 1SDA Master
      Agreement dated as of July 10, 2008 , as amended and supplemented from time to time (the &#8220;Agreement&#8221;), between EUROBANK SA (&#8220;Party A&#8221;) and EUROSEAS LTD (&#8220;Party B&#8221;). All provisions contained in the Agreement govern this Confirmation except as
      expressly modified below.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">THE TERMS OF THE PARTICULAR TRANSACTION TO WHICH THIS CONFIRMATION RELATES ARE A FOLLOWS:</div>
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        <tr>
          <td style="width: 36.58%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">Trade Date:</div>
          </td>
          <td style="width: 63.42%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">16/04/2020</div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.58%; vertical-align: top;">&#160;</td>
          <td style="width: 63.42%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 36.58%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">Effective Date:</div>
          </td>
          <td style="width: 63.42%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">24/04/2020</div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.58%; vertical-align: top;">&#160;</td>
          <td style="width: 63.42%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 36.58%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">Termination Date:</div>
          </td>
          <td style="width: 63.42%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">24/04/2025, subject to adjustment in accordance with the Modified Following Business Day Convention.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.58%; vertical-align: top;">&#160;</td>
          <td style="width: 63.42%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 36.58%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif; font-weight: bold;">FIXED AMOUNTS:</div>
          </td>
          <td style="width: 63.42%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 36.58%; vertical-align: top;">&#160;</td>
          <td style="width: 63.42%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 36.58%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">Fixed Rate Payer:</div>
          </td>
          <td style="width: 63.42%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">Party B</div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.58%; vertical-align: top;">&#160;</td>
          <td style="width: 63.42%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 36.58%; vertical-align: top;">&#160;</td>
          <td style="width: 63.42%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 36.58%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">Fixed Rate Payer Currency Amount:</div>
          </td>
          <td style="width: 63.42%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">USD 30,000,000.00 as set forth in Schedule</div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.58%; vertical-align: top;">&#160;</td>
          <td style="width: 63.42%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 36.58%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">Transaction fee:</div>
          </td>
          <td style="width: 63.42%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">In relation to each Calculation Period, 0.13% of the Notional Amount for such Calculation Period, embedded in the Fixed Rate. The total Transaction fee in respect of the Transaction is USD
              197,816.65.</div>
          </td>
        </tr>

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          <td style="width: 36.58%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">Fixed Rate Payer Payment Dates:</div>
          </td>
          <td style="width: 63.42%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">Quarterly, commencing on 24/07/2020 up to and including the Termination Date subject to adjustment in accordance with the Modified Following Business Day Convention and there will be an
              adjustment to the Calculation Period.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.58%; vertical-align: top;">&#160;</td>
          <td style="width: 63.42%; vertical-align: top;">&#160;</td>
        </tr>
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          <td style="width: 36.58%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">Initial Calculation Period:</div>
          </td>
          <td style="width: 63.42%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">From and including 24/04/2020 to and excluding 24/07/2020.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.58%; vertical-align: top;">&#160;</td>
          <td style="width: 63.42%; vertical-align: top;">&#160;</td>
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          <td style="width: 36.58%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">Fixed Rate:</div>
          </td>
          <td style="width: 63.42%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">0.7800000 PERCENT</div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.58%; vertical-align: top;">&#160;</td>
          <td style="width: 63.42%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 36.58%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">Fixed Rate Day Count Fraction:</div>
          </td>
          <td style="width: 63.42%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">ACT/360</div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.58%; vertical-align: top;">&#160;</td>
          <td style="width: 63.42%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 36.58%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">Business Days for Payment Date is:</div>
          </td>
          <td style="width: 63.42%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">New York, London and Athens Settlement Days</div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.58%; vertical-align: top;">&#160;</td>
          <td style="width: 63.42%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 36.58%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif; font-weight: bold;">FLOATING AMOUNTS:</div>
          </td>
          <td style="width: 63.42%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 36.58%; vertical-align: top;">&#160;</td>
          <td style="width: 63.42%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 36.58%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">Floating Rate Payer:</div>
          </td>
          <td style="width: 63.42%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">Party A</div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.58%; vertical-align: top;">&#160;</td>
          <td style="width: 63.42%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 36.58%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">Floating Rate Payer Currency Amount:</div>
          </td>
          <td style="width: 63.42%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">USD 30,000,000.00 as set forth in Schedule</div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.58%; vertical-align: top;">&#160;</td>
          <td style="width: 63.42%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 36.58%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">Floating Rate Payer Payment Dates:</div>
          </td>
          <td style="width: 63.42%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">Quarterly, commencing on 24/0712020 up to and including the Termination Date subject to adjustment in accordance with the Modified Following Business Day Convention and there will be an
              adjustment to the Calculation Period.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.58%; vertical-align: top;">&#160;</td>
          <td style="width: 63.42%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 36.58%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">Floor Rate:</div>
          </td>
          <td style="width: 63.42%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">From 24/04,2020 up to and including 24/04.2025, 0.00000 PERCENT, in the event that the Relevant Rate determined in respect of a Calculation Period is less than 0.00% the Floating Rate for such
              Calculation Period shall be 0.00%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.58%; vertical-align: top;">&#160;</td>
          <td style="width: 63.42%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 36.58%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">Initial Calculation Period</div>
          </td>
          <td style="width: 63.42%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">From and including 24/04/2020 to and excluding 24/07/2020.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.58%; vertical-align: top;">&#160;</td>
          <td style="width: 63.42%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 36.58%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">Floating Rate Option</div>
          </td>
          <td style="width: 63.42%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">USD-LIBOR-BBA</div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.58%; vertical-align: top;">&#160;</td>
          <td style="width: 63.42%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 36.58%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">Designated Maturity</div>
          </td>
          <td style="width: 63.42%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">3 MONTHS</div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.58%; vertical-align: top;">&#160;</td>
          <td style="width: 63.42%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 36.58%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">Spread</div>
          </td>
          <td style="width: 63.42%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">0.0000 bps</div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.58%; vertical-align: top;">&#160;</td>
          <td style="width: 63.42%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 36.58%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">Floating Rate Day Count Fraction</div>
          </td>
          <td style="width: 63.42%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">ACT/360</div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.58%; vertical-align: top;">&#160;</td>
          <td style="width: 63.42%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 36.58%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">Reset Dates</div>
          </td>
          <td style="width: 63.42%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">The First Date of each Calculation Period</div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.58%; vertical-align: top;">&#160;</td>
          <td style="width: 63.42%; vertical-align: top;">&#160;</td>
        </tr>

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    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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    <table cellspacing="0" cellpadding="0" id="zd3f66693624943b2a146ae9b1948101d" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36.58%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">Business Days for Payment Dates is:</div>
          </td>
          <td style="width: 63.42%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">London, New York and Athens Settlement Days</div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.58%; vertical-align: top;">&#160;</td>
          <td style="width: 63.42%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 36.58%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Account Details</div>
          </td>
          <td style="width: 63.42%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 36.58%; vertical-align: top;">&#160;</td>
          <td style="width: 63.42%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 36.58%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">Account(s) for payments to</div>
          </td>
          <td style="width: 63.42%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">00260029211200236674</div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.58%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">EUROBANK SA:</div>
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            <div style="font-family: 'Times New Roman', serif;">0026002921 1200236674</div>
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    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif;">(b)</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-family: 'Times New Roman', serif;"><font style="font-weight: bold;">Assessment and Understanding. </font>It is capable of assessing the merits of an understanding (on its own behalf or through independent professional advice) and
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    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif;">(c)</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-family: 'Times New Roman', serif;"><font style="font-weight: bold;">Status of Parties. </font>The other party is not acting as a fiduciary for or an adviser to it in respect of this Transaction.</font></div>
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    <div style="text-align: justify; font-family: 'Times New Roman', serif;">Please confirm that the foregoing correctly sets forth the terms of our agreement by executing the copy of this confirmation enclosed for that purpose and returning it to us.</div>
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            <div style="font-family: 'Times New Roman', serif;">Confirmed as of the<br>
              Date first above written:</div>
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          <td style="width: 9.62%; vertical-align: top;">&#160;</td>
          <td style="width: 32.69%; vertical-align: top;" colspan="2">&#160;</td>
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          <td style="width: 16.34%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">/s/ Aristides J. Pittas</div>
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          <td style="width: 16.34%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
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            <div style="text-align: justify; font-family: 'Times New Roman', serif;">Aristides J. Pittas</div>
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            <div style="text-align: justify; font-family: 'Times New Roman', serif;">/s/ Stefania Karmiri<br>
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            <div style="text-align: justify; font-family: 'Times New Roman', serif;">Stefania Karmiri </div>
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    <div>
      <div style="font-family: 'Times New Roman', serif;"><br>
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    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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    <div><br>
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    <div><br>
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    <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">PAYMENT SCHEDULE FOR Party A</div>
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            <div style="text-align: center; font-family: 'Times New Roman', serif;">Notional Amount<br>
              <font style="font-style: italic;">USD</font></div>
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            <div style="text-align: center; font-family: 'Times New Roman', serif;">Calculation Period</div>
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            <div style="text-align: center; font-family: 'Times New Roman', serif;">Payment Date</div>
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            <div style="text-align: center; font-family: 'Times New Roman', serif;">Start Date</div>
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            <div style="text-align: center; font-family: 'Times New Roman', serif;">End Date</div>
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            <div style="text-align: center; font-family: 'Times New Roman',serif;">30,000,000.00</div>
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            <div style="text-align: center; font-family: 'Times New Roman', serif;">24/04/2020</div>
          </td>
          <td style="width: 21.58%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', serif;">24/07/2020</div>
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          <td style="width: 21.76%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', serif;">24/07/2020</div>
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          <td style="width: 34.15%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',serif;">30,000,000.00</div>
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            <div style="text-align: center; font-family: 'Times New Roman', serif;">24/07/2020</div>
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          <td style="width: 21.58%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', serif;">26/10/2020</div>
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            <div style="text-align: center; font-family: 'Times New Roman', serif;">26/10/2020</div>
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          <td style="width: 34.15%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',serif;">30,000,000.00</div>
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          <td style="width: 22.52%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', serif;">26/10/2020</div>
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          <td style="width: 21.58%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', serif;">25/01/2021</div>
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            <div style="text-align: center; font-family: 'Times New Roman', serif;">25/01/2021</div>
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          <td style="width: 34.15%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',serif;">30,000,000.00</div>
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          <td style="width: 22.52%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', serif;">25/01/2021</div>
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            <div style="text-align: center; font-family: 'Times New Roman', serif;">26/04/2021</div>
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            <div style="text-align: center; font-family: 'Times New Roman', serif;">26/04/2021</div>
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            <div style="text-align: center; font-family: 'Times New Roman',serif;">30,000,000.00</div>
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          <td style="width: 22.52%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', serif;">26/04/2021</div>
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            <div style="text-align: center; font-family: 'Times New Roman', serif;">26/07/2021</div>
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            <div style="text-align: center; font-family: 'Times New Roman', serif;">26/07/2021</div>
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          <td style="width: 34.15%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',serif;">30,000,000.00</div>
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          <td style="width: 22.52%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', serif;">26/07/2021</div>
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            <div style="text-align: center; font-family: 'Times New Roman', serif;">25/10/2021</div>
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            <div style="text-align: center; font-family: 'Times New Roman', serif;">25/10/2021</div>
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          <td style="width: 34.15%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',serif;">30,000,000.00</div>
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          <td style="width: 22.52%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', serif;">25/10/2021</div>
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            <div style="text-align: center; font-family: 'Times New Roman', serif;">24/01/2022</div>
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            <div style="text-align: center; font-family: 'Times New Roman', serif;">24/01/2022</div>
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            <div style="text-align: center; font-family: 'Times New Roman',serif;">30,000,000.00</div>
          </td>
          <td style="width: 22.52%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', serif;">24/01/2022</div>
          </td>
          <td style="width: 21.58%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', serif;">26/04/2022</div>
          </td>
          <td style="width: 21.76%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', serif;">26/04/2022</div>
          </td>
        </tr>
        <tr>
          <td style="width: 34.15%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',serif;">30,000,000.00</div>
          </td>
          <td style="width: 22.52%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', serif;">26/04/2022</div>
          </td>
          <td style="width: 21.58%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', serif;">25/07/2022</div>
          </td>
          <td style="width: 21.76%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', serif;">25/07/2022</div>
          </td>
        </tr>
        <tr>
          <td style="width: 34.15%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',serif;">30,000,000.00</div>
          </td>
          <td style="width: 22.52%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', serif;">25/07/2022</div>
          </td>
          <td style="width: 21.58%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', serif;">24/10/2022</div>
          </td>
          <td style="width: 21.76%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', serif;">24/10/2022</div>
          </td>
        </tr>
        <tr>
          <td style="width: 34.15%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',serif;">30,000,000.00</div>
          </td>
          <td style="width: 22.52%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', serif;">24/10/2022</div>
          </td>
          <td style="width: 21.58%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', serif;">24/01/2023</div>
          </td>
          <td style="width: 21.76%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', serif;">24/01/2023</div>
          </td>
        </tr>
        <tr>
          <td style="width: 34.15%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',serif;">30,000,000.00</div>
          </td>
          <td style="width: 22.52%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', serif;">24/01/2023</div>
          </td>
          <td style="width: 21.58%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', serif;">24/04/2023</div>
          </td>
          <td style="width: 21.76%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', serif;">24/04/2023</div>
          </td>
        </tr>
        <tr>
          <td style="width: 34.15%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',serif;">30,000,000.00</div>
          </td>
          <td style="width: 22.52%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', serif;">24/04/2023</div>
          </td>
          <td style="width: 21.58%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', serif;">24/07/2023</div>
          </td>
          <td style="width: 21.76%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', serif;">24/07/2023</div>
          </td>
        </tr>
        <tr>
          <td style="width: 34.15%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',serif;">30,000,000.00</div>
          </td>
          <td style="width: 22.52%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', serif;">24/07/2023</div>
          </td>
          <td style="width: 21.58%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', serif;">24/10/2023</div>
          </td>
          <td style="width: 21.76%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', serif;">24/10/2023</div>
          </td>
        </tr>
        <tr>
          <td style="width: 34.15%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',serif;">30,000,000.00</div>
          </td>
          <td style="width: 22.52%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', serif;">24/10/2023</div>
          </td>
          <td style="width: 21.58%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', serif;">24/01/2024</div>
          </td>
          <td style="width: 21.76%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', serif;">24/01/2024</div>
          </td>
        </tr>
        <tr>
          <td style="width: 34.15%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',serif;">30,000,000.00</div>
          </td>
          <td style="width: 22.52%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', serif;">24/01/2024</div>
          </td>
          <td style="width: 21.58%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', serif;">24/04/2024</div>
          </td>
          <td style="width: 21.76%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', serif;">24/04/2024</div>
          </td>
        </tr>
        <tr>
          <td style="width: 34.15%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',serif;">30,000,000.00</div>
          </td>
          <td style="width: 22.52%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', serif;">24/04/2024</div>
          </td>
          <td style="width: 21.58%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', serif;">24/07/2024</div>
          </td>
          <td style="width: 21.76%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', serif;">24/07/2024</div>
          </td>
        </tr>
        <tr>
          <td style="width: 34.15%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',serif;">30,000,000.00</div>
          </td>
          <td style="width: 22.52%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', serif;">24/07/2024</div>
          </td>
          <td style="width: 21.58%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', serif;">24/10/2024</div>
          </td>
          <td style="width: 21.76%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', serif;">24/10/2024</div>
          </td>
        </tr>
        <tr>
          <td style="width: 34.15%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',serif;">30,000,000.00</div>
          </td>
          <td style="width: 22.52%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', serif;">24/10/2024</div>
          </td>
          <td style="width: 21.58%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', serif;">24/01/2025</div>
          </td>
          <td style="width: 21.76%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', serif;">24/01/2025</div>
          </td>
        </tr>
        <tr>
          <td style="width: 34.15%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',serif;">30,000,000.00</div>
          </td>
          <td style="width: 22.52%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', serif;">24/01/2025</div>
          </td>
          <td style="width: 21.58%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', serif;">24/04/2025</div>
          </td>
          <td style="width: 21.76%; vertical-align: middle; border-color: rgb(0, 0, 0); border-style: solid; border-width: 2px;">
            <div style="text-align: center; font-family: 'Times New Roman', serif;">24/04/2025</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 10pt;"><br>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">PAYMENT SCHEDULE FOR Party B</div>
    <table cellspacing="0" cellpadding="0" id="z31d9e6473b384ca9abf11c1a5d93d296" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 28.94%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);" rowspan="2">
            <div style="text-align: center; font-family: 'Times New Roman', serif;">Notional Amount<font style="font-family: 'Times New Roman',serif;"><br>
              </font><font style="font-family: 'Times New Roman',serif; font-style: italic;">USD</font></div>
          </td>
          <td style="width: 37.32%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);" colspan="2">
            <div style="text-align: center; font-family: 'Times New Roman', serif;">Calculation Period</div>
          </td>
          <td style="width: 18.2%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);" rowspan="2">
            <div style="text-align: center; font-family: 'Times New Roman', serif;">Payment Date</div>
          </td>
          <td style="width: 15.54%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" rowspan="2">
            <div style="text-align: center; font-family: 'Times New Roman', serif;">Fixed Rate %<br>
            </div>
          </td>
        </tr>
        <tr>
          <td style="width: 19%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', serif;"><font style="font-family: 'Times New Roman',serif; font-style: italic;">Start </font>Date</div>
          </td>
          <td style="width: 18.32%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', serif;">End Date</div>
          </td>
        </tr>
        <tr>
          <td style="width: 28.94%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',serif;">30,000,000.00</div>
          </td>
          <td style="width: 19%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', serif;">24/04/2020</div>
          </td>
          <td style="width: 18.32%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', serif;">24/07/2020</div>
          </td>
          <td style="width: 18.2%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', serif;">24/07/2020</div>
          </td>
          <td style="width: 15.54%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',serif;">0.78000</div>
          </td>
        </tr>
        <tr>
          <td style="width: 28.94%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',serif;">30,000,000.00</div>
          </td>
          <td style="width: 19%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', serif;">24/07/2020</div>
          </td>
          <td style="width: 18.32%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', serif;">26/10/2020</div>
          </td>
          <td style="width: 18.2%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', serif;">26/10/2020</div>
          </td>
          <td style="width: 15.54%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',serif;">0.78000</div>
          </td>
        </tr>
        <tr>
          <td style="width: 28.94%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',serif;">30,000,000.00</div>
          </td>
          <td style="width: 19%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', serif;">26/10/2020</div>
          </td>
          <td style="width: 18.32%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', serif;">25/01/2021</div>
          </td>
          <td style="width: 18.2%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', serif;">25/01/2021</div>
          </td>
          <td style="width: 15.54%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',serif;">0.78000</div>
          </td>
        </tr>
        <tr>
          <td style="width: 28.94%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',serif;">30,000,000.00</div>
          </td>
          <td style="width: 19%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', serif;">25/01/2021</div>
          </td>
          <td style="width: 18.32%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', serif;">26/04/2021</div>
          </td>
          <td style="width: 18.2%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', serif;">26/04/2021</div>
          </td>
          <td style="width: 15.54%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',serif;">0.78000</div>
          </td>
        </tr>
        <tr>
          <td style="width: 28.94%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',serif;">30,000,000.00</div>
          </td>
          <td style="width: 19%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', serif;">26/04/2021</div>
          </td>
          <td style="width: 18.32%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', serif;">26/07/2021</div>
          </td>
          <td style="width: 18.2%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', serif;">26/07/2021</div>
          </td>
          <td style="width: 15.54%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',serif;">0.78000</div>
          </td>
        </tr>
        <tr>
          <td style="width: 28.94%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',serif;">30,000,000.00</div>
          </td>
          <td style="width: 19%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', serif;">26/07/2021</div>
          </td>
          <td style="width: 18.32%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', serif;">25/10/2021</div>
          </td>
          <td style="width: 18.2%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', serif;">25/10/2021</div>
          </td>
          <td style="width: 15.54%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',serif;">0.78000</div>
          </td>
        </tr>
        <tr>
          <td style="width: 28.94%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',serif;">30,000,000.00</div>
          </td>
          <td style="width: 19%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', serif;">25/10/2021</div>
          </td>
          <td style="width: 18.32%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', serif;">24/01/2022</div>
          </td>
          <td style="width: 18.2%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', serif;">24/01/2022</div>
          </td>
          <td style="width: 15.54%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',serif;">0.78000</div>
          </td>
        </tr>
        <tr>
          <td style="width: 28.94%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',serif;">30,000,000.00</div>
          </td>
          <td style="width: 19%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', serif;">24/01/2022</div>
          </td>
          <td style="width: 18.32%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', serif;">26/04/2022</div>
          </td>
          <td style="width: 18.2%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', serif;">26/04/2022</div>
          </td>
          <td style="width: 15.54%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',serif;">0.78000</div>
          </td>
        </tr>
        <tr>
          <td style="width: 28.94%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',serif;">30,000,000.00</div>
          </td>
          <td style="width: 19%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', serif;">26/04/2022</div>
          </td>
          <td style="width: 18.32%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', serif;">25/07/2022</div>
          </td>
          <td style="width: 18.2%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', serif;">25/07/2022</div>
          </td>
          <td style="width: 15.54%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',serif;">0.78000</div>
          </td>
        </tr>
        <tr>
          <td style="width: 28.94%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',serif;">30,000,000.00</div>
          </td>
          <td style="width: 19%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', serif;">25/07/2022</div>
          </td>
          <td style="width: 18.32%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', serif;">24/10/2022</div>
          </td>
          <td style="width: 18.2%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', serif;">24/10/2022</div>
          </td>
          <td style="width: 15.54%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',serif;">0.78000</div>
          </td>
        </tr>
        <tr>
          <td style="width: 28.94%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',serif;">30,000,000.00</div>
          </td>
          <td style="width: 19%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', serif;">24/10/2022</div>
          </td>
          <td style="width: 18.32%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', serif;">24/01/2023</div>
          </td>
          <td style="width: 18.2%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', serif;">24/01/2023</div>
          </td>
          <td style="width: 15.54%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',serif;">0.78000</div>
          </td>
        </tr>
        <tr>
          <td style="width: 28.94%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',serif;">30,000,000.00</div>
          </td>
          <td style="width: 19%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', serif;">24/01/2023</div>
          </td>
          <td style="width: 18.32%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', serif;">24/04/2023</div>
          </td>
          <td style="width: 18.2%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', serif;">24/04/2023</div>
          </td>
          <td style="width: 15.54%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',serif;">0.78000</div>
          </td>
        </tr>
        <tr>
          <td style="width: 28.94%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',serif;">30,000,000.00</div>
          </td>
          <td style="width: 19%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', serif;">24/04/2023</div>
          </td>
          <td style="width: 18.32%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', serif;">24/07/2023</div>
          </td>
          <td style="width: 18.2%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', serif;">24/07/2023</div>
          </td>
          <td style="width: 15.54%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',serif;">0.78000</div>
          </td>
        </tr>
        <tr>
          <td style="width: 28.94%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',serif;">30,000,000.00</div>
          </td>
          <td style="width: 19%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', serif;">24/07/2023</div>
          </td>
          <td style="width: 18.32%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', serif;">24/10/2023</div>
          </td>
          <td style="width: 18.2%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', serif;">24/10/2023</div>
          </td>
          <td style="width: 15.54%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',serif;">0.78000</div>
          </td>
        </tr>
        <tr>
          <td style="width: 28.94%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',serif;">30,000,000.00</div>
          </td>
          <td style="width: 19%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', serif;">24/10/2023</div>
          </td>
          <td style="width: 18.32%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', serif;">24/01/2024</div>
          </td>
          <td style="width: 18.2%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', serif;">24/01/2024</div>
          </td>
          <td style="width: 15.54%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',serif;">0.78000</div>
          </td>
        </tr>
        <tr>
          <td style="width: 28.94%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',serif;">30,000,000.00</div>
          </td>
          <td style="width: 19%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', serif;">24/01/2024</div>
          </td>
          <td style="width: 18.32%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', serif;">24/04/2024</div>
          </td>
          <td style="width: 18.2%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', serif;">24/04/2024</div>
          </td>
          <td style="width: 15.54%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',serif;">0.78000</div>
          </td>
        </tr>
        <tr>
          <td style="width: 28.94%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',serif;">30,000,000.00</div>
          </td>
          <td style="width: 19%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', serif;">24/04/2024</div>
          </td>
          <td style="width: 18.32%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', serif;">24/07/2024</div>
          </td>
          <td style="width: 18.2%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', serif;">24/07/2024</div>
          </td>
          <td style="width: 15.54%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',serif;">0.78000</div>
          </td>
        </tr>
        <tr>
          <td style="width: 28.94%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',serif;">30,000,000.00</div>
          </td>
          <td style="width: 19%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', serif;">24/07/2024</div>
          </td>
          <td style="width: 18.32%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', serif;">24/10/2024</div>
          </td>
          <td style="width: 18.2%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', serif;">24/10/2024</div>
          </td>
          <td style="width: 15.54%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',serif;">0.78000</div>
          </td>
        </tr>
        <tr>
          <td style="width: 28.94%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',serif;">30,000,000.00</div>
          </td>
          <td style="width: 19%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', serif;">24/10/2024</div>
          </td>
          <td style="width: 18.32%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', serif;">24/01/2025</div>
          </td>
          <td style="width: 18.2%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', serif;">24/01/2025</div>
          </td>
          <td style="width: 15.54%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',serif;">0.78000</div>
          </td>
        </tr>
        <tr>
          <td style="width: 28.94%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',serif;">30,000,000.00</div>
          </td>
          <td style="width: 19%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', serif;">24/01/2025</div>
          </td>
          <td style="width: 18.32%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', serif;">24/04/2025</div>
          </td>
          <td style="width: 18.2%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', serif;">24/04/2025</div>
          </td>
          <td style="width: 15.54%; vertical-align: middle; border-color: rgb(0, 0, 0); border-style: solid; border-width: 2px;">
            <div style="text-align: center; font-family: 'Times New Roman',serif;">0.78000</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-8.1
<SEQUENCE>15
<FILENAME>d8528119_ex8-1.htm
<TEXT>
<html>
  <head>
    <title></title>
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  <div>
    <div style="text-align: right; text-indent: 36pt; font-size: 11pt; font-weight: bold;"><u>Exhibit 8.1</u></div>
    <font style="font-size: 11pt;"> </font>
    <div style="text-align: center;"><font style="font-size: 11pt;">List of Subsidiaries<br>
      </font><font style="font-size: 11pt;"><br>
      </font> </div>
    <font style="font-size: 11pt;"> </font>
    <table cellspacing="0" cellpadding="0" id="z151c65c7503449abadc8803aa0833f8e" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 52.76%; vertical-align: top; background-color: #FFFFFF;">
            <div style="font-size: 11pt; font-weight: bold;">Subsidiary</div>
          </td>
          <td style="width: 47.24%; vertical-align: middle; background-color: #FFFFFF;">
            <div style="text-align: center; font-size: 11pt; font-weight: bold;">Country of Incorporation</div>
          </td>
        </tr>
        <tr>
          <td style="width: 52.76%; vertical-align: top; background-color: #FFFFFF;">
            <div style="font-size: 11pt;">Eleni Shipping Ltd.</div>
          </td>
          <td style="width: 47.24%; vertical-align: top; background-color: #FFFFFF;">
            <div style="text-align: center; font-size: 11pt;">Liberia</div>
          </td>
        </tr>
        <tr>
          <td style="width: 52.76%; vertical-align: top; background-color: #FFFFFF;">
            <div style="font-size: 11pt;">Aggeliki Shipping Ltd.</div>
          </td>
          <td style="width: 47.24%; vertical-align: top; background-color: #FFFFFF;">
            <div style="text-align: center; font-size: 11pt;">Liberia</div>
          </td>
        </tr>
        <tr>
          <td style="width: 52.76%; vertical-align: top; background-color: #FFFFFF;">
            <div style="font-size: 11pt;">Joanna Maritime Ltd.</div>
          </td>
          <td style="width: 47.24%; vertical-align: top; background-color: #FFFFFF;">
            <div style="text-align: center; font-size: 11pt;">Liberia</div>
          </td>
        </tr>
        <tr>
          <td style="width: 52.76%; vertical-align: top; background-color: #FFFFFF;">
            <div style="font-size: 11pt;">Gregos Shipping Ltd.</div>
          </td>
          <td style="width: 47.24%; vertical-align: top; background-color: #FFFFFF;">
            <div style="text-align: center; font-size: 11pt;">Liberia</div>
          </td>
        </tr>
        <tr>
          <td style="width: 52.76%; vertical-align: top; background-color: #FFFFFF;">
            <div style="font-size: 11pt;">Diamantis Shipowners Ltd.</div>
          </td>
          <td style="width: 47.24%; vertical-align: top; background-color: #FFFFFF;">
            <div style="text-align: center; font-size: 11pt;">Liberia</div>
          </td>
        </tr>
        <tr>
          <td style="width: 52.76%; vertical-align: top; background-color: #FFFFFF;">
            <div style="font-size: 11pt;">Hydra Shipowners Ltd.</div>
          </td>
          <td style="width: 47.24%; vertical-align: top; background-color: #FFFFFF;">
            <div style="text-align: center; font-size: 11pt;">Liberia</div>
          </td>
        </tr>
        <tr>
          <td style="width: 52.76%; vertical-align: top; background-color: #FFFFFF;">
            <div style="font-size: 11pt;">Spetses Shipowners Ltd.</div>
          </td>
          <td style="width: 47.24%; vertical-align: top; background-color: #FFFFFF;">
            <div style="text-align: center; font-size: 11pt;">Liberia</div>
          </td>
        </tr>
        <tr>
          <td style="width: 52.76%; vertical-align: top; background-color: #FFFFFF;">
            <div style="font-size: 11pt;">Kea Shipowners Ltd.</div>
          </td>
          <td style="width: 47.24%; vertical-align: top; background-color: #FFFFFF;">
            <div style="text-align: center; font-size: 11pt;">Liberia</div>
          </td>
        </tr>
        <tr>
          <td style="width: 52.76%; vertical-align: top; background-color: #FFFFFF;">
            <div style="font-size: 11pt;">Prospero Maritime Inc.</div>
          </td>
          <td style="width: 47.24%; vertical-align: top; background-color: #FFFFFF;">
            <div style="text-align: center; font-size: 11pt;">Marshall Islands</div>
          </td>
        </tr>
        <tr>
          <td style="width: 52.76%; vertical-align: top; background-color: #FFFFFF;">
            <div style="font-size: 11pt;">Manolis Shipping Ltd.</div>
          </td>
          <td style="width: 47.24%; vertical-align: top; background-color: #FFFFFF;">
            <div style="text-align: center; font-size: 11pt;">Marshall Islands</div>
          </td>
        </tr>
        <tr>
          <td style="width: 52.76%; vertical-align: top; background-color: #FFFFFF;">
            <div style="font-size: 11pt;">Noumea Shipping Ltd.</div>
          </td>
          <td style="width: 47.24%; vertical-align: top; background-color: #FFFFFF;">
            <div style="text-align: center; font-size: 11pt;">Marshall Islands</div>
          </td>
        </tr>
        <tr>
          <td style="width: 52.76%; vertical-align: top; background-color: #FFFFFF;">
            <div style="font-size: 11pt;">Johnathan John Shipping Ltd.</div>
          </td>
          <td style="width: 47.24%; vertical-align: top; background-color: #FFFFFF;">
            <div style="text-align: center; font-size: 11pt;">Marshall Islands</div>
          </td>
        </tr>
        <tr>
          <td style="width: 52.76%; vertical-align: top; background-color: #FFFFFF;">
            <div style="font-size: 11pt;">Athens Shipping Ltd.</div>
          </td>
          <td style="width: 47.24%; vertical-align: top; background-color: #FFFFFF;">
            <div style="text-align: center; font-size: 11pt;">Marshall Islands</div>
          </td>
        </tr>
        <tr>
          <td style="width: 52.76%; vertical-align: top; background-color: #FFFFFF;">
            <div style="font-size: 11pt;">Corfu Navigation Ltd.</div>
          </td>
          <td style="width: 47.24%; vertical-align: top; background-color: #FFFFFF;">
            <div style="text-align: center; font-size: 11pt;">Marshall Islands</div>
          </td>
        </tr>
        <tr>
          <td style="width: 52.76%; vertical-align: top; background-color: #FFFFFF;">
            <div style="font-size: 11pt;">Oinousses Navigation Ltd.</div>
          </td>
          <td style="width: 47.24%; vertical-align: top; background-color: #FFFFFF;">
            <div style="text-align: center; font-size: 11pt;">Marshall Islands</div>
          </td>
        </tr>
        <tr>
          <td style="width: 52.76%; vertical-align: top; background-color: #FFFFFF;">
            <div style="font-size: 11pt;">Bridge Shipping Ltd.</div>
          </td>
          <td style="width: 47.24%; vertical-align: top; background-color: #FFFFFF;">
            <div style="text-align: center; font-size: 11pt;">Marshall Islands</div>
          </td>
        </tr>
        <tr>
          <td style="width: 52.76%; vertical-align: top; background-color: rgb(255, 255, 255); font-size: 11pt;" rowspan="1">Eurocon Ltd. <br>
          </td>
          <td style="width: 47.24%; vertical-align: top; background-color: rgb(255, 255, 255); text-align: center; font-size: 11pt;" rowspan="1">Marshall Islands <br>
          </td>
        </tr>
        <tr>
          <td style="width: 52.76%; vertical-align: top; background-color: #FFFFFF;">
            <div style="font-size: 11pt;">Antwerp Shipping Ltd.</div>
          </td>
          <td style="width: 47.24%; vertical-align: top; background-color: #FFFFFF;">
            <div style="text-align: center; font-size: 11pt;">Marshall Islands</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 52.76%; vertical-align: top; background-color: rgb(255, 255, 255);"><font style="font-size: 11pt;">Eurocon Ltd. <br>
            </font> </td>
          <td rowspan="1" style="width: 47.24%; vertical-align: top; background-color: rgb(255, 255, 255); text-align: center;"><font style="font-size: 11pt;">&#160;Marshall Islands<br>
            </font> </td>
        </tr>
        <tr>
          <td style="width: 52.76%; vertical-align: top; background-color: #FFFFFF;">
            <div style="font-size: 11pt;">Keelung Shipping Ltd.</div>
          </td>
          <td style="width: 47.24%; vertical-align: top; background-color: #FFFFFF;">
            <div style="text-align: center; font-size: 11pt;">Marshall Islands</div>
          </td>
        </tr>
        <tr>
          <td style="width: 52.76%; vertical-align: top; background-color: #FFFFFF;">
            <div style="font-size: 11pt;">Oakland Shipping Ltd.</div>
          </td>
          <td style="width: 47.24%; vertical-align: top; background-color: #FFFFFF;">
            <div style="text-align: center; font-size: 11pt;">Marshall Islands</div>
          </td>
        </tr>
        <tr>
          <td style="width: 52.76%; vertical-align: top; background-color: #FFFFFF;">
            <div style="font-size: 11pt;">Busan Shipping Ltd.</div>
          </td>
          <td style="width: 47.24%; vertical-align: top; background-color: #FFFFFF;">
            <div style="text-align: center; font-size: 11pt;">Marshall Islands</div>
          </td>
        </tr>
        <tr>
          <td style="width: 52.76%; vertical-align: top; background-color: #FFFFFF;">
            <div style="font-size: 11pt;">Allendale Investment S.A.</div>
          </td>
          <td style="width: 47.24%; vertical-align: top; background-color: #FFFFFF;">
            <div style="text-align: center; font-size: 11pt;">Panama</div>
          </td>
        </tr>
        <tr>
          <td style="width: 52.76%; vertical-align: top; background-color: #FFFFFF;">
            <div style="font-size: 11pt;">Alterwall Business Inc.</div>
          </td>
          <td style="width: 47.24%; vertical-align: top; background-color: #FFFFFF;">
            <div style="text-align: center; font-size: 11pt;">Panama</div>
          </td>
        </tr>

    </table>
    <font style="font-size: 11pt;"> </font>
    <div><br>
    </div>
  </div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-12.1
<SEQUENCE>16
<FILENAME>d8498133_ex12-1.htm
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Seward & Kissel LLP
         Document created using EDGARfilings PROfile 6.4.0.0
         Copyright 1995 - 2020 Broadridge -->
  </head>
<body bgcolor="#ffffff" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;">
  <div>
    <div style="text-align: right; font-weight: bold;"><u>Exhibit 12.1</u></div>
    <div><br>
    </div>
    <div style="text-align: justify; font-weight: bold;"><u>CERTIFICATION OF THE PRINCIPAL EXECUTIVE OFFICER</u></div>
    <div><br>
    </div>
    <div>I, Aristides J. Pittas, certify that:</div>
    <div><br>
    </div>
    <div>1. I have reviewed this annual report on Form 20-F of Euroseas Ltd. (the &#8220;Company&#8221;);</div>
    <div><br>
    </div>
    <div>2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
      misleading with respect to the period covered by this report;</div>
    <div><br>
    </div>
    <div>3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Company as of, and for, the
      periods presented in this report;</div>
    <div><br>
    </div>
    <div>4. The Company's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as
      defined in Exchange Act Rule 13a-15(f) and 15d-15(f)) for the Company and have:</div>
    <div><br>
    </div>
    <div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z00a82fa085f7473fa7d79dfb834f7a21">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">a)</td>
              <td style="width: auto; vertical-align: top;">
                <div>designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Company, including its consolidated
                  subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6a0b64bfbc684672a5a4e40333374022">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">b)</td>
              <td style="width: auto; vertical-align: top;">
                <div>designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting
                  and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zde53a06775c84185baa594c2c1a460c2">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">c)</td>
              <td style="width: auto; vertical-align: top;">
                <div>evaluated the effectiveness of the Company's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this
                  report based on such evaluation; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze7c95c8063f84d0290cf56011535f0ee">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">d)</td>
              <td style="width: auto; vertical-align: top;">
                <div>disclosed in this report any change in the Company's internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the
                  Company's internal control over financial reporting; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div>5. The Company's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Company's auditors and the audit committee of the Company's board of directors (or persons
      performing the equivalent function):</div>
    <div><br>
    </div>
    <div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd31e98699a04432ea77764252c4cb42a">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">a)</td>
              <td style="width: auto; vertical-align: top;">
                <div>all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Company's ability to record, process, summarize and report
                  financial information; and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc5afc15b26af4a52914f6f44ffff304f">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">b)</td>
              <td style="width: auto; vertical-align: top;">
                <div>any fraud, whether or not material, that involves management or other employees who have a significant role in the Company's internal control over financial reporting.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div>Date: April 30, 2020</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><u>/s/ </u><u>Aristides J. Pittas</u></div>
    <div><u></u>Aristides J. Pittas</div>
    <div>Chief Executive Officer</div>
  </div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-12.2
<SEQUENCE>17
<FILENAME>d8498133_ex12-2.htm
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Seward & Kissel LLP
         Document created using EDGARfilings PROfile 6.4.0.0
         Copyright 1995 - 2020 Broadridge -->
  </head>
<body bgcolor="#ffffff" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;">
  <div>
    <div style="text-align: right; color: #000000; font-weight: bold;"><u>Exhibit 12.2</u></div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000; font-weight: bold;"><u>CERTIFICATION OF THE PRINCIPAL FINANCIAL OFFICER</u></div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">I, Anastasios Aslidis, certify that:</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">1. I have reviewed this annual report on Form 20-F of Euroseas Ltd. (the &#8220;Company&#8221;);</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under
      which such statements were made, not misleading with respect to the period covered by this report;</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and
      cash flows of the Company as of, and for, the periods presented in this report;</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">4. The Company's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and
      internal control over financial reporting (as defined in Exchange Act Rule 13a-15(f) and 15d-15(f)) for the Company and have:</div>
    <div style="color: #000000;">&#160;</div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z0806afb9cc73420aa80e58a18ed4fa33">

        <tr>
          <td style="width: 5%; vertical-align: middle;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">
            <div style="color: #000000;">a)</div>
          </td>
          <td style="width: 90%; vertical-align: top;">
            <div style="text-align: justify; color: #000000;">designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the
              Company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z258a729e9f4142498644d1fb9ff1f2cf">

        <tr>
          <td style="width: 5%; vertical-align: middle;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">
            <div style="color: #000000;">b)</div>
          </td>
          <td style="width: 90%; vertical-align: top;">
            <div style="color: #000000;">designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of
              financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</div>
          </td>
        </tr>

    </table>
    <div style="color: #000000;">&#160;</div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z53e08e0e722c4107bb94f4452d1b07f8">

        <tr>
          <td style="width: 5%; vertical-align: middle;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">
            <div style="color: #000000;">c)</div>
          </td>
          <td style="width: 90%; vertical-align: top;">
            <div style="color: #000000;">evaluated the effectiveness of the Company's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the
              period covered by this report based on such evaluation; and</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z492dbec9f5164800859bcb0bfe0b02d0">

        <tr>
          <td style="width: 5%; vertical-align: middle;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">
            <div style="color: #000000;">d)</div>
          </td>
          <td style="width: 90%; vertical-align: top;">
            <div style="color: #000000;">disclosed in this report any change in the Company's internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to
              materially affect, the Company's internal control over financial reporting; and</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">5. The Company's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Company's auditors and the audit committee of
      the Company's board of directors (or persons performing the equivalent function):</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z142cb89fe36b4bba94e6b39c18f70b9b">

        <tr>
          <td style="width: 5%; vertical-align: middle;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">
            <div style="color: #000000;">a)</div>
          </td>
          <td style="width: 90%; vertical-align: top;">
            <div style="text-align: justify; color: #000000;">all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Company's ability
              to record, process, summarize and report financial information; and</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z54c2a8263e6744c6a008df2e8dbdfa2d">

        <tr>
          <td style="width: 5%; vertical-align: middle;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">
            <div style="color: #000000;">b)</div>
          </td>
          <td style="width: 90%; vertical-align: top;">
            <div style="text-align: justify; color: #000000;">any fraud, whether or not material, that involves management or other employees who have a significant role in the Company's internal control over financial reporting.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">Date: April 30, 2020</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="color: #000000;"><u>/s/ </u><u>Anastasios Aslidis </u><br>
      Anastasios Aslidis</div>
    <div style="text-align: justify; color: #000000;">Chief Financial Officer</div>
  </div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-13.1
<SEQUENCE>18
<FILENAME>d8498133_ex13-1.htm
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Seward & Kissel LLP
         Document created using EDGARfilings PROfile 6.4.0.0
         Copyright 1995 - 2020 Broadridge -->
  </head>
<body bgcolor="#ffffff" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;">
  <div>
    <div style="text-align: right; color: #000000; font-weight: bold;"><u>Exhibit 13.1</u></div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: center; color: #000000; font-weight: bold;">CHIEF EXECUTIVE OFFICER CERTIFICATION</div>
    <div style="text-align: center; color: #000000; font-weight: bold;">PURSUANT TO 18 U.S.C. SECTION 1350</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; color: #000000;">In connection with this Annual Report of Euroseas Ltd. (the &#8220;Company&#8221;) on Form 20-F for the year ended December 31, 2019 as filed with the Securities and Exchange Commission (the
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        <tr>
          <td style="width: 5%; vertical-align: middle;">&#160;</td>
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            <div style="color: #000000;">(1)</div>
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            <div style="text-align: justify; color: #000000;">The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and</div>
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        <tr>
          <td style="width: 5%; vertical-align: middle;">&#160;</td>
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            <div style="color: #000000;">(2)</div>
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            <div style="text-align: justify; color: #000000;">The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.</div>
          </td>
        </tr>

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    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; color: #000000;">A signed original of this written statement has been provided to the Company and will be retained by the Company and furnished to the SEC or its staff upon request.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">Date: April 30, 2020</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;"><u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</u><u>&#160;&#160;&#160;&#160;&#160;</u></div>
    <div style="color: #000000;">Chief Executive Officer</div>
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<DOCUMENT>
<TYPE>EX-13.2
<SEQUENCE>19
<FILENAME>d8498133_ex13-2.htm
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Seward & Kissel LLP
         Document created using EDGARfilings PROfile 6.4.0.0
         Copyright 1995 - 2020 Broadridge -->
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<body bgcolor="#ffffff" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;">
  <div>
    <div style="text-align: right; color: #000000; font-weight: bold;"><u>Exhibit 13.2</u></div>
    <div><br>
    </div>
    <div style="text-align: center; color: #000000; font-weight: bold;">CHIEF FINANCIAL OFFICER CERTIFICATION</div>
    <div style="text-align: center; color: #000000; font-weight: bold;">PURSUANT TO 18 U.S.C. SECTION 1350</div>
    <div><br>
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    <div style="text-align: justify; text-indent: 36pt; color: #000000;">In connection with the Annual Report of Euroseas Ltd. (the &#8220;Company&#8221;) on Form 20-F for the year ended December 31, 2019 as filed with the Securities and Exchange Commission (the
      &#8220;SEC&#8221;) on or about the date hereof (the &#8220;Report&#8221;), I, Anastasios Aslidis, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:</div>
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          <td style="width: 5%; vertical-align: middle;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">
            <div style="color: #000000;">(1)</div>
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          <td style="width: 90%; vertical-align: top;">
            <div style="text-align: justify; color: #000000;">The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and</div>
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            <div style="color: #000000;">(2)</div>
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            <div style="text-align: justify; color: #000000;">The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.</div>
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    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; color: #000000;">A signed original of this written statement has been provided to the Company and will be retained by the Company and furnished to the SEC or its staff upon request.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">Date: April 30, 2020</div>
    <div><br>
    </div>
    <div><br>
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    <div style="text-align: justify; color: #000000;"><u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <br>
      </u></div>
    <div style="color: #000000;">Chief Financial Officer</div>
  </div>
</body>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-15.1
<SEQUENCE>20
<FILENAME>d8529286_ex15-1.htm
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Seward & Kissel LLP
         Document created using EDGARfilings PROfile 6.4.0.0
         Copyright 1995 - 2020 Broadridge -->
  </head>
<body bgcolor="#ffffff" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;">
  <div><br>
  </div>
  <div><br>
  </div>
  <div>
    <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Exhibit 15.1</div>
    <div><br>
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    <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">We consent to the incorporation by reference in Registration Statement No. 333-237128 on Form F-3 of our report dated April 30, 2020, relating to
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    <div><br>
    </div>
    <div style="color: #000000; font-family: 'Times New Roman', serif;">/s/ Deloitte Certified Public Accountants S.A.</div>
    <div style="color: #000000; font-family: 'Times New Roman', serif;">Athens, Greece</div>
    <div style="color: #000000; font-family: 'Times New Roman', serif;">April 30, 2020</div>
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</TEXT>
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<DOCUMENT>
<TYPE>EX-101.INS
<SEQUENCE>21
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  <esea:NetIncomeLossAttributableToCommonShareholdersContinuingOperations contextRef="d_2019-01-01_2019-12-31_StatementEquityComponentsAxis-RetainedEarningsMember" decimals="INF" id="c59838963" unitRef="iso4217-usd">-1682671</esea:NetIncomeLossAttributableToCommonShareholdersContinuingOperations>
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  <esea:NumberOfKeyPeopleIssuedAwards contextRef="i_2017-11-02_AwardTypeAxis-RestrictedStockMember_PlanNameAxis-The2014PlanMember_TitleOfIndividualAxis-The18KeyPersonsMember" decimals="INF" id="c59839986" unitRef="xbrli-pure">18</esea:NumberOfKeyPeopleIssuedAwards>
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  <esea:OtherInvestmentFundsReleased contextRef="d_2017-01-01_2017-12-31" decimals="INF" id="c59839069" unitRef="iso4217-usd">4000000</esea:OtherInvestmentFundsReleased>
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  <esea:PaymentsForInvestmentInAffiliate contextRef="d_2017-01-01_2017-12-31" decimals="INF" id="c59839085" unitRef="iso4217-usd">915525</esea:PaymentsForInvestmentInAffiliate>
  <esea:PaymentsForInvestmentInAffiliate contextRef="d_2018-01-01_2018-12-31" decimals="INF" id="c59839086" unitRef="iso4217-usd">3298356</esea:PaymentsForInvestmentInAffiliate>
  <esea:PaymentsForInvestmentInAffiliate contextRef="d_2019-01-01_2019-12-31" id="c59839087" unitRef="iso4217-usd" xs:nil="true"/>
  <esea:PercentOfCashFlowAfterDebtServiceSetAside contextRef="i_2017-12-31_DebtInstrumentAxis-LoanAgreementToFinanceAcquisitionOfMVEMAstoriaMember" decimals="INF" id="c59839731" unitRef="xbrli-pure">0.35</esea:PercentOfCashFlowAfterDebtServiceSetAside>
  <esea:PercentSharedWithBankInExcessOfFairMarketValue contextRef="i_2017-12-31_DebtInstrumentAxis-LoanAgreementToFinanceAcquisitionOfMVEMAstoriaMember" decimals="INF" id="c59839729" unitRef="xbrli-pure">0.35</esea:PercentSharedWithBankInExcessOfFairMarketValue>
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  <esea:PreferredDeemedDividend contextRef="d_2019-01-01_2019-12-31" decimals="INF" id="c59840259" unitRef="iso4217-usd">504577</esea:PreferredDeemedDividend>
  <esea:PreferredDeemedDividend contextRef="d_2017-01-01_2017-12-31" id="c59840053" unitRef="iso4217-usd" xs:nil="true"/>
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  <esea:PreferredDividendsAccrued contextRef="d_2019-01-01_2019-12-31" decimals="INF" id="c59839165" unitRef="iso4217-usd">161315</esea:PreferredDividendsAccrued>
  <esea:PreferredStockAdditionalCashDividendUnderSpecifiedConditionsPercentage contextRef="d_2014-01-27_2014-01-27_StatementClassOfStockAxis-SeriesBPreferredStockMember" decimals="3" id="c59840185" unitRef="xbrli-pure">0.4</esea:PreferredStockAdditionalCashDividendUnderSpecifiedConditionsPercentage>
  <esea:PreferredStockDeemedDividend contextRef="d_2019-01-01_2019-12-31_StatementClassOfStockAxis-SeriesBPreferredStockMember" decimals="INF" id="c59840203" unitRef="iso4217-usd">504577</esea:PreferredStockDeemedDividend>
  <esea:PreferredStockDistributed contextRef="d_2018-05-30_2018-05-30_CounterpartyNameAxis-EurodryMember_StatementClassOfStockAxis-SeriesBPreferredStockMember" decimals="INF" id="c59840193" unitRef="xbrli-shares">19042</esea:PreferredStockDistributed>
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  <esea:PreferredStockRedemptionOfShares contextRef="d_2019-01-01_2019-12-31" decimals="INF" id="c59840252" unitRef="xbrli-shares">11686</esea:PreferredStockRedemptionOfShares>
  <esea:PreferredStockRedemptionOfSharesValue contextRef="d_2019-01-01_2019-12-31_StatementClassOfStockAxis-OrdinaryPreferredStockMember" decimals="INF" id="c59840253" unitRef="iso4217-usd">8155055</esea:PreferredStockRedemptionOfSharesValue>
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  <esea:PreferredStockRedemptionOfSharesValue contextRef="d_2019-01-01_2019-12-31" decimals="INF" id="c59840255" unitRef="iso4217-usd">11686000</esea:PreferredStockRedemptionOfSharesValue>
  <esea:PreferredStockSharesReceived contextRef="d_2018-05-30_2018-05-30_CounterpartyNameAxis-EurodryMember_StatementClassOfStockAxis-SeriesBPreferredStockMember" decimals="INF" id="c59840363" unitRef="xbrli-shares">19042</esea:PreferredStockSharesReceived>
  <esea:PreferredStockValueDistributed contextRef="d_2018-05-30_2018-05-30_CounterpartyNameAxis-EurodryMember_StatementClassOfStockAxis-OrdinaryPreferredStockMember" decimals="INF" id="c59840189" unitRef="iso4217-usd">14500000</esea:PreferredStockValueDistributed>
  <esea:PreferredStockValueDistributed contextRef="d_2018-05-30_2018-05-30_CounterpartyNameAxis-EurodryMember_StatementClassOfStockAxis-PreferredStockIssuedAsDividendsMember" decimals="INF" id="c59840190" unitRef="iso4217-usd">3692131</esea:PreferredStockValueDistributed>
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  <esea:PreferredStockValueDistributed contextRef="d_2018-01-01_2018-12-31_CounterpartyNameAxis-EurodryMember" decimals="INF" id="c59839170" unitRef="iso4217-usd">18192131</esea:PreferredStockValueDistributed>
  <esea:PreferredStockValueDistributed contextRef="d_2019-01-01_2019-12-31_CounterpartyNameAxis-EurodryMember" id="c59839171" unitRef="iso4217-usd" xs:nil="true"/>
  <esea:PreferredStockValueDistributed contextRef="d_2018-01-01_2018-12-31_StatementClassOfStockAxis-OrdinaryPreferredStockMember" decimals="INF" id="c59840241" unitRef="iso4217-usd">14500000</esea:PreferredStockValueDistributed>
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  <esea:PreferredStockValueDistributed contextRef="d_2018-01-01_2018-12-31" decimals="INF" id="c59840243" unitRef="iso4217-usd">18192131</esea:PreferredStockValueDistributed>
  <esea:PreferredStockVotingPercentageOfNumberOfSharesConvertibleOfCommonStock contextRef="i_2019-12-31_StatementClassOfStockAxis-SeriesBPreferredStockMember" decimals="3" id="c59840223" unitRef="xbrli-pure">0.5</esea:PreferredStockVotingPercentageOfNumberOfSharesConvertibleOfCommonStock>
  <esea:ProfitSharingAgreementPercentage contextRef="i_2016-12-20_PropertyPlantAndEquipmentByTypeAxis-MVMonikaPMember" decimals="INF" id="c59840297" unitRef="xbrli-pure">0.35</esea:ProfitSharingAgreementPercentage>
  <esea:PurchaseTransactionsPolicyTextBlock contextRef="d_2019-01-01_2019-12-31" id="c59842370">&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;Evaluation of purchase transactions&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;&amp;nbsp;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;When the Company enters into an acquisition transaction, it determines whether the acquisition transaction was for the purchase of an asset or a business based on the facts and circumstances of the transaction. In accordance with ASU &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;No.&lt;/div&gt; &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2017&lt;/div&gt;-&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;01,&lt;/div&gt; Business Combinations (Topic &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;805&lt;/div&gt;): Clarifying the Definition of a Business, if substantially all of the fair value of the gross assets acquired in an acquisition transaction are concentrated in a single identifiable asset or group of similar identifiable assets, then the set is &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;not&lt;/div&gt; a business. To be considered a business, a set must include an input and a substantive process that together significantly contributes to the ability to create an output. All assets acquired and liabilities assumed in a business combination are measured at their acquisition-date fair values. For asset acquisitions, the cost of the acquisition is allocated to individual assets and liabilities on a relative fair value basis. Acquisition costs associated with business combinations are expensed as incurred. Acquisition costs associated with asset acquisitions are capitalized.&lt;br /&gt; &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;</esea:PurchaseTransactionsPolicyTextBlock>
  <esea:RelatedPartyAgreementTerm contextRef="d_2011-01-01_2011-01-01" id="c59839592">P5Y</esea:RelatedPartyAgreementTerm>
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  <esea:RelatedPartyDebtCurrent contextRef="i_2018-12-31" id="c59838662" unitRef="iso4217-usd" xs:nil="true"/>
  <esea:RelatedPartyDebtCurrent contextRef="i_2019-12-31" decimals="INF" id="c59838663" unitRef="iso4217-usd">5000000</esea:RelatedPartyDebtCurrent>
  <esea:RelatedPartyTransactionAmountsOfTransactionPerCrewMemberPerMonth contextRef="d_2019-01-01_2019-12-31_RelatedPartyTransactionsByRelatedPartyAxis-TechnomarMember" decimals="INF" id="c59839666" unitRef="iso4217-usd">50</esea:RelatedPartyTransactionAmountsOfTransactionPerCrewMemberPerMonth>
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  <esea:RelatedPartyTransactionCommissionPercentage contextRef="d_2019-01-01_2019-12-31_RelatedPartyTransactionAxis-VesselSalesMember_RelatedPartyTransactionsByRelatedPartyAxis-EurochartMember" decimals="INF" id="c59839642" unitRef="xbrli-pure">0.01</esea:RelatedPartyTransactionCommissionPercentage>
  <esea:RelatedPartyTransactionCommissionPercentage contextRef="d_2019-01-01_2019-12-31_RelatedPartyTransactionAxis-CharterRevenuesMember_RelatedPartyTransactionsByRelatedPartyAxis-EurochartMember" decimals="INF" id="c59839643" unitRef="xbrli-pure">0.0125</esea:RelatedPartyTransactionCommissionPercentage>
  <esea:RelatedPartyTransactionDailyFeePerVesselPerDayInLayUp contextRef="d_2019-01-01_2019-12-31" decimals="INF" id="c59839599" unitRef="iso4217-usd">360</esea:RelatedPartyTransactionDailyFeePerVesselPerDayInLayUp>
  <esea:RelatedPartyTransactionDailyFeePerVesselPerDayInLayUp contextRef="d_2019-01-01_2019-12-31" decimals="INF" id="c59841634" unitRef="iso4217-eur">342.50</esea:RelatedPartyTransactionDailyFeePerVesselPerDayInLayUp>
  <esea:RelatedPartyTransactionDailyFeePerVesselPerDayInOperation contextRef="d_2019-01-01_2019-12-31" decimals="INF" id="c59839598" unitRef="iso4217-usd">720</esea:RelatedPartyTransactionDailyFeePerVesselPerDayInOperation>
  <esea:RelatedPartyTransactionDiscountPercentage contextRef="d_2018-01-01_2018-01-01" decimals="INF" id="c59839595" unitRef="xbrli-pure">0.05</esea:RelatedPartyTransactionDiscountPercentage>
  <esea:RepaymentsOfLongtermDebtAndVesselProfitParticipationLiability contextRef="d_2017-01-01_2017-12-31" decimals="INF" id="c59839103" unitRef="iso4217-usd">7243915</esea:RepaymentsOfLongtermDebtAndVesselProfitParticipationLiability>
  <esea:RepaymentsOfLongtermDebtAndVesselProfitParticipationLiability contextRef="d_2018-01-01_2018-12-31" decimals="INF" id="c59839104" unitRef="iso4217-usd">32349000</esea:RepaymentsOfLongtermDebtAndVesselProfitParticipationLiability>
  <esea:RepaymentsOfLongtermDebtAndVesselProfitParticipationLiability contextRef="d_2019-01-01_2019-12-31" decimals="INF" id="c59839105" unitRef="iso4217-usd">13401460</esea:RepaymentsOfLongtermDebtAndVesselProfitParticipationLiability>
  <esea:ScheduleOfFutureAnnualLoanRepaymentsTableTextBlock contextRef="d_2019-01-01_2019-12-31" id="c-7">&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;" cellspacing="0" cellpadding="0"&gt; &lt;tr style="vertical-align: bottom"&gt; &lt;td style="border-bottom: Black 1pt solid"&gt;To December 31:&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3" style="border-bottom: Black 1pt solid; text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="width: 87%; text-align: justify"&gt;2020&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;12,541,840&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="text-align: justify"&gt;2021&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;29,941,840&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="text-align: justify"&gt;2022&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;8,723,540&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: justify; padding-bottom: 1pt"&gt;2023&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;34,000,000&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: justify; padding-bottom: 1pt"&gt;Total&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;85,207,220&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;/table&gt;&lt;/div&gt;</esea:ScheduleOfFutureAnnualLoanRepaymentsTableTextBlock>
  <esea:ScheduleOfVoyageVesselOperatingExpensesAndCommissionsTableTextBlock contextRef="d_2019-01-01_2019-12-31" id="c-10">&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;" cellspacing="0" cellpadding="0"&gt; &lt;tr style="vertical-align: bottom"&gt; &lt;td style="text-align: justify"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="11" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;Year ended December 31,&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom"&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: justify"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;2017&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;2018&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;2019&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="font-weight: bold; text-align: justify"&gt;Voyage expenses&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="width: 61%; text-align: justify"&gt;Port charges and canal dues&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;1,156,511&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;384,893&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;251,197&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: justify; padding-bottom: 1pt"&gt;Bunkers&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;407,978&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;876,195&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;804,211&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: justify; padding-bottom: 1pt"&gt;Total&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;1,564,489&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;1,261,088&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;1,055,408&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="text-align: justify"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="font-weight: bold; text-align: justify"&gt;Vessel operating expenses&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="text-align: justify"&gt;Crew wages and related costs&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;8,771,386&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;11,020,924&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;13,111,682&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="text-align: justify"&gt;Insurance&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;1,261,976&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;1,537,539&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;1,844,088&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="text-align: justify"&gt;Repairs and maintenance&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;643,788&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;1,043,632&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;1,110,995&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="text-align: justify"&gt;Lubricants&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;1,169,412&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;1,665,849&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2,029,230&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="text-align: justify"&gt;Spares and consumable stores&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2,391,420&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;3,445,422&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;4,758,290&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="text-align: justify"&gt;Professional and legal fees&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;10,037&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;252,156&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;259,311&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: justify; padding-bottom: 1pt"&gt;Other&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;771,323&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;1,020,648&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;869,686&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: justify; padding-bottom: 1pt"&gt;Total&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;15,019,342&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;19,986,170&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;23,983,282&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;/table&gt;&lt;/div&gt;</esea:ScheduleOfVoyageVesselOperatingExpensesAndCommissionsTableTextBlock>
  <esea:ServiceManagementCostsDailyFeeRelatedParty contextRef="d_2017-01-01_2017-12-31" decimals="INF" id="c59839581" unitRef="iso4217-eur">685</esea:ServiceManagementCostsDailyFeeRelatedParty>
  <esea:ServiceManagementCostsDailyFeeRelatedParty contextRef="d_2019-01-01_2019-12-31" decimals="INF" id="c59839606" unitRef="iso4217-eur">685</esea:ServiceManagementCostsDailyFeeRelatedParty>
  <esea:ServiceManagementCostsDailyFeeRelatedParty contextRef="d_2018-01-01_2018-12-31" decimals="INF" id="c59839580" unitRef="iso4217-eur">685</esea:ServiceManagementCostsDailyFeeRelatedParty>
  <esea:ShareBasedCompensationArrangementByShareBasedPaymentAwardedTerm contextRef="d_2014-07-31_2014-07-31_PlanNameAxis-The2014PlanMember" id="c59839978">P10Y</esea:ShareBasedCompensationArrangementByShareBasedPaymentAwardedTerm>
  <esea:SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantedInPeriodFairValue contextRef="d_2017-01-01_2017-12-31_AwardTypeAxis-RestrictedStockMember" decimals="INF" id="c59840022" unitRef="iso4217-usd">176475</esea:SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantedInPeriodFairValue>
  <esea:SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantedInPeriodFairValue contextRef="d_2018-01-01_2018-12-31_AwardTypeAxis-RestrictedStockMember" decimals="INF" id="c59840023" unitRef="iso4217-usd">134232</esea:SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantedInPeriodFairValue>
  <esea:SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantedInPeriodFairValue contextRef="d_2019-01-01_2019-12-31_AwardTypeAxis-RestrictedStockMember" decimals="INF" id="c59840024" unitRef="iso4217-usd">90193</esea:SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantedInPeriodFairValue>
  <esea:ShareholdersOwnershipPercentage contextRef="i_2019-12-31" decimals="INF" id="c59839175" unitRef="xbrli-pure">0.62</esea:ShareholdersOwnershipPercentage>
  <esea:SharesIssuedPercentOfOutsandingSharesOfTheCompany contextRef="d_2019-08-01_2019-08-31_PropertyPlantAndEquipmentByTypeAxis-FourFeederContainershipsMember" decimals="INF" id="c59839183" unitRef="xbrli-pure">0.643</esea:SharesIssuedPercentOfOutsandingSharesOfTheCompany>
  <esea:ShipOwningCrewContractTerm contextRef="d_2019-01-01_2019-12-31" id="c59839404">P9D</esea:ShipOwningCrewContractTerm>
  <esea:SpinoffTransactionNumberOfCompanysCommonSharesExchangedForEachCommonShareOfEurodry contextRef="i_2018-05-30" decimals="INF" id="c59839177" unitRef="xbrli-shares">5</esea:SpinoffTransactionNumberOfCompanysCommonSharesExchangedForEachCommonShareOfEurodry>
  <esea:SpinoffTransactionNumberOfEurodryCommonShareReceivedByCompanysShareholdersForEveryFiveCommonShares contextRef="i_2018-05-30" decimals="INF" id="c59839176" unitRef="xbrli-shares">1</esea:SpinoffTransactionNumberOfEurodryCommonShareReceivedByCompanysShareholdersForEveryFiveCommonShares>
  <esea:StockIssuedDuringPeriodSharesRoundingOfStockSplit contextRef="d_2019-01-01_2019-12-31_StatementEquityComponentsAxis-CommonStockMember" decimals="INF" id="c59838990" unitRef="xbrli-shares">2393</esea:StockIssuedDuringPeriodSharesRoundingOfStockSplit>
  <esea:StockIssuedDuringPeriodValueRoundingOfStockSplit contextRef="d_2019-01-01_2019-12-31_StatementEquityComponentsAxis-CommonStockMember" decimals="INF" id="c59838991" unitRef="iso4217-usd">72</esea:StockIssuedDuringPeriodValueRoundingOfStockSplit>
  <esea:StockIssuedDuringPeriodValueRoundingOfStockSplit contextRef="d_2019-01-01_2019-12-31_StatementEquityComponentsAxis-AdditionalPaidInCapitalMember" decimals="INF" id="c59838992" unitRef="iso4217-usd">-72</esea:StockIssuedDuringPeriodValueRoundingOfStockSplit>
  <esea:StockIssuedDuringPeriodValueRoundingOfStockSplit contextRef="d_2019-01-01_2019-12-31_StatementEquityComponentsAxis-RetainedEarningsMember" id="c59838993" unitRef="iso4217-usd" xs:nil="true"/>
  <esea:StockIssuedDuringPeriodValueRoundingOfStockSplit contextRef="d_2019-01-01_2019-12-31" id="c59838994" unitRef="iso4217-usd" xs:nil="true"/>
  <esea:TimeCharterRevenue contextRef="d_2017-01-01_2017-12-31" decimals="INF" id="c59842198" unitRef="iso4217-usd">24278048</esea:TimeCharterRevenue>
  <esea:TimeCharterRevenue contextRef="d_2018-01-01_2018-12-31" decimals="INF" id="c59842199" unitRef="iso4217-usd">36062202</esea:TimeCharterRevenue>
  <esea:TimeCharterRevenue contextRef="d_2019-01-01_2019-12-31" decimals="INF" id="c59842200" unitRef="iso4217-usd">41769278</esea:TimeCharterRevenue>
  <esea:VesselOperatingExpensesRelatedParty contextRef="d_2017-01-01_2017-12-31" decimals="INF" id="c59842333" unitRef="iso4217-usd">190723</esea:VesselOperatingExpensesRelatedParty>
  <esea:VesselOperatingExpensesRelatedParty contextRef="d_2018-01-01_2018-12-31" decimals="INF" id="c59842334" unitRef="iso4217-usd">256069</esea:VesselOperatingExpensesRelatedParty>
  <esea:VesselOperatingExpensesRelatedParty contextRef="d_2019-01-01_2019-12-31" decimals="INF" id="c59842335" unitRef="iso4217-usd">249081</esea:VesselOperatingExpensesRelatedParty>
  <esea:VesselProfitParcitipationLiability contextRef="i_2018-12-31_DebtInstrumentAxis-LoanAgreementToFinanceAcquisitionOfMVEMAstoriaMember" decimals="INF" id="c59839730" unitRef="iso4217-usd">1067500</esea:VesselProfitParcitipationLiability>
  <esea:VesselProfitParticipationLiabilityNoncurrent contextRef="i_2018-12-31_PropertyPlantAndEquipmentByTypeAxis-MVMonikaPMember" decimals="INF" id="c59840298" unitRef="iso4217-usd">1067500</esea:VesselProfitParticipationLiabilityNoncurrent>
  <esea:VesselProfitParticipationLiabilityNoncurrent contextRef="i_2019-06-30_PropertyPlantAndEquipmentByTypeAxis-MVMonikaPMember" decimals="INF" id="c59840301" unitRef="iso4217-usd">950000</esea:VesselProfitParticipationLiabilityNoncurrent>
  <esea:VesselProfitParticipationLiabilityNoncurrent contextRef="i_2018-12-31" decimals="INF" id="c59838690" unitRef="iso4217-usd">1067500</esea:VesselProfitParticipationLiabilityNoncurrent>
  <esea:VesselProfitParticipationLiabilityNoncurrent contextRef="i_2019-12-31" id="c59838691" unitRef="iso4217-usd" xs:nil="true"/>
  <esea:VesselProfitParticipationLiabilityNoncurrent contextRef="i_2017-12-31_FairValueByMeasurementFrequencyAxis-FairValueMeasurementsNonrecurringMember" decimals="INF" id="c59840330" unitRef="iso4217-usd">1297100</esea:VesselProfitParticipationLiabilityNoncurrent>
  <esea:VesselProfitParticipationLiabilityNoncurrent contextRef="i_2017-12-31_FairValueByFairValueHierarchyLevelAxis-FairValueInputsLevel1Member_FairValueByMeasurementFrequencyAxis-FairValueMeasurementsNonrecurringMember" id="c59840331" unitRef="iso4217-usd" xs:nil="true"/>
  <esea:VesselProfitParticipationLiabilityNoncurrent contextRef="i_2017-12-31_FairValueByFairValueHierarchyLevelAxis-FairValueInputsLevel2Member_FairValueByMeasurementFrequencyAxis-FairValueMeasurementsNonrecurringMember" decimals="INF" id="c59840332" unitRef="iso4217-usd">1297100</esea:VesselProfitParticipationLiabilityNoncurrent>
  <esea:VesselProfitParticipationLiabilityNoncurrent contextRef="i_2017-12-31_FairValueByFairValueHierarchyLevelAxis-FairValueInputsLevel3Member_FairValueByMeasurementFrequencyAxis-FairValueMeasurementsNonrecurringMember" id="c59840333" unitRef="iso4217-usd" xs:nil="true"/>
  <esea:VesselProfitParticipationLiabilityNoncurrent contextRef="i_2018-12-31_FairValueByMeasurementFrequencyAxis-FairValueMeasurementsNonrecurringMember" decimals="INF" id="c59840340" unitRef="iso4217-usd">1067500</esea:VesselProfitParticipationLiabilityNoncurrent>
  <esea:VesselProfitParticipationLiabilityNoncurrent contextRef="i_2018-12-31_FairValueByFairValueHierarchyLevelAxis-FairValueInputsLevel1Member_FairValueByMeasurementFrequencyAxis-FairValueMeasurementsNonrecurringMember" id="c59840341" unitRef="iso4217-usd" xs:nil="true"/>
  <esea:VesselProfitParticipationLiabilityNoncurrent contextRef="i_2018-12-31_FairValueByFairValueHierarchyLevelAxis-FairValueInputsLevel2Member_FairValueByMeasurementFrequencyAxis-FairValueMeasurementsNonrecurringMember" decimals="INF" id="c59840342" unitRef="iso4217-usd">1067500</esea:VesselProfitParticipationLiabilityNoncurrent>
  <esea:VesselProfitParticipationLiabilityNoncurrent contextRef="i_2018-12-31_FairValueByFairValueHierarchyLevelAxis-FairValueInputsLevel3Member_FairValueByMeasurementFrequencyAxis-FairValueMeasurementsNonrecurringMember" id="c59840343" unitRef="iso4217-usd" xs:nil="true"/>
  <esea:VesselProfitParticipationLiabilityNoncurrent contextRef="i_2019-12-31_FairValueByMeasurementFrequencyAxis-FairValueMeasurementsNonrecurringMember" id="c59840345" unitRef="iso4217-usd" xs:nil="true"/>
  <esea:VesselProfitParticipationLiabilityNoncurrent contextRef="i_2019-12-31_FairValueByFairValueHierarchyLevelAxis-FairValueInputsLevel1Member_FairValueByMeasurementFrequencyAxis-FairValueMeasurementsNonrecurringMember" id="c59840346" unitRef="iso4217-usd" xs:nil="true"/>
  <esea:VesselProfitParticipationLiabilityNoncurrent contextRef="i_2019-12-31_FairValueByFairValueHierarchyLevelAxis-FairValueInputsLevel2Member_FairValueByMeasurementFrequencyAxis-FairValueMeasurementsNonrecurringMember" id="c59840347" unitRef="iso4217-usd" xs:nil="true"/>
  <esea:VesselProfitParticipationLiabilityNoncurrent contextRef="i_2019-12-31_FairValueByFairValueHierarchyLevelAxis-FairValueInputsLevel3Member_FairValueByMeasurementFrequencyAxis-FairValueMeasurementsNonrecurringMember" id="c59840348" unitRef="iso4217-usd" xs:nil="true"/>
  <esea:VesselVoyageAndOperatingExpensesTextBlock contextRef="d_2019-01-01_2019-12-31" id="s1524757">&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"&gt;  &lt;tr style="vertical-align: top"&gt; &lt;td style="width: 0"&gt;&lt;/td&gt; &lt;td style="width: 0.5in"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;13.&lt;/div&gt;&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;Voyage and Vessel Operating Expenses &lt;/div&gt;&lt;/td&gt; &lt;/tr&gt;  &lt;/table&gt; &lt;div style=""&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;These consisted of:&lt;/div&gt; &lt;div&gt; &lt;table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0"&gt;  &lt;tr style="vertical-align: bottom"&gt; &lt;td style="text-align: justify"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="11" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;Year ended December 31,&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom"&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: justify"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;2017&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;2018&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;2019&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="font-weight: bold; text-align: justify"&gt;Voyage expenses&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="width: 61%; text-align: justify"&gt;Port charges and canal dues&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;1,156,511&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;384,893&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;251,197&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: justify; padding-bottom: 1pt"&gt;Bunkers&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;407,978&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;876,195&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;804,211&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: justify; padding-bottom: 1pt"&gt;Total&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;1,564,489&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;1,261,088&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;1,055,408&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="text-align: justify"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="font-weight: bold; text-align: justify"&gt;Vessel operating expenses&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="text-align: justify"&gt;Crew wages and related costs&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;8,771,386&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;11,020,924&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;13,111,682&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="text-align: justify"&gt;Insurance&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;1,261,976&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;1,537,539&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;1,844,088&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="text-align: justify"&gt;Repairs and maintenance&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;643,788&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;1,043,632&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;1,110,995&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="text-align: justify"&gt;Lubricants&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;1,169,412&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;1,665,849&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2,029,230&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="text-align: justify"&gt;Spares and consumable stores&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2,391,420&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;3,445,422&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;4,758,290&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="text-align: justify"&gt;Professional and legal fees&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;10,037&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;252,156&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;259,311&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: justify; padding-bottom: 1pt"&gt;Other&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;771,323&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;1,020,648&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;869,686&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: justify; padding-bottom: 1pt"&gt;Total&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;15,019,342&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;19,986,170&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;23,983,282&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt;  &lt;/table&gt; &lt;/div&gt;&lt;/div&gt;</esea:VesselVoyageAndOperatingExpensesTextBlock>
  <esea:VesselsAcquiredDuringThePeriod contextRef="d_2019-11-21_2019-11-21_PropertyPlantAndEquipmentByTypeAxis-SynergyVesselsMember" decimals="INF" id="c59841297" unitRef="xbrli-pure">4</esea:VesselsAcquiredDuringThePeriod>
  <esea:VesselsPolicyTextBlock contextRef="d_2019-01-01_2019-12-31" id="c59842356">&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;Vessels&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;Vessels are stated at cost, which comprises the vessel contract price, costs of major repairs and improvements upon acquisition, direct delivery and other acquisition expenses, less accumulated depreciation and impairment, if any. Subsequent expenditures for conversions and major improvements are also capitalized when they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessels; otherwise these amounts are charged to expense as incurred. &lt;div style="display: inline; font-family: Times New Roman, Times, Serif"&gt;Vessels under construction are presented at cost, which includes shipyard installment payments and other vessel costs incurred during the construction period that are directly attributable to the construction of the vessels, including interest costs incurred during the construction period.&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;Expenditures for vessel repair and maintenance are charged against income in the period incurred.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;</esea:VesselsPolicyTextBlock>
  <esea:VoyageExpenses contextRef="d_2017-01-01_2017-12-31" decimals="INF" id="c59842218" unitRef="iso4217-usd">1564489</esea:VoyageExpenses>
  <esea:VoyageExpenses contextRef="d_2018-01-01_2018-12-31" decimals="INF" id="c59842219" unitRef="iso4217-usd">1261088</esea:VoyageExpenses>
  <esea:VoyageExpenses contextRef="d_2019-01-01_2019-12-31" decimals="INF" id="c59842220" unitRef="iso4217-usd">1055408</esea:VoyageExpenses>
  <esea:VoyageExpenses contextRef="d_2017-01-01_2017-12-31_NatureOfExpenseAxis-PortChargesAndCanalDuesMember" decimals="INF" id="c59840076" unitRef="iso4217-usd">1156511</esea:VoyageExpenses>
  <esea:VoyageExpenses contextRef="d_2018-01-01_2018-12-31_NatureOfExpenseAxis-PortChargesAndCanalDuesMember" decimals="INF" id="c59840077" unitRef="iso4217-usd">384893</esea:VoyageExpenses>
  <esea:VoyageExpenses contextRef="d_2019-01-01_2019-12-31_NatureOfExpenseAxis-PortChargesAndCanalDuesMember" decimals="INF" id="c59840078" unitRef="iso4217-usd">251197</esea:VoyageExpenses>
  <esea:VoyageExpenses contextRef="d_2017-01-01_2017-12-31_NatureOfExpenseAxis-BunkersMember" decimals="INF" id="c59840079" unitRef="iso4217-usd">407978</esea:VoyageExpenses>
  <esea:VoyageExpenses contextRef="d_2018-01-01_2018-12-31_NatureOfExpenseAxis-BunkersMember" decimals="INF" id="c59840080" unitRef="iso4217-usd">876195</esea:VoyageExpenses>
  <esea:VoyageExpenses contextRef="d_2019-01-01_2019-12-31_NatureOfExpenseAxis-BunkersMember" decimals="INF" id="c59840081" unitRef="iso4217-usd">804211</esea:VoyageExpenses>
  <esea:VoyageRevenues contextRef="d_2017-01-01_2017-12-31" decimals="INF" id="c59842202" unitRef="iso4217-usd">559319</esea:VoyageRevenues>
  <esea:VoyageRevenues contextRef="d_2018-01-01_2018-12-31" decimals="INF" id="c59842203" unitRef="iso4217-usd">206682</esea:VoyageRevenues>
  <esea:VoyageRevenues contextRef="d_2019-01-01_2019-12-31" id="c59842204" unitRef="iso4217-usd" xs:nil="true"/>
  <esea:WorkingCapitalSurplus contextRef="i_2019-12-31" decimals="INF" id="c59839280" unitRef="iso4217-usd">18600000</esea:WorkingCapitalSurplus>
  <us-gaap:AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock contextRef="d_2019-01-01_2019-12-31" id="s1524744">&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"&gt;  &lt;tr style="vertical-align: top"&gt; &lt;td style="width: 0"&gt;&lt;/td&gt; &lt;td style="width: 0.5in"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;5.&lt;/div&gt;&lt;/div&gt;&lt;/td&gt; &lt;td&gt;&lt;div style="display: inline; font-weight: bold;"&gt;Accrued Expenses &lt;/div&gt;&lt;/td&gt; &lt;/tr&gt;  &lt;/table&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;The accrued expenses consisted of:&lt;/div&gt; &lt;div&gt; &lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;"&gt;  &lt;tr style="vertical-align: bottom"&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: center"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;As of December 31, 2018&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;As of December 31, 2019&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom"&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3" style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3" style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="width: 66%; text-align: left; padding-left: 0.4pt"&gt;Accrued payroll expenses&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 14%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;93,404&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 14%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;231,093&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="text-align: left; padding-left: 0.4pt"&gt;Accrued interest expense&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;565,623&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;590,216&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="text-align: left; padding-left: 0.4pt"&gt;Accrued general and administrative expenses&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;348,761&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;111,720&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="text-align: left; padding-left: 0.4pt"&gt;Accrued commissions&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;39,545&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;67,682&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt; padding-left: 0.4pt"&gt;Other accrued expenses&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;254,472&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;724,610&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt; padding-left: 0.4pt"&gt;Total&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;1,301,805&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;1,725,321&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt;  &lt;/table&gt; &lt;/div&gt;&lt;/div&gt;</us-gaap:AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock>
  <us-gaap:AccountsPayableCurrent contextRef="i_2018-12-31" decimals="INF" id="c59838665" unitRef="iso4217-usd">2288525</us-gaap:AccountsPayableCurrent>
  <us-gaap:AccountsPayableCurrent contextRef="i_2019-12-31" decimals="INF" id="c59838666" unitRef="iso4217-usd">3899967</us-gaap:AccountsPayableCurrent>
  <us-gaap:AccountsReceivableNetCurrent contextRef="i_2018-12-31" decimals="INF" id="c59838632" unitRef="iso4217-usd">958705</us-gaap:AccountsReceivableNetCurrent>
  <us-gaap:AccountsReceivableNetCurrent contextRef="i_2019-12-31" decimals="INF" id="c59838633" unitRef="iso4217-usd">715097</us-gaap:AccountsReceivableNetCurrent>
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  <us-gaap:AccruedSalesCommissionCurrent contextRef="i_2019-12-31" decimals="INF" id="c59839566" unitRef="iso4217-usd">67682</us-gaap:AccruedSalesCommissionCurrent>
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  <us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment contextRef="i_2018-12-31_PropertyPlantAndEquipmentByTypeAxis-VesselsMember" decimals="INF" id="c59839544" unitRef="iso4217-usd">12453848</us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment>
  <us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment contextRef="i_2019-12-31_PropertyPlantAndEquipmentByTypeAxis-VesselsMember" decimals="INF" id="c59839556" unitRef="iso4217-usd">16632734</us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment>
  <us-gaap:AdditionalPaidInCapitalCommonStock contextRef="i_2018-12-31" decimals="INF" id="c59838737" unitRef="iso4217-usd">233996669</us-gaap:AdditionalPaidInCapitalCommonStock>
  <us-gaap:AdditionalPaidInCapitalCommonStock contextRef="i_2019-12-31" decimals="INF" id="c59838738" unitRef="iso4217-usd">253967708</us-gaap:AdditionalPaidInCapitalCommonStock>
  <us-gaap:AllocatedShareBasedCompensationExpense contextRef="d_2017-01-01_2017-12-31" decimals="INF" id="c59840015" unitRef="iso4217-usd">116562</us-gaap:AllocatedShareBasedCompensationExpense>
  <us-gaap:AllocatedShareBasedCompensationExpense contextRef="d_2018-01-01_2018-12-31" decimals="INF" id="c59840016" unitRef="iso4217-usd">124487</us-gaap:AllocatedShareBasedCompensationExpense>
  <us-gaap:AllocatedShareBasedCompensationExpense contextRef="d_2019-01-01_2019-12-31" decimals="INF" id="c59840017" unitRef="iso4217-usd">97919</us-gaap:AllocatedShareBasedCompensationExpense>
  <us-gaap:AmortizationOfDebtDiscountPremium contextRef="d_2017-01-01_2017-12-31" decimals="INF" id="c59839017" unitRef="iso4217-usd">60988</us-gaap:AmortizationOfDebtDiscountPremium>
  <us-gaap:AmortizationOfDebtDiscountPremium contextRef="d_2018-01-01_2018-12-31" decimals="INF" id="c59839018" unitRef="iso4217-usd">465507</us-gaap:AmortizationOfDebtDiscountPremium>
  <us-gaap:AmortizationOfDebtDiscountPremium contextRef="d_2019-01-01_2019-12-31" decimals="INF" id="c59839019" unitRef="iso4217-usd">95214</us-gaap:AmortizationOfDebtDiscountPremium>
  <us-gaap:AmortizationOfFinancingCosts contextRef="d_2017-01-01_2017-12-31" decimals="INF" id="c59839014" unitRef="iso4217-usd">113244</us-gaap:AmortizationOfFinancingCosts>
  <us-gaap:AmortizationOfFinancingCosts contextRef="d_2018-01-01_2018-12-31" decimals="INF" id="c59839015" unitRef="iso4217-usd">321181</us-gaap:AmortizationOfFinancingCosts>
  <us-gaap:AmortizationOfFinancingCosts contextRef="d_2019-01-01_2019-12-31" decimals="INF" id="c59839016" unitRef="iso4217-usd">205590</us-gaap:AmortizationOfFinancingCosts>
  <us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount contextRef="d_2017-01-01_2017-12-31" decimals="-3" id="c59840040" unitRef="xbrli-shares">0</us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount>
  <us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount contextRef="d_2019-01-01_2019-12-31" decimals="-3" id="c59840038" unitRef="xbrli-shares">0</us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount>
  <us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount contextRef="d_2018-01-01_2018-12-31" decimals="-3" id="c59840039" unitRef="xbrli-shares">0</us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount>
  <us-gaap:AssetImpairmentCharges contextRef="d_2017-09-30_2017-09-30_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis-MVAggelikiPAndMVMonikaPMember" decimals="-4" id="c59839486" unitRef="iso4217-usd">4600000</us-gaap:AssetImpairmentCharges>
  <us-gaap:AssetImpairmentCharges contextRef="d_2017-09-30_2017-09-30_PropertyPlantAndEquipmentByTypeAxis-MVMonikaPMember" decimals="INF" id="c59840305" unitRef="iso4217-usd">3330000</us-gaap:AssetImpairmentCharges>
  <us-gaap:AssetImpairmentCharges contextRef="d_2017-09-30_2017-09-30_PropertyPlantAndEquipmentByTypeAxis-MVAggelikiPMember" decimals="INF" id="c59840310" unitRef="iso4217-usd">-1260000</us-gaap:AssetImpairmentCharges>
  <us-gaap:AssetImpairmentCharges contextRef="d_2017-01-01_2017-12-31" decimals="INF" id="c59839011" unitRef="iso4217-usd">4595819</us-gaap:AssetImpairmentCharges>
  <us-gaap:AssetImpairmentCharges contextRef="d_2018-01-01_2018-12-31" id="c59839012" unitRef="iso4217-usd" xs:nil="true"/>
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  <us-gaap:AssetImpairmentCharges contextRef="d_2017-01-01_2017-12-31_FairValueByMeasurementFrequencyAxis-FairValueMeasurementsNonrecurringMember_PropertyPlantAndEquipmentByTypeAxis-VesselsMember" decimals="INF" id="c59840339" unitRef="iso4217-usd">4595819</us-gaap:AssetImpairmentCharges>
  <us-gaap:Assets contextRef="i_2018-12-31" decimals="INF" id="c59838654" unitRef="iso4217-usd">66954563</us-gaap:Assets>
  <us-gaap:Assets contextRef="i_2019-12-31" decimals="INF" id="c59838655" unitRef="iso4217-usd">126861692</us-gaap:Assets>
  <us-gaap:AssetsCurrent contextRef="i_2018-12-31" decimals="INF" id="c59838644" unitRef="iso4217-usd">11994168</us-gaap:AssetsCurrent>
  <us-gaap:AssetsCurrent contextRef="i_2019-12-31" decimals="INF" id="c59838645" unitRef="iso4217-usd">6297092</us-gaap:AssetsCurrent>
  <us-gaap:AssetsHeldForSaleLongLivedFairValueDisclosure contextRef="i_2017-09-30_PropertyPlantAndEquipmentByTypeAxis-MVMonikaPMember" decimals="INF" id="c59840303" unitRef="iso4217-usd">5000000</us-gaap:AssetsHeldForSaleLongLivedFairValueDisclosure>
  <us-gaap:AssetsHeldForSaleLongLivedFairValueDisclosure contextRef="i_2017-09-30_PropertyPlantAndEquipmentByTypeAxis-MVAggelikiPMember" decimals="INF" id="c59840308" unitRef="iso4217-usd">4300000</us-gaap:AssetsHeldForSaleLongLivedFairValueDisclosure>
  <us-gaap:AssetsHeldForSaleLongLivedFairValueDisclosure contextRef="i_2017-12-31_FairValueByMeasurementFrequencyAxis-FairValueMeasurementsNonrecurringMember_PropertyPlantAndEquipmentByTypeAxis-VesselsMember" decimals="INF" id="c59840335" unitRef="iso4217-usd">5000000</us-gaap:AssetsHeldForSaleLongLivedFairValueDisclosure>
  <us-gaap:AssetsHeldForSaleLongLivedFairValueDisclosure contextRef="i_2017-12-31_FairValueByFairValueHierarchyLevelAxis-FairValueInputsLevel1Member_FairValueByMeasurementFrequencyAxis-FairValueMeasurementsNonrecurringMember_PropertyPlantAndEquipmentByTypeAxis-VesselsMember" id="c59840336" unitRef="iso4217-usd" xs:nil="true"/>
  <us-gaap:AssetsHeldForSaleLongLivedFairValueDisclosure contextRef="i_2017-12-31_FairValueByFairValueHierarchyLevelAxis-FairValueInputsLevel2Member_FairValueByMeasurementFrequencyAxis-FairValueMeasurementsNonrecurringMember_PropertyPlantAndEquipmentByTypeAxis-VesselsMember" decimals="INF" id="c59840337" unitRef="iso4217-usd">5000000</us-gaap:AssetsHeldForSaleLongLivedFairValueDisclosure>
  <us-gaap:AssetsHeldForSaleLongLivedFairValueDisclosure contextRef="i_2017-12-31_FairValueByFairValueHierarchyLevelAxis-FairValueInputsLevel3Member_FairValueByMeasurementFrequencyAxis-FairValueMeasurementsNonrecurringMember_PropertyPlantAndEquipmentByTypeAxis-VesselsMember" id="c59840338" unitRef="iso4217-usd" xs:nil="true"/>
  <us-gaap:AssetsHeldForSaleNotPartOfDisposalGroup contextRef="i_2017-09-30_PropertyPlantAndEquipmentByTypeAxis-MVMonikaPMember" decimals="INF" id="c59840302" unitRef="iso4217-usd">8230000</us-gaap:AssetsHeldForSaleNotPartOfDisposalGroup>
  <us-gaap:AssetsHeldForSaleNotPartOfDisposalGroup contextRef="i_2017-09-30_PropertyPlantAndEquipmentByTypeAxis-MVAggelikiPMember" decimals="INF" id="c59840307" unitRef="iso4217-usd">5390000</us-gaap:AssetsHeldForSaleNotPartOfDisposalGroup>
  <us-gaap:BusinessDescriptionAndBasisOfPresentationTextBlock contextRef="d_2019-01-01_2019-12-31" id="s1524737">&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"&gt;  &lt;tr style="vertical-align: top"&gt; &lt;td style="width: 0"&gt;&lt;/td&gt; &lt;td style="width: 0.5in"&gt;&lt;div style="display: inline; font-family: Symbol"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;1.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;Basis of Presentation and General Information&lt;/div&gt;&lt;/td&gt; &lt;/tr&gt;  &lt;/table&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;Euroseas Ltd. (the &amp;#x201c;Company&amp;#x201d; or &amp;#x201c;Euroseas&amp;#x201d;) was formed on &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; May 5, 2005 &lt;/div&gt;under the laws of the Republic of the Marshall Islands to consolidate the beneficial owners of certain ship-owning companies. On &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; June 28, 2005, &lt;/div&gt;the beneficial owners exchanged all their shares in the ship-owning companies for shares in Friends Investment Company Inc., a newly formed Marshall Islands company. On &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; June 29, 2005, &lt;/div&gt;Friends Investment Company Inc. then exchanged all the shares in the ship-owning companies for shares in Euroseas Ltd., thus becoming the sole shareholder of Euroseas Ltd at that time. In &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; January 2007, &lt;/div&gt;the Company pursued a public offering and its common shares started trading on the Nasdaq Capital Market under the ticker symbol &amp;#x201c;ESEA&amp;#x201d; on &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; January 31, 2007.&amp;nbsp;&amp;nbsp;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;The operations of the vessels are managed by Eurobulk Ltd. (&amp;#x201c;Eurobulk&amp;#x201d; or &amp;#x201c;Management Company&amp;#x201d; or &amp;#x201c;Manager&amp;#x201d;), a corporation controlled by members of the Pittas family. Eurobulk has an office in Greece located at &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;4&lt;/div&gt; Messogiou &amp;amp; Evropis Street, Maroussi, Greece. The Manager provides the Company with a wide range of shipping services such as technical support and maintenance, insurance consulting, chartering, financial and accounting services and executive management services, in consideration for fixed and variable fees (see Note &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;7&lt;/div&gt;).&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;The Pittas family is the controlling shareholder of Friends Investment Company Inc., Containers Shareholders Trinity Ltd., Eurobulk Marine Holdings Inc. and Diamantis Shareholders Ltd. which, in turn, collectively own &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;62%&lt;/div&gt; of the Company&amp;#x2019;s shares as of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; December 31, 2019.&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;Following the close of trading on the Nasdaq Capital Market on &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; May 30, 2018, &lt;/div&gt;the Company completed the spin-off (the &amp;#x201c;Spin-off&amp;#x201d;) of its drybulk fleet (excluding M/V Monica P, a handymax drybulk carrier, which was agreed to be sold) to EuroDry Ltd ("EuroDry"). Shareholders of the Company received &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;one&lt;/div&gt; EuroDry common share for every &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;five&lt;/div&gt; common shares of the Company they owned as of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; May 23, 2018. &lt;/div&gt;Shares of EuroDry commenced trading on &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; May 31, 2018 &lt;/div&gt;on the Nasdaq Capital Market under the symbol "EDRY." EuroDry operates in the dry cargo, drybulk shipping markets, owning and operating drybulk vessels previously owned and operated by Euroseas, and is now a separate publicly traded company. Euroseas continues to operate in the container shipping market and remains a publicly traded company. Accordingly, the results of operations of EuroDry have been presented in discontinued operations for all historical comparative periods presented.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;In &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; August 2019, &lt;/div&gt;the Company completed the acquisition of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;four&lt;/div&gt; feeder containerships, owned by affiliates of the Pittas family including the Company&amp;#x2019;s Chief Executive Officer, which had been announced in &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; June 2019 &lt;/div&gt;for a consideration of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$28.2&lt;/div&gt; million that included a cash payment of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$15&lt;/div&gt; million and the issuance of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2,816,901&lt;/div&gt; common shares to the sellers (the &amp;#x201c;Trinity/ Diamantis Vessel Acquisition&amp;#x201d;). The Company financed the cash portion of the acquisition price via the arrangement of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;two&lt;/div&gt; bank loans described below (refer Note &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;8&lt;/div&gt;-d and &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;8&lt;/div&gt;-e), drawing a total of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$16,167,680&lt;/div&gt; with the excess amount used for general corporate purposes. The cash portion of the acquisition price was used to repay the existing indebtedness of the vessels with the sellers receiving only payment in Euroseas common shares.&amp;nbsp; The common shares issued to the sellers represented at that time approximately &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;64.3%&lt;/div&gt; of Euroseas&amp;#x2019; outstanding common shares.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;/div&gt; &lt;!-- Field: Page; Sequence: 10; Value: 2 --&gt;    &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;The vessels acquisition transactions were evaluated and approved by a special committee of independent members of the Board of Directors. The &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;four&lt;/div&gt; vessels are the M/V EM Hydra and the M/V EM Spetses, both &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;1,700&lt;/div&gt; teu feeder containership built in &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2005&lt;/div&gt; and &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2007,&lt;/div&gt; respectively, the M/V EM Kea, a &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;3,100&lt;/div&gt; teu feeder containership built in &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2007,&lt;/div&gt; and the M/V Diamantis P, a &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2,008&lt;/div&gt; teu feeder containership vessel built in &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;1998.&lt;/div&gt; On &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; August 2, 2019, &lt;/div&gt;the Company took delivery of M/V Diamantis P and M/V EM Hydra, and, on &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; August 7, 2019, &lt;/div&gt;the Company took delivery of M/V EM Spetses and M/V EM Kea (refer Note &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;4&lt;/div&gt;).&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;In &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; November 2019, &lt;/div&gt;the Company acquired and took delivery (from &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; November 18, 2019 &lt;/div&gt;to &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; November 21, 2019) &lt;/div&gt;of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;four&lt;/div&gt; container carrier vessels of intermediate size of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;4,253&lt;/div&gt; teu, all built in South Korea, &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;three&lt;/div&gt; in &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2009&lt;/div&gt; and the other in &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2008&lt;/div&gt; (refer Note &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;4&lt;/div&gt;). The vessels were acquired from companies controlled by Synergy Holdings Limited, for approximately &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$40&lt;/div&gt; million (the &amp;#x201c;Synergy Vessel Acquisition&amp;#x201d;). The acquisition of the &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;four&lt;/div&gt; vessels (the &amp;#x201c;Synergy Vessels&amp;#x201d;) was financed by bank debt of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$32&lt;/div&gt; million described below (refer Note &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;8&lt;/div&gt;-f), a private placement of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$6&lt;/div&gt; million at a share price of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$5.68&lt;/div&gt; subscribed equally by an entity affiliated with the Company&amp;#x2019;s Chief Executive Officer and an entity controlled by the seller of the Synergy vessels and &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$2&lt;/div&gt; million of existing funds. The Company also assumed the charters the vessels were under on the date of the transfer (refer Note &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;6&lt;/div&gt;). As part of the transaction, the Company has agreed that the Manager enters into an agreement with Synergy Marine Limited for the provision of certain management services by Synergy Marine Limited for the next &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;three&lt;/div&gt; years (see Note &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;7&lt;/div&gt;). Mr. Andreas Papathomas, Chairman of Synergy Holdings Limited, was appointed to the Board of Directors of the Company. The Company has also agreed to issue an additional &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$0.5&lt;/div&gt; million in shares of its common stock to Synergy Holdings Limited if certain conditions are fulfilled in &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;one&lt;/div&gt; year from the acquisition date (see Note &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;10&lt;/div&gt;-b).&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;The Company effected a &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;8&lt;/div&gt;-for-&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;1&lt;/div&gt; reverse stock split of its issued and outstanding common shares, effective at the close of trading on &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; December 18, 2019 (&lt;/div&gt;Note &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;18&lt;/div&gt;).&amp;nbsp; All share and per share amounts disclosed in the consolidated financial statements give effect to this reverse stock split retroactively, for all periods presented.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;The Company is engaged in the ocean transportation of containers through ownership and operation of container carrier ship-owning companies. Details of the Company&amp;#x2019;s wholly owned subsidiaries are set out below:&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"&gt;&amp;nbsp;&lt;/div&gt; &lt;table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"&gt;  &lt;tr style="vertical-align: top"&gt; &lt;td style="width: 0"&gt;&lt;/td&gt; &lt;td style="width: 0.5in"&gt;&lt;div style="display: inline; font-family: Symbol"&gt;&amp;middot;&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: justify"&gt;Allendale Investment S.A., incorporated in Panama on &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; January 22, 2002, &lt;/div&gt;owner of the Panama flag &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;18,154&lt;/div&gt; deadweight tons (&amp;#x201c;DWT&amp;#x201d;) / &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;1,169&lt;/div&gt; &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;twenty&lt;/div&gt;-foot equivalent (&amp;#x201c;TEU&amp;#x201d; &amp;#x2013; a measure of carrying capacity in containers) container carrier M/V &amp;#x201c;Kuo Hsiung&amp;#x201d;, which was built in &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;1993&lt;/div&gt; and acquired on &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; May 13, 2002.&lt;/div&gt;&lt;/td&gt; &lt;/tr&gt;  &lt;/table&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"&gt;&lt;/div&gt; &lt;table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"&gt;  &lt;tr style="vertical-align: top"&gt; &lt;td style="width: 0"&gt;&lt;/td&gt; &lt;td style="width: 0.5in"&gt;&lt;div style="display: inline; font-family: Symbol"&gt;&amp;middot;&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: justify"&gt;Alterwall Business Inc., incorporated in Panama on &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; January 15, 2001, &lt;/div&gt;owner of the Panama flag &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;18,253&lt;/div&gt; DWT / &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;1,169&lt;/div&gt; TEU container carrier M/V &amp;#x201c;Ninos&amp;#x201d; (previously named M/V &amp;#x201c;Quingdao I&amp;#x201d;) which was built in &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;1990&lt;/div&gt; and acquired on &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; February 16, 2001.&lt;/div&gt;&lt;/td&gt; &lt;/tr&gt;  &lt;/table&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&amp;nbsp;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;/div&gt;&lt;/div&gt; &lt;!-- Field: Page; Sequence: 11 --&gt;    &lt;div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;/div&gt; &lt;table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"&gt;  &lt;tr style="vertical-align: top"&gt; &lt;td style="width: 0"&gt;&lt;/td&gt; &lt;td style="width: 0.5in"&gt;&lt;div style="display: inline; font-family: Symbol"&gt;&amp;middot;&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: justify"&gt;Prospero Maritime Inc., incorporated in the Republic of Marshall Islands on &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; July 21, 2006, &lt;/div&gt;owner of the Marshall Islands flag &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;69,268&lt;/div&gt; DWT dry bulk M/V &amp;#x201c;Aristides N.P.&amp;#x201d;, which was built in &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;1993&lt;/div&gt; and acquired on &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; September 21, 2006. &lt;/div&gt;The vessel was sold on &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; January 15, 2016.&lt;/div&gt;&lt;/td&gt; &lt;/tr&gt;  &lt;/table&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"&gt;  &lt;tr style="vertical-align: top"&gt; &lt;td style="width: 0"&gt;&lt;/td&gt; &lt;td style="width: 0.5in"&gt;&lt;div style="display: inline; font-family: Symbol"&gt;&amp;middot;&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: justify"&gt;Manolis Shipping Ltd., incorporated in the Republic of Marshall Islands on &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; March 16, 2007, &lt;/div&gt;owner of the Marshall Islands flag &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;20,346&lt;/div&gt; DWT / &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;1,452&lt;/div&gt; TEU container carrier M/V &amp;#x201c;Manolis P&amp;#x201d;, which was built in &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;1995&lt;/div&gt; and acquired on &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; April 12, 2007.&lt;/div&gt;&lt;/td&gt; &lt;/tr&gt;  &lt;/table&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"&gt;  &lt;tr style="vertical-align: top"&gt; &lt;td style="width: 0"&gt;&lt;/td&gt; &lt;td style="width: 0.5in"&gt;&lt;div style="display: inline; font-family: Symbol"&gt;&amp;middot;&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: justify"&gt;Noumea Shipping Ltd, incorporated in the Republic of Marshall Islands on &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; May 14, 2008, &lt;/div&gt;owner of the Marshall Islands flag &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;34,677&lt;/div&gt; DWT / &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2,556&lt;/div&gt; TEU container carrier M/V &amp;#x201c;Maersk Noumea&amp;#x201d;, renamed &amp;#x201c;Evridiki G&amp;#x201d;, which was built in &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2001&lt;/div&gt; and acquired on &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; May 22, 2008.&lt;/div&gt;&lt;/td&gt; &lt;/tr&gt;  &lt;/table&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&amp;nbsp;&lt;/div&gt;&lt;/div&gt; &lt;table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"&gt;  &lt;tr style="vertical-align: top"&gt; &lt;td style="width: 0"&gt;&lt;/td&gt; &lt;td style="width: 0.5in"&gt;&lt;div style="display: inline; font-family: Symbol"&gt;&amp;middot;&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: justify"&gt;Eleni Shipping Ltd., incorporated in the Republic of Liberia on &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; February 11, 2009, &lt;/div&gt;owner of the Liberian flag &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;72,119&lt;/div&gt; DWT bulk carrier M/V &amp;#x201c;Eleni P&amp;#x201d;, which was built in &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;1997,&lt;/div&gt; acquired on &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; March 6, 2009 &lt;/div&gt;and sold on &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; January 26, 2017.&lt;/div&gt;&lt;/td&gt; &lt;/tr&gt;  &lt;/table&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"&gt;  &lt;tr style="vertical-align: top"&gt; &lt;td style="width: 0"&gt;&lt;/td&gt; &lt;td style="width: 0.5in"&gt;&lt;div style="display: inline; font-family: Symbol"&gt;&amp;middot;&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: justify"&gt;Aggeliki Shipping Ltd., incorporated in the Republic of Liberia on &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; May 21, 2010, &lt;/div&gt;owner of the Liberian flag &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;30,306&lt;/div&gt; DWT / &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2008&lt;/div&gt; TEU container carrier M/V &amp;#x201c;Aggeliki P&amp;#x201d;, which was built in &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;1998,&lt;/div&gt; acquired on &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; June 21, 2010 &lt;/div&gt;and sold on &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; December 6, 2017.&lt;/div&gt;&lt;/td&gt; &lt;/tr&gt;  &lt;/table&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&amp;nbsp;&lt;/div&gt; &lt;table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"&gt;  &lt;tr style="vertical-align: top"&gt; &lt;td style="width: 0"&gt;&lt;/td&gt; &lt;td style="width: 0.5in"&gt;&lt;div style="display: inline; font-family: Symbol"&gt;&amp;middot;&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: justify"&gt;Joanna Maritime Ltd., incorporated in Liberia on &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; June 10, 2013, &lt;/div&gt;owner of the Liberian flag &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;22,301&lt;/div&gt; DWT / &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;1,732&lt;/div&gt; TEU container carrier M/V &amp;#x201c;Joanna&amp;#x201d;, which was built in &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;1999&lt;/div&gt; and acquired on &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; July 4, 2013. &lt;/div&gt;On &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; January 8, 2016, &lt;/div&gt;the vessel has been renamed M/V &amp;#x201c;Vento di Grecale&amp;#x201d;. On &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; March 17, 2017 &lt;/div&gt;the vessel was again renamed M/V &amp;#x201c;Joanna&amp;#x201d;.&lt;/td&gt; &lt;/tr&gt;  &lt;/table&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"&gt;&amp;nbsp;&lt;/div&gt; &lt;table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"&gt;  &lt;tr style="vertical-align: top"&gt; &lt;td style="width: 0"&gt;&lt;/td&gt; &lt;td style="width: 0.5in"&gt;&lt;div style="display: inline; font-family: Symbol"&gt;&amp;middot;&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: justify"&gt;Jonathan John Shipping Ltd., incorporated in the Republic of the Marshall Islands on &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; August 19, 2016, &lt;/div&gt;owner of the Panamanian flag &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;18,581&lt;/div&gt; DWT / &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;1,439&lt;/div&gt; TEU container carrier M/V &amp;#x201c;Aegean Express&amp;#x201d;, which was built in &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;1997&lt;/div&gt; and acquired on &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; September 29, 2016.&lt;/div&gt;&lt;/td&gt; &lt;/tr&gt;  &lt;/table&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&amp;nbsp;&lt;/div&gt;&lt;/div&gt; &lt;table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"&gt;  &lt;tr style="vertical-align: top"&gt; &lt;td style="width: 0"&gt;&lt;/td&gt; &lt;td style="width: 0.5in"&gt;&lt;div style="display: inline; font-family: Symbol"&gt;&amp;middot;&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: justify"&gt;Gregos Shipping Ltd., incorporated in the Republic of Liberia on &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; May 25, 2017, &lt;/div&gt;owner of the Liberian flag &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;35,600&lt;/div&gt; DWT / &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2,788&lt;/div&gt; TEU container carrier M/V &amp;#x201c;EM Astoria&amp;#x201d;, which was built in &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2004&lt;/div&gt; and acquired on &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; June 20, 2017.&lt;/div&gt;&lt;/td&gt; &lt;/tr&gt;  &lt;/table&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&amp;nbsp;&lt;/div&gt;&lt;/div&gt; &lt;table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"&gt;  &lt;tr style="vertical-align: top"&gt; &lt;td style="width: 0"&gt;&lt;/td&gt; &lt;td style="width: 0.5in"&gt;&lt;div style="display: inline; font-family: Symbol"&gt;&amp;middot;&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: justify"&gt;Athens Shipping Ltd., incorporated in the Republic of the Marshall Islands on &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; September 18, 2017, &lt;/div&gt;owner of the Marshall Islands flag &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;32,350&lt;/div&gt; DWT / &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2,506&lt;/div&gt; TEU container carrier M/V &amp;#x201c;EM Athens&amp;#x201d;, which was built in &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2000&lt;/div&gt; and acquired on &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; September 29, 2017.&lt;/div&gt;&lt;/td&gt; &lt;/tr&gt;  &lt;/table&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;!-- Field: Page; Sequence: 12; Value: 2 --&gt;   &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"&gt;&lt;/div&gt; &lt;table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"&gt;  &lt;tr style="vertical-align: top"&gt; &lt;td style="width: 0"&gt;&lt;/td&gt; &lt;td style="width: 0.5in"&gt;&lt;div style="display: inline; font-family: Symbol"&gt;&amp;middot;&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: justify"&gt;Corfu Navigation Ltd., incorporated in the Republic of the Marshall Islands on &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; September 18, 2017, &lt;/div&gt;owner of the Marshall Islands flag &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;34,654&lt;/div&gt; DWT / &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2,556&lt;/div&gt; TEU container carrier M/V &amp;#x201c;EM Corfu&amp;#x201d;, which was built in &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2001&lt;/div&gt; and acquired on &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; October 29, 2017.&lt;/div&gt;&lt;/td&gt; &lt;/tr&gt;  &lt;/table&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"&gt;  &lt;tr style="vertical-align: top"&gt; &lt;td style="width: 0"&gt;&lt;/td&gt; &lt;td style="width: 0.5in"&gt;&lt;div style="display: inline; font-family: Symbol"&gt;&amp;middot;&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: justify"&gt;Oinousses Navigation Ltd., incorporated in the Republic of the Marshall Islands on &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; September 18, 2017, &lt;/div&gt;owner of the Marshall Islands flag &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;32,350&lt;/div&gt; DWT / &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2,506&lt;/div&gt; TEU container carrier M/V &amp;#x201c;EM Oinousses&amp;#x201d;, which was built in &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2000&lt;/div&gt; and acquired on &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; October 23, 2017.&lt;/div&gt;&lt;/td&gt; &lt;/tr&gt;  &lt;/table&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"&gt;  &lt;tr style="vertical-align: top"&gt; &lt;td style="width: 0"&gt;&lt;/td&gt; &lt;td style="width: 0.5in"&gt;&lt;div style="display: inline; font-family: Symbol"&gt;&amp;middot;&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: justify"&gt;Bridge Shipping Ltd., incorporated in the Republic of the Marshall Islands on &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; September 18, 2017, &lt;/div&gt;owner of the Marshall Islands flag &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;71,366&lt;/div&gt; DWT / &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;5,610&lt;/div&gt; TEU container carrier M/V &amp;#x201c;Akinada Bridge&amp;#x201d;, which was built in &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2001&lt;/div&gt; and acquired on &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; December 21, 2017.&lt;/div&gt;&lt;/td&gt; &lt;/tr&gt;  &lt;/table&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"&gt;  &lt;tr style="vertical-align: top"&gt; &lt;td style="width: 0"&gt;&lt;/td&gt; &lt;td style="width: 0.5in"&gt;&lt;div style="display: inline; font-family: Symbol"&gt;&amp;middot;&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: justify"&gt;Diamantis Shipowners Ltd., incorporated in the Republic of Liberia on &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; June 3, 2019, &lt;/div&gt;owner of the Liberian flag &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;30,360&lt;/div&gt; DWT / &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2,008&lt;/div&gt; TEU container carrier M/V &amp;#x201c;Diamantis P&amp;#x201d;, which was built in &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;1998&lt;/div&gt; and acquired on &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; August 2, 2019.&lt;/div&gt;&lt;/td&gt; &lt;/tr&gt;  &lt;/table&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"&gt;  &lt;tr style="vertical-align: top"&gt; &lt;td style="width: 0"&gt;&lt;/td&gt; &lt;td style="width: 0.5in"&gt;&lt;div style="display: inline; font-family: Symbol"&gt;&amp;middot;&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: justify"&gt;Hydra Shipowners Ltd., incorporated in the Republic of Liberia on &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; June 3, 2019, &lt;/div&gt;owner of the Liberian flag &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;23,351&lt;/div&gt; DWT / &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;1,740&lt;/div&gt; TEU container carrier M/V &amp;#x201c;EM Hydra&amp;#x201d;, which was built in &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2005&lt;/div&gt; and acquired on &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; August 2, 2019.&lt;/div&gt;&lt;/td&gt; &lt;/tr&gt;  &lt;/table&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"&gt;  &lt;tr style="vertical-align: top"&gt; &lt;td style="width: 0"&gt;&lt;/td&gt; &lt;td style="width: 0.5in"&gt;&lt;div style="display: inline; font-family: Symbol"&gt;&amp;middot;&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: justify"&gt;Spetses Shipowners Ltd., incorporated in the Republic of Liberia on &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; June 3, 2019, &lt;/div&gt;owner of the Liberian flag &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;23,224&lt;/div&gt; DWT / &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;1,740&lt;/div&gt; TEU container carrier M/V &amp;#x201c;EM Spetses&amp;#x201d;, which was built in &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2007&lt;/div&gt; and acquired on &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; August 7, 2019.&lt;/div&gt;&lt;/td&gt; &lt;/tr&gt;  &lt;/table&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"&gt;  &lt;tr style="vertical-align: top"&gt; &lt;td style="width: 0"&gt;&lt;/td&gt; &lt;td style="width: 0.5in"&gt;&lt;div style="display: inline; font-family: Symbol"&gt;&amp;middot;&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: justify"&gt;Kea Shipowners Ltd., incorporated in the Republic of Liberia on &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; June 3, 2019, &lt;/div&gt;owner of the Liberian flag &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;42,165&lt;/div&gt; DWT / &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;3,100&lt;/div&gt; TEU container carrier M/V &amp;#x201c;EM Kea&amp;#x201d;, which was built in &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2007&lt;/div&gt; and acquired on &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; August 7, 2019.&lt;/div&gt;&lt;/td&gt; &lt;/tr&gt;  &lt;/table&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"&gt;  &lt;tr style="vertical-align: top"&gt; &lt;td style="width: 0"&gt;&lt;/td&gt; &lt;td style="width: 0.5in"&gt;&lt;div style="display: inline; font-family: Symbol"&gt;&amp;middot;&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: justify"&gt;Antwerp Shipping Ltd., incorporated in the Republic of the Marshall Islands on &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; November 1, 2019, &lt;/div&gt;owner of the Marshall Islands flag &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;50,726&lt;/div&gt; DWT / &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;4,253&lt;/div&gt; TEU container carrier M/V &amp;#x201c;Synergy Antwerp&amp;#x201d;, which was built in &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2008&lt;/div&gt; and acquired on &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; November 19, 2019.&lt;/div&gt;&lt;/td&gt; &lt;/tr&gt;  &lt;/table&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"&gt;  &lt;tr style="vertical-align: top"&gt; &lt;td style="width: 0"&gt;&lt;/td&gt; &lt;td style="width: 0.5in"&gt;&lt;div style="display: inline; font-family: Symbol"&gt;&amp;middot;&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: justify"&gt;Keelung Shipping Ltd., incorporated in the Republic of the Marshall Islands on &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; November 1, 2019, &lt;/div&gt;owner of the Cypriot flag &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;50,969&lt;/div&gt; DWT / &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;4,253&lt;/div&gt; TEU container carrier M/V &amp;#x201c;Synergy Keelung&amp;#x201d;, which was built in &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2009&lt;/div&gt; and acquired on &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; November 18, 2019.&lt;/div&gt;&lt;/td&gt; &lt;/tr&gt;  &lt;/table&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"&gt;&lt;/div&gt; &lt;table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"&gt;  &lt;tr style="vertical-align: top"&gt; &lt;td style="width: 0"&gt;&lt;/td&gt; &lt;td style="width: 0.5in"&gt;&lt;div style="display: inline; font-family: Symbol"&gt;&amp;middot;&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: justify"&gt;Oakland Shipping Ltd., incorporated in the Republic of the Marshall Islands on &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; November 1, 2019, &lt;/div&gt;owner of the Cypriot flag &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;50,787&lt;/div&gt; DWT / &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;4,253&lt;/div&gt; TEU container carrier M/V &amp;#x201c;Synergy Oakland&amp;#x201d;, which was built in &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2009&lt;/div&gt; and acquired on &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; November 19, 2019.&lt;/div&gt;&lt;/td&gt; &lt;/tr&gt;  &lt;/table&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;!-- Field: Page; Sequence: 13; Value: 2 --&gt;   &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;/div&gt; &lt;table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"&gt;  &lt;tr style="vertical-align: top"&gt; &lt;td style="width: 0"&gt;&lt;/td&gt; &lt;td style="width: 0.5in"&gt;&lt;div style="display: inline; font-family: Symbol"&gt;&amp;middot;&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: justify"&gt;Busan Shipping Ltd., incorporated in the Republic of the Marshall Islands on &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; November 1, 2019, &lt;/div&gt;owner of the Marshall Islands flag &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;50,726&lt;/div&gt; DWT / &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;4,253&lt;/div&gt; TEU container carrier M/V &amp;#x201c;Synergy Busan&amp;#x201d;, which was built in &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2009&lt;/div&gt; and acquired on &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; November 21, 2019.&lt;/div&gt;&lt;/td&gt; &lt;/tr&gt;  &lt;/table&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;As of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; December 31, 2019, &lt;/div&gt;the Company had a working capital deficit of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$18.6&lt;/div&gt; million and has been incurring losses. For the year ended &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; December 31, 2019, &lt;/div&gt;the Company generated net cash from operating activities of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$3.1&lt;/div&gt; million. The Company&amp;#x2019;s cash balance amounted to &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$1.0&lt;/div&gt; million and cash in restricted retention accounts amounted to &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$4.9&lt;/div&gt; million as of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; December 31, 2019. &lt;/div&gt;The holders of Series B Preferred Shares will receive a cash dividend at an annual dividend rate of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;8%&lt;/div&gt; until &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; January 2021, &lt;/div&gt;which will increase to &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;14%&lt;/div&gt; thereafter (Note &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;15&lt;/div&gt;). The Company intends to fund its working capital requirements and capital commitments via cash at hand and cash flows from operations as well as via the cash proceeds expected to be generated through the sale of certain of the Company&amp;#x2019;s older vessels for scrap. In the event that these are &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;not&lt;/div&gt; sufficient, the Company &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; may &lt;/div&gt;also use funds from debt refinancing and equity offerings and convert to equity the related party loans, if required, among other options. The Company believes it will have adequate funding through the sources described above and, accordingly, it believes it has the ability to continue as a going concern and finance its obligations as they come due over the next &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;twelve&lt;/div&gt; months following the date of the issuance of these financial statements. Consequently, the consolidated financial statements have been prepared on a going concern basis which contemplates the realization of assets and satisfaction of liabilities in the normal course of business.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;During the years ended &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; December 31, 2017, &lt;/div&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2018&lt;/div&gt; and &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2019,&lt;/div&gt; the following charterers individually accounted for more than &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;10%&lt;/div&gt; of the Company&amp;#x2019;s revenues as follows:&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;div&gt; &lt;table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0"&gt;  &lt;tr style="vertical-align: bottom"&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="font-weight: bold"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="11" style="font-weight: bold; text-align: center"&gt;Year ended December 31,&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom"&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold"&gt;Charterer&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;2017&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;2018&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;2019&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="width: 61%; font-weight: bold; text-align: left"&gt;CMA CGM, Marseille&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;34&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;%&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;51&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;%&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;24&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;%&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="font-weight: bold; text-align: left"&gt;New Golden Sea Shipping Pte. Ltd., Singapore&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;31&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;%&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;33&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;%&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;21&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;%&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="font-weight: bold; text-align: left"&gt;Hapag-Lloyd AG, Hamburg&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;-&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;-&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;16&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;%&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="font-weight: bold; text-align: left"&gt;MSC Geneva&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;17&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;%&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;11&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;%&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;15&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;%&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="font-weight: bold"&gt;Maersk Line A/S&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;-&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;-&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;11&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;%&lt;/td&gt; &lt;/tr&gt;  &lt;/table&gt; &lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;/div&gt;&lt;/div&gt;</us-gaap:BusinessDescriptionAndBasisOfPresentationTextBlock>
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  <us-gaap:CommitmentsAndContingenciesDisclosureTextBlock contextRef="d_2019-01-01_2019-12-31" id="s1524752">&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"&gt;  &lt;tr style="vertical-align: top"&gt; &lt;td style="width: 0"&gt;&lt;/td&gt; &lt;td style="width: 0.5in"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;10.&lt;/div&gt;&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;Commitments and Contingencies&lt;/div&gt;&lt;/td&gt; &lt;/tr&gt;  &lt;/table&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"&gt;&amp;nbsp;&lt;/div&gt; &lt;table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"&gt;  &lt;tr style="vertical-align: top"&gt; &lt;td style="width: 0.25in"&gt;&lt;/td&gt; &lt;td style="width: 0.25in"&gt;(a)&lt;/td&gt; &lt;td style="text-align: justify"&gt;As of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; December 31, 2019 &lt;/div&gt;a subsidiary of the Company, Alterwall Business Inc. owner of M/V &amp;#x201c;Ninos&amp;#x201d;, is involved in a dispute with a fuel oil supplier who claimed a maritime lien against the vessel after the company which had time-chartered the vessel from the Company went bankrupt in &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; October 2009 &lt;/div&gt;and failed to pay certain invoices. The vessel was arrested in Karachi in &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; November 2009 &lt;/div&gt;and released after a bank guarantee for an amount of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$0.53&lt;/div&gt; million was provided on behalf of the Company, for which the bank has restricted an equal amount of the Company's cash which is presented within &amp;#x201c;Restricted Cash&amp;#x201d; in the consolidated balance sheets. The legal proceedings are ongoing. Although the Company believes it will be successful in its claim, it made a provision of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$0.15&lt;/div&gt; million in &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2016,&lt;/div&gt; for any costs that &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; may &lt;/div&gt;be incurred.&lt;/td&gt; &lt;/tr&gt;  &lt;/table&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"&gt;  &lt;tr style="vertical-align: top"&gt; &lt;td style="width: 0.25in"&gt;&lt;/td&gt; &lt;td style="width: 0.25in"&gt;(b)&lt;/td&gt; &lt;td style="text-align: justify"&gt;On &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; November 7, 2019, &lt;/div&gt;Euroseas Ltd. and Synergy Holdings Limited, on the basis of the acquisition of the vessels M/V &amp;#x201c;Synergy Busan&amp;#x201d;, M/V &amp;#x201c;Synergy Keelung&amp;#x201d;, M/V &amp;#x201c;Synergy Oakland&amp;#x201d; and M/V &amp;#x201c;Synergy Antwerp&amp;#x201d; (refer Notes &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;1&lt;/div&gt; and &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;4&lt;/div&gt;), have agreed that Euroseas will issue certain shares of its common stock to Synergy Holdings Limited under the following terms:&lt;/td&gt; &lt;/tr&gt;  &lt;/table&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in"&gt;If the &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;12&lt;/div&gt;-month New ConTex index for a &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;4,250&lt;/div&gt; TEU vessel (as published on https://www.vhbs.de/index or any successor website maintained by the Hamburg and Bremen Shipbrokers&amp;#x2019; Association) (the &amp;#x201c;Index Value&amp;#x201d;) is higher on &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; November 16, 2020 &lt;/div&gt;at &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;4:00&lt;/div&gt; p.m. New York time than the Index Value on &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; November 15, 2019 &lt;/div&gt;at &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;4:00&lt;/div&gt; p.m. New York time, then, on &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; November 16, 2020, &lt;/div&gt;Euroseas shall issue to Synergy Holdings Limited, &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$500,000&lt;/div&gt; divided by the &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;20&lt;/div&gt;-day volume weighted average price of the Company&amp;#x2019;s common shares calculated on &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; November 16, 2020 &lt;/div&gt;at &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;4:00&lt;/div&gt; p.m. New York time.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"&gt;The Company based on its assessment of future rates as of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; December 31, 2019, &lt;/div&gt;concluded that it is &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;not&lt;/div&gt; probable that it will have to pay the specific contingent consideration.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt;  &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;There are &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;no&lt;/div&gt; other material legal proceedings to which the Company is a party or to which any of its properties are subject, other than routine litigation incidental to the Company&amp;#x2019;s business. In the opinion of the management, the disposition of these lawsuits should &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;not&lt;/div&gt; have a material impact on the consolidated results of operations, financial position and cash flows.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&amp;nbsp;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;As of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; December 31, 2019, &lt;/div&gt;future gross minimum revenues under non-cancellable time charter agreements total &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$17.2&lt;/div&gt; million, all of which is due in the year ending &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; December 31, 2020. &lt;/div&gt;This amount does &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;not&lt;/div&gt; include the future gross minimum revenues upon collection of hire under non-cancellable time charter agreements of M/V &amp;#x201c;Synergy Antwerp&amp;#x201d; which is on index linked charters. In arriving at the future gross minimum revenues, the Company has deducted an estimated &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;one&lt;/div&gt; off-hire day per quarter. Such off-hire estimate &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; may &lt;/div&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;not&lt;/div&gt; be reflective of the actual off-hire in the future. In addition, the actual revenues could be affected by early delivery of the vessel by the charterers or any exercise of the charterers&amp;#x2019; options to extend the terms of the charters, which however cannot be estimated and hence &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;not&lt;/div&gt; reflected above.&lt;/div&gt;&lt;/div&gt;</us-gaap:CommitmentsAndContingenciesDisclosureTextBlock>
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  <us-gaap:DepreciationDepletionAndAmortizationPolicyTextBlock contextRef="d_2019-01-01_2019-12-31" id="c59842358">&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;Depreciation&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;Depreciation is calculated on a straight line basis over the estimated useful life of the vessel with reference to the cost of the vessel, and estimated scrap value. Remaining useful lives of vessels are periodically reviewed and revised to recognize changes in conditions and such revisions, if any, are recognized over current and future periods. The Company estimates that its vessels have a useful life of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;25&lt;/div&gt; years from the completion of their construction. When regulations place limitations over the ability of a vessel to trade on a worldwide basis, its remaining useful life is adjusted at the date such regulations are adopted. The estimated salvage value of each vessel is &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$0.25&lt;/div&gt;&lt;/div&gt; per light weight ton as of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; December 31, 2019 &lt;/div&gt;and &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2018,&lt;/div&gt; which is based on the historical average demolition prices.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;</us-gaap:DepreciationDepletionAndAmortizationPolicyTextBlock>
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  <us-gaap:DerivativeFixedInterestRate contextRef="i_2017-11-28_CounterpartyNameAxis-EurobankMember_DerivativeInstrumentRiskAxis-InterestRateSwapMember" decimals="INF" id="c59840117" unitRef="xbrli-pure">0.0355</us-gaap:DerivativeFixedInterestRate>
  <us-gaap:DerivativeFixedInterestRate contextRef="i_2020-04-24_DerivativeInstrumentRiskAxis-InterestRateSwapWithEurobankMember_StatementScenarioAxis-ScenarioForecastMember" decimals="4" id="c59842192" unitRef="xbrli-pure">0.0078</us-gaap:DerivativeFixedInterestRate>
  <us-gaap:DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock contextRef="d_2019-01-01_2019-12-31" id="s1524759">&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"&gt;  &lt;tr style="vertical-align: top"&gt; &lt;td style="width: 0"&gt;&lt;/td&gt; &lt;td style="width: 0.5in"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;14.&lt;/div&gt;&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;Derivative Financial Instruments&lt;/div&gt;&lt;/td&gt; &lt;/tr&gt;  &lt;/table&gt; &lt;div style=""&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;Interest rate swaps&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;Effective &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; October 17, 2014, &lt;/div&gt;the Company entered into &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;one&lt;/div&gt; interest rate swap with Eurobank &amp;#x2013; Ergasias S.A. (&amp;#x201c;Eurobank&amp;#x201d;) for a notional amount of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$10.0&lt;/div&gt; million, in order to manage interest costs and the risk associated with changing interest rates of the Company&amp;#x2019;s loans. Under the terms of the swap, Eurobank made a quarterly payment to the Company equal to the &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;3&lt;/div&gt;-month LIBOR while the Company paid an adjustable rate averaging &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;1.97%&lt;/div&gt; (more specifically, the Company paid the fixed rate of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;0.50%&lt;/div&gt; until &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; November 28, 2016 &lt;/div&gt;then &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;0.95%&lt;/div&gt; until &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; November 28, 2017 &lt;/div&gt;and then &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;3.55%&lt;/div&gt; until &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; May 28, 2019) &lt;/div&gt;based on the relevant notional amount.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;/div&gt; &lt;!-- Field: Page; Sequence: 46; Value: 2 --&gt;   &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;The interest rate swap contract did &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;not&lt;/div&gt; qualify for hedge accounting as of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; December&amp;nbsp;&lt;/div&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;31,&lt;/div&gt; &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2018.&lt;/div&gt; As of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; December 31, 2019, &lt;/div&gt;the Company had &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;no&lt;/div&gt; interest rate swaps open positions.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42.55pt; text-align: justify; text-indent: -42.55pt"&gt;&amp;nbsp;&lt;/div&gt; &lt;div&gt; &lt;table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0"&gt;  &lt;tr style="vertical-align: bottom"&gt; &lt;td style="border-top: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; border-bottom: Black 1pt solid"&gt;Derivatives not designated as hedging instruments&lt;/td&gt; &lt;td style="border-left: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid"&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;Balance Sheet Location&lt;/div&gt;&lt;/div&gt;&lt;/td&gt; &lt;td style="border-top: Black 1pt solid; padding-bottom: 1pt; border-bottom: Black 1pt solid"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-left: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"&gt;&amp;nbsp;&lt;/div&gt;&lt;/td&gt; &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;December 31, 2018&lt;/div&gt;&lt;/div&gt;&lt;/td&gt; &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&amp;nbsp;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt; &lt;td style="border-left: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;December 31, 2019&lt;/td&gt; &lt;td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom"&gt; &lt;td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 25%; text-align: left; padding-bottom: 1pt"&gt;Interest rate swap contract&lt;/td&gt; &lt;td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 24%; text-align: left; padding-bottom: 1pt"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;Current liabilities &amp;#x2013; Derivatives&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 22%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;41,435&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 22%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;-&lt;/div&gt;&lt;/td&gt; &lt;td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: left; padding-bottom: 1pt"&gt;Total derivative liabilities&lt;/td&gt; &lt;td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;&amp;nbsp;&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;41,435&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;-&lt;/div&gt;&lt;/td&gt; &lt;td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt;  &lt;/table&gt; &lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&amp;nbsp;&lt;/div&gt; &lt;div&gt; &lt;table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0"&gt;  &lt;tr style="vertical-align: bottom"&gt; &lt;td style="border-top: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; border-bottom: Black 1pt solid"&gt;Derivatives not designated as hedging instruments&lt;/td&gt; &lt;td style="border-left: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid"&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&amp;nbsp;&lt;/div&gt;&lt;/div&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;Location of gain (loss) recognized&lt;/div&gt;&lt;/div&gt;&lt;/td&gt; &lt;td style="border-top: Black 1pt solid; font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-left: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;Year Ended December 31, 2017&lt;/td&gt; &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-left: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;Year Ended December 31, 2018&lt;/td&gt; &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-left: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;Year Ended December 31, 2019&lt;/td&gt; &lt;td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 20%; text-align: left; padding-bottom: 1pt"&gt;Interest rate swap contract&amp;#x2013; Unrealized (loss) / gain&lt;/td&gt; &lt;td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 19%; text-align: left; padding-bottom: 1pt"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(Gain) / loss on derivativtes, net&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"&gt;&lt;/td&gt; &lt;td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 17%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(5,901&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"&gt;)&lt;/td&gt; &lt;td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 17%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;204,647&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 17%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;-&lt;/div&gt;&lt;/td&gt; &lt;td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; padding-bottom: 1pt"&gt;Interest rate swap contract&amp;nbsp;&amp;nbsp;- Realized &amp;nbsp;gain / (loss)&lt;/td&gt; &lt;td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;Gain / (loss) on derivatives, net&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;19,071&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(201,745&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;)&lt;/td&gt; &lt;td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(2,885&lt;/div&gt;&lt;/td&gt; &lt;td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left"&gt;)&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: left; padding-bottom: 1pt"&gt;Total &amp;nbsp;net gain / (loss) on interest rate swap contract&lt;/td&gt; &lt;td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;&amp;nbsp;&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;13,170&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2,902&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(2,885&lt;/div&gt;&lt;/td&gt; &lt;td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;)&lt;/td&gt; &lt;/tr&gt;  &lt;/table&gt; &lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&amp;nbsp;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&amp;nbsp;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;Freight Forward Agreements (&amp;#x201c;FFA&amp;#x201d;)&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&amp;nbsp;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;In &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; December 2017, &lt;/div&gt;the Company entered into &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;three&lt;/div&gt; FFA contracts on the Baltic Panamax Index (&amp;#x201c;BPI&amp;#x201d;) for the &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;first&lt;/div&gt; &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;three&lt;/div&gt; calendar months of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2018,&lt;/div&gt; totaling &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;90&lt;/div&gt; days at an average time charter equivalent rate of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$11,000&lt;/div&gt; per day. &lt;div style="display: inline; font-size: 10pt"&gt;The &lt;/div&gt;contracts are settled on a monthly basis using the average of the BPI for the days of the month the BPI is published.&amp;nbsp;&amp;nbsp;The Company receives a payment if the average BPI for the month is below the contract rate equal to the difference of the contract rate less the average BPI for the month times the number of contract days sold; if the average BPI for the month is greater than the contract rate, the Company makes a payment equal to the difference of the average BPI for the month less the contract rate times the number of contract days sold. If the Company buys contracts previously sold (or the opposite) the Company receives or pays the difference of the &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;two&lt;/div&gt; rates for the period covered by the contracts.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&amp;nbsp;&lt;/div&gt; &lt;!-- Field: Page; Sequence: 47; Value: 2 --&gt;   &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;The FFA contracts did &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;not&lt;/div&gt; qualify for hedge accounting. The Company follows guidance relating to &amp;#x201c;Fair value measurements&amp;#x201d; to calculate the fair value of the FFA contracts (see Note &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;16&lt;/div&gt;).&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;div&gt; &lt;table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0"&gt;  &lt;tr style="vertical-align: bottom"&gt; &lt;td style="border-left: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: justify"&gt;FFA contracts not designated as hedging instruments&lt;/td&gt; &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-left: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: justify"&gt;Location of gain (loss) recognized&lt;/td&gt; &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-left: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold"&gt;Year Ended December 31, 2017&lt;/td&gt; &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-left: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold"&gt;Year Ended December 31, 2018&lt;/td&gt; &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-left: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3" style="border-right: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold"&gt;Year Ended December 31, 2019&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 21%; text-align: justify; padding-bottom: 1pt"&gt;FFA contracts &amp;#x2013; Unrealized loss&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 17%; text-align: left; padding-bottom: 1pt"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;Gain / (loss) on derivatives, net&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 17%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(781&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"&gt;)&lt;/td&gt; &lt;td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 17%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;-&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 17%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;-&lt;/div&gt;&lt;/td&gt; &lt;td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; padding-bottom: 1pt"&gt;FFA contracts &amp;#x2013; Realized loss&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;Gain / (loss) on derivatives, net&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;-&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(47,245&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;)&lt;/td&gt; &lt;td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;-&lt;/div&gt;&lt;/td&gt; &lt;td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: justify; padding-bottom: 1pt"&gt;Total loss on FFA contracts&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: justify; padding-bottom: 1pt"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;&amp;nbsp;&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(781&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;)&lt;/td&gt; &lt;td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(47,245&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;)&lt;/td&gt; &lt;td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;-&lt;/div&gt;&lt;/td&gt; &lt;td style="border-right: Black 1pt solid; 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  <us-gaap:DerivativesPolicyTextBlock contextRef="d_2019-01-01_2019-12-31" id="c59842368">&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;Derivative financial instruments&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;Derivative instruments are recorded in the balance sheet as either an asset or liability measured at its fair value with changes in the instruments' fair value recognized as either a component in other comprehensive income if specific hedge accounting criteria are met in accordance with guidance relating to &amp;#x201c;Derivatives and Hedging&amp;#x201d; or in earnings if hedging criteria are &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;not&lt;/div&gt; met.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;</us-gaap:DerivativesPolicyTextBlock>
  <us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock contextRef="d_2019-01-01_2019-12-31" id="s1524753">&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"&gt;  &lt;tr style="vertical-align: top"&gt; &lt;td style="width: 0"&gt;&lt;/td&gt; &lt;td style="width: 0.5in"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;11.&lt;/div&gt;&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;Stock Incentive Plan&lt;/div&gt;&lt;/td&gt; &lt;/tr&gt;  &lt;/table&gt; &lt;div style=""&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;On &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; July 31, 2014, &lt;/div&gt;the Board of Directors approved the Company&amp;#x2019;s &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2014&lt;/div&gt; Stock Incentive Plan (the &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;&amp;#x201c;2014&lt;/div&gt; Plan&amp;#x201d;). On &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; May 5, 2018, &lt;/div&gt;the Board of Directors approved a new equity incentive plan (the &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;&amp;#x201c;2018&lt;/div&gt; Plan&amp;#x201d;) to replace the &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2014&lt;/div&gt; Plan. The &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2018&lt;/div&gt; Plan is administered by the Board of Directors which can make awards totaling in aggregate up to &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;75,000&lt;/div&gt; shares, over &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;10&lt;/div&gt; years after the &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2018&lt;/div&gt; Plan&amp;#x2019;s adoption date. The persons eligible to receive awards under the &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2018&lt;/div&gt; Plan are officers, directors, and executive, managerial, administrative and professional employees of the Company or Eurobulk or Eurochart (collectively, &amp;#x201c;key persons&amp;#x201d;) as the Board, in its sole discretion, shall select based upon such factors as the Board shall deem relevant.&amp;nbsp; Awards &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; may &lt;/div&gt;be made under the &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2018&lt;/div&gt; Plan in the form of incentive stock options, non-qualified stock options, stock appreciation rights, dividend equivalent rights, restricted stock, unrestricted stock, restricted stock units and performance shares.&amp;nbsp;Details of awards granted under the &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2014&lt;/div&gt; Plan and the &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2018&lt;/div&gt; Plan during the &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;three&lt;/div&gt; year period ended &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; December 31, 2019 &lt;/div&gt;are noted below.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"&gt;  &lt;tr style="vertical-align: top"&gt; &lt;td style="width: 0.25in"&gt;&lt;/td&gt; &lt;td style="width: 0.25in"&gt;a)&lt;/td&gt; &lt;td style="text-align: justify"&gt;On &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; November 2, 2017 &lt;/div&gt;an award of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;12,534&lt;/div&gt; non-vested restricted shares, was made to &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;18&lt;/div&gt; key persons of which &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;50%&lt;/div&gt; vested on &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; July 1, 2018 &lt;/div&gt;and &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;50%&lt;/div&gt; vested on &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; July 1, 2019; &lt;/div&gt;awards to officers and directors amounted to &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;7,213&lt;/div&gt; shares and the remaining &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;5,321&lt;/div&gt; shares were awarded to employees of Eurobulk.&lt;/td&gt; &lt;/tr&gt;  &lt;/table&gt; &lt;div style=" margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;nbsp;&lt;/div&gt; &lt;table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"&gt;  &lt;tr style="vertical-align: top"&gt; &lt;td style="width: 0.25in"&gt;&lt;/td&gt; &lt;td style="width: 0.25in"&gt;b)&lt;/td&gt; &lt;td style="text-align: justify"&gt;On &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; November 21, 2018 &lt;/div&gt;an award of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;15,681&lt;/div&gt; non-vested restricted shares, was made to &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;18&lt;/div&gt; key persons of which &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;50%&lt;/div&gt; vested on &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; November 16, 2019 &lt;/div&gt;and &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;50%&lt;/div&gt; will vest on &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; November 16, 2020; &lt;/div&gt;awards to officers and directors amounted to &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;9,021&lt;/div&gt; shares and the remaining &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;6,660&lt;/div&gt; shares were awarded to employees of Eurobulk.&lt;/td&gt; &lt;/tr&gt;  &lt;/table&gt; &lt;div style=" margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;nbsp;&lt;/div&gt; &lt;table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"&gt;  &lt;tr style="vertical-align: top"&gt; &lt;td style="width: 0.25in"&gt;&lt;/td&gt; &lt;td style="width: 0.25in"&gt;c)&lt;/td&gt; &lt;td style="text-align: justify"&gt;On &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; November 4, 2019 &lt;/div&gt;an award of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;15,444&lt;/div&gt; non-vested restricted shares, was made to &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;17&lt;/div&gt; key persons of which &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;50%&lt;/div&gt; will vest on &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; July 1, 2020 &lt;/div&gt;and &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;50%&lt;/div&gt; will vest on &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; July 1, 2021; &lt;/div&gt;awards to officers and directors amounted to &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;8,713&lt;/div&gt; shares and the remaining &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;6,731&lt;/div&gt; shares were awarded to employees of Eurobulk.&lt;/td&gt; &lt;/tr&gt;  &lt;/table&gt; &lt;div style=" margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;All non-vested restricted shares are conditional upon the grantee&amp;#x2019;s continued service as an employee of the Company, Eurobulk or as a director until the applicable vesting date. The grantee does &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;not&lt;/div&gt; have the right to vote on such non-vested restricted shares until they vest or exercise any right as a shareholder of these shares, however, the non-vested shares will accrue dividends as declared and paid which will be retained by the Company until the shares vest at which time they are payable to the grantee. As non-vested restricted share grantees accrue dividends on awards that are expected to vest, such dividends are charged to retained earnings.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;The Company accounts for restricted share awards forfeitures as they occur. During &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2017,&lt;/div&gt; &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;538&lt;/div&gt; shares were forfeited with a weighted-average grant-date fair value of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$22.24&lt;/div&gt; per share. &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;No&lt;/div&gt;&lt;/div&gt; forfeitures occurred in the years ended &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; December 31, 2018 &lt;/div&gt;and &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2019.&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt;  &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;The compensation cost that has been charged against income for awards was &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$116,562,&lt;/div&gt; &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$124,487&lt;/div&gt; and &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$97,919,&lt;/div&gt; for the years ended &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; December 31, 2017, &lt;/div&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2018&lt;/div&gt; and &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2019,&lt;/div&gt; respectively and is included within &amp;#x201c;General and administrative expenses&amp;#x201d; in the consolidated statements of operations. The Company has used the straight-line method to recognize the cost of the awards.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;A summary of the status of the Company&amp;#x2019;s non-vested shares as of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; December 31, 2019 &lt;/div&gt;and changes during the year ended &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; December 31, 2019, &lt;/div&gt;are presented below:&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;/div&gt; &lt;div&gt; &lt;table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0"&gt;  &lt;tr style="vertical-align: bottom"&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold"&gt;Non-vested Shares&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;Shares&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"&gt;Weighted-Average Grant-Date Fair Value&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="border-bottom: Black 1pt solid; width: 62%; padding-bottom: 1pt"&gt;Non-vested on January 1, 2019&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 16%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;21,948&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 16%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;10.16&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;Granted&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;15,444&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;5.84&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;Vested&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(14,108&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;)&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;11.01&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;Non-vested on December 31, 2019&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;23,284&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;6.77&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt;  &lt;/table&gt; &lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;As of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; December 31, 2019, &lt;/div&gt;there was &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$172,887&lt;/div&gt; of total unrecognized compensation cost related to non-vested share-based compensation arrangements granted under the &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2018&lt;/div&gt; Plan and is expected to be recognized over a weighted-average period of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;0.75&lt;/div&gt; years. The total fair value at grant-date of shares granted during the year ended &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; December 31, 2017, &lt;/div&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt; December 31, 2018, &lt;/div&gt;and &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; December 31, 2019 &lt;/div&gt;was &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$176,475,&lt;/div&gt; &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$134,232&lt;/div&gt; and &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$90,193&lt;/div&gt; respectively.&lt;/div&gt;&lt;/div&gt;</us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock>
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  <us-gaap:DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock contextRef="d_2019-01-01_2019-12-31" id="s1524770">&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"&gt;  &lt;tr style="vertical-align: top"&gt; &lt;td style="width: 0"&gt;&lt;/td&gt; &lt;td style="width: 0.5in"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;17.&lt;/div&gt;&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;Discontinued Operations&lt;/div&gt;&lt;/td&gt; &lt;/tr&gt;  &lt;/table&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&amp;nbsp;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;Following the close of trading on the Nasdaq Capital Market on &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; May 30, 2018, &lt;/div&gt;the Company completed the spin-off of its drybulk fleet (excluding M/V Monica P, a handymax drybulk carrier, which was agreed to be sold) to EuroDry Ltd (Note &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;1&lt;/div&gt;). Accordingly, the results of operations and financial condition of EuroDry have been presented in discontinued operations for all historical comparative periods presented&lt;div style="display: inline; background-color: white"&gt;. The revenue and loss for the discontinued operations for the periods ended &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; December&amp;nbsp;&lt;/div&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;31,&lt;/div&gt; &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2017,&lt;/div&gt; &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2018&lt;/div&gt; and &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2019&lt;/div&gt; are analyzed as follows:&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;div&gt; &lt;table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0"&gt;  &lt;tr style="vertical-align: bottom"&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3" style="text-align: center"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="font-weight: bold"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="7" style="font-weight: bold; text-align: center"&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;Year Ended December 31 &lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;(discontinued operations)&lt;/div&gt;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom"&gt; &lt;td style="border-bottom: Black 1pt solid"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;2017&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;2018&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;2019&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom"&gt; &lt;td style="font-weight: bold"&gt;Statement of Operations Data&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="7"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="width: 61%; text-align: left"&gt;Voyage revenue&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;20,280,215&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;25,934,204&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;-&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="text-align: left"&gt;Commissions (including, $253,503, $324,178 and nil respectively, to related party)&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(1,122,196&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;)&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(1,411,333&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;)&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;-&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="text-align: left"&gt;Voyage expenses&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(2,396,318&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;)&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(410,676&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;)&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;-&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="text-align: left"&gt;Vessel operating expenses (including, $102,131, $115,026 and nil, respectively, to related party)&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(6,892,388&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;)&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(9,183,152&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;)&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;-&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="text-align: left"&gt;Drydocking expenses&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(127,509&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;)&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(1,465,079&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;)&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;-&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="text-align: left"&gt;Related party management fees&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(1,409,716&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;)&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(1,701,340&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;)&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;-&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="text-align: left"&gt;Vessel depreciation&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(4,786,272&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;)&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(5,422,155&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;)&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;-&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="text-align: left"&gt;General and administrative expenses (including $693,524, $731,456 and nil, respectively, to related party)&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(917,160&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;)&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(2,346,502&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;)&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;-&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="font-weight: bold; text-align: left"&gt;Operating income&lt;/td&gt; &lt;td style="font-weight: bold"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="font-weight: bold; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2,628,656&lt;/div&gt;&lt;/td&gt; &lt;td style="font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="font-weight: bold"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="font-weight: bold; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;3,993,967&lt;/div&gt;&lt;/td&gt; &lt;td style="font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="font-weight: bold"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="font-weight: bold; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;-&lt;/div&gt;&lt;/td&gt; &lt;td style="font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="text-align: left"&gt;Total other expenses, net&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(1,778,955&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;)&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(2,874,232&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;)&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;-&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="font-weight: bold; text-align: left"&gt;Net income&lt;/td&gt; &lt;td style="font-weight: bold"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="font-weight: bold; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;849,701&lt;/div&gt;&lt;/td&gt; &lt;td style="font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="font-weight: bold"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="font-weight: bold; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;1,119,735&lt;/div&gt;&lt;/td&gt; &lt;td style="font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="font-weight: bold"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="font-weight: bold; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;-&lt;/div&gt;&lt;/td&gt; &lt;td style="font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="text-align: left"&gt;Dividend Series B Preferred Shares&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;-&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(565,229&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;)&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;-&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="font-weight: bold; text-align: left"&gt;Net income attributable to common shareholders&lt;/td&gt; &lt;td style="font-weight: bold"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="font-weight: bold; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;849,701&lt;/div&gt;&lt;/td&gt; &lt;td style="font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="font-weight: bold"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="font-weight: bold; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;554,506&lt;/div&gt;&lt;/td&gt; &lt;td style="font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="font-weight: bold"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="font-weight: bold; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;-&lt;/div&gt;&lt;/td&gt; &lt;td style="font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt;  &lt;/table&gt; &lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&amp;nbsp;&lt;/div&gt;  &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;Euroseas contributed to EuroDry its interests in &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;seven&lt;/div&gt; of its drybulk subsidiaries and related intercompany debts and obligations in exchange for &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2,254,830&lt;/div&gt; of EuroDry common shares and &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;19,042&lt;/div&gt; of EuroDry Series B Preferred Shares (representing all of EuroDry's issued and outstanding stock as of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; May 30, 2018).&amp;nbsp;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;Up to the Spin-off date, Euroseas had contributed to EuroDry an amount of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$52.52&lt;/div&gt; million as equity in order to partly finance the acquisition of the vessels contributed to EuroDry (M/V Pantelis, M/V Eirini, M/V Xenia and M/V Ekaterini), other general and administrative expenses allocated from the Company to EuroDry as well as the amounts recognized as loss on termination and impairment of shipbuilding contracts described above. An amount of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$9.66&lt;/div&gt; million was also allocated to EuroDry from the Company&amp;#x2019;s accumulated deficit, comprising the accumulated deficit of the Subsidiaries. In total an amount of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$42.86&lt;/div&gt; million was allocated from the Company&amp;#x2019;s shareholders&amp;#x2019; equity to EuroDry&amp;#x2019;s shareholders&amp;#x2019; equity.&lt;/div&gt;&lt;/div&gt;</us-gaap:DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock>
  <us-gaap:DividendsPaidinkind contextRef="d_2017-01-01_2017-12-31_StatementClassOfStockAxis-SeriesBPreferredStockMember" decimals="INF" id="c59840206" unitRef="iso4217-usd">1810000</us-gaap:DividendsPaidinkind>
  <us-gaap:DividendsPaidinkind contextRef="d_2018-01-01_2018-12-31_StatementClassOfStockAxis-SeriesBPreferredStockMember" decimals="INF" id="c59840207" unitRef="iso4217-usd">1340000</us-gaap:DividendsPaidinkind>
  <us-gaap:DividendsPaidinkind contextRef="d_2019-01-01_2019-12-31_StatementClassOfStockAxis-SeriesBPreferredStockMember" decimals="INF" id="c59840209" unitRef="iso4217-usd">80000</us-gaap:DividendsPaidinkind>
  <us-gaap:DividendsPaidinkind contextRef="d_2017-01-01_2017-12-31" decimals="INF" id="c59839157" unitRef="iso4217-usd">1808811</us-gaap:DividendsPaidinkind>
  <us-gaap:DividendsPaidinkind contextRef="d_2018-01-01_2018-12-31" decimals="INF" id="c59839158" unitRef="iso4217-usd">1335733</us-gaap:DividendsPaidinkind>
  <us-gaap:DividendsPaidinkind contextRef="d_2019-01-01_2019-12-31" decimals="INF" id="c59839159" unitRef="iso4217-usd">78640</us-gaap:DividendsPaidinkind>
  <us-gaap:DividendsPayableCurrent contextRef="i_2018-12-31" id="c59838671" unitRef="iso4217-usd" xs:nil="true"/>
  <us-gaap:DividendsPayableCurrent contextRef="i_2019-12-31" decimals="INF" id="c59838672" unitRef="iso4217-usd">161315</us-gaap:DividendsPayableCurrent>
  <us-gaap:DividendsPayableCurrentAndNoncurrent contextRef="i_2019-12-31_StatementClassOfStockAxis-SeriesBPreferredStockMember" decimals="INF" id="c59840212" unitRef="iso4217-usd">160000</us-gaap:DividendsPayableCurrentAndNoncurrent>
  <us-gaap:DividendsPreferredStock contextRef="d_2019-01-01_2019-12-31_StatementClassOfStockAxis-SeriesBPreferredStockMember" decimals="INF" id="c59840208" unitRef="iso4217-usd">1270000</us-gaap:DividendsPreferredStock>
  <us-gaap:DividendsPreferredStock contextRef="d_2017-01-01_2017-12-31_StatementEquityComponentsAxis-CommonStockMember" id="c59838906" unitRef="iso4217-usd" xs:nil="true"/>
  <us-gaap:DividendsPreferredStock contextRef="d_2017-01-01_2017-12-31_StatementEquityComponentsAxis-AdditionalPaidInCapitalMember" id="c59838907" unitRef="iso4217-usd" xs:nil="true"/>
  <us-gaap:DividendsPreferredStock contextRef="d_2017-01-01_2017-12-31_StatementEquityComponentsAxis-RetainedEarningsMember" decimals="INF" id="c59838908" unitRef="iso4217-usd">1808811</us-gaap:DividendsPreferredStock>
  <us-gaap:DividendsPreferredStock contextRef="d_2017-01-01_2017-12-31" decimals="INF" id="c59838909" unitRef="iso4217-usd">1808811</us-gaap:DividendsPreferredStock>
  <us-gaap:DividendsPreferredStock contextRef="d_2018-01-01_2018-12-31_StatementEquityComponentsAxis-CommonStockMember" id="c59838936" unitRef="iso4217-usd" xs:nil="true"/>
  <us-gaap:DividendsPreferredStock contextRef="d_2018-01-01_2018-12-31_StatementEquityComponentsAxis-AdditionalPaidInCapitalMember" id="c59838937" unitRef="iso4217-usd" xs:nil="true"/>
  <us-gaap:DividendsPreferredStock contextRef="d_2018-01-01_2018-12-31_StatementEquityComponentsAxis-RetainedEarningsMember" decimals="INF" id="c59838938" unitRef="iso4217-usd">1335733</us-gaap:DividendsPreferredStock>
  <us-gaap:DividendsPreferredStock contextRef="d_2018-01-01_2018-12-31" decimals="INF" id="c59838939" unitRef="iso4217-usd">1335733</us-gaap:DividendsPreferredStock>
  <us-gaap:DividendsPreferredStock contextRef="d_2019-01-01_2019-12-31_StatementEquityComponentsAxis-CommonStockMember" id="c59838966" unitRef="iso4217-usd" xs:nil="true"/>
  <us-gaap:DividendsPreferredStock contextRef="d_2019-01-01_2019-12-31_StatementEquityComponentsAxis-AdditionalPaidInCapitalMember" id="c59838967" unitRef="iso4217-usd" xs:nil="true"/>
  <us-gaap:DividendsPreferredStock contextRef="d_2019-01-01_2019-12-31_StatementEquityComponentsAxis-RetainedEarningsMember" decimals="INF" id="c59838968" unitRef="iso4217-usd">1271782</us-gaap:DividendsPreferredStock>
  <us-gaap:DividendsPreferredStock contextRef="d_2019-01-01_2019-12-31" decimals="INF" id="c59838969" unitRef="iso4217-usd">1271782</us-gaap:DividendsPreferredStock>
  <us-gaap:DividendsPreferredStockCash contextRef="d_2019-01-01_2019-12-31_StatementClassOfStockAxis-SeriesBPreferredStockMember" decimals="INF" id="c59840210" unitRef="iso4217-usd">1030000</us-gaap:DividendsPreferredStockCash>
  <us-gaap:DividendsPreferredStockPaidinkind contextRef="d_2017-01-01_2017-12-31_StatementClassOfStockAxis-OrdinaryPreferredStockMember" id="c59840229" unitRef="iso4217-usd" xs:nil="true"/>
  <us-gaap:DividendsPreferredStockPaidinkind contextRef="d_2017-01-01_2017-12-31_StatementClassOfStockAxis-PreferredStockIssuedAsDividendsMember" decimals="INF" id="c59840230" unitRef="iso4217-usd">1808811</us-gaap:DividendsPreferredStockPaidinkind>
  <us-gaap:DividendsPreferredStockPaidinkind contextRef="d_2017-01-01_2017-12-31" decimals="INF" id="c59840231" unitRef="iso4217-usd">1808811</us-gaap:DividendsPreferredStockPaidinkind>
  <us-gaap:DividendsPreferredStockPaidinkind contextRef="d_2018-01-01_2018-12-31_StatementClassOfStockAxis-OrdinaryPreferredStockMember" id="c59840237" unitRef="iso4217-usd" xs:nil="true"/>
  <us-gaap:DividendsPreferredStockPaidinkind contextRef="d_2018-01-01_2018-12-31_StatementClassOfStockAxis-PreferredStockIssuedAsDividendsMember" decimals="INF" id="c59840238" unitRef="iso4217-usd">1335733</us-gaap:DividendsPreferredStockPaidinkind>
  <us-gaap:DividendsPreferredStockPaidinkind contextRef="d_2018-01-01_2018-12-31" decimals="INF" id="c59840239" unitRef="iso4217-usd">1335733</us-gaap:DividendsPreferredStockPaidinkind>
  <us-gaap:DividendsPreferredStockPaidinkind contextRef="d_2019-01-01_2019-12-31_StatementClassOfStockAxis-OrdinaryPreferredStockMember" id="c59840249" unitRef="iso4217-usd" xs:nil="true"/>
  <us-gaap:DividendsPreferredStockPaidinkind contextRef="d_2019-01-01_2019-12-31_StatementClassOfStockAxis-PreferredStockIssuedAsDividendsMember" decimals="INF" id="c59840250" unitRef="iso4217-usd">78639</us-gaap:DividendsPreferredStockPaidinkind>
  <us-gaap:DividendsPreferredStockPaidinkind contextRef="d_2019-01-01_2019-12-31" decimals="INF" id="c59840251" unitRef="iso4217-usd">78639</us-gaap:DividendsPreferredStockPaidinkind>
  <us-gaap:DueToRelatedPartiesCurrent contextRef="i_2018-12-31_RelatedPartyTransactionsByRelatedPartyAxis-EuroseasLtdMember" id="c59839909" unitRef="iso4217-usd" xs:nil="true"/>
  <us-gaap:DueToRelatedPartiesCurrent contextRef="i_2019-12-31_RelatedPartyTransactionsByRelatedPartyAxis-EuroseasLtdMember" decimals="INF" id="c59839910" unitRef="iso4217-usd">5000000</us-gaap:DueToRelatedPartiesCurrent>
  <us-gaap:DueToRelatedPartiesCurrent contextRef="i_2018-12-31" decimals="INF" id="c59838677" unitRef="iso4217-usd">2672895</us-gaap:DueToRelatedPartiesCurrent>
  <us-gaap:DueToRelatedPartiesCurrent contextRef="i_2019-12-31" decimals="INF" id="c59838678" unitRef="iso4217-usd">795562</us-gaap:DueToRelatedPartiesCurrent>
  <us-gaap:DueToRelatedPartiesCurrentAndNoncurrent contextRef="i_2018-12-31" decimals="INF" id="c59839630" unitRef="iso4217-usd">2672895</us-gaap:DueToRelatedPartiesCurrentAndNoncurrent>
  <us-gaap:DueToRelatedPartiesCurrentAndNoncurrent contextRef="i_2019-12-31" decimals="INF" id="c59839631" unitRef="iso4217-usd">795562</us-gaap:DueToRelatedPartiesCurrentAndNoncurrent>
  <us-gaap:DueToRelatedPartiesCurrentAndNoncurrent contextRef="i_2019-09-30_RelatedPartyTransactionAxis-FirstDebtAgreementMember_RelatedPartyTransactionsByRelatedPartyAxis-ColbyTradingLtdMember" decimals="INF" id="c59839632" unitRef="iso4217-usd">2500000</us-gaap:DueToRelatedPartiesCurrentAndNoncurrent>
  <us-gaap:DueToRelatedPartiesCurrentAndNoncurrent contextRef="i_2019-11-01_RelatedPartyTransactionAxis-SecondDebtAgreementMember_RelatedPartyTransactionsByRelatedPartyAxis-ColbyTradingLtdMember" decimals="INF" id="c59839635" unitRef="iso4217-usd">2500000</us-gaap:DueToRelatedPartiesCurrentAndNoncurrent>
  <us-gaap:EarningsPerShareBasicAndDiluted contextRef="d_2017-01-01_2017-12-31" decimals="INF" id="c59840071" unitRef="iso4217-usd-per-xbrli-shares">-5.72</us-gaap:EarningsPerShareBasicAndDiluted>
  <us-gaap:EarningsPerShareBasicAndDiluted contextRef="d_2018-01-01_2018-12-31" decimals="INF" id="c59840072" unitRef="iso4217-usd-per-xbrli-shares">-1.02</us-gaap:EarningsPerShareBasicAndDiluted>
  <us-gaap:EarningsPerShareBasicAndDiluted contextRef="d_2019-01-01_2019-12-31" decimals="INF" id="c59840073" unitRef="iso4217-usd-per-xbrli-shares">-1.21</us-gaap:EarningsPerShareBasicAndDiluted>
  <us-gaap:EarningsPerSharePolicyTextBlock contextRef="d_2019-01-01_2019-12-31" id="c59842371">&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;Earnings / (loss) per common share&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;Basic earnings / (loss) per share is computed by dividing net income / (loss) attributable to common shareholders, after the deduction of dividends paid (in cash or in-kind) to preferred shareholders, by the weighted-average number of common shares outstanding during the period. The weighted-average number of common shares outstanding does &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;not&lt;/div&gt; include any potentially dilutive securities or any non-vested restricted shares of common stock. These non-vested restricted shares, although classified as issued and outstanding as of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; December 31, 2018 &lt;/div&gt;and &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2019,&lt;/div&gt; are considered contingently returnable until the restrictions lapse and will &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;not&lt;/div&gt; be included in the basic earnings / (loss) per share calculation until the shares are vested.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;Diluted earnings / (loss) per share gives effect to all potentially dilutive securities to the extent that they are dilutive, using the treasury stock method. The Company uses the treasury stock method for non-vested restricted shares, while for the preferred shares issued the Company uses the if-converted method to assess the dilutive effect.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;</us-gaap:EarningsPerSharePolicyTextBlock>
  <us-gaap:EarningsPerShareTextBlock contextRef="d_2019-01-01_2019-12-31" id="s1524755">&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"&gt;  &lt;tr style="vertical-align: top"&gt; &lt;td style="width: 0"&gt;&lt;/td&gt; &lt;td style="width: 0.5in"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;12.&lt;/div&gt;&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;Loss Per Share&lt;/div&gt;&lt;/td&gt; &lt;/tr&gt;  &lt;/table&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;Basic and diluted loss per common share is computed as follows:&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;div&gt; &lt;table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0"&gt;  &lt;tr style="vertical-align: bottom"&gt; &lt;td style="border-bottom: Black 1pt solid"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;2017&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;2018&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;2019&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="font-weight: bold; padding-left: 0.4pt"&gt;Income:&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="width: 61%; text-align: left; padding-left: 0.4pt"&gt;Net loss, continuing operations&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(6,944,261&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;)&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(663,396&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;)&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(1,682,671&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;)&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="text-align: left; padding-left: 0.4pt"&gt;Dividends to Series B preferred shares&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(1,808,811&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;)&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(1,335,733&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;)&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(1,271,782&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;)&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="text-align: left; padding-left: 0.4pt"&gt;Preferred deemed dividend&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;-&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;-&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(504,577&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;)&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="text-align: left; padding-left: 0.4pt"&gt;Net loss attributable to common shareholders, continuing operations&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(8,753,072&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;)&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(1,999,129&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;)&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(3,459,030&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;)&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="text-align: left; padding-left: 0.4pt"&gt;Weighted average common shares &amp;#x2013;outstanding , basic and diluted&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;1,383,440&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;1,414,775&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2,861,928&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="text-align: left; padding-left: 0.4pt"&gt;Basic and diluted loss per share, continuing operations&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(6.33&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;)&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(1.41&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;)&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(1.21&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;)&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="text-align: left; padding-left: 0.4pt"&gt;Net income attributable to common shareholders, discontinued operations&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;849,701&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;554,506&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;-&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="text-align: left; padding-left: 0.4pt"&gt;Net loss attributable to common shareholders&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(7,903,371&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;)&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(1,444,623&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;)&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(3,459,030&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;)&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="text-align: left; padding-left: 0.4pt"&gt;Basic and diluted loss per share&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(5.72&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;)&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(1.02&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;)&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(1.21&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;)&lt;/td&gt; &lt;/tr&gt;  &lt;/table&gt; &lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&amp;nbsp;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;During &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2017,&lt;/div&gt; &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2018&lt;/div&gt; and &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2019,&lt;/div&gt; the effect of the non-vested stock awards and of Series B Preferred Shares was anti-dilutive. The number of dilutive securities was &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;nil&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; shares in &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2017,&lt;/div&gt; &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2018&lt;/div&gt; and &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2019.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;</us-gaap:EarningsPerShareTextBlock>
  <us-gaap:EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized contextRef="i_2019-12-31" decimals="INF" id="c59840020" unitRef="iso4217-usd">172887</us-gaap:EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized>
  <us-gaap:EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1 contextRef="d_2019-01-01_2019-12-31_AwardTypeAxis-RestrictedStockMember" id="c59840021">P273D</us-gaap:EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1>
  <us-gaap:FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock contextRef="d_2019-01-01_2019-12-31" id="c-14">&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;" cellspacing="0" cellpadding="0"&gt; &lt;tr style="vertical-align: bottom"&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="15" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;Fair Value Measurement as of December 31, 2018&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom"&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;Total,&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;(Level 1)&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;(Level 2)&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.45pt 0pt 0; text-align: right"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&amp;nbsp;&lt;/div&gt;&lt;/div&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.45pt 0pt 0; text-align: right"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&amp;nbsp;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.45pt 0pt 0; text-align: right"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;(Level 3)&lt;/div&gt;&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.45pt 0pt 0; text-align: right"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&amp;nbsp;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom"&gt; &lt;td&gt;Liabilities&lt;/td&gt; &lt;td style="padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3" style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3" style="text-align: center"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3" style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="width: 48%; text-align: left; padding-bottom: 1pt"&gt;Interest rate swap contract, current portion&lt;/td&gt; &lt;td style="width: 1%; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;41,435&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;-&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;41,435&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;-&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;/table&gt;&lt;/div&gt;</us-gaap:FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock>
  <us-gaap:FairValueAssetsMeasuredOnNonrecurringBasisTextBlock contextRef="d_2019-01-01_2019-12-31" id="c-15">&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;" cellspacing="0" cellpadding="0"&gt; &lt;tr style="vertical-align: bottom"&gt; &lt;td style="text-align: center"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="19" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;December 31, 2017&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom"&gt; &lt;td style="border-bottom: Black 1pt solid"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"&gt;Fair Value&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"&gt;Level 1&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"&gt;Level 2&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"&gt;Level 3&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"&gt;Loss 2017&lt;/td&gt; &lt;td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 35%; text-align: left; padding-bottom: 1pt"&gt;Vessel profit participating liability&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 1%; text-align: center"&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$1,297,100&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 1%; text-align: center"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: center; border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 1%; text-align: center"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;-&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 1%; text-align: center"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: center; border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 1%; text-align: center"&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$1,297,100&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 1%; text-align: center"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: center; border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 1%; text-align: center"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;-&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 1%; text-align: center"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: center; border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 1%; text-align: center"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;-&lt;/div&gt;&lt;/td&gt; &lt;td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; text-align: center"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt"&gt;Vessels held for sale&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: center"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$5,000,000&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: center"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: center; border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: center"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: center"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;-&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: center"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: center; border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: center"&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: center"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$5,000,000&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: center"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: center; border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: center"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: center"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;-&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: center"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: center; border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: center"&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: center"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$4,595,819&lt;/div&gt;&lt;/td&gt; &lt;td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;/table&gt;&lt;/div&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;" cellspacing="0" cellpadding="0"&gt; &lt;tr style="vertical-align: bottom"&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="19" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;December 31, 2018&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom"&gt; &lt;td style="border-bottom: Black 1pt solid"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;Fair Value&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;Level 1&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;Level 2&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;Level 3&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;Loss 2018&lt;/td&gt; &lt;td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 35%; text-align: left; padding-bottom: 1pt"&gt;Vessel profit participating liability&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; text-align: left"&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$1,067,500&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 1%; text-align: center"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: center; border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 1%; text-align: center"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;-&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 1%; text-align: center"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: center; border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 1%; text-align: center"&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$1,067,500&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 1%; text-align: center"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: center; border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 1%; text-align: center"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;-&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 1%; text-align: center"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: center; border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 1%; text-align: center"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;-&lt;/div&gt;&lt;/td&gt; &lt;td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; text-align: center"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;/table&gt;&lt;/div&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;" cellspacing="0" cellpadding="0"&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="18" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;December 31, 2019&lt;/div&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;&lt;div style="display: inline; font-size: 10pt"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;Fair Value &lt;/div&gt;&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;&lt;div style="display: inline; font-size: 10pt"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;Level 1&lt;/div&gt;&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;&lt;div style="display: inline; font-size: 10pt"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;Level 2&lt;/div&gt;&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;&lt;div style="display: inline; font-size: 10pt"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;Level 3 &lt;/div&gt;&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;&lt;div style="display: inline; font-size: 10pt"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;Loss 2019&lt;/div&gt;&lt;/div&gt;&lt;/td&gt; &lt;td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 35%; text-align: left; padding-bottom: 1pt"&gt;Vessel profit participating liability&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;-&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 1%; text-align: center"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: center; border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 1%; text-align: center"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;-&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 1%; text-align: center"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: center; border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 1%; text-align: center"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;-&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 1%; text-align: center"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: center; border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 1%; text-align: center"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;-&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 1%; text-align: center"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: center; border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 1%; text-align: center"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;-&lt;/div&gt;&lt;/td&gt; &lt;td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; text-align: center"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;/table&gt;&lt;/div&gt;</us-gaap:FairValueAssetsMeasuredOnNonrecurringBasisTextBlock>
  <us-gaap:FairValueMeasurementPolicyPolicyTextBlock contextRef="d_2019-01-01_2019-12-31" id="c59842365">&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;Fair value of above/below market time charters acquired&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;The Company records all identified tangible and intangible assets or any liabilities associated with the acquisition of a vessel at fair value. Where vessels are acquired with existing time charters, the Company determines the present value of the difference between: (i) the contractual charter rate and (ii) the prevailing market rate for a charter of equivalent duration. In discounting the charter rate differences in future periods, the Company uses its Weighted Average Cost of Capital (WACC) adjusted to account for the credit quality of the counterparties, as deemed necessary. The capitalized above-market (assets) and below-market (liabilities) charters are amortized as a reduction and increase, respectively, to time charter revenues over the remaining term of the assumed time charter.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;</us-gaap:FairValueMeasurementPolicyPolicyTextBlock>
  <us-gaap:FinanceLoansAndLeasesReceivablePolicy contextRef="d_2019-01-01_2019-12-31" id="c59842363">&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;Financing costs&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;Loan arrangement fees are deferred and amortized to interest expense over the duration of the underlying loan using the effective interest method. Unamortized fees relating to loans repaid or refinanced are expensed in the period the repayment or refinancing occurs.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;</us-gaap:FinanceLoansAndLeasesReceivablePolicy>
  <us-gaap:FinancialInstrumentsDisclosureTextBlock contextRef="d_2019-01-01_2019-12-31" id="s1524765">&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"&gt;  &lt;tr style="vertical-align: top"&gt; &lt;td style="width: 0"&gt;&lt;/td&gt; &lt;td style="width: 0.5in"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;16.&lt;/div&gt;&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;Financial Instruments&lt;/div&gt;&lt;/td&gt; &lt;/tr&gt;  &lt;/table&gt; &lt;div style=""&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7pt; text-align: justify"&gt;The principal financial assets of the Company consist of cash and cash equivalents, restricted cash, trade accounts receivable and other receivables. The principal financial liabilities of the Company consist of long-term bank loans, derivatives, trade accounts payable, accrued expenses and amount due to related company.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&amp;nbsp;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;Interest rate risk &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;div style="display: inline; font-style: italic;"&gt;&amp;nbsp;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;From time to time, the Company enters into interest rate swap contracts as economic hedges to manage some of its exposure to variability in its floating rate long term bank loans. Under the terms of the interest rate swaps the Company and the bank agree to exchange, at specified intervals the difference between a paying fixed rate and receiving floating rate interest amount calculated by reference to the agreed principal amounts and maturities. Interest rate swaps allow the Company to convert long-term borrowings issued at floating rates into equivalent fixed rates. Even though, historically, the interest rate swaps were entered into for economic hedging purposes, as noted in Note &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;14&lt;/div&gt; they did &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;not&lt;/div&gt; qualify for hedge accounting, under the guidance relating to &lt;div style="display: inline; font-style: italic;"&gt;Derivatives and Hedging&lt;/div&gt;, as the Company did &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;not&lt;/div&gt; have written contemporaneous documentation identifying the risk being hedged and, both on a prospective and retrospective basis, performing an effectiveness test to support that the hedging relationship is highly effective. Consequently, the Company recognized the change in fair value of these derivatives in the &amp;#x201c;Gain / (loss) on derivatives, net&amp;#x201d; in the consolidated statements of operations. As of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; December 31, 2018, &lt;/div&gt;the Company had &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;one&lt;/div&gt; open swap contract for a notional amount of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$10.0&lt;/div&gt; million. As described above in Note &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;14,&lt;/div&gt; this contract matured at the end of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; May 2019 &lt;/div&gt;and as of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; December 31, 2019 &lt;/div&gt;the Company had &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;no&lt;/div&gt; interest rate swaps open positions.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42.55pt; text-align: justify; text-indent: -42.55pt"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&amp;nbsp;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42.55pt; text-align: justify; text-indent: -42.55pt"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;Concentration of credit risk&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42.55pt; text-align: justify; text-indent: -42.55pt"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;Financial instruments, which potentially subject the Company to significant concentration of credit risk consist primarily of cash and trade accounts receivable. The Company places its temporary cash investments, consisting mostly of deposits, with high credit qualified financial institutions. The Company performs periodic evaluation of the relative credit standing of these financial institutions that are considered in the Company&amp;#x2019;s investment strategy. The Company limits its credit risk with trade accounts receivable by performing ongoing credit evaluations of its customers&amp;#x2019; financial condition and generally does &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;not&lt;/div&gt; require collateral for its trade accounts receivable.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42.55pt; text-align: justify; text-indent: -42.55pt"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;&amp;nbsp;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;!-- Field: Page; Sequence: 51; Value: 2 --&gt;   &lt;table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"&gt;    &lt;tr style="vertical-align: top"&gt;  &lt;td style="text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;/div&gt;&lt;/td&gt; &lt;/tr&gt;  &lt;/table&gt; &lt;div style=""&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42.55pt; text-align: justify; text-indent: -42.55pt"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;Fair value of financial instruments&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42.55pt; text-align: justify; text-indent: -42.55pt"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&amp;nbsp;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;The Company follows guidance relating to &amp;#x201c;Fair value measurements&amp;#x201d;, which establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosure about fair value measurements.&amp;nbsp;&amp;nbsp;This statement enables the reader of the financial statements to assess the inputs used to develop those measurements by establishing a hierarchy for ranking the quality and reliability of the information used to determine fair values. The statement requires that assets and liabilities carried at fair value will be classified and disclosed in &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;one&lt;/div&gt; of the following &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;three&lt;/div&gt; categories:&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;Level &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;1:&lt;/div&gt; Quoted market prices in active markets for identical assets or liabilities;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;Level &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2:&lt;/div&gt; Observable market based inputs or unobservable inputs that are corroborated by market data;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;Level &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;3:&lt;/div&gt; Unobservable inputs that are &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;not&lt;/div&gt; corroborated by market data.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;The fair value of the Company&amp;#x2019;s investments in FFA contracts are determined based on quoted prices in active markets and therefore are considered Level &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;1&lt;/div&gt; of the fair value hierarchy as defined in guidance relating to "Fair value measurements".&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;The fair value of the Company&amp;#x2019;s interest rate swap agreements is determined using a discounted cash flow approach based on market-based LIBOR swap rates.&amp;nbsp;&amp;nbsp;LIBOR swap rates are observable at commonly quoted intervals for the full terms of the swaps and therefore are considered Level &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2&lt;/div&gt; items. The fair values of the interest rate swap determined through Level &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2&lt;/div&gt; of the fair value hierarchy as defined in guidance relating to "Fair value measurements" are derived principally from or corroborated by observable market data. Inputs include quoted prices for similar assets, liabilities (risk adjusted) and market-corroborated inputs, such as market comparables, interest rates, yield curves and other items that allow value to be determined.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&amp;nbsp;&lt;/div&gt;  &lt;table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"&gt;    &lt;tr style="vertical-align: top"&gt;  &lt;td style="text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;/div&gt;&lt;/td&gt; &lt;/tr&gt;  &lt;/table&gt; &lt;div style=""&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;Recurring Fair Value Measurements&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&amp;nbsp;&lt;/div&gt; &lt;div&gt; &lt;table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0"&gt;  &lt;tr style="vertical-align: bottom"&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="15" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;Fair Value Measurement as of December 31, 2018&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom"&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;Total,&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;(Level 1)&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;(Level 2)&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.45pt 0pt 0; text-align: right"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&amp;nbsp;&lt;/div&gt;&lt;/div&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.45pt 0pt 0; text-align: right"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&amp;nbsp;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.45pt 0pt 0; text-align: right"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;(Level 3)&lt;/div&gt;&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.45pt 0pt 0; text-align: right"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&amp;nbsp;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom"&gt; &lt;td&gt;Liabilities&lt;/td&gt; &lt;td style="padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3" style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3" style="text-align: center"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3" style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="width: 48%; text-align: left; padding-bottom: 1pt"&gt;Interest rate swap contract, current portion&lt;/td&gt; &lt;td style="width: 1%; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;41,435&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;-&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;41,435&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;-&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt;  &lt;/table&gt; &lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;&amp;nbsp;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;  &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;Asset Measured at Fair Value on a Non-recurring Basis &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"&gt;On &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; June 15, 2017, &lt;/div&gt;the Company entered into a profit sharing agreement with Credit Agricole whereby it would share with the bank &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;35%&lt;/div&gt; of the excess of the fair market value of M/V &amp;#x201c;EM Astoria&amp;#x201d; over the outstanding loan when the vessel was sold or when the loan matured. As a result of the lender's entitlement to participate in the appreciation of the market value of the mortgaged vessel, the Company recognized a participation liability of amount &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$1,067,500&lt;/div&gt; as of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; December 31, 2018, &lt;/div&gt;presented in "Vessel profit participation liability" in the consolidated balance sheets, with a corresponding debit to a debt discount account, presented contra to the loan balance. The fair value of this participation agreement is considered Level &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2,&lt;/div&gt; as it directly depends on the fair value or expected fair value of M/V &amp;#x201c;EM Astoria&amp;#x201d;. The Company completed the refinancing of the specific loan in &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; June 2019 &lt;/div&gt;using its revolving loan facility with Eurobank Ergasias S.A., as explained in Note &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;8&lt;/div&gt;-c above, with the final participation liability paid amounting to &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$950,000.&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"&gt;As of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; September 30, 2017 &lt;/div&gt;the vessel M/V &amp;#x201c;Monica P&amp;#x201d; with a carrying amount of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$8.23&lt;/div&gt; million, was classified as vessel held for sale and written down to its fair value of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$5.0&lt;/div&gt; million, less estimated costs to sell of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$0.10&lt;/div&gt; million, resulting in a loss of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$3.33&lt;/div&gt; million, which was included in the consolidated statements of operations under &amp;#x201c;Loss on write-down of vessels held for sale&amp;#x201d;. The fair value of M/V &amp;#x201c;Monica P&amp;#x201d; is considered Level &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2.&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"&gt;As of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; September 30, 2017 &lt;/div&gt;the vessel M/V &amp;#x201c;Aggeliki P&amp;#x201d; with a carrying amount of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$5.39&lt;/div&gt; million, was classified as vessel held for sale and written down to its fair value of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$4.3&lt;/div&gt; million, less estimated costs to sell of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$0.17&lt;/div&gt; million, resulting in a loss of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$1.26&lt;/div&gt; million, which was included in the accompanying consolidated statements of operations under &amp;#x201c;Loss on write-down of vessels held for sale&amp;#x201d;. The fair value of M/V &amp;#x201c;Aggeliki P&amp;#x201d; is considered Level &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2.&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"&gt;&amp;nbsp;&lt;/div&gt;  &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;Asset Measured at Fair Value on a Non-recurring Basis - continued&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7pt; text-align: justify"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;Nonrecurring Fair Value Measurements at Reporting Date&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&amp;nbsp;&lt;/div&gt;&lt;/div&gt; &lt;div&gt; &lt;table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0"&gt;  &lt;tr style="vertical-align: bottom"&gt; &lt;td style="text-align: center"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="19" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;December 31, 2017&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom"&gt; &lt;td style="border-bottom: Black 1pt solid"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"&gt;Fair Value&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"&gt;Level 1&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"&gt;Level 2&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"&gt;Level 3&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"&gt;Loss 2017&lt;/td&gt; &lt;td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 35%; text-align: left; padding-bottom: 1pt"&gt;Vessel profit participating liability&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 1%; text-align: center"&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$1,297,100&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 1%; text-align: center"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: center; border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 1%; text-align: center"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;-&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 1%; text-align: center"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: center; border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 1%; text-align: center"&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$1,297,100&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 1%; text-align: center"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: center; border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 1%; text-align: center"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;-&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 1%; text-align: center"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: center; border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 1%; text-align: center"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;-&lt;/div&gt;&lt;/td&gt; &lt;td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; text-align: center"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt"&gt;Vessels held for sale&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: center"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$5,000,000&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: center"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: center; border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: center"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: center"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;-&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: center"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: center; border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: center"&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: center"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$5,000,000&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: center"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: center; border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: center"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: center"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;-&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: center"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: center; border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: center"&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: center"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$4,595,819&lt;/div&gt;&lt;/td&gt; &lt;td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt;  &lt;/table&gt; &lt;/div&gt; &lt;div style=" margin: 0"&gt;&amp;nbsp;&lt;/div&gt; &lt;div&gt; &lt;table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0"&gt;  &lt;tr style="vertical-align: bottom"&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="19" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;December 31, 2018&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom"&gt; &lt;td style="border-bottom: Black 1pt solid"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;Fair Value&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;Level 1&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;Level 2&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;Level 3&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;Loss 2018&lt;/td&gt; &lt;td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 35%; text-align: left; padding-bottom: 1pt"&gt;Vessel profit participating liability&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; text-align: left"&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$1,067,500&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 1%; text-align: center"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: center; border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 1%; text-align: center"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;-&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 1%; text-align: center"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: center; border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 1%; text-align: center"&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$1,067,500&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 1%; text-align: center"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: center; border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 1%; text-align: center"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;-&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 1%; text-align: center"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: center; border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 1%; text-align: center"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;-&lt;/div&gt;&lt;/td&gt; &lt;td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; text-align: center"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt;  &lt;/table&gt; &lt;/div&gt; &lt;div style=" margin: 0"&gt;&amp;nbsp;&lt;/div&gt; &lt;div&gt; &lt;table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0"&gt;  &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="18" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;December 31, 2019&lt;/div&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;&lt;div style="display: inline; font-size: 10pt"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;Fair Value &lt;/div&gt;&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;&lt;div style="display: inline; font-size: 10pt"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;Level 1&lt;/div&gt;&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;&lt;div style="display: inline; font-size: 10pt"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;Level 2&lt;/div&gt;&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;&lt;div style="display: inline; font-size: 10pt"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;Level 3 &lt;/div&gt;&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;&lt;div style="display: inline; font-size: 10pt"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;Loss 2019&lt;/div&gt;&lt;/div&gt;&lt;/td&gt; &lt;td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 35%; text-align: left; padding-bottom: 1pt"&gt;Vessel profit participating liability&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;-&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 1%; text-align: center"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: center; border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 1%; text-align: center"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;-&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 1%; text-align: center"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: center; border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 1%; text-align: center"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;-&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 1%; text-align: center"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: center; border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 1%; text-align: center"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;-&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 1%; text-align: center"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: center; border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 1%; text-align: center"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;-&lt;/div&gt;&lt;/td&gt; &lt;td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; text-align: center"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt;  &lt;/table&gt; &lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7pt; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&amp;nbsp;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7pt; text-align: justify"&gt;The estimated fair values of the Company&amp;#x2019;s financial instruments such as cash and cash equivalents and restricted cash approximate their individual carrying amounts as of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; December 31, 2018 &lt;/div&gt;and &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2019,&lt;/div&gt; due to their short-term maturity. Cash and cash equivalents and restricted cash are considered Level &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;1&lt;/div&gt; items as they represent liquid assets with short-term maturities. The fair value of the Company&amp;#x2019;s total borrowings approximates &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$87.1&lt;/div&gt; million as of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; December 31, 2019 &lt;/div&gt;or &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$3.1&lt;/div&gt; million less than their carrying value of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$90.2&lt;/div&gt; million. The fair value of the long term borrowings is estimated based on current interest rates offered to the Company for similar loans. LIBOR rates are observable at commonly quoted intervals for the full terms of the loans and hence fair values of the long-term bank loans are considered Level &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2&lt;/div&gt; items in accordance with the fair value hierarchy due to their variable interest rate, being the LIBOR.&lt;/div&gt;&lt;/div&gt;</us-gaap:FinancialInstrumentsDisclosureTextBlock>
  <us-gaap:ForeignCurrencyTransactionGainLossRealized contextRef="d_2017-01-01_2017-12-31" decimals="INF" id="c59842274" unitRef="iso4217-usd">-30214</us-gaap:ForeignCurrencyTransactionGainLossRealized>
  <us-gaap:ForeignCurrencyTransactionGainLossRealized contextRef="d_2018-01-01_2018-12-31" decimals="INF" id="c59842275" unitRef="iso4217-usd">13963</us-gaap:ForeignCurrencyTransactionGainLossRealized>
  <us-gaap:ForeignCurrencyTransactionGainLossRealized contextRef="d_2019-01-01_2019-12-31" decimals="INF" id="c59842276" unitRef="iso4217-usd">2024</us-gaap:ForeignCurrencyTransactionGainLossRealized>
  <us-gaap:ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock contextRef="d_2019-01-01_2019-12-31" id="c59842351">&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;Foreign currency translation&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;The Company&amp;#x2019;s functional currency as well as the functional currency of all its subsidiaries is the U.S. dollar. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars at exchange rates prevailing at the balance sheet date. Income and expenses denominated in foreign currencies are translated into U.S. dollars at exchange rates prevailing at the date of the transaction. The resulting exchange gains and/or losses on settlement or translation are included in the accompanying consolidated statements of operations.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;</us-gaap:ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock>
  <us-gaap:GainLossOnSaleOfPropertyPlantEquipment contextRef="d_2017-01-01_2017-01-31_PropertyPlantAndEquipmentByTypeAxis-MVRTDagrMember" decimals="-4" id="c59839476" unitRef="iso4217-usd">500000</us-gaap:GainLossOnSaleOfPropertyPlantEquipment>
  <us-gaap:GainLossOnSaleOfPropertyPlantEquipment contextRef="d_2017-01-01_2017-12-31_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis-MVAggelikiPMember" decimals="-4" id="c59839489" unitRef="iso4217-usd">300000</us-gaap:GainLossOnSaleOfPropertyPlantEquipment>
  <us-gaap:GainLossOnSaleOfPropertyPlantEquipment contextRef="d_2018-06-25_2018-06-25_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis-MVMonikaPMember" decimals="-4" id="c59839490" unitRef="iso4217-usd">1340000</us-gaap:GainLossOnSaleOfPropertyPlantEquipment>
  <us-gaap:GainLossOnSaleOfPropertyPlantEquipment contextRef="d_2017-01-01_2017-12-31" decimals="INF" id="c59839020" unitRef="iso4217-usd">803811</us-gaap:GainLossOnSaleOfPropertyPlantEquipment>
  <us-gaap:GainLossOnSaleOfPropertyPlantEquipment contextRef="d_2018-01-01_2018-12-31" decimals="INF" id="c59839021" unitRef="iso4217-usd">1340952</us-gaap:GainLossOnSaleOfPropertyPlantEquipment>
  <us-gaap:GainLossOnSaleOfPropertyPlantEquipment contextRef="d_2019-01-01_2019-12-31" id="c59839022" unitRef="iso4217-usd" xs:nil="true"/>
  <us-gaap:GainsLossesOnExtinguishmentOfDebt contextRef="d_2017-01-01_2017-12-31" id="c59839032" unitRef="iso4217-usd" xs:nil="true"/>
  <us-gaap:GainsLossesOnExtinguishmentOfDebt contextRef="d_2018-01-01_2018-12-31" id="c59839033" unitRef="iso4217-usd" xs:nil="true"/>
  <us-gaap:GainsLossesOnExtinguishmentOfDebt contextRef="d_2019-01-01_2019-12-31" decimals="INF" id="c59839034" unitRef="iso4217-usd">-328291</us-gaap:GainsLossesOnExtinguishmentOfDebt>
  <us-gaap:GeneralAndAdministrativeExpense contextRef="d_2017-01-01_2017-12-31" decimals="INF" id="c59842242" unitRef="iso4217-usd">2502203</us-gaap:GeneralAndAdministrativeExpense>
  <us-gaap:GeneralAndAdministrativeExpense contextRef="d_2018-01-01_2018-12-31" decimals="INF" id="c59842243" unitRef="iso4217-usd">2565502</us-gaap:GeneralAndAdministrativeExpense>
  <us-gaap:GeneralAndAdministrativeExpense contextRef="d_2019-01-01_2019-12-31" decimals="INF" id="c59842244" unitRef="iso4217-usd">2444495</us-gaap:GeneralAndAdministrativeExpense>
  <us-gaap:ImpairmentEffectOnEarningsPerSharePretax contextRef="d_2017-09-30_2017-09-30_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis-MVAggelikiPAndMVMonikaPMember" decimals="INF" id="c59839487" unitRef="iso4217-usd-per-xbrli-shares">3.36</us-gaap:ImpairmentEffectOnEarningsPerSharePretax>
  <us-gaap:ImpairmentOrDisposalOfLongLivedAssetsIncludingIntangibleAssetsPolicyPolicyTextBlock contextRef="d_2019-01-01_2019-12-31" id="c59842367">&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;Impairment of long-lived assets&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;&amp;nbsp;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;The Company reviews its long-lived assets held for use and their related intangible assets and liabilities for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; may &lt;/div&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;not&lt;/div&gt; be recoverable. If indicators of impairment are present, the Company performs an analysis of the future undiscounted net operating cash flows of the related long-lived assets. When the estimate of future undiscounted net operating cash flows, excluding interest charges, expected to be generated by the use and eventual disposition of the asset is less than its carrying amount, the Company evaluates the asset for an impairment loss. Measurement of the impairment loss is based on the fair value of the asset. In this respect, management regularly reviews the carrying amount of the vessels in connection with the estimated recoverable amount for each of the Company&amp;#x2019;s vessels.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;</us-gaap:ImpairmentOrDisposalOfLongLivedAssetsIncludingIntangibleAssetsPolicyPolicyTextBlock>
  <us-gaap:IncomeLossFromContinuingOperationsPerBasicAndDilutedShare contextRef="d_2017-01-01_2017-12-31" decimals="INF" id="c59840062" unitRef="iso4217-usd-per-xbrli-shares">-6.33</us-gaap:IncomeLossFromContinuingOperationsPerBasicAndDilutedShare>
  <us-gaap:IncomeLossFromContinuingOperationsPerBasicAndDilutedShare contextRef="d_2018-01-01_2018-12-31" decimals="INF" id="c59840063" unitRef="iso4217-usd-per-xbrli-shares">-1.41</us-gaap:IncomeLossFromContinuingOperationsPerBasicAndDilutedShare>
  <us-gaap:IncomeLossFromContinuingOperationsPerBasicAndDilutedShare contextRef="d_2019-01-01_2019-12-31" decimals="INF" id="c59840064" unitRef="iso4217-usd-per-xbrli-shares">-1.21</us-gaap:IncomeLossFromContinuingOperationsPerBasicAndDilutedShare>
  <us-gaap:IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity contextRef="d_2017-01-01_2017-12-31_DisposalGroupClassificationAxis-DiscontinuedOperationsDisposedOfByMeansOtherThanSaleSpinoffMember_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis-DrybulkFleetMember" decimals="INF" id="c59840413" unitRef="iso4217-usd">849701</us-gaap:IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity>
  <us-gaap:IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity contextRef="d_2018-01-01_2018-12-31_DisposalGroupClassificationAxis-DiscontinuedOperationsDisposedOfByMeansOtherThanSaleSpinoffMember_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis-DrybulkFleetMember" decimals="INF" id="c59840414" unitRef="iso4217-usd">554506</us-gaap:IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity>
  <us-gaap:IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity contextRef="d_2019-01-01_2019-12-31_DisposalGroupClassificationAxis-DiscontinuedOperationsDisposedOfByMeansOtherThanSaleSpinoffMember_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis-DrybulkFleetMember" id="c59840415" unitRef="iso4217-usd" xs:nil="true"/>
  <us-gaap:IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare contextRef="d_2017-01-01_2017-12-31" decimals="INF" id="c59842318" unitRef="iso4217-usd-per-xbrli-shares">0.61</us-gaap:IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare>
  <us-gaap:IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare contextRef="d_2018-01-01_2018-12-31" decimals="INF" id="c59842319" unitRef="iso4217-usd-per-xbrli-shares">0.39</us-gaap:IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare>
  <us-gaap:IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare contextRef="d_2019-01-01_2019-12-31" id="c59842320" unitRef="iso4217-usd-per-xbrli-shares" xs:nil="true"/>
  <us-gaap:IncomeTaxDisclosureTextBlock contextRef="d_2019-01-01_2019-12-31" id="s1524751">&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"&gt;  &lt;tr style="vertical-align: top"&gt; &lt;td style="width: 0"&gt;&lt;/td&gt; &lt;td style="width: 0.5in"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;9.&lt;/div&gt;&lt;/div&gt;&lt;/td&gt; &lt;td&gt;&lt;div style="display: inline; font-weight: bold;"&gt;Income Taxes&lt;/div&gt;&lt;/td&gt; &lt;/tr&gt;  &lt;/table&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;Under the laws of the countries of the companies&amp;#x2019; incorporation and/or vessels&amp;#x2019; registration, the companies are &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;not&lt;/div&gt; subject to tax on international shipping income, however, they are subject to registration and tonnage taxes, which have been included in &amp;#x201c;Vessel operating expenses&amp;#x201d; in the consolidated statements of operations.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;Under the United States Internal Revenue Code of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;1986,&lt;/div&gt; as amended (the "Code"), the U.S. source gross transportation income of a ship-owning or chartering corporation, such as the Company, is subject to a &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;4%&lt;/div&gt; U.S. Federal income tax without allowance for deduction, unless that corporation qualifies for exemption from tax under Section &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;883&lt;/div&gt; of the Code and the Treasury Regulations promulgated thereunder. U.S. source gross transportation income consists of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;50%&lt;/div&gt; of the gross shipping income that is attributable to transportation that begins or ends, but that does &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;not&lt;/div&gt; both begin and end, in the United States.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;Under the Code, a corporation will be exempt from U.S. federal income tax if its stock is primarily and regularly traded on an established securities market in its country of organization, in another country that grants an "equivalent exemption" to United States corporations, or in the United States, which is referred to as the &amp;#x201c;Publicly Traded Test&amp;#x201d;. Under IRS regulations, a Company&amp;#x2019;s shares will be considered to be regularly traded on an established securities market if (i) &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;one&lt;/div&gt; or more classes of its shares representing &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;50%&lt;/div&gt; or more of its outstanding shares, by voting power of all classes of shares of the corporation entitled to vote and of the total value of the shares of the corporation, are listed on the market and (ii) (A) such class of share is traded on the market, other than in minimal quantities, on at least &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;60&lt;/div&gt; days during the taxable year or &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;one&lt;/div&gt; &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;sixth&lt;/div&gt; of the days in a short taxable year; and (B) the aggregate number of shares of such class of share traded on such market during the taxable year must be at least &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;10%&lt;/div&gt; of the average number of shares of such class of share outstanding during such year or as appropriately adjusted in the case of a short taxable year.&amp;nbsp; Notwithstanding the foregoing, the treasury regulations provide, in pertinent part, that a class of the Company&amp;#x2019;s shares will &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;not&lt;/div&gt; be considered to be &amp;#x201c;regularly traded&amp;#x201d; on an established securities market for any taxable year in which &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;50%&lt;/div&gt; or more of the vote and value of the outstanding shares of such class are owned, actually or constructively under specified share attribution rules, on more than half the days during the taxable year by persons who each own &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;5%&lt;/div&gt; or more of the vote and value of such class of the Company&amp;#x2019;s outstanding shares (&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;&amp;#x201c;5%&lt;/div&gt; Override Rule&amp;#x201d;).&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;div style="display: inline; background-color: white"&gt;For &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2017&lt;/div&gt; and &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2019&lt;/div&gt; the Company did &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;not&lt;/div&gt; qualify for this exemption. The Company is subject to an effective &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2%&lt;/div&gt; United States federal tax on the U.S. source shipping income that is attributable to the transport of cargoes to or from the United States which is &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;not&lt;/div&gt; considered an income tax. The amount of this tax&amp;nbsp;for the years ended &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; December 31, 2017 &lt;/div&gt;and &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2018&lt;/div&gt; was &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$15,135&lt;/div&gt; and &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$19,726,&lt;/div&gt; respectively&lt;/div&gt;. &lt;div style="display: inline; background-color: white"&gt;The amount of the &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2017&lt;/div&gt; tax was paid on &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; September 17, 2018 &lt;/div&gt;and the amount of the &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2018&lt;/div&gt; tax was paid on &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; June 15, 2019 &lt;/div&gt;and was recorded within "Vessel operating expenses" in the consolidated statements of operations when paid.&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;div style="display: inline; background-color: white"&gt;&amp;nbsp;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;div style="display: inline; background-color: white"&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"&gt;For the taxable years &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2019&lt;/div&gt; the Company believes that it was exempt from U.S. federal income tax of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;4%&lt;/div&gt; on U.S. source shipping income, as it believes that it satisfies the Publicly Traded Test for this year, although it is subject to the &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;5%&lt;/div&gt; Override Rule, because the non-qualified &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;5%&lt;/div&gt; shareholders did &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;not&lt;/div&gt; own more than &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;50%&lt;/div&gt; of the Company&amp;#x2019;s common stock for more than half of the days during the taxable year.&lt;/div&gt;&lt;/div&gt;</us-gaap:IncomeTaxDisclosureTextBlock>
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  <us-gaap:InsurancePremiumsRevenueRecognitionPolicy contextRef="d_2019-01-01_2019-12-31" id="c59842359">&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;Insurance claims and insurance proceeds&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;Claims receivable are recorded on the accrual basis and represent the amounts to be received, net of deductibles incurred through each balance sheet date, for which recovery from insurance companies is probable and the claim is &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;not&lt;/div&gt; subject to litigation. Any remaining costs to complete the claims are included in accrued liabilities. Insurance proceeds are recorded according to type of claim that gives rise to the proceeds in the consolidated statements of operations and the consolidated statements of cash flow.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;</us-gaap:InsurancePremiumsRevenueRecognitionPolicy>
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  <us-gaap:InventoryDisclosureTextBlock contextRef="d_2019-01-01_2019-12-31" id="s1524740">&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"&gt;  &lt;tr style="vertical-align: top"&gt; &lt;td style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; width: 0.5in"&gt;&lt;div style="display: inline; font-family: Symbol"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;3.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;Inventories &lt;/div&gt;&lt;/td&gt; &lt;/tr&gt;  &lt;/table&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;Inventories consisted of the following:&lt;/div&gt; &lt;div&gt; &lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;"&gt;  &lt;tr style="vertical-align: bottom"&gt; &lt;td style="border-bottom: Black 1pt solid"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;2018&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;2019&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="width: 74%"&gt;Lubricants&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;1,043,763&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;1,728,861&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td&gt;Victualing&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;79,965&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;160,303&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;Bunkers&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;580,663&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;-&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-indent: 0in"&gt;Total&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;1,704,391&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;1,889,164&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt;  &lt;/table&gt; &lt;/div&gt;&lt;/div&gt;</us-gaap:InventoryDisclosureTextBlock>
  <us-gaap:InventoryNet contextRef="i_2018-12-31_PublicUtilitiesInventoryAxis-LubricantMember" decimals="INF" id="c59839464" unitRef="iso4217-usd">1043763</us-gaap:InventoryNet>
  <us-gaap:InventoryNet contextRef="i_2019-12-31_PublicUtilitiesInventoryAxis-LubricantMember" decimals="INF" id="c59839465" unitRef="iso4217-usd">1728861</us-gaap:InventoryNet>
  <us-gaap:InventoryNet contextRef="i_2018-12-31_PublicUtilitiesInventoryAxis-VictualingMember" decimals="INF" id="c59839466" unitRef="iso4217-usd">79965</us-gaap:InventoryNet>
  <us-gaap:InventoryNet contextRef="i_2019-12-31_PublicUtilitiesInventoryAxis-VictualingMember" decimals="INF" id="c59839467" unitRef="iso4217-usd">160303</us-gaap:InventoryNet>
  <us-gaap:InventoryNet contextRef="i_2018-12-31_PublicUtilitiesInventoryAxis-BunkersMember" decimals="INF" id="c59839468" unitRef="iso4217-usd">580663</us-gaap:InventoryNet>
  <us-gaap:InventoryNet contextRef="i_2019-12-31_PublicUtilitiesInventoryAxis-BunkersMember" id="c59839469" unitRef="iso4217-usd" xs:nil="true"/>
  <us-gaap:InventoryNet contextRef="i_2018-12-31" decimals="INF" id="c59839470" unitRef="iso4217-usd">1704391</us-gaap:InventoryNet>
  <us-gaap:InventoryNet contextRef="i_2019-12-31" decimals="INF" id="c59839471" unitRef="iso4217-usd">1889164</us-gaap:InventoryNet>
  <us-gaap:InventoryPolicyTextBlock contextRef="d_2019-01-01_2019-12-31" id="c59842355">&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;Inventories&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;Inventories are stated at the lower of cost and net realizable value, which is the estimated selling prices less reasonably predictable costs of disposal and transportation. Inventories are valued using the FIFO (First-In First-Out) method.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;</us-gaap:InventoryPolicyTextBlock>
  <us-gaap:Liabilities contextRef="i_2018-12-31" decimals="INF" id="c59838699" unitRef="iso4217-usd">44376584</us-gaap:Liabilities>
  <us-gaap:Liabilities contextRef="i_2019-12-31" decimals="INF" id="c59838700" unitRef="iso4217-usd">98753414</us-gaap:Liabilities>
  <us-gaap:LiabilitiesAndStockholdersEquity contextRef="i_2018-12-31" decimals="INF" id="c59838746" unitRef="iso4217-usd">66954563</us-gaap:LiabilitiesAndStockholdersEquity>
  <us-gaap:LiabilitiesAndStockholdersEquity contextRef="i_2019-12-31" decimals="INF" id="c59838747" unitRef="iso4217-usd">126861692</us-gaap:LiabilitiesAndStockholdersEquity>
  <us-gaap:LiabilitiesAssumed1 contextRef="d_2017-01-01_2017-12-31" decimals="INF" id="c59839154" unitRef="iso4217-usd">12488</us-gaap:LiabilitiesAssumed1>
  <us-gaap:LiabilitiesAssumed1 contextRef="d_2018-01-01_2018-12-31" decimals="INF" id="c59839155" unitRef="iso4217-usd">100000</us-gaap:LiabilitiesAssumed1>
  <us-gaap:LiabilitiesAssumed1 contextRef="d_2019-01-01_2019-12-31" decimals="INF" id="c59839156" unitRef="iso4217-usd">40846</us-gaap:LiabilitiesAssumed1>
  <us-gaap:LiabilitiesCurrent contextRef="i_2018-12-31" decimals="INF" id="c59838683" unitRef="iso4217-usd">11592535</us-gaap:LiabilitiesCurrent>
  <us-gaap:LiabilitiesCurrent contextRef="i_2019-12-31" decimals="INF" id="c59838684" unitRef="iso4217-usd">24851259</us-gaap:LiabilitiesCurrent>
  <us-gaap:LiabilitiesNoncurrent contextRef="i_2018-12-31" decimals="INF" id="c59838696" unitRef="iso4217-usd">32784049</us-gaap:LiabilitiesNoncurrent>
  <us-gaap:LiabilitiesNoncurrent contextRef="i_2019-12-31" decimals="INF" id="c59838697" unitRef="iso4217-usd">73902155</us-gaap:LiabilitiesNoncurrent>
  <us-gaap:LineOfCredit contextRef="i_2018-11-21_CreditFacilityAxis-RevolvingCreditFacilityMember_LineOfCreditFacilityAxis-EurobankErgasiasSaMember" decimals="INF" id="c59839740" unitRef="iso4217-usd">30000000</us-gaap:LineOfCredit>
  <us-gaap:LineOfCreditFacilityCommitmentFeePercentage contextRef="d_2018-11-21_2018-11-21_CreditFacilityAxis-RevolvingCreditFacilityMember_LineOfCreditFacilityAxis-EurobankErgasiasSaMember" decimals="INF" id="c59839781" unitRef="xbrli-pure">0.004</us-gaap:LineOfCreditFacilityCommitmentFeePercentage>
  <us-gaap:LineOfCreditFacilityMaximumBorrowingCapacity contextRef="i_2018-11-21_CreditFacilityAxis-RevolvingCreditFacilityMember_LineOfCreditFacilityAxis-EurobankErgasiasSaMember" decimals="INF" id="c59839739" unitRef="iso4217-usd">45000000</us-gaap:LineOfCreditFacilityMaximumBorrowingCapacity>
  <us-gaap:LineOfCreditFacilityMaximumBorrowingCapacity contextRef="i_2019-07-29_LineOfCreditFacilityAxis-PiraeusBankSAMember" decimals="INF" id="c59841800" unitRef="iso4217-usd">4000000</us-gaap:LineOfCreditFacilityMaximumBorrowingCapacity>
  <us-gaap:LineOfCreditFacilityRemainingBorrowingCapacity contextRef="i_2018-11-21_CreditFacilityAxis-RevolvingCreditFacilityMember_LineOfCreditFacilityAxis-EurobankErgasiasSaMember" decimals="INF" id="c59841792" unitRef="iso4217-usd">7350000</us-gaap:LineOfCreditFacilityRemainingBorrowingCapacity>
  <us-gaap:LitigationReserve contextRef="i_2019-12-31_LegalEntityAxis-AlterwallBusinessIncMember_LitigationCaseAxis-AlterwallBusinessIncVsFuelOilSupplierMember_LitigationStatusAxis-PendingLitigationMember" decimals="INF" id="c59839942" unitRef="iso4217-usd">150000</us-gaap:LitigationReserve>
  <us-gaap:LongTermDebt contextRef="i_2016-12-22_LegalEntityAxis-NoumeaShippingLTDMember" decimals="INF" id="c59839702" unitRef="iso4217-usd">7080000</us-gaap:LongTermDebt>
  <us-gaap:LongTermDebt contextRef="i_2019-12-31" decimals="INF" id="c59840321" unitRef="iso4217-usd">90200000</us-gaap:LongTermDebt>
  <us-gaap:LongTermDebtCurrent contextRef="i_2018-12-31" decimals="INF" id="c59839902" unitRef="iso4217-usd">4870241</us-gaap:LongTermDebtCurrent>
  <us-gaap:LongTermDebtCurrent contextRef="i_2019-12-31" decimals="INF" id="c59839903" unitRef="iso4217-usd">12295320</us-gaap:LongTermDebtCurrent>
  <us-gaap:LongTermDebtFairValue contextRef="i_2019-12-31" decimals="INF" id="c59840319" unitRef="iso4217-usd">87100000</us-gaap:LongTermDebtFairValue>
  <us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInNextRollingTwelveMonths contextRef="i_2019-12-31" decimals="INF" id="c59839911" unitRef="iso4217-usd">12541840</us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInNextRollingTwelveMonths>
  <us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearFour contextRef="i_2019-12-31" decimals="INF" id="c59839914" unitRef="iso4217-usd">34000000</us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearFour>
  <us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearThree contextRef="i_2019-12-31" decimals="INF" id="c59839913" unitRef="iso4217-usd">8723540</us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearThree>
  <us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearTwo contextRef="i_2019-12-31" decimals="INF" id="c59839912" unitRef="iso4217-usd">29941840</us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearTwo>
  <us-gaap:LongTermDebtNoncurrent contextRef="i_2018-12-31" decimals="INF" id="c59839905" unitRef="iso4217-usd">31716549</us-gaap:LongTermDebtNoncurrent>
  <us-gaap:LongTermDebtNoncurrent contextRef="i_2019-12-31" decimals="INF" id="c59839906" unitRef="iso4217-usd">72187785</us-gaap:LongTermDebtNoncurrent>
  <us-gaap:LongTermDebtTerm contextRef="i_2018-11-21_CreditFacilityAxis-RevolvingCreditFacilityMember_LineOfCreditFacilityAxis-EurobankErgasiasSaMember" id="c59839741">P1Y180D</us-gaap:LongTermDebtTerm>
  <us-gaap:LongTermDebtTextBlock contextRef="d_2019-01-01_2019-12-31" id="s1524748">&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"&gt;  &lt;tr style="vertical-align: top"&gt; &lt;td style="width: 0.5in"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;8.&lt;/div&gt;&lt;/div&gt;&lt;/td&gt; &lt;td&gt;&lt;div style="display: inline; font-weight: bold;"&gt;Long-Term Bank Loans&lt;/div&gt;&lt;/td&gt; &lt;/tr&gt;  &lt;/table&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;This consists of bank loans of the ship-owning companies and is as follows:&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&amp;nbsp;&lt;/div&gt; &lt;div&gt; &lt;table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0"&gt;  &lt;tr style="vertical-align: bottom"&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold"&gt;Borrower&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;December 31, &lt;br /&gt; 2018&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;December 31, &lt;br /&gt; 2019&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="width: 61%; text-align: left"&gt;Noumea Shipping Ltd.&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 8%; text-align: center"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(a)&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 12%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;3,341,000&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 12%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;-&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="text-align: left"&gt;Gregos Shiping Ltd. &lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: center"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(b)&lt;/div&gt;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;4,150,000&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;-&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="text-align: left"&gt;Alterwall Business Inc. / Allendale Investments S.A. / Manolis Shipping Ltd. / Joanna Maritime Ltd. / Jonathan John Shipping Ltd. / Athens Shipping Ltd. / Oinousses Navigation Ltd. / Corfu Navigation Ltd. / Bridge Shipping Ltd. / Noumea Shipping Ltd. / Gregos Shiping Ltd.&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: center"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(c)&lt;/div&gt;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;30,000,000&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;37,650,000&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="text-align: left"&gt;Diamantis Shipowners Ltd.&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: center"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(d)&lt;/div&gt;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;-&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;3,507,220&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="text-align: left"&gt;Kea Shipowners Ltd. / Spetses Shipowners Ltd. / Hydra Shipowners Ltd.&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: center"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(e)&lt;/div&gt;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;-&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;12,050,000&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt"&gt;Antwerp Shipping Ltd. / Busan Shipping Ltd. / Keelung Shipping Ltd. / Oakland Shipping Ltd.&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: center; padding-bottom: 1pt"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(f)&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;-&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;32,000,000&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: center"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;&amp;nbsp;&lt;/div&gt;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;37,491,000&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;85,207,220&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt"&gt;Less: Current portion&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: center; padding-bottom: 1pt"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;&amp;nbsp;&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(5,212,000&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;)&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(12,541,840&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;)&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-bottom: 1pt"&gt;Long-term portion&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: center; padding-bottom: 1pt"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;&amp;nbsp;&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;32,279,000&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;72,665,380&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="text-align: left"&gt;Deferred charges, current portion&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: center"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;&amp;nbsp;&lt;/div&gt;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;125,357&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;246,520&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="text-align: left"&gt;Deferred charges, long-term portion&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: center"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;&amp;nbsp;&lt;/div&gt;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;237,848&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;477,595&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="text-align: left"&gt;Debt discount, current portion&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: center"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;&amp;nbsp;&lt;/div&gt;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;216,402&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;-&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt"&gt;Debt discount, long-term portion&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: center; padding-bottom: 1pt"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;&amp;nbsp;&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;324,603&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;-&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-bottom: 1pt"&gt;Long-term bank loans, current portion net of deferred charges and debt discount&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: center; padding-bottom: 1pt"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;&amp;nbsp;&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;4,870,241&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;12,295,320&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-bottom: 1pt"&gt;Long-term bank loans, long-term portion net of deferred charges and debt discount&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: center; padding-bottom: 1pt"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;&amp;nbsp;&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;31,716,549&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;72,187,785&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: center"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="font-weight: bold; text-align: left"&gt;Loan from related party, current&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: center"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt"&gt;Euroseas Ltd.&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: center; padding-bottom: 1pt"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(g)&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;-&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;5,000,000&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt;  &lt;/table&gt; &lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-indent: -35.45pt"&gt;&amp;nbsp;&lt;/div&gt;  &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;The future annual loan repayments are as follows:&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&amp;nbsp;&lt;/div&gt; &lt;div&gt; &lt;table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0"&gt;  &lt;tr style="vertical-align: bottom"&gt; &lt;td style="border-bottom: Black 1pt solid"&gt;To December 31:&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3" style="border-bottom: Black 1pt solid; text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="width: 87%; text-align: justify"&gt;2020&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;12,541,840&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="text-align: justify"&gt;2021&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;29,941,840&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="text-align: justify"&gt;2022&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;8,723,540&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: justify; padding-bottom: 1pt"&gt;2023&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;34,000,000&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: justify; padding-bottom: 1pt"&gt;Total&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;85,207,220&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt;  &lt;/table&gt; &lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&amp;nbsp;&lt;/div&gt;&lt;/div&gt; &lt;table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"&gt;  &lt;tr style="vertical-align: top"&gt; &lt;td style="width: 0.25in"&gt;&lt;/td&gt; &lt;td style="width: 0.25in"&gt;(a)&lt;/td&gt; &lt;td style="text-align: justify"&gt;On &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; December 22, 2016, &lt;/div&gt;the supplemental agreement between Credit Agricole and Noumea Shipping Ltd., owner of M/V &amp;#x201c;Evridiki G&amp;#x201d; was signed in order to refinance the final quarterly instalment of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$720,000&lt;/div&gt; and the balloon payment of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$6,360,000&lt;/div&gt; originally due in &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; December 2016. &lt;/div&gt;The borrower and the lender agreed to amend the repayment profile in respect of the loan of which &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$7,080,000&lt;/div&gt; remained outstanding as of the date of the supplemental agreement and to extend the final maturity date to &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; January 2018. &lt;/div&gt;The loan will be repaid with &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;three&lt;/div&gt; repayments of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$720,000&lt;/div&gt; each, due in &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; December 2016, &lt;/div&gt;in &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; July 2017 &lt;/div&gt;and in &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; January 2018 &lt;/div&gt;together with the balloon payment of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$4,920,000&lt;/div&gt; due in &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; January 2018. &lt;/div&gt;On &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; February 27, 2018, &lt;/div&gt;the Company signed and drew a term loan facility of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$4,250,000&lt;/div&gt; with Credit Agricole in order to partly refinance the existing indebtedness of M/V &amp;#x201c;Evridiki G&amp;#x201d; with the bank. The loan was payable in &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;thirteen&lt;/div&gt; consecutive quarterly instalments of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$303,000&lt;/div&gt; each and a final instalment in the amount of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$311,000.&lt;/div&gt; The margin of the loan was &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;3.00%&lt;/div&gt; above LIBOR. The loan was secured with the following: (i) &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;first&lt;/div&gt; priority mortgages over M/V &amp;#x201c;Evridiki G&amp;#x201d; and collateral vessel (M/V &amp;#x201c;EM Astoria&amp;#x201d;), (ii) &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;first&lt;/div&gt; assignment of earnings and insurance and (iii) other covenants and guarantees similar to the remaining loans of the Company. The Company completed the refinancing of the specific loan using its revolving loan facility with Eurobank Ergasias S.A., as explained in note (c) below.&lt;/td&gt; &lt;/tr&gt;  &lt;/table&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt;  &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;/div&gt;&lt;/div&gt; &lt;table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"&gt;  &lt;tr style="vertical-align: top"&gt; &lt;td style="width: 0.25in"&gt;&lt;/td&gt; &lt;td style="width: 0.25in"&gt;(b)&lt;/td&gt; &lt;td style="text-align: justify"&gt;On &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; June 15, 2017, &lt;/div&gt;the Company signed a term loan facility with Credit Agricole and on &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; June 19, 2017 &lt;/div&gt;a loan of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$4,750,000&lt;/div&gt; was drawn by Gregos Shipping Ltd. to partly finance the acquisition of M/V &amp;#x201c;EM Astoria&amp;#x201d;. The loan was payable in &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;twenty&lt;/div&gt; or &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;sixteen&lt;/div&gt; consecutive equal quarterly installments of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$100,000&lt;/div&gt; plus a balloon amount of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$2,750,000&lt;/div&gt; or &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$3,150,000.&lt;/div&gt; The margin of the loan was &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2.65%&lt;/div&gt; above LIBOR. The loan was secured with (i) &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;first&lt;/div&gt; priority mortgage over M/V &amp;#x201c;EM Astoria&amp;#x201d;, (ii) &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;first&lt;/div&gt; assignment of earnings and insurance of M/V &amp;#x201c;EM Astoria&amp;#x201d;, (iii) a corporate guarantee of Euroseas Ltd. and other covenants and guarantees similar to remaining loans of the Company. The Company paid a loan arrangement fee of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$50,000&lt;/div&gt; in &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2017&lt;/div&gt; for this loan. The Company had also entered into a profit sharing agreement with Credit Agricole whereby it would share with the bank, &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;35%&lt;/div&gt; of the excess of the fair market value of the vessel over the outstanding loan when the vessel was sold or when the loan matured. As a result of the lender's entitlement to participate in the appreciation of the market value of the mortgaged vessel, the Company recognized a participation liability of an amount of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$1,067,500&lt;/div&gt; as of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; December 31, 2018, &lt;/div&gt;presented in "Vessel profit participation liability" in the consolidated balance sheets, with a corresponding debit to a debt discount account, presented contra to the loan balance. In addition, &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;35%&lt;/div&gt; of the cash flow after debt service would be set aside and be used to repay the balloon payment with any excess funds to be paid to the bank. The Company completed the refinancing of the specific loan in &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; June 2019 &lt;/div&gt;using its revolving loan facility with Eurobank Ergasias S.A., as explained in note (c) below, with the final participation liability paid amounting to &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$950,000&lt;/div&gt; included in the &amp;#x201c;Repayment of long-term bank loans and vessel profit participation liability&amp;#x201d; in the consolidated statement of cash flows. The portion of debt discount remaining unamortized at the time of the refinancing was written-off and presented as &amp;#x201c;Loss on debt extinguishment&amp;#x201d; in the consolidated statement of operations, partly offset by the lower amount of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$950,000&lt;/div&gt; at which the vessel profit participation liability was finally settled as described above.&lt;/td&gt; &lt;/tr&gt;  &lt;/table&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt;  &lt;div style=" margin-top: 0; margin-bottom: 0"&gt;&lt;/div&gt; &lt;table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"&gt;  &lt;tr style="vertical-align: top"&gt; &lt;td style="width: 0.25in"&gt;&lt;/td&gt; &lt;td style="width: 0.25in"&gt;(c)&lt;/td&gt; &lt;td style="text-align: justify"&gt;On &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; November 21, 2018, &lt;/div&gt;the Company signed a reducing revolving credit facility with Eurobank Ergasias S.A (the &amp;#x201c;Lender&amp;#x201d;) for an amount of up to &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$45,000,000.&lt;/div&gt; A loan of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$30,000,000&lt;/div&gt; was drawn on &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; November 21, 2018 &lt;/div&gt;by Alterwall Business Inc., Allendale Investments S.A., Manolis Shipping Ltd., Joanna Maritime Ltd., Jonathan John Shipping Ltd., Athens Shipping Ltd., Oinousses Navigation Ltd., Corfu Navigation Ltd. and Bridge Shipping Ltd. to fully refinance all of the Company&amp;#x2019;s existing facilities with this bank and provide working capital. The revolving tranche will be available for a period of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;18&lt;/div&gt; months from signing of the loan agreement for the purpose of partly financing new vessel acquisitions or providing working capital and can be renewed subject to the bank&amp;#x2019;s approval and a fee to be determined. The loan is payable in &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;12&lt;/div&gt; equal consecutive quarterly principal installments of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$900,000&lt;/div&gt; and the balance will be repaid through balloon payment of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$19,200,000&lt;/div&gt; together with the last principal installment in &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; November 2021. &lt;/div&gt;Each quarterly principal instalment paid is added to the revolving tranche and &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; may &lt;/div&gt;be redrawn. The interest rate margin is &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;3.90%&lt;/div&gt; over LIBOR, reduced from &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;4.40%&lt;/div&gt; as described below. The loan is secured with (i) &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;first&lt;/div&gt; priority mortgages over M/V &amp;#x201c;Ninos&amp;#x201d;, M/V &amp;#x201c;Kuo Hsiung&amp;#x201d;, M/V &amp;#x201c;Aegean Express&amp;#x201d;, M/V &amp;#x201c;Manolis P.&amp;#x201d; M/V &amp;#x201c;Joanna&amp;#x201d;, M/V &amp;#x201c;EM Athens&amp;#x201d;, M/V &amp;#x201c;EM Oinousses&amp;#x201d;, M/V &amp;#x201c;EM Corfu&amp;#x201d; and M/V &amp;#x201c;Akinada Bridge&amp;#x201d;, (ii) &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;first&lt;/div&gt; assignment of earnings and insurance of the aforementioned vessels, (iii) a corporate guarantee of Euroseas Ltd. and other covenants and guarantees similar to the remaining loans of the Company. The Company has the option (at the Lender&amp;#x2019;s absolute discretion) to substitute a mortgaged vessel by notifying the Lender in writing at least &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;one&lt;/div&gt; (&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;1&lt;/div&gt;) month prior to the intended substitution date, provided that: a) the substitute vessel is of a similar type, of the same or younger age, having the same or enhanced characteristics (including, without limitation, deadweight, lightweight, shipyard pedigree and technical specifications) and will be &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;100%&lt;/div&gt; owned by a shipowning company, incorporated in a jurisdiction acceptable to the Lender and owned by a ship owning company owned by the Company (directly or indirectly) and b) the new shipowning company provides a &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;first&lt;/div&gt; preferred mortgage over the new vessel and a corporate guarantee in favor of the Lender and executes any other security documentation as &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; may &lt;/div&gt;be requested by the Lender at its discretion. The Company paid loan arrangement fees of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$300,000&lt;/div&gt; within &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2018&lt;/div&gt; for this tranche.&lt;/td&gt; &lt;/tr&gt;  &lt;/table&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt;  &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"&gt;On &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; May 30, 2019, &lt;/div&gt;the Lender made available to the Company &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;two&lt;/div&gt; new ship-related (M/V &amp;#x201c;EM Astoria&amp;#x201d; and M/V &amp;#x201c;Evridiki G&amp;#x201d;) advances totaling &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$12.0&lt;/div&gt; million or &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;55%&lt;/div&gt; of the aggregate market value of the &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;two&lt;/div&gt; aforementioned vessels, with a simultaneous reduction of the margin of the loan, from &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;4.40%&lt;/div&gt; to &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;3.90%&lt;/div&gt; per annum. The borrower also agreed, during the remaining facility period, to reduce the amount held as cash collateral from &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$5.0&lt;/div&gt; million to &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$1.0&lt;/div&gt; million and release the balance in favor of the borrower. The loan was used to refinance the existing facilities of Noumea Shipping Ltd. and Gregos Shiping Ltd. and to provide working capital. The loan is payable in &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;16&lt;/div&gt; equal consecutive quarterly principal installments of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$375,000&lt;/div&gt; and the balance will be repaid through a balloon payment of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$6,000,000&lt;/div&gt; together with the last principal installment in &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; May 2023. &lt;/div&gt;The loan is secured with (i) &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;first&lt;/div&gt; priority mortgages over M/V &amp;#x201c;Evridiki G&amp;#x201d; and M/V &amp;#x201c;EM Astoria&amp;#x201d;, (ii) &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;first&lt;/div&gt; assignment of earnings and insurance of the aforementioned vessels, (iii) a corporate guarantee of Euroseas Ltd. and other covenants and guarantees similar to the remaining loans of the Company. The Company paid a loan arrangement fee of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$32,000&lt;/div&gt; within &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2019&lt;/div&gt; for this tranche.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"&gt;The security cover ratio covenant for the facility is set to &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;140%.&lt;/div&gt; The remaining &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$7,350,000&lt;/div&gt; of the revolving facility, after including principal repayments up to &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; December 31, 2019, &lt;/div&gt;remains available to the company in order to finance up to &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;55%&lt;/div&gt; of the market value of post &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2001&lt;/div&gt;-built ships. The new tranches will be repaid through &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;sixteen&lt;/div&gt; quarterly principal instalments with the amount of each such instalment being equal to such amount so that the balloon amount to be equal to &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;50%&lt;/div&gt; of the initially drawn relevant tranche. The undrawn amounts available under the revolving facility pay an annual commitment of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;0.40%&lt;/div&gt; and any amount drawn will pay a &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;1%&lt;/div&gt; underwriting fee.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"&gt;  &lt;tr style="vertical-align: top"&gt; &lt;td style="width: 0.25in"&gt;&lt;/td&gt; &lt;td style="width: 0.25in"&gt;(d)&lt;/td&gt; &lt;td style="text-align: justify"&gt;On &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; July 29, 2019, &lt;/div&gt;the Company signed a term loan facility with Piraeus Bank S.A. for an amount &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;not&lt;/div&gt; exceeding the lesser between &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$4,000,000&lt;/div&gt; and &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;90%&lt;/div&gt; of the scrap value pf M/V &amp;#x201c;Diamantis P&amp;#x201d;. On &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; July 31, 2019, &lt;/div&gt;a loan of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$3,667,680&lt;/div&gt; was drawn by Diamantis Shipping Ltd. to partly finance the acquisition of M/V &amp;#x201c;Diamantis P&amp;#x201d;. The loan is payable in &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;twelve&lt;/div&gt; equal consecutive quarterly instalments of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$160,460&lt;/div&gt; plus a balloon amount of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$1,742,160&lt;/div&gt; paid together with the last instalment in &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; July 2022. &lt;/div&gt;The margin of the loan is &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;3.50%&lt;/div&gt; over LIBOR. The loan is secured with (i) &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;first&lt;/div&gt; priority mortgage over M/V &amp;#x201c;Diamantis P&amp;#x201d;, (ii) &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;first&lt;/div&gt; assignment of earnings and insurance of M/V &amp;#x201c;Diamantis P&amp;#x201d;, (iii) a corporate guarantee of Euroseas Ltd. and other covenants and guarantees similar to remaining loans of the Company. The Company paid a loan arrangement fee of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$32,000&lt;/div&gt; within &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2019&lt;/div&gt; for this loan. The security cover ratio covenant for the facility is set to &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;110%&lt;/div&gt; until the &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;first&lt;/div&gt; anniversary of the drawdown date and &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;120%&lt;/div&gt; thereafter.&lt;/td&gt; &lt;/tr&gt;  &lt;/table&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt;  &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;/div&gt; &lt;table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"&gt;  &lt;tr style="vertical-align: top"&gt; &lt;td style="width: 0.25in"&gt;&lt;/td&gt; &lt;td style="width: 0.25in"&gt;(e)&lt;/td&gt; &lt;td style="text-align: justify"&gt;On &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; July 30, 2019, &lt;/div&gt;the Company signed a term loan facility with HSBC Bank plc. for an amount of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$12,500,000.&lt;/div&gt; The loan was used to partly finance the acquisition of M/V &amp;#x201c;EM Hydra&amp;#x201d;, M/V &amp;#x201c;EM Kea&amp;#x201d; and M/V &amp;#x201c;EM Spetses&amp;#x201d;. The loan was drawn in tranches upon the delivery of each vessel to the Company with the last drawdown taking place on &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; August 8, &lt;/div&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2019.The&lt;/div&gt; loan is payable in &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;fourteen&lt;/div&gt; consecutive equal quarterly installments of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$450,000&lt;/div&gt; and a balloon payment of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$6,200,000&lt;/div&gt; paid with the last instalment in &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; February 2023. &lt;/div&gt;The loan bears interest at LIBOR plus a margin of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2.95%.&lt;/div&gt; The loan is secured with (i) &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;first&lt;/div&gt; priority mortgages over M/V &amp;#x201c;EM Hydra&amp;#x201d;, M/V &amp;#x201c;EM Kea&amp;#x201d; and M/V &amp;#x201c;EM Spetses&amp;#x201d; (ii) &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;first&lt;/div&gt; assignment of earnings and insurance of the abovementioned vessels, (iii) a corporate guarantee of Euroseas Ltd. and other covenants and guarantees similar to the remaining loans of the Company. The Company paid loan arrangement fees of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$62,500&lt;/div&gt; within &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2019&lt;/div&gt; for this loan. The security cover ratio covenant for the facility is set to &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;130%.&lt;/div&gt;&lt;/td&gt; &lt;/tr&gt;  &lt;/table&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"&gt;  &lt;tr style="vertical-align: top"&gt; &lt;td style="width: 0.25in"&gt;&lt;/td&gt; &lt;td style="width: 0.25in"&gt;(f)&lt;/td&gt; &lt;td style="text-align: justify"&gt;On &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; November 8, 2019, &lt;/div&gt;the Company signed a term loan facility with Piraeus Bank S.A. for an amount of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$32,000,000.&lt;/div&gt; The loan was used to partly finance the acquisition of M/V &amp;#x201c;Synergy Antwerp&amp;#x201d;, M/V &amp;#x201c;Synergy Busan&amp;#x201d;, M/V &amp;#x201c;Synergy Keelung&amp;#x201d; and M/V &amp;#x201c;Synergy Oakland&amp;#x201d;. The loan was drawn in tranches upon the delivery of each vessel to the Company with the last drawdown taking place on &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; November 18, 2019. &lt;/div&gt;The loan is payable in &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;three&lt;/div&gt; consecutive equal quarterly instalments of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$1,400,000&lt;/div&gt; followed by &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;thirteen&lt;/div&gt; consecutive equal quarterly instalments of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$800,000&lt;/div&gt; and a balloon payment of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$17,400,000&lt;/div&gt; paid with the last instalment. The loan bears interest at LIBOR plus a margin of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;3.50%.&lt;/div&gt; The loan is secured with (i) &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;first&lt;/div&gt; priority mortgages over M/V &amp;#x201c;Synergy Antwerp&amp;#x201d;, M/V &amp;#x201c;Synergy Busan&amp;#x201d;, M/V &amp;#x201c;Synergy Keelung&amp;#x201d; and M/V &amp;#x201c;Synergy Oakland&amp;#x201d; (ii) &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;first&lt;/div&gt; assignment of earnings and insurance of the abovementioned vessels, (iii) a corporate guarantee of Euroseas Ltd. and other covenants and guarantees similar to the remaining loans of the Company. The Company paid loan arrangement fees of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$352,000&lt;/div&gt; within &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2019&lt;/div&gt; for this loan. The security cover ratio covenant for the facility is set to &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;125%.&lt;/div&gt;&lt;/td&gt; &lt;/tr&gt;  &lt;/table&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"&gt;  &lt;tr style="vertical-align: top"&gt; &lt;td style="width: 0.25in"&gt;&lt;/td&gt; &lt;td style="width: 0.25in"&gt;(g)&lt;/td&gt; &lt;td style="text-align: justify"&gt;On &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; September 30, 2019, &lt;/div&gt;Euroseas signed an agreement with Colby Trading Ltd., a company controlled by the Pittas family and affiliated with the Company&amp;#x2019;s Chief Executive Officer, as further supplemented on &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; December &lt;/div&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;20,2019&lt;/div&gt; and &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; March 30, 2020, &lt;/div&gt;to draw down a &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$2.5&lt;/div&gt; million loan to finance the special survey and WBT system installation on M/V &amp;#x201c;Akinada Bridge&amp;#x201d;. Interest on the loan is &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;8%&lt;/div&gt; per annum and is payable quarterly. Euroseas will repay the loan in &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;four&lt;/div&gt; repayment instalments of a principal amount of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$625,000&lt;/div&gt; each. The &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;first&lt;/div&gt; repayment instalment will be due on &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; May 15, 2020 &lt;/div&gt;and the remaining &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;three&lt;/div&gt; instalments will be paid on a quarterly basis thereafter and the loan will be paid in full by &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; November 2020&lt;/div&gt;&lt;div style="display: inline; font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;. Under certain circumstances, the Company can pay principal in equity, and the loan is convertible in common stock of the Company at the option of the lender at certain times. The &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;first&lt;/div&gt; instalment of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$312,500&lt;/div&gt; payable on &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; December 31,&lt;/div&gt;&lt;/div&gt;&lt;/td&gt; &lt;/tr&gt;  &lt;/table&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt;  &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2019&lt;/div&gt; was waived by the lender and will be paid at the maturity of the loan. The Company paid &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$51,111&lt;/div&gt; in interest for this loan for the fiscal year &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2019.&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"&gt;On &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; November 1, 2019, &lt;/div&gt;Euroseas signed a &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;second&lt;/div&gt; agreement with Colby Trading Ltd. to draw another &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$2.5&lt;/div&gt; million loan to finance working capital needs. Interest on the loan is &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;8%&lt;/div&gt; per annum and is payable quarterly. There are &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;no&lt;/div&gt; principal repayments until &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; December 31, 2020, &lt;/div&gt;when the loan matures. Under certain circumstances, the Company can pay principal in equity, and the loan is convertible in common stock of the Company at the option of the lender at certain times. The Company paid &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$33,333&lt;/div&gt; in interest for this loan for the fiscal year &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2019.&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;In addition to the terms specific to each loan described above, all the above loans are secured with a pledge of all the issued shares of each borrower.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;The loan agreements also contain covenants such as minimum requirements regarding the hull ratio cover (the ratio of fair value of vessel to outstanding loan less cash in retention accounts ranging from &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;120%&lt;/div&gt; to &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;140%&lt;/div&gt;), restrictions as to changes in management and ownership of the ship-owning companies, distribution of profits or assets (i.e. &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;not&lt;/div&gt; permitting dividend payment or other distributions in cases that an event of default has occurred), additional indebtedness and mortgage of vessels without the lender&amp;#x2019;s prior consent, sale of vessels, maximum fleet-wide leverage, sale of capital stock of our subsidiaries, ability to make investments and other capital expenditures, entering in mergers or acquisitions, minimum cash balance requirements and minimum cash retention accounts (restricted cash). The loan agreements also require the Company to make deposits in retention accounts with certain banks that can only be used to pay the current loan instalments. Minimum cash balance requirements are in addition to cash held in retention accounts. These cash deposits amounted to &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$5,717,063&lt;/div&gt; and &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$4,410,376&lt;/div&gt; as of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; December 31, 2018 &lt;/div&gt;and &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2019,&lt;/div&gt; respectively, and are included in &amp;#x201c;Restricted cash&amp;#x201d; under &amp;#x201c;Current assets&amp;#x201d; and &amp;#x201c;Long-term assets&amp;#x201d; in the consolidated balance sheets. As of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; December 31, 2019, &lt;/div&gt;all the debt covenants are satisfied.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;Interest expense for the years ended &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; December 31, 2017, &lt;/div&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2018&lt;/div&gt; and &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2019&lt;/div&gt; amounted to &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$1,380,458,&lt;/div&gt; &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$2,703,845&lt;/div&gt; and &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$3,219,471&lt;/div&gt; respectively.&lt;/div&gt;&lt;/div&gt;</us-gaap:LongTermDebtTextBlock>
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  <us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock contextRef="d_2019-01-01_2019-12-31" id="c59842373">&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;Recent accounting pronouncements&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;&amp;nbsp;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"&gt;In &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; June 2016, &lt;/div&gt;the FASB issued Accounting Standards Update (&amp;#x201c;ASU&amp;#x201d;) &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2016&lt;/div&gt;-&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;13,&lt;/div&gt; &amp;#x201c;Financial Instruments - Credit Losses (Topic &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;326&lt;/div&gt;): Measurement of Credit Losses on Financial Instruments&amp;#x201d;. The main objective of this update is to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. The amendments in this update replace the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The ASU requires a financial asset (or a group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial asset(s) to present the net carrying value at the amount expected to be collected on the financial asset. In &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; November 2018, &lt;/div&gt;FASB issued ASU &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2018&lt;/div&gt;-&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;19&lt;/div&gt; &amp;#x201c;Codification Improvements to Topic &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;326,&lt;/div&gt; Financial Instruments-Credit Losses&amp;#x201d;.&amp;nbsp;The amendments in this update clarify that operating lease receivables are &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;not&lt;/div&gt; within the scope of ASC &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;326&lt;/div&gt;-&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;20&lt;/div&gt; and should instead be accounted for under the new leasing standard, ASC &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;842.&lt;/div&gt;&amp;nbsp;For public business entities, the amendments in this update are effective for fiscal years beginning after &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; December 15, 2019, &lt;/div&gt;including interim periods within those fiscal years. Early application is permitted. The adoption of this ASU is &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;not&lt;/div&gt; expected to have a material effect on the Company&amp;#x2019;s consolidated financial statements and accompanying notes.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;In &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; August 2018, &lt;/div&gt;the FASB issued ASU &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2018&lt;/div&gt;-&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;13,&lt;/div&gt; &amp;#x201c;Fair Value Measurement (Topic &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;820&lt;/div&gt;): Disclosure Framework &amp;#x2013; Changes to the disclosure requirements for fair value measurement&amp;#x201d;. The amendments in this update modify the disclosure requirements on fair value measurements in Topic &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;820,&lt;/div&gt; Fair Value Measurement, based on the concepts in the Concepts Statement, including the consideration of costs and benefits. The amendments in this update are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; December 15, 2019. &lt;/div&gt;The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;3&lt;/div&gt; fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. Early adoption is permitted upon issuance of this update. An entity is permitted to early adopt any removed or modified disclosures upon issuance of this update and delay adoption of the additional disclosures until their effective date. The adoption of this ASU is &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;not&lt;/div&gt; expected to have a material effect on the Company&amp;#x2019;s consolidated financial statements and accompanying notes.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;</us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock>
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  <us-gaap:PaymentsToAcquirePropertyPlantAndEquipment contextRef="d_2017-01-01_2017-12-31" decimals="INF" id="c59839066" unitRef="iso4217-usd">30063480</us-gaap:PaymentsToAcquirePropertyPlantAndEquipment>
  <us-gaap:PaymentsToAcquirePropertyPlantAndEquipment contextRef="d_2018-01-01_2018-12-31" decimals="INF" id="c59839067" unitRef="iso4217-usd">1867</us-gaap:PaymentsToAcquirePropertyPlantAndEquipment>
  <us-gaap:PaymentsToAcquirePropertyPlantAndEquipment contextRef="d_2019-01-01_2019-12-31" decimals="INF" id="c59839068" unitRef="iso4217-usd">55720226</us-gaap:PaymentsToAcquirePropertyPlantAndEquipment>
  <us-gaap:PensionAndOtherPostretirementPlansPolicy contextRef="d_2019-01-01_2019-12-31" id="c59842362">&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;Pension and retirement benefit obligations &amp;#x2013; crew &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;The ship-owning companies contract the crews on board the vessels under short-term contracts (usually up to &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;9&lt;/div&gt; months). Accordingly, they are &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;not&lt;/div&gt; liable for any pension or post-retirement benefits.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;</us-gaap:PensionAndOtherPostretirementPlansPolicy>
  <us-gaap:PreferredStockDividendRatePercentage contextRef="d_2019-01-01_2019-12-31_StatementClassOfStockAxis-SeriesBPreferredStockMember" decimals="INF" id="c59839284" unitRef="xbrli-pure">0.08</us-gaap:PreferredStockDividendRatePercentage>
  <us-gaap:PreferredStockDividendRatePercentage contextRef="d_2021-01-01_2021-01-31_StatementClassOfStockAxis-SeriesBPreferredStockMember_StatementScenarioAxis-ScenarioForecastMember" decimals="INF" id="c59839285" unitRef="xbrli-pure">0.14</us-gaap:PreferredStockDividendRatePercentage>
  <us-gaap:PreferredStockDividendRatePercentage contextRef="d_2014-01-27_2014-01-27_RangeAxis-MaximumMember_StatementClassOfStockAxis-SeriesBPreferredStockMember_StatementScenarioAxis-FirstFiveYearsMember" decimals="3" id="c59840176" unitRef="xbrli-pure">0.05</us-gaap:PreferredStockDividendRatePercentage>
  <us-gaap:PreferredStockDividendRatePercentage contextRef="d_2019-01-29_2019-01-29_RangeAxis-MaximumMember_StatementClassOfStockAxis-SeriesBPreferredStockMember_StatementScenarioAxis-NextTwoYearsMember" decimals="3" id="c59840182" unitRef="xbrli-pure">0.12</us-gaap:PreferredStockDividendRatePercentage>
  <us-gaap:PreferredStockDividendRatePercentage contextRef="d_2019-01-29_2019-01-29_RangeAxis-MaximumMember_StatementClassOfStockAxis-SeriesBPreferredStockMember_StatementScenarioAxis-AfterTwoYearsMember" decimals="3" id="c59840184" unitRef="xbrli-pure">0.14</us-gaap:PreferredStockDividendRatePercentage>
  <us-gaap:PreferredStockDividendRatePercentage contextRef="d_2019-06-10_2019-06-10_StatementClassOfStockAxis-SeriesBPreferredStockMember" decimals="3" id="c59840198" unitRef="xbrli-pure">0.04</us-gaap:PreferredStockDividendRatePercentage>
  <us-gaap:PreferredStockDividendRatePercentage contextRef="d_2021-02-01_2021-02-01_StatementClassOfStockAxis-SeriesBPreferredStockMember_StatementScenarioAxis-ScenarioForecastMember" decimals="3" id="c59840200" unitRef="xbrli-pure">0.14</us-gaap:PreferredStockDividendRatePercentage>
  <us-gaap:PreferredStockDividendsIncomeStatementImpact contextRef="d_2017-01-01_2017-12-31_StatementClassOfStockAxis-SeriesBPreferredStockMember" decimals="INF" id="c59840050" unitRef="iso4217-usd">1808811</us-gaap:PreferredStockDividendsIncomeStatementImpact>
  <us-gaap:PreferredStockDividendsIncomeStatementImpact contextRef="d_2018-01-01_2018-12-31_StatementClassOfStockAxis-SeriesBPreferredStockMember" decimals="INF" id="c59840051" unitRef="iso4217-usd">1335733</us-gaap:PreferredStockDividendsIncomeStatementImpact>
  <us-gaap:PreferredStockDividendsIncomeStatementImpact contextRef="d_2019-01-01_2019-12-31_StatementClassOfStockAxis-SeriesBPreferredStockMember" decimals="INF" id="c59840052" unitRef="iso4217-usd">1271782</us-gaap:PreferredStockDividendsIncomeStatementImpact>
  <us-gaap:PreferredStockDividendsIncomeStatementImpact contextRef="d_2017-01-01_2017-12-31" decimals="INF" id="c59842290" unitRef="iso4217-usd">1808811</us-gaap:PreferredStockDividendsIncomeStatementImpact>
  <us-gaap:PreferredStockDividendsIncomeStatementImpact contextRef="d_2018-01-01_2018-12-31" decimals="INF" id="c59842291" unitRef="iso4217-usd">1335733</us-gaap:PreferredStockDividendsIncomeStatementImpact>
  <us-gaap:PreferredStockDividendsIncomeStatementImpact contextRef="d_2019-01-01_2019-12-31" decimals="INF" id="c59842292" unitRef="iso4217-usd">1271782</us-gaap:PreferredStockDividendsIncomeStatementImpact>
  <us-gaap:PreferredStockDividendsShares contextRef="d_2017-01-01_2017-12-31" decimals="INF" id="c59840228" unitRef="xbrli-shares">1809</us-gaap:PreferredStockDividendsShares>
  <us-gaap:PreferredStockDividendsShares contextRef="d_2018-01-01_2018-12-31" decimals="INF" id="c59840236" unitRef="xbrli-shares">1333</us-gaap:PreferredStockDividendsShares>
  <us-gaap:PreferredStockDividendsShares contextRef="d_2019-01-01_2019-12-31" decimals="INF" id="c59840248" unitRef="xbrli-shares">81</us-gaap:PreferredStockDividendsShares>
  <us-gaap:PreferredStockRedemptionAmount contextRef="i_2019-12-31_StatementClassOfStockAxis-SeriesBPreferredStockMember" decimals="INF" id="c59840215" unitRef="iso4217-usd">8000000</us-gaap:PreferredStockRedemptionAmount>
  <us-gaap:PreferredStockRedemptionPricePerShare contextRef="i_2014-01-27_StatementClassOfStockAxis-SeriesBPreferredStockMember" decimals="INF" id="c59840175" unitRef="iso4217-usd-per-xbrli-shares">1000</us-gaap:PreferredStockRedemptionPricePerShare>
  <us-gaap:PreferredStockSharesOutstanding contextRef="i_2016-12-31" decimals="INF" id="c59840224" unitRef="xbrli-shares">35505</us-gaap:PreferredStockSharesOutstanding>
  <us-gaap:PreferredStockSharesOutstanding contextRef="i_2017-12-31" decimals="INF" id="c59840232" unitRef="xbrli-shares">37314</us-gaap:PreferredStockSharesOutstanding>
  <us-gaap:PreferredStockSharesOutstanding contextRef="i_2018-12-31" decimals="INF" id="c59840244" unitRef="xbrli-shares">19605</us-gaap:PreferredStockSharesOutstanding>
  <us-gaap:PreferredStockSharesOutstanding contextRef="i_2019-12-31" decimals="INF" id="c59840260" unitRef="xbrli-shares">8000</us-gaap:PreferredStockSharesOutstanding>
  <us-gaap:PreferredStockTextBlock contextRef="d_2019-01-01_2019-12-31" id="s1524763">&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"&gt;  &lt;tr style="vertical-align: top"&gt; &lt;td style="width: 0.5in"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;15.&lt;/div&gt;&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;Preferred shares&lt;/div&gt;&lt;/td&gt; &lt;/tr&gt;  &lt;/table&gt; &lt;div style=""&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;div&gt; &lt;table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0"&gt;  &lt;tr style="vertical-align: bottom"&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style=" text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&amp;nbsp;&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt 0"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;Number&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;of&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;Shares&lt;/div&gt;&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&amp;nbsp;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.2pt 0pt 0; text-align: right"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&amp;nbsp;&lt;/div&gt;&lt;/div&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.2pt 0pt 0; text-align: right"&gt;&amp;nbsp;&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.2pt 0pt 0; text-align: right"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;Preferred Shares&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.2pt 0pt 0; text-align: right"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;Amount&lt;/div&gt;&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.2pt 0pt 0; text-align: right"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&amp;nbsp;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.25in"&gt;&amp;nbsp;&lt;/div&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&amp;nbsp;&lt;/div&gt;&lt;/div&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"&gt;&amp;nbsp;&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;Dividends paid-in-kind&lt;/div&gt;&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&amp;nbsp;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style=" text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&amp;nbsp;&lt;/div&gt;&lt;/div&gt;&lt;div style=" text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"&gt;&amp;nbsp;&lt;/div&gt;&lt;div style=" text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"&gt;&amp;nbsp;&lt;/div&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in"&gt;&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;Total&lt;/div&gt;&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in"&gt;&lt;/div&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="border-bottom: Black 1pt solid; width: 48%; padding-bottom: 1pt"&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;Balance,&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;January 1, 2017&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;35,505&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;29,000,000&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;4,804,948&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;33,804,948&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt"&gt;Dividends declared&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;1,809&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;-&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;1,808,811&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;1,808,811&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;Balance,&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;December 31, 2017&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;37,314&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;29,000,000&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;6,613,759&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;35,613,759&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt"&gt;Dividends declared&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;1,333&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;-&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;1,335,733&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;1,335,733&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt"&gt;Shares distributed to EuroDry&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(19,042&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;)&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(14,500,000&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;)&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(3,692,131&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;)&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(18,192,131&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;)&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;Balance,&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;December 31, 2018&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;19,605&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;14,500,000&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;4,257,361&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;18,757,361&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt"&gt;Dividends declared&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;81&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;-&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;78,639&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;78,639&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;Redemption of shares&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(11,686&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;)&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(8,155,055&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;)&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(3,530,945&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;)&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(11,686,000&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;)&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt"&gt;Preferred deemed dividend&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;-&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;504,577&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;-&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;504,577&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;Balance,&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;December 31, 2019&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;8,000&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;6,849,522&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;805,055&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;7,654,577&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt;  &lt;/table&gt; &lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;On &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; January 27, 2014, &lt;/div&gt;the Company entered into an agreement to sell &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;25,000&lt;/div&gt; shares of its Series B Convertible Perpetual Preferred Shares ("Series B Preferred Shares") to a fund managed by Tennenbaum Capital Partners, LLC ("TCP") and &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;5,700&lt;/div&gt; shares to Preferred Friends Investment Company Inc, an affiliate of the Company, for total net proceeds of approximately &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$29&lt;/div&gt; million. The redemption amount of the Company&amp;#x2019;s Series B Preferred Shares is &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$1,000&lt;/div&gt; per share. The Company used the proceeds for the acquisition of vessels and general corporate purposes. The Series B Preferred Shares paid dividends in-kind until &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; January 29, 2019 &lt;/div&gt;at a rate of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;5%.&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;/div&gt; &lt;!-- Field: Page; Sequence: 49; Value: 2 --&gt;    &lt;table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"&gt;    &lt;tr style="vertical-align: top"&gt;  &lt;td style="text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;/div&gt;&lt;/td&gt; &lt;/tr&gt;  &lt;/table&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&amp;nbsp;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;The dividend rate increased to &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;12%&lt;/div&gt; for the &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;two&lt;/div&gt; years following &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; January 29, 2019 &lt;/div&gt;and to &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;14%&lt;/div&gt; thereafter and is payable only in cash. Cash dividends are declared at each quarter and actual payments are made within the following quarter. If a cash dividend is paid on the Company's common stock after &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; January 29, 2019, &lt;/div&gt;the holders of Series B Preferred Shares shall receive an additional cash dividend in an amount equal to &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;40%&lt;/div&gt; of the common stock dividend it would have received on an as-converted basis. The Series B Preferred Shares can be converted at the option of their holders at any time, and at the option of the Company only if certain share price and liquidity milestones are met. Each Series B Preferred Share is convertible into common stock at a conversion price of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$15.58&lt;/div&gt; (as adjusted in &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; September 2015 &lt;/div&gt;following the shareholders&amp;#x2019; rights offering of the Company) subject to further adjustment for certain events. The Series B Preferred Shares are redeemable in cash by the Company at any time after the &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;fifth&lt;/div&gt; anniversary of the original issue date. Holders of the Series B Preferred Shares &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; may &lt;/div&gt;require the Company to redeem their shares only upon the occurrence of certain corporate events.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;At the Spin-off date Euroseas distributed EuroDry Series B Preferred Shares to holders of Euroseas' Series B Preferred Shares in exchange for a number of such Euroseas Series B Preferred Shares, representing &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;50%&lt;/div&gt; of Euroseas Series B Preferred Stock, i.e. &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$14,500,000&lt;/div&gt; of the initial preferred shares amount of the Company and &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$3,692,131&lt;/div&gt; of dividends paid in kind.&amp;nbsp;Euroseas contributed to EuroDry its interests in &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;seven&lt;/div&gt; of its drybulk subsidiaries and related intercompany debts and obligations in exchange for approximately &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2,254,830&lt;/div&gt; of EuroDry common shares and &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;19,042&lt;/div&gt; of EuroDry Series B Preferred Shares (representing all of the EuroDry's issued and outstanding stock as of that time). Euroseas made a special dividend of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;100%&lt;/div&gt; of EuroDry's outstanding common shares to holders of Euroseas' common stock as of the record date of the special dividend. In addition, Euroseas distributed &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;100%&lt;/div&gt; of EuroDry Series B Preferred Shares to holders of Euroseas' Series B Preferred Shares as described above.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;On &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; June 10, 2019 &lt;/div&gt;the Company proceeded in the redemption of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$11.7&lt;/div&gt; million of value, or about &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;59.4%,&lt;/div&gt; of its outstanding Series B Preferred Shares with a simultaneous reduction of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;4%&lt;/div&gt; of the dividend rate for the &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$8&lt;/div&gt; million value of preferred shares remaining outstanding until &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; January 2021. &lt;/div&gt;After that date the dividend rate will increase to &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;14%.&lt;/div&gt; The difference between (&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;1&lt;/div&gt;) the fair value of the consideration transferred to the holders of the Series B Preferred Shares (comprising the cash payment offered) and (&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2&lt;/div&gt;) the carrying amount of the Series B Preferred Shares before the redemption (net of issuance costs) amounted to &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$504,577,&lt;/div&gt; and was recorded as a preferred deemed dividend.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;For each of the years ended &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; December 31, 2017 &lt;/div&gt;and &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2018,&lt;/div&gt; the Company declared &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;four&lt;/div&gt; consecutive dividends totaling &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$1.81&lt;/div&gt; million and &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$1.34&lt;/div&gt; million, respectively, all of which were paid in kind. For the year ended &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; December 31, 2019 &lt;/div&gt;the Company declared dividends of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$1.27&lt;/div&gt; million, of which &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$0.08&lt;/div&gt; million were paid in-kind, &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$1.03&lt;/div&gt; million were paid in cash during &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2019&lt;/div&gt; and another &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$0.16&lt;/div&gt; million were accrued as of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; December 31, 2019 &lt;/div&gt;and were paid in cash in the &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;first&lt;/div&gt; quarter of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2020.&lt;/div&gt; The redemption liability as of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; December 31, 2019 &lt;/div&gt;is &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$8,000,000.&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&amp;nbsp;&lt;/div&gt;&lt;/div&gt;  &lt;table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"&gt;    &lt;tr style="vertical-align: top"&gt;  &lt;td style="text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;/div&gt;&lt;/td&gt; &lt;/tr&gt;  &lt;/table&gt; &lt;div style=""&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;Subject to certain ownership thresholds, holders of Series B Preferred Shares have the right to appoint &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;one&lt;/div&gt; director to the Company's board of directors and TCP also has consent rights over certain corporate actions. In addition, the holders of Series B Preferred Shares will vote as &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;one&lt;/div&gt; class with the Company's common stock on all matters on which shareholders are entitled to vote, with each Series B Preferred Share having a number of votes equal to &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;50%&lt;/div&gt; of the numbers of shares of common stock of the Company into which such Series B Preferred Share would be convertible on the applicable record date.&lt;/div&gt;&lt;/div&gt;</us-gaap:PreferredStockTextBlock>
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  <us-gaap:PreferredStockValue contextRef="i_2016-12-31_StatementClassOfStockAxis-PreferredStockIssuedAsDividendsMember" decimals="INF" id="c59840226" unitRef="iso4217-usd">4804948</us-gaap:PreferredStockValue>
  <us-gaap:PreferredStockValue contextRef="i_2016-12-31" decimals="INF" id="c59840227" unitRef="iso4217-usd">33804948</us-gaap:PreferredStockValue>
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  <us-gaap:PreferredStockValue contextRef="i_2017-12-31_StatementClassOfStockAxis-PreferredStockIssuedAsDividendsMember" decimals="INF" id="c59840234" unitRef="iso4217-usd">6613759</us-gaap:PreferredStockValue>
  <us-gaap:PreferredStockValue contextRef="i_2017-12-31" decimals="INF" id="c59840235" unitRef="iso4217-usd">35613759</us-gaap:PreferredStockValue>
  <us-gaap:PreferredStockValue contextRef="i_2018-12-31_StatementClassOfStockAxis-OrdinaryPreferredStockMember" decimals="INF" id="c59840245" unitRef="iso4217-usd">14500000</us-gaap:PreferredStockValue>
  <us-gaap:PreferredStockValue contextRef="i_2018-12-31_StatementClassOfStockAxis-PreferredStockIssuedAsDividendsMember" decimals="INF" id="c59840246" unitRef="iso4217-usd">4257361</us-gaap:PreferredStockValue>
  <us-gaap:PreferredStockValue contextRef="i_2018-12-31" decimals="INF" id="c59840247" unitRef="iso4217-usd">18757361</us-gaap:PreferredStockValue>
  <us-gaap:PreferredStockValue contextRef="i_2019-12-31_StatementClassOfStockAxis-OrdinaryPreferredStockMember" decimals="INF" id="c59840261" unitRef="iso4217-usd">6849522</us-gaap:PreferredStockValue>
  <us-gaap:PreferredStockValue contextRef="i_2019-12-31_StatementClassOfStockAxis-PreferredStockIssuedAsDividendsMember" decimals="INF" id="c59840262" unitRef="iso4217-usd">805055</us-gaap:PreferredStockValue>
  <us-gaap:PreferredStockValue contextRef="i_2019-12-31" decimals="INF" id="c59840263" unitRef="iso4217-usd">7654577</us-gaap:PreferredStockValue>
  <us-gaap:PreferredStockValueOutstanding contextRef="i_2019-06-10_StatementClassOfStockAxis-SeriesBPreferredStockMember" decimals="INF" id="c59840199" unitRef="iso4217-usd">8000000</us-gaap:PreferredStockValueOutstanding>
  <us-gaap:PrepaidExpenseCurrent contextRef="i_2018-12-31" decimals="INF" id="c59838641" unitRef="iso4217-usd">222336</us-gaap:PrepaidExpenseCurrent>
  <us-gaap:PrepaidExpenseCurrent contextRef="i_2019-12-31" decimals="INF" id="c59838642" unitRef="iso4217-usd">526531</us-gaap:PrepaidExpenseCurrent>
  <us-gaap:ProceedsFromContributionsFromAffiliates contextRef="d_2017-01-01_2017-12-31" decimals="INF" id="c59839088" unitRef="iso4217-usd">639312</us-gaap:ProceedsFromContributionsFromAffiliates>
  <us-gaap:ProceedsFromContributionsFromAffiliates contextRef="d_2018-01-01_2018-12-31" id="c59839089" unitRef="iso4217-usd" xs:nil="true"/>
  <us-gaap:ProceedsFromContributionsFromAffiliates contextRef="d_2019-01-01_2019-12-31" id="c59839090" unitRef="iso4217-usd" xs:nil="true"/>
  <us-gaap:ProceedsFromIssuanceOfCommonStock contextRef="d_2017-01-01_2017-01-31_SubsidiarySaleOfStockAxis-ATMCommonStockOfferingMember" decimals="-5" id="c59840418" unitRef="iso4217-usd">600000</us-gaap:ProceedsFromIssuanceOfCommonStock>
  <us-gaap:ProceedsFromIssuanceOfCommonStock contextRef="d_2018-11-01_2018-11-30_SubsidiarySaleOfStockAxis-ATMCommonStockOfferingMember" decimals="-5" id="c59840420" unitRef="iso4217-usd">2000000</us-gaap:ProceedsFromIssuanceOfCommonStock>
  <us-gaap:ProceedsFromIssuanceOfCommonStock contextRef="d_2019-10-01_2019-10-31_SubsidiarySaleOfStockAxis-ATMCommonStockOfferingMember" decimals="-5" id="c59840422" unitRef="iso4217-usd">900000</us-gaap:ProceedsFromIssuanceOfCommonStock>
  <us-gaap:ProceedsFromIssuanceOfCommonStock contextRef="d_2017-01-01_2017-12-31" decimals="INF" id="c59839082" unitRef="iso4217-usd">549495</us-gaap:ProceedsFromIssuanceOfCommonStock>
  <us-gaap:ProceedsFromIssuanceOfCommonStock contextRef="d_2018-01-01_2018-12-31" decimals="INF" id="c59839083" unitRef="iso4217-usd">1975110</us-gaap:ProceedsFromIssuanceOfCommonStock>
  <us-gaap:ProceedsFromIssuanceOfCommonStock contextRef="d_2019-01-01_2019-12-31" decimals="INF" id="c59839084" unitRef="iso4217-usd">6853101</us-gaap:ProceedsFromIssuanceOfCommonStock>
  <us-gaap:ProceedsFromIssuanceOfConvertiblePreferredStock contextRef="d_2014-01-27_2014-01-27_StatementClassOfStockAxis-SeriesBPreferredStockMember" decimals="INF" id="c59840174" unitRef="iso4217-usd">29000000</us-gaap:ProceedsFromIssuanceOfConvertiblePreferredStock>
  <us-gaap:ProceedsFromIssuanceOfDebt contextRef="d_2019-11-21_2019-11-21_DebtInstrumentAxis-SecondDebtAgreementMember_LineOfCreditFacilityAxis-PiraeusBankSAMember_PropertyPlantAndEquipmentByTypeAxis-SynergyVesselsMember" decimals="INF" id="c59841298" unitRef="iso4217-usd">32000000</us-gaap:ProceedsFromIssuanceOfDebt>
  <us-gaap:ProceedsFromIssuanceOfLongTermDebt contextRef="d_2019-08-01_2019-08-31" decimals="INF" id="c59839182" unitRef="iso4217-usd">16167680</us-gaap:ProceedsFromIssuanceOfLongTermDebt>
  <us-gaap:ProceedsFromIssuanceOfLongTermDebt contextRef="d_2019-05-30_2019-05-30_LineOfCreditFacilityAxis-EurobankErgasiasSaMember_LongtermDebtTypeAxis-RevolvingLoanFacilityMember" decimals="INF" id="c59839766" unitRef="iso4217-usd">12000000</us-gaap:ProceedsFromIssuanceOfLongTermDebt>
  <us-gaap:ProceedsFromIssuanceOfLongTermDebt contextRef="d_2019-07-29_2019-07-29_LineOfCreditFacilityAxis-PiraeusBankSAMember" decimals="INF" id="c59839783" unitRef="iso4217-usd">3667680</us-gaap:ProceedsFromIssuanceOfLongTermDebt>
  <us-gaap:ProceedsFromIssuanceOfLongTermDebt contextRef="d_2019-07-30_2019-07-30_LineOfCreditFacilityAxis-HSBCBankPLCMember" decimals="INF" id="c59839795" unitRef="iso4217-usd">12500000</us-gaap:ProceedsFromIssuanceOfLongTermDebt>
  <us-gaap:ProceedsFromIssuanceOfLongTermDebt contextRef="d_2019-11-08_2019-11-08_DebtInstrumentAxis-SecondDebtAgreementMember_LineOfCreditFacilityAxis-PiraeusBankSAMember" decimals="INF" id="c59839811" unitRef="iso4217-usd">32000000</us-gaap:ProceedsFromIssuanceOfLongTermDebt>
  <us-gaap:ProceedsFromIssuanceOfLongTermDebt contextRef="d_2019-09-30_2019-09-30_LineOfCreditFacilityAxis-ColbyTradingLtdMember" decimals="INF" id="c59839823" unitRef="iso4217-usd">2500000</us-gaap:ProceedsFromIssuanceOfLongTermDebt>
  <us-gaap:ProceedsFromIssuanceOfLongTermDebt contextRef="d_2019-11-01_2019-11-01_DebtInstrumentAxis-SecondDebtAgreementMember_LineOfCreditFacilityAxis-ColbyTradingLtdMember" decimals="INF" id="c59839834" unitRef="iso4217-usd">2500000</us-gaap:ProceedsFromIssuanceOfLongTermDebt>
  <us-gaap:ProceedsFromIssuanceOfPrivatePlacement contextRef="d_2019-11-21_2019-11-21_PropertyPlantAndEquipmentByTypeAxis-SynergyVesselsMember" decimals="INF" id="c59841300" unitRef="iso4217-usd">6000000</us-gaap:ProceedsFromIssuanceOfPrivatePlacement>
  <us-gaap:ProceedsFromIssuanceOfSecuredDebt contextRef="d_2017-01-01_2017-12-31" decimals="INF" id="c59839100" unitRef="iso4217-usd">22250000</us-gaap:ProceedsFromIssuanceOfSecuredDebt>
  <us-gaap:ProceedsFromIssuanceOfSecuredDebt contextRef="d_2018-01-01_2018-12-31" decimals="INF" id="c59839101" unitRef="iso4217-usd">34250000</us-gaap:ProceedsFromIssuanceOfSecuredDebt>
  <us-gaap:ProceedsFromIssuanceOfSecuredDebt contextRef="d_2019-01-01_2019-12-31" decimals="INF" id="c59839102" unitRef="iso4217-usd">60167680</us-gaap:ProceedsFromIssuanceOfSecuredDebt>
  <us-gaap:ProceedsFromRelatedPartyDebt contextRef="d_2017-01-01_2017-12-31" id="c59839106" unitRef="iso4217-usd" xs:nil="true"/>
  <us-gaap:ProceedsFromRelatedPartyDebt contextRef="d_2018-01-01_2018-12-31" id="c59839107" unitRef="iso4217-usd" xs:nil="true"/>
  <us-gaap:ProceedsFromRelatedPartyDebt contextRef="d_2019-01-01_2019-12-31" decimals="INF" id="c59839108" unitRef="iso4217-usd">5000000</us-gaap:ProceedsFromRelatedPartyDebt>
  <us-gaap:ProceedsFromSaleOfPropertyPlantAndEquipment contextRef="d_2017-01-13_2017-01-13_PropertyPlantAndEquipmentByTypeAxis-MVRTDagrMember" decimals="-4" id="c59839475" unitRef="iso4217-usd">2300000</us-gaap:ProceedsFromSaleOfPropertyPlantAndEquipment>
  <us-gaap:ProceedsFromSaleOfPropertyPlantAndEquipment contextRef="d_2017-12-06_2017-12-06_PropertyPlantAndEquipmentByTypeAxis-MVAggelikiPMember" decimals="-4" id="c59839488" unitRef="iso4217-usd">4400000</us-gaap:ProceedsFromSaleOfPropertyPlantAndEquipment>
  <us-gaap:ProceedsFromSaleOfPropertyPlantAndEquipment contextRef="d_2017-01-01_2017-12-31" decimals="INF" id="c59839072" unitRef="iso4217-usd">9552260</us-gaap:ProceedsFromSaleOfPropertyPlantAndEquipment>
  <us-gaap:ProceedsFromSaleOfPropertyPlantAndEquipment contextRef="d_2018-01-01_2018-12-31" decimals="INF" id="c59839073" unitRef="iso4217-usd">6255735</us-gaap:ProceedsFromSaleOfPropertyPlantAndEquipment>
  <us-gaap:ProceedsFromSaleOfPropertyPlantAndEquipment contextRef="d_2019-01-01_2019-12-31" id="c59839074" unitRef="iso4217-usd" xs:nil="true"/>
  <us-gaap:ProfessionalAndContractServicesExpense contextRef="d_2017-01-01_2017-12-31" decimals="INF" id="c59842238" unitRef="iso4217-usd">2632637</us-gaap:ProfessionalAndContractServicesExpense>
  <us-gaap:ProfessionalAndContractServicesExpense contextRef="d_2018-01-01_2018-12-31" decimals="INF" id="c59842239" unitRef="iso4217-usd">3536094</us-gaap:ProfessionalAndContractServicesExpense>
  <us-gaap:ProfessionalAndContractServicesExpense contextRef="d_2019-01-01_2019-12-31" decimals="INF" id="c59842240" unitRef="iso4217-usd">3671335</us-gaap:ProfessionalAndContractServicesExpense>
  <us-gaap:PropertyPlantAndEquipmentAdditions contextRef="d_2019-01-01_2019-12-31_PropertyPlantAndEquipmentByTypeAxis-VesselsMember" decimals="INF" id="c59839549" unitRef="iso4217-usd">71214470</us-gaap:PropertyPlantAndEquipmentAdditions>
  <us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock contextRef="d_2019-01-01_2019-12-31" id="s1524742">&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"&gt;  &lt;tr style="vertical-align: top"&gt; &lt;td style="width: 0"&gt;&lt;/td&gt; &lt;td style="width: 0.5in"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;4.&lt;/div&gt;&lt;/div&gt;&lt;/td&gt; &lt;td&gt;&lt;div style="display: inline; font-weight: bold;"&gt;Vessels, net&lt;/div&gt;&lt;/td&gt; &lt;/tr&gt;  &lt;/table&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&amp;nbsp;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;The amounts in the accompanying consolidated balance sheets are as follows:&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&amp;nbsp;&lt;/div&gt;&lt;/div&gt; &lt;div&gt; &lt;table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0"&gt;  &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="border-top: Black 1pt solid; width: 61%; font-weight: bold; padding-bottom: 1pt; text-indent: -21.3pt; padding-left: 21.3pt; border-bottom: Black 1pt solid"&gt;Balance, January 1, 2018&lt;/td&gt; &lt;td style="border-top: Black 1pt solid; width: 1%; font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-top: Black 1pt solid; width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-top: Black 1pt solid; width: 10%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;61,279,976&lt;/div&gt;&lt;/td&gt; &lt;td style="border-top: Black 1pt solid; width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-top: Black 1pt solid; width: 1%; font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-top: Black 1pt solid; width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-top: Black 1pt solid; width: 10%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(9,147,897&lt;/div&gt;&lt;/td&gt; &lt;td style="border-top: Black 1pt solid; width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;)&lt;/td&gt; &lt;td style="border-top: Black 1pt solid; width: 1%; font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-top: Black 1pt solid; width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-top: Black 1pt solid; width: 10%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;52,132,079&lt;/div&gt;&lt;/td&gt; &lt;td style="border-top: Black 1pt solid; width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt; text-indent: -21.3pt; padding-left: 21.3pt"&gt;-&amp;nbsp;&amp;nbsp;&amp;nbsp;Depreciation for the year&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;-&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(3,305,951&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;)&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(3,305,951&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;)&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt; text-indent: -21.3pt; padding-left: 21.3pt"&gt;Balance, December 31, 2018&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;61,279,976&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(12,453,848&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;)&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;48,826,128&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="text-align: left; text-indent: -21.3pt; padding-left: 21.3pt"&gt;-&amp;nbsp;&amp;nbsp;&amp;nbsp;Depreciation for the year&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;-&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(4,178,886&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;)&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(4,178,886&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;)&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="text-align: left; text-indent: -21.3pt; padding-left: 21.3pt"&gt;-&amp;nbsp;&amp;nbsp;&amp;nbsp;Vessel acquisitions&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;71,214,470&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;-&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;71,214,470&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt; text-indent: -21.3pt; padding-left: 21.3pt"&gt;-&amp;nbsp;&amp;nbsp;&amp;nbsp;Vessel improvements&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;368,621&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;-&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;368,621&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt; text-indent: -21.3pt; padding-left: 21.3pt"&gt;Balance, December 31, 2019&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;132,863,067&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(16,632,734&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;)&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;116,230,333&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt;  &lt;/table&gt; &lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;Vessel improvements refer to the installation of Water Ballast Treatment (&amp;#x201c;WBT&amp;#x201d;) systems. As of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; December 31, 2019, &lt;/div&gt;only &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;one&lt;/div&gt; vessel has completed the installation of the WBT system with a total cost of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$0.37&lt;/div&gt; million.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;The Company considers the potential sale of its vessels, for scrap or further trading, depending on a vessel&amp;#x2019;s age, any additional capital expenditures required the expected revenues from continuing to own the vessel and the overall market prospects.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;On &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; January 13, 2017, &lt;/div&gt;the Company&amp;nbsp;agreed to sell for scrap M/V &amp;#x201c;RT Dagr&amp;#x201d;, for a net price of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$2.3&lt;/div&gt; million. The vessel was delivered to its buyers on &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; January 31, 2017. &lt;/div&gt;The Company recorded a gain on sale of approximately &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$0.5&lt;/div&gt; million presented in the &amp;#x201c;Net gain on sale of vessels&amp;#x201d; line in the &amp;#x201c;Operating Expenses&amp;#x201d; section of the consolidated statements of operations.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&amp;nbsp;&lt;/div&gt;&lt;/div&gt;  &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;On &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; September 30, 2017 &lt;/div&gt;the Company decided to sell for scrap M/V &amp;#x201c;Aggeliki P.&amp;#x201d; a &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2,008&lt;/div&gt; teu &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;1998&lt;/div&gt;-built container carrier and M/V &amp;#x201c;Monica P&amp;#x201d; a &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;46,667&lt;/div&gt; dwt &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;1998&lt;/div&gt;-built drybulk carrier. Both vessels were written down to their fair market value, resulting in a non-cash loss of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$4.6&lt;/div&gt; million, or &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$3.36&lt;/div&gt; loss per share basic and diluted. These amounts are presented in the "Loss on write-down of vessels held for sale" line in the "Operating Expenses" section of the consolidated statements of operations. The Company sold M/V &amp;#x201c;Aggeliki P.&amp;#x201d; on &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; December 6, 2017 &lt;/div&gt;for net proceeds of approximately &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$4.4&lt;/div&gt; million and recorded a gain on sale of approximately &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$0.3&lt;/div&gt; million for the year ended &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; December 31, 2017, &lt;/div&gt;presented in the &amp;#x201c;Net gain on sale of vessels&amp;#x201d; line in the "Operating Expenses" section of the consolidated statements of operations. M/V &amp;#x201c;Monica P&amp;#x201d; was sold on &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; June 25, 2018. &lt;/div&gt;The sale resulted in a gain of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$1.34&lt;/div&gt; million for the year ended &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; December 31, 2018, &lt;/div&gt;which is presented in the &amp;#x201c;Net gain on sale of vessels&amp;#x201d; line in the "Operating Expenses" section of the consolidated statements of operations.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;On &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; June 20, 2017 &lt;/div&gt;the Company acquired the feeder containership (&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2,788&lt;/div&gt; teu, &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2004&lt;/div&gt;-built) M/V &amp;#x201c;EM Astoria&amp;#x201d; for a purchase price of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$4.75&lt;/div&gt; million.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;On &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; September 29, 2017 &lt;/div&gt;the Company acquired the feeder containership (&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2,506&lt;/div&gt; teu, &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2000&lt;/div&gt;-built) M/V &amp;#x201c;EM Athens&amp;#x201d; for a purchase price of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$4.24&lt;/div&gt; million.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;On &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; October 23, 2017 &lt;/div&gt;the Company acquired the feeder containership (&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2,506&lt;/div&gt; teu, &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2000&lt;/div&gt;-built) M/V &amp;#x201c;EM Oinousses&amp;#x201d; for a purchase price of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$4.25&lt;/div&gt; million.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;On &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; October 29, 2017 &lt;/div&gt;the Company acquired the feeder containership (&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2,556&lt;/div&gt; teu, &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2001&lt;/div&gt;-built) M/V &amp;#x201c;EM Corfu&amp;#x201d; for a purchase price of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$5.66&lt;/div&gt; million.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;On &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; December 21, 2017 &lt;/div&gt;the Company acquired the intermediate containership (&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;5,610&lt;/div&gt; teu, &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2001&lt;/div&gt;-built) M/V &amp;#x201c;Akinada Bridge&amp;#x201d; for a purchase price of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$11.12&lt;/div&gt; million.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;On &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; August 2, 2019 &lt;/div&gt;the Company acquired the feeder containership (&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;1,740&lt;/div&gt; teu, &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2005&lt;/div&gt;-built) M/V &amp;#x201c;EM Hydra&amp;#x201d; and its attached time charter for a purchase price of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$6.73&lt;/div&gt; million.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;On &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; August 2, 2019 &lt;/div&gt;the Company acquired the feeder containership (&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2,008&lt;/div&gt; teu, &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;1998&lt;/div&gt;-built) M/V &amp;#x201c;Diamantis P&amp;#x201d; for a purchase price of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$5.22&lt;/div&gt; million.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;On &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; August 7, 2019 &lt;/div&gt;the Company acquired the feeder containership (&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;3,100&lt;/div&gt; teu, &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2007&lt;/div&gt;-built) M/V &amp;#x201c;EM Kea&amp;#x201d; and its attached time charter for a purchase price of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$9.48&lt;/div&gt; million.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt;  &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;On &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; August 7, 2019 &lt;/div&gt;the Company acquired the feeder containership (&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;1,740&lt;/div&gt; teu, &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2007&lt;/div&gt;-built) M/V &amp;#x201c;EM Spetses&amp;#x201d; and its attached time charter for a purchase price of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$7.57&lt;/div&gt; million.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;On &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; November 19, 2019 &lt;/div&gt;the Company acquired the intermediate containership (&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;4,253&lt;/div&gt; teu, &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2008&lt;/div&gt;-built) M/V &amp;#x201c;Synergy Antwerp&amp;#x201d; for a purchase price of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$10.11&lt;/div&gt; million.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;On &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; November 18, 2019 &lt;/div&gt;the Company acquired the intermediate containership (&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;4,253&lt;/div&gt; teu, &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2009&lt;/div&gt;-built) M/V &amp;#x201c;Synergy Keelung&amp;#x201d; for a purchase price of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$11.44&lt;/div&gt; million.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;On &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; November 19, 2019 &lt;/div&gt;the Company acquired the intermediate containership (&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;4,253&lt;/div&gt; teu, &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2009&lt;/div&gt;-built) M/V &amp;#x201c;Synergy Oakland&amp;#x201d; for a purchase price of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$10.50&lt;/div&gt; million.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;On &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; November 21, 2019 &lt;/div&gt;the Company acquired the intermediate containership (&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;4,253&lt;/div&gt; teu, &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2009&lt;/div&gt;-built) M/V &amp;#x201c;Synergy Busan&amp;#x201d; for a purchase price of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$10.17&lt;/div&gt; million.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;The Company performed the undiscounted cash flow test as of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; December 31, 2018 &lt;/div&gt;and &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2019&lt;/div&gt; for those operating vessels whose carrying values were above their respective market values and determined that the net book value of its vessels held for use was recoverable.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;All the Company&amp;#x2019;s vessels have been mortgaged as security for the Company&amp;#x2019;s loans (refer Note &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;8&lt;/div&gt;).&lt;/div&gt;&lt;/div&gt;</us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock>
  <us-gaap:PropertyPlantAndEquipmentGross contextRef="i_2017-12-31_PropertyPlantAndEquipmentByTypeAxis-VesselsMember" decimals="INF" id="c59839537" unitRef="iso4217-usd">61279976</us-gaap:PropertyPlantAndEquipmentGross>
  <us-gaap:PropertyPlantAndEquipmentGross contextRef="i_2018-12-31_PropertyPlantAndEquipmentByTypeAxis-VesselsMember" decimals="INF" id="c59839543" unitRef="iso4217-usd">61279976</us-gaap:PropertyPlantAndEquipmentGross>
  <us-gaap:PropertyPlantAndEquipmentGross contextRef="i_2019-12-31_PropertyPlantAndEquipmentByTypeAxis-VesselsMember" decimals="INF" id="c59839555" unitRef="iso4217-usd">132863067</us-gaap:PropertyPlantAndEquipmentGross>
  <us-gaap:PropertyPlantAndEquipmentNet contextRef="i_2017-12-31_PropertyPlantAndEquipmentByTypeAxis-VesselsMember" decimals="INF" id="c59839539" unitRef="iso4217-usd">52132079</us-gaap:PropertyPlantAndEquipmentNet>
  <us-gaap:PropertyPlantAndEquipmentNet contextRef="i_2018-12-31_PropertyPlantAndEquipmentByTypeAxis-VesselsMember" decimals="INF" id="c59839545" unitRef="iso4217-usd">48826128</us-gaap:PropertyPlantAndEquipmentNet>
  <us-gaap:PropertyPlantAndEquipmentNet contextRef="i_2019-12-31_PropertyPlantAndEquipmentByTypeAxis-VesselsMember" decimals="INF" id="c59839557" unitRef="iso4217-usd">116230333</us-gaap:PropertyPlantAndEquipmentNet>
  <us-gaap:PropertyPlantAndEquipmentNet contextRef="i_2018-12-31" decimals="INF" id="c59838648" unitRef="iso4217-usd">48826128</us-gaap:PropertyPlantAndEquipmentNet>
  <us-gaap:PropertyPlantAndEquipmentNet contextRef="i_2019-12-31" decimals="INF" id="c59838649" unitRef="iso4217-usd">116230333</us-gaap:PropertyPlantAndEquipmentNet>
  <us-gaap:PropertyPlantAndEquipmentTextBlock contextRef="d_2019-01-01_2019-12-31" id="c-4">&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;" cellspacing="0" cellpadding="0"&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="border-top: Black 1pt solid; width: 61%; font-weight: bold; padding-bottom: 1pt; text-indent: -21.3pt; padding-left: 21.3pt; border-bottom: Black 1pt solid"&gt;Balance, January 1, 2018&lt;/td&gt; &lt;td style="border-top: Black 1pt solid; width: 1%; font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-top: Black 1pt solid; width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-top: Black 1pt solid; width: 10%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;61,279,976&lt;/div&gt;&lt;/td&gt; &lt;td style="border-top: Black 1pt solid; width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-top: Black 1pt solid; width: 1%; font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-top: Black 1pt solid; width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-top: Black 1pt solid; width: 10%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(9,147,897&lt;/div&gt;&lt;/td&gt; &lt;td style="border-top: Black 1pt solid; width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;)&lt;/td&gt; &lt;td style="border-top: Black 1pt solid; width: 1%; font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-top: Black 1pt solid; width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-top: Black 1pt solid; width: 10%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;52,132,079&lt;/div&gt;&lt;/td&gt; &lt;td style="border-top: Black 1pt solid; width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt; text-indent: -21.3pt; padding-left: 21.3pt"&gt;-&amp;nbsp;&amp;nbsp;&amp;nbsp;Depreciation for the year&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;-&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(3,305,951&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;)&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(3,305,951&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;)&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt; text-indent: -21.3pt; padding-left: 21.3pt"&gt;Balance, December 31, 2018&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;61,279,976&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(12,453,848&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;)&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;48,826,128&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="text-align: left; text-indent: -21.3pt; padding-left: 21.3pt"&gt;-&amp;nbsp;&amp;nbsp;&amp;nbsp;Depreciation for the year&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;-&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(4,178,886&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;)&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(4,178,886&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;)&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="text-align: left; text-indent: -21.3pt; padding-left: 21.3pt"&gt;-&amp;nbsp;&amp;nbsp;&amp;nbsp;Vessel acquisitions&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;71,214,470&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;-&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;71,214,470&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt; text-indent: -21.3pt; padding-left: 21.3pt"&gt;-&amp;nbsp;&amp;nbsp;&amp;nbsp;Vessel improvements&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;368,621&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;-&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;368,621&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt; text-indent: -21.3pt; padding-left: 21.3pt"&gt;Balance, December 31, 2019&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;132,863,067&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(16,632,734&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;)&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;116,230,333&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;/table&gt;&lt;/div&gt;</us-gaap:PropertyPlantAndEquipmentTextBlock>
  <us-gaap:PropertyPlantAndEquipmentUsefulLife contextRef="d_2019-01-01_2019-12-31_PropertyPlantAndEquipmentByTypeAxis-VesselsMember" id="c59839339">P25Y</us-gaap:PropertyPlantAndEquipmentUsefulLife>
  <us-gaap:RelatedPartyTransactionAmountsOfTransaction contextRef="d_2017-01-01_2017-12-31_RelatedPartyTransactionAxis-VesselManagementFeesMember_RelatedPartyTransactionsByRelatedPartyAxis-EurobulkLtdMember" decimals="INF" id="c59839586" unitRef="iso4217-usd">2632637</us-gaap:RelatedPartyTransactionAmountsOfTransaction>
  <us-gaap:RelatedPartyTransactionAmountsOfTransaction contextRef="d_2018-01-01_2018-12-31_RelatedPartyTransactionAxis-VesselManagementFeesMember_RelatedPartyTransactionsByRelatedPartyAxis-EurobulkLtdMember" decimals="INF" id="c59839587" unitRef="iso4217-usd">3536094</us-gaap:RelatedPartyTransactionAmountsOfTransaction>
  <us-gaap:RelatedPartyTransactionAmountsOfTransaction contextRef="d_2019-01-01_2019-12-31_RelatedPartyTransactionAxis-VesselManagementFeesMember_RelatedPartyTransactionsByRelatedPartyAxis-EurobulkLtdMember" decimals="INF" id="c59839588" unitRef="iso4217-usd">3671335</us-gaap:RelatedPartyTransactionAmountsOfTransaction>
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  <us-gaap:RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesFromTransactionsWithRelatedParty contextRef="d_2019-01-01_2019-12-31" decimals="INF" id="c59842339" unitRef="iso4217-usd">1344250</us-gaap:RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesFromTransactionsWithRelatedParty>
  <us-gaap:RelatedPartyTransactionsDisclosureTextBlock contextRef="d_2019-01-01_2019-12-31" id="s1524747">&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"&gt;  &lt;tr style="vertical-align: top"&gt; &lt;td style="width: 0.5in"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;7.&lt;/div&gt;&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;Related Party Transactions&lt;/div&gt;&lt;/td&gt; &lt;/tr&gt;  &lt;/table&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;The Company&amp;#x2019;s vessel owning companies are parties to management agreements with the Manager which is controlled by members of the Pittas family, whereby the Manager provides technical and commercial vessel management for a fixed daily fee of Euro &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;685&lt;/div&gt; for each of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2017,&lt;/div&gt; &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2018&lt;/div&gt; and &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2019,&lt;/div&gt; under the Company&amp;#x2019;s Master Management Agreement (&amp;#x201c;MMA&amp;#x201d;). An additional fixed management fee (see below) is paid to the Manager for the provision of other management services. Vessel management fees paid to the Manager amounted to &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$2,632,637,&lt;/div&gt; &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$3,536,094&lt;/div&gt; and &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$3,671,335&lt;/div&gt; in &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2017,&lt;/div&gt; &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2018&lt;/div&gt; and &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2019,&lt;/div&gt; respectively, and are recorded in &amp;#x201c;Related party management fees&amp;#x201d; in the consolidated statements of operations.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;The Company&amp;#x2019;s MMA with Eurobulk provides for an annual adjustment of the daily management fee due to inflation to take effect &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; January 1 &lt;/div&gt;of each year. The vessel management fee for laid-up vessels is half of the daily fee for the period they are laid-up. The MMA, as periodically amended and restated, will automatically be extended after the initial &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;five&lt;/div&gt;-year period for an additional &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;five&lt;/div&gt;-year period unless terminated on or before the &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;90th&lt;/div&gt; day preceding the initial termination date. Pursuant to the MMA, each ship owning company has signed &amp;#x2013; and each future ship owning company when a vessel is acquired will sign - with the Manager, a management agreement with the rate and term of these agreements set in the MMA effective at such time.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;The MMA was amended and restated as of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; January 1, 2012 &lt;/div&gt;to provide for a &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;5%&lt;/div&gt; discount of the daily fixed vessel management fee for the period during which the number of the Euroseas-owned vessels (including vessels in which Euroseas is a part owner) managed by the Manager is greater than &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;20&lt;/div&gt; (&amp;#x201c;volume discount&amp;#x201d;). The daily fixed vessel management fee was adjusted to Euro &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;720&lt;/div&gt; per day per vessel in operation and Euro &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;360&lt;/div&gt; per day per vessel in lay-up before the &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;5%&lt;/div&gt; discount. The Company was entitled to the &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;5%&lt;/div&gt; discount for each of these years. The fee remained unchanged for the subsequent years starting &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; January 1, 2014, &lt;/div&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2015,&lt;/div&gt; &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2016,&lt;/div&gt; &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2017.&lt;/div&gt; The MMA was renewed as of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; January 1, 2014 &lt;/div&gt;for a new &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;five&lt;/div&gt; year term until &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; January 1, 2019.&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;The MMA was further renewed on &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; January 1, 2018 &lt;/div&gt;for an additional &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;five&lt;/div&gt; year term until &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; January 1, 2023 &lt;/div&gt;with the &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;5%&lt;/div&gt; volume discount permanently incorporated in the daily management fee and the daily fixed vessel management fee amounting to Euro &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;685&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; per day per vessel in operation and Euro &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;342.5&lt;/div&gt; for day per vessel in lay-up. The daily fixed vessel management fee remained unchanged for the year &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2019&lt;/div&gt; and will be adjusted annually for inflation in the Eurozone. The fee remains unchanged for &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2020.&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&amp;nbsp;&lt;/div&gt; &lt;!-- Field: Page; Sequence: 30; Value: 2 --&gt;   &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;In addition to the vessel management services, the Manager provides executive services to the Company. In &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2017&lt;/div&gt; and &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2018&lt;/div&gt; up to the Spin-off, compensation for such services to the Company as a public company was &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$2,000,000&lt;/div&gt; per annum for the Company pre Spin-off. The amount of such executive compensation allocated to the Company prior to the Spin-off was based on the proportion of the number of calendar days that related to Euroseas post Spin-off vessels to the number of days of the entire fleet of Euroseas. After the Spin-off, the annual compensation for such services was set at &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$1,250,000.&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;On &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; November 15, 2019, &lt;/div&gt;the Company signed an addendum adjusting the fixed annual executive compensation to &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$2,000,000&lt;/div&gt; to compensate the Manager for the increase in the fleet and certain management services provided by Synergy Marine Ltd., a company controlled by Andreas Papathomas and which became affiliated with the Company post-acquisition as a result of his appointment to the Board of Directors of the Company in &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; November 2019. &lt;/div&gt;As a result, for the year &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2019,&lt;/div&gt; the fixed cost was calculated at &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$1,250,000&lt;/div&gt; pro-rated for the period of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; January 1, 2019 &lt;/div&gt;until &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; November 15, 2019 &lt;/div&gt;and at &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$2,000,000&lt;/div&gt; for the period of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; November 16, 2019 &lt;/div&gt;until &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; December 31, 2019. &lt;/div&gt;The Company incurred costs of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$1,306,476,&lt;/div&gt; &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$1,561,126&lt;/div&gt; and &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$1,344,250&lt;/div&gt; in &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2017,&lt;/div&gt; &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2018&lt;/div&gt; and &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2019,&lt;/div&gt; respectively, which are recorded in &amp;#x201c;General and administrative expenses&amp;#x201d; in the consolidated statements of operations.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;Amounts due to or from related company represent net disbursements and collections made on behalf of the vessel-owning companies by the Management Company during the normal course of operations for which a right of off-set exists. As of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; December 31, 2018 &lt;/div&gt;and &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2019,&lt;/div&gt; the amounts due to related company were &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$2,672,895&lt;/div&gt; and &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$795,562,&lt;/div&gt; respectively. Based on the MMA between Euroseas Ltd. and Euroseas&amp;#x2019; ship owning subsidiaries and the Manager an estimate of the quarter&amp;#x2019;s operating expenses, expected dry-dock expenses, vessel management fee and fee for management executive services are to be advanced by the Company&amp;#x2019;s ship-owning subsidiaries in the beginning of each quarter to the Manager.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;On &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; September 30, 2019, &lt;/div&gt;the Company reached an agreement with a related party, Colby Trading Ltd., a company controlled by the Pittas family and affiliated with the Company&amp;#x2019;s Chief Executive Officer, to draw a &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$2.5&lt;/div&gt; million loan to finance the special survey and WBT system installation on M/V &amp;#x201c;Akinada Bridge&amp;#x201d;. The interest rate applied is &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;8%&lt;/div&gt; per annum. Interest on the loan is payable quarterly. For further details refer to Note &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;8&lt;/div&gt;-g.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;On &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; November 1, 2019, &lt;/div&gt;the Company entered into a &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;second&lt;/div&gt; agreement with Colby Trading Ltd., to draw another &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$2.5&lt;/div&gt; million loan to finance working capital needs. The interest rate applied is &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;8%&lt;/div&gt; per annum. Interest on the loan is payable quarterly. For further details refer to Note &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;8&lt;/div&gt;-g.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&amp;nbsp;&lt;/div&gt; &lt;!-- Field: Page; Sequence: 31; Value: 2 --&gt;   &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;The Company uses brokers for various services, as is industry practice. Eurochart S.A., an affiliated company controlled by certain members of the Pittas family, provides vessel sale and purchase services, and chartering services to the Company whereby the Company pays commission of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;1%&lt;/div&gt; of the vessel sales price and &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;1.25%&lt;/div&gt; of charter revenues. Commissions to Eurochart S.A. for vessel sales were &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$70,640,&lt;/div&gt; &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$64,500&lt;/div&gt; and &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;nil&lt;/div&gt; in &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2017,&lt;/div&gt; &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2018&lt;/div&gt; and &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2019,&lt;/div&gt; respectively, recorded in &amp;#x201c;Net gain on sale of vessels&amp;#x201d; in the consolidated statements of operations. A commission of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;1%&lt;/div&gt; of the purchase price is also paid to Eurochart S.A. by the seller of the vessel for the acquisitions the Company makes using Eurochart&amp;#x2019;s services. The Company withheld, on behalf of Eurochart, commissions of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$118,526,&lt;/div&gt; &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;nil&lt;/div&gt; and &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;nil&lt;/div&gt; in &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2017,&lt;/div&gt; &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2018&lt;/div&gt; and &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2019,&lt;/div&gt; respectively, for vessels the Company acquired. Commissions to Eurochart S.A. for chartering services were, &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$310,467,&lt;/div&gt; &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$453,361&lt;/div&gt; and &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$493,341&lt;/div&gt; in &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2017,&lt;/div&gt; &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2018&lt;/div&gt; and &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2019,&lt;/div&gt; respectively, recorded in &amp;#x201c;Commissions&amp;#x201d; in the consolidated statements of operations.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;Certain members of the Pittas family, together with another unrelated ship management company, have formed a joint venture with the insurance broker Sentinel Maritime Services Inc. (&amp;#x201c;Sentinel&amp;#x201d;); and with a crewing agent Technomar Crew Management Services Corp (&amp;#x201c;Technomar&amp;#x201d;). Technomar is a company owned by certain members of the Pittas family, together with &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;two&lt;/div&gt; other unrelated ship management companies. Sentinel is paid a commission on insurance premiums &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;not&lt;/div&gt; exceeding &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;5%;&lt;/div&gt; Technomar is paid a fee of about &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$50&lt;/div&gt; per crew member per month. Total fees charged by Sentinel and Technomar were &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$89,329&lt;/div&gt; and &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$101,394&lt;/div&gt; in &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2017,&lt;/div&gt; &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$118,684&lt;/div&gt; and &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$137,385&lt;/div&gt; in &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2018,&lt;/div&gt; and &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$106,749&lt;/div&gt; and &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$142,332&lt;/div&gt; in &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2019&lt;/div&gt; respectively.&amp;nbsp; These amounts are recorded in &amp;#x201c;Vessel operating expenses&amp;#x201d; in the consolidated statements of operations.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;In &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; August 2019, &lt;/div&gt;the Company completed the acquisition of the &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;four&lt;/div&gt; feeder containerships, owned by affiliates of the Pittas family including the Company&amp;#x2019;s CEO (see Note &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;1&lt;/div&gt;), for a consideration of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$28.2&lt;/div&gt; million that included a cash payment of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$15&lt;/div&gt; million and the issuance of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2,816,901&lt;/div&gt; common shares to the sellers. The vessels acquisition transactions were evaluated and approved by a special committee of independent members of the Board of Directors.&lt;/div&gt;&lt;/div&gt;</us-gaap:RelatedPartyTransactionsDisclosureTextBlock>
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  <us-gaap:RevenueRecognitionPolicyTextBlock contextRef="d_2019-01-01_2019-12-31" id="c59842360">&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;Revenue and expense recognition&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;Revenues are generated from time charters and voyage charters. Under a time charter agreement a contract is entered into for the use of a vessel for a specific period of time and a specified daily charter hire rate. Under a voyage charter agreement, a contract is made in the spot market for the use of a vessel for a specific voyage to transport a specified agreed upon cargo at a specified freight rate per ton or occasionally a lump sum amount.&amp;nbsp;Under a voyage charter agreement, the charter party generally has a minimum amount of cargo and the charterer is liable for any short loading of cargo or "dead" freight.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;In &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; February 2016, &lt;/div&gt;the FASB issued ASU &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;No.&lt;/div&gt; &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2016&lt;/div&gt;-&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;02,&lt;/div&gt; &amp;#x201c;Leases (Topic &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;842&lt;/div&gt;)&amp;#x201d;, which amends the existing accounting standard for lease accounting and adds additional disclosures about leasing arrangements. ASC &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;842&lt;/div&gt; requires lessees to recognize on the balance sheet the assets and liabilities for the rights and obligations created by most leases, while lessor accounting remains largely unchanged. ASC &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;842,&lt;/div&gt; as amended, subject to certain transition relief options, allows a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, or allows entities to elect &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;not&lt;/div&gt; to recast the comparative periods presented when transitioning to ASC &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;842&lt;/div&gt; and to recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. ASC &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;842&lt;/div&gt; also provides a practical expedient to lessors by class of underlying asset, to &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;not&lt;/div&gt; separate non lease components from the associated lease component, similar to the expedient provided for lessees, when the following criteria are met: i) the timing and pattern of transfer for the lease&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&amp;nbsp;&lt;/div&gt; &lt;!-- Field: Page; Sequence: 17; Value: 2 --&gt; &lt;table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"&gt;&lt;tr style="vertical-align: top"&gt;&lt;td style="text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;/div&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style=""&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;component is the same as those for the non-lease component associated with that lease component and (ii) the lease component, if accounted for separately, would be classified as an operating lease. ASC &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;842&lt;/div&gt; is effective for public entities with reporting periods beginning after &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; December 15, 2018, &lt;/div&gt;including interim periods within those fiscal periods. The Company adopted ASC &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;842&lt;/div&gt; for its reporting period commencing &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; January 1, 2019 &lt;/div&gt;and has elected to use the optional new transition method that results in initial recognition of a cumulative effect adjustment to retained earnings in the year of adoption. As a result, prior periods as reported by the Company, have &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;not&lt;/div&gt; been impacted by the adoption.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;A time charter is a contract for the use of a vessel for a specific period of time and a specified daily charter hire rate, which is generally payable in advance. Time charter revenue is recognized when a charter agreement exists, the vessel is made available to the charterer and collection of the related revenue is reasonably assured. As of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; December 31, 2019, &lt;/div&gt;all of the Company&amp;#x2019;s vessels are employed under time charters with remaining terms ranging from less than &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;one&lt;/div&gt; month to &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;12&lt;/div&gt; months based on the minimum duration of the time charter contracts and certain time charter contracts include renewal options for terms ranging from &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;8&lt;/div&gt; months to &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;23&lt;/div&gt; months. A time charter generally provides typical warranties and owner protective restrictions. The Company&amp;#x2019;s time charter agreements are classified as operating leases pursuant to ASC &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;842,&lt;/div&gt; because (i) the vessel is an identifiable asset, (ii) the Company does &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;not&lt;/div&gt; have substantive substitution rights and (iii) the charterer has the right to control the use of the vessel, during the term of the contract, and derives the economic benefits from such use. In a time charter contract, the Company is responsible for all the costs incurred for running the vessel such as crew costs, vessel insurance, repairs and maintenance and lubes. The charterer bears the voyage related costs such as bunker expenses, port charges and canal tolls during the hire period.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;As discussed above, the transition guidance associated with ASC &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;842&lt;/div&gt; allows for certain practical expedients to lessors. The Company elected &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;not&lt;/div&gt; to separate the lease and non-lease components included in the time charter revenue because the pattern of revenue recognition for the lease and non-lease components (included in the daily hire rate) is the same and the lease component, if accounted for separately, would be classified as an operating lease. The nature of the lease component and non-lease component that are combined as a result of applying the respective practical expedient are the hire rate for a bareboat charter as well as the compensation for expenses incurred running the vessel such as crewing expense, repairs, insurance, maintenance and lubricants, respectively. The lease component is the predominant component and the Company accounts for the combined component as an operating lease in accordance with Topic &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;842.&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt;&lt;table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"&gt;&lt;tr style="vertical-align: top"&gt;&lt;td style="text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;/div&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style=""&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;Both the lease component and non-lease component are earned by the passage of time. Since lessor accounting remains largely unchanged from previous U.S. GAAP, upon adoption of ASC &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;842,&lt;/div&gt; the timing and recognition of earnings from time charter contracts to which the Company is party did &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;not&lt;/div&gt; change from prior policy, with the exception of ballast bonuses which were recognized during the ballast leg while they are now deferred and recognized over time during the charter period. The performance obligations in a time charter contract are recognized on a straight-line basis over the term of the respective time charter agreements, beginning when the vessel is delivered to the charterer until it is redelivered back to the Company, and is recorded in &amp;#x201c;Time charter revenue&amp;#x201d; in the consolidated statements of operations for the years ended &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; December 31, 2017, &lt;/div&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2018&lt;/div&gt; and &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2019.&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&amp;nbsp;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;Voyage charter agreements are considered service contracts that fall under the provisions of ASC &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;606,&lt;/div&gt; because the Company as the shipowner retains the control over the operation of the vessel such as directing the routes taken or the vessel speed. The Company considered the provisions of ASC &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;842&lt;/div&gt; and determined that its voyage charter agreements do &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;not&lt;/div&gt; contain a lease because the charterer under such contracts does &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;not&lt;/div&gt; have the right to control the use of the vessel since the Company, as the ship-owner, retains control over the operations of the vessel, provided also that the terms are pre-determined and any change requires the Company&amp;#x2019;s consent.&amp;nbsp;The Company accounts for a voyage charter when all the following criteria are met: (i) the parties to the contract have approved the contract in the form of a written charter agreement or fixture recap and are committed to perform their respective obligations, (ii) the Company can identify each party&amp;#x2019;s rights regarding the services to be transferred, (iii) the Company can identify the payment terms for the services to be transferred, (iv) the charter agreement has commercial substance (that is, the risk, timing, or amount of the future cash flows is expected to change as a result of the contract) and (v) it is probable that the Company will collect substantially all of the consideration to which it will be entitled in exchange for the services that will be transferred to the charterer. The Company has determined that there is &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;one&lt;/div&gt; single performance obligation for each of its voyage contracts, which is to provide the charterer with an integrated transportation service within a specified time period. In addition, the Company has concluded that a contract for a voyage charter meets the criteria to recognize revenue over time because the charterer simultaneously receives and consumes the benefits of the Company&amp;#x2019;s performance as the Company performs. Therefore, since the Company&amp;#x2019;s performance obligation under each voyage contract is met evenly as the voyage progresses, revenue is recognized on a straight line basis over the voyage days from the loading of cargo to its discharge. The majority of revenue from voyage charter agreements is usually collected in advance.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;Demurrage income is included in Voyage charter revenues, represents revenue earned from the charterer when loading or discharging time exceeded the stipulated time in the voyage charter agreement and is recognized when earned and collection is reasonably assured. Demurrage income for the years ended &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; December 31, 2017, &lt;/div&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2018&lt;/div&gt; and &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2019&lt;/div&gt; was &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;not&lt;/div&gt; material.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;Charter fees received in advance are recorded as a liability (deferred revenue) until charter services are rendered.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -35.45pt"&gt;&amp;nbsp;&lt;/div&gt;&lt;table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"&gt;&lt;tr style="vertical-align: top"&gt;&lt;td style="text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;/div&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;div style=""&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;Vessel operating expenses are comprised of all expenses relating to the operation of the vessels, including crewing, insurance, repairs and maintenance, stores, lubricants, spares and consumables, professional and legal fees and miscellaneous expenses. Vessel operating expenses are recognized as incurred; payments in advance of services or use are recorded as prepaid expenses. Under voyage charter agreements, voyage expenses relate to bunkers, port charges, canal tolls, and agency fees and are all paid by the Company. Costs incurred prior to loading which are directly related to the voyage are deferred by the Company if they meet certain conditions, and are amortized over the duration of the voyage from load port to discharge port. Costs incurred during the voyage are expensed as incurred. Under time charter agreements, voyage expenses which are also recognized as incurred by the Company include costs for draft surveys, holds cleaning, postage, extra war risk insurance and other minor miscellaneous expenses related to the voyage. The charterer is responsible for paying the cost of bunkers and other voyage expenses whilst the vessel is on time charter. Certain voyage expenses paid by the Company, such as extra war risk insurance and holds cleaning &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; may &lt;/div&gt;be recovered from the charterer; such amounts recovered are recorded as other income within time charter revenue.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;Commissions (address and brokerage), regardless of charter type, are always paid by the Company, are deferred and amortized over the related charter period and are presented as a separate line item in revenues to arrive at net revenues in the accompanying consolidated statements of operations.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;</us-gaap:RevenueRecognitionPolicyTextBlock>
  <us-gaap:Revenues contextRef="d_2017-01-01_2017-12-31" decimals="INF" id="c59842214" unitRef="iso4217-usd">23759119</us-gaap:Revenues>
  <us-gaap:Revenues contextRef="d_2018-01-01_2018-12-31" decimals="INF" id="c59842215" unitRef="iso4217-usd">34424737</us-gaap:Revenues>
  <us-gaap:Revenues contextRef="d_2019-01-01_2019-12-31" decimals="INF" id="c59842216" unitRef="iso4217-usd">40023679</us-gaap:Revenues>
  <us-gaap:SalesCommissionsAndFees contextRef="d_2017-01-01_2017-12-31" decimals="INF" id="c59842210" unitRef="iso4217-usd">1318248</us-gaap:SalesCommissionsAndFees>
  <us-gaap:SalesCommissionsAndFees contextRef="d_2018-01-01_2018-12-31" decimals="INF" id="c59842211" unitRef="iso4217-usd">1844147</us-gaap:SalesCommissionsAndFees>
  <us-gaap:SalesCommissionsAndFees contextRef="d_2019-01-01_2019-12-31" decimals="INF" id="c59842212" unitRef="iso4217-usd">1745599</us-gaap:SalesCommissionsAndFees>
  <us-gaap:ScheduleOfAccruedLiabilitiesTableTextBlock contextRef="d_2019-01-01_2019-12-31" id="c-5">&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"&gt; &lt;tr style="vertical-align: bottom"&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: center"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;As of December 31, 2018&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;As of December 31, 2019&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom"&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3" style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3" style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="width: 66%; text-align: left; padding-left: 0.4pt"&gt;Accrued payroll expenses&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 14%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;93,404&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 14%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;231,093&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="text-align: left; padding-left: 0.4pt"&gt;Accrued interest expense&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;565,623&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;590,216&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="text-align: left; padding-left: 0.4pt"&gt;Accrued general and administrative expenses&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;348,761&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;111,720&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="text-align: left; padding-left: 0.4pt"&gt;Accrued commissions&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;39,545&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;67,682&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt; padding-left: 0.4pt"&gt;Other accrued expenses&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;254,472&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;724,610&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt; padding-left: 0.4pt"&gt;Total&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;1,301,805&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;1,725,321&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;/table&gt;&lt;/div&gt;</us-gaap:ScheduleOfAccruedLiabilitiesTableTextBlock>
  <us-gaap:ScheduleOfDebtInstrumentsTextBlock contextRef="d_2019-01-01_2019-12-31" id="c-6">&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;" cellspacing="0" cellpadding="0"&gt; &lt;tr style="vertical-align: bottom"&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold"&gt;Borrower&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;December 31, &lt;br /&gt; 2018&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;December 31, &lt;br /&gt; 2019&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="width: 61%; text-align: left"&gt;Noumea Shipping Ltd.&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 8%; text-align: center"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(a)&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 12%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;3,341,000&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 12%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;-&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="text-align: left"&gt;Gregos Shiping Ltd. &lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: center"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(b)&lt;/div&gt;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;4,150,000&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;-&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="text-align: left"&gt;Alterwall Business Inc. / Allendale Investments S.A. / Manolis Shipping Ltd. / Joanna Maritime Ltd. / Jonathan John Shipping Ltd. / Athens Shipping Ltd. / Oinousses Navigation Ltd. / Corfu Navigation Ltd. / Bridge Shipping Ltd. / Noumea Shipping Ltd. / Gregos Shiping Ltd.&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: center"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(c)&lt;/div&gt;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;30,000,000&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;37,650,000&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="text-align: left"&gt;Diamantis Shipowners Ltd.&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: center"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(d)&lt;/div&gt;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;-&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;3,507,220&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="text-align: left"&gt;Kea Shipowners Ltd. / Spetses Shipowners Ltd. / Hydra Shipowners Ltd.&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: center"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(e)&lt;/div&gt;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;-&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;12,050,000&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt"&gt;Antwerp Shipping Ltd. / Busan Shipping Ltd. / Keelung Shipping Ltd. / Oakland Shipping Ltd.&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: center; padding-bottom: 1pt"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(f)&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;-&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;32,000,000&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: center"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;&amp;nbsp;&lt;/div&gt;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;37,491,000&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;85,207,220&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt"&gt;Less: Current portion&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: center; padding-bottom: 1pt"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;&amp;nbsp;&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(5,212,000&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;)&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(12,541,840&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;)&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-bottom: 1pt"&gt;Long-term portion&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: center; padding-bottom: 1pt"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;&amp;nbsp;&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;32,279,000&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;72,665,380&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="text-align: left"&gt;Deferred charges, current portion&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: center"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;&amp;nbsp;&lt;/div&gt;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;125,357&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;246,520&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="text-align: left"&gt;Deferred charges, long-term portion&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: center"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;&amp;nbsp;&lt;/div&gt;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;237,848&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;477,595&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="text-align: left"&gt;Debt discount, current portion&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: center"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;&amp;nbsp;&lt;/div&gt;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;216,402&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;-&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt"&gt;Debt discount, long-term portion&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: center; padding-bottom: 1pt"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;&amp;nbsp;&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;324,603&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;-&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-bottom: 1pt"&gt;Long-term bank loans, current portion net of deferred charges and debt discount&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: center; padding-bottom: 1pt"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;&amp;nbsp;&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;4,870,241&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;12,295,320&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-bottom: 1pt"&gt;Long-term bank loans, long-term portion net of deferred charges and debt discount&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: center; padding-bottom: 1pt"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;&amp;nbsp;&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;31,716,549&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;72,187,785&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: center"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="font-weight: bold; text-align: left"&gt;Loan from related party, current&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: center"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt"&gt;Euroseas Ltd.&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: center; padding-bottom: 1pt"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(g)&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;-&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;5,000,000&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;/table&gt;&lt;/div&gt;</us-gaap:ScheduleOfDebtInstrumentsTextBlock>
  <us-gaap:ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock contextRef="d_2019-01-01_2019-12-31" id="c-12">&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;" cellspacing="0" cellpadding="0"&gt; &lt;tr style="vertical-align: bottom"&gt; &lt;td style="border-top: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; border-bottom: Black 1pt solid"&gt;Derivatives not designated as hedging instruments&lt;/td&gt; &lt;td style="border-left: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid"&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&amp;nbsp;&lt;/div&gt;&lt;/div&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;Location of gain (loss) recognized&lt;/div&gt;&lt;/div&gt;&lt;/td&gt; &lt;td style="border-top: Black 1pt solid; font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-left: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;Year Ended December 31, 2017&lt;/td&gt; &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-left: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;Year Ended December 31, 2018&lt;/td&gt; &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-left: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;Year Ended December 31, 2019&lt;/td&gt; &lt;td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 20%; text-align: left; padding-bottom: 1pt"&gt;Interest rate swap contract&amp;#x2013; Unrealized (loss) / gain&lt;/td&gt; &lt;td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 19%; text-align: left; padding-bottom: 1pt"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(Gain) / loss on derivativtes, net&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"&gt;&lt;/td&gt; &lt;td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 17%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(5,901&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"&gt;)&lt;/td&gt; &lt;td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 17%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;204,647&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 17%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;-&lt;/div&gt;&lt;/td&gt; &lt;td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; padding-bottom: 1pt"&gt;Interest rate swap contract&amp;nbsp;&amp;nbsp;- Realized &amp;nbsp;gain / (loss)&lt;/td&gt; &lt;td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;Gain / (loss) on derivatives, net&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;19,071&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(201,745&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;)&lt;/td&gt; &lt;td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(2,885&lt;/div&gt;&lt;/td&gt; &lt;td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left"&gt;)&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: left; padding-bottom: 1pt"&gt;Total &amp;nbsp;net gain / (loss) on interest rate swap contract&lt;/td&gt; &lt;td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;&amp;nbsp;&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;13,170&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2,902&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(2,885&lt;/div&gt;&lt;/td&gt; &lt;td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;)&lt;/td&gt; &lt;/tr&gt; &lt;/table&gt;&lt;/div&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;" cellspacing="0" cellpadding="0"&gt; &lt;tr style="vertical-align: bottom"&gt; &lt;td style="border-left: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: justify"&gt;FFA contracts not designated as hedging instruments&lt;/td&gt; &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-left: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: justify"&gt;Location of gain (loss) recognized&lt;/td&gt; &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-left: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold"&gt;Year Ended December 31, 2017&lt;/td&gt; &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-left: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold"&gt;Year Ended December 31, 2018&lt;/td&gt; &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-left: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3" style="border-right: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold"&gt;Year Ended December 31, 2019&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 21%; text-align: justify; padding-bottom: 1pt"&gt;FFA contracts &amp;#x2013; Unrealized loss&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 17%; text-align: left; padding-bottom: 1pt"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;Gain / (loss) on derivatives, net&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 17%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(781&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"&gt;)&lt;/td&gt; &lt;td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 17%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;-&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 17%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;-&lt;/div&gt;&lt;/td&gt; &lt;td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; padding-bottom: 1pt"&gt;FFA contracts &amp;#x2013; Realized loss&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;Gain / (loss) on derivatives, net&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;-&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(47,245&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;)&lt;/td&gt; &lt;td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;-&lt;/div&gt;&lt;/td&gt; &lt;td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: justify; padding-bottom: 1pt"&gt;Total loss on FFA contracts&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: justify; padding-bottom: 1pt"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;&amp;nbsp;&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(781&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;)&lt;/td&gt; &lt;td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(47,245&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;)&lt;/td&gt; &lt;td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;-&lt;/div&gt;&lt;/td&gt; &lt;td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;/table&gt;&lt;/div&gt;</us-gaap:ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock>
  <us-gaap:ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock contextRef="d_2019-01-01_2019-12-31" id="c-11">&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;" cellspacing="0" cellpadding="0"&gt; &lt;tr style="vertical-align: bottom"&gt; &lt;td style="border-top: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; border-bottom: Black 1pt solid"&gt;Derivatives not designated as hedging instruments&lt;/td&gt; &lt;td style="border-left: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid"&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;Balance Sheet Location&lt;/div&gt;&lt;/div&gt;&lt;/td&gt; &lt;td style="border-top: Black 1pt solid; padding-bottom: 1pt; border-bottom: Black 1pt solid"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-left: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"&gt;&amp;nbsp;&lt;/div&gt;&lt;/td&gt; &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;December 31, 2018&lt;/div&gt;&lt;/div&gt;&lt;/td&gt; &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&amp;nbsp;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt; &lt;td style="border-left: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;December 31, 2019&lt;/td&gt; &lt;td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom"&gt; &lt;td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 25%; text-align: left; padding-bottom: 1pt"&gt;Interest rate swap contract&lt;/td&gt; &lt;td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 24%; text-align: left; padding-bottom: 1pt"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;Current liabilities &amp;#x2013; Derivatives&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 22%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;41,435&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 22%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;-&lt;/div&gt;&lt;/td&gt; &lt;td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: left; padding-bottom: 1pt"&gt;Total derivative liabilities&lt;/td&gt; &lt;td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;&amp;nbsp;&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;41,435&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;-&lt;/div&gt;&lt;/td&gt; &lt;td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;/table&gt;&lt;/div&gt;</us-gaap:ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock>
  <us-gaap:ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsIncomeStatementBalanceSheetAndAdditionalDisclosuresTextBlock contextRef="d_2019-01-01_2019-12-31" id="c-16">&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;" cellspacing="0" cellpadding="0"&gt; &lt;tr style="vertical-align: bottom"&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3" style="text-align: center"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="font-weight: bold"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="7" style="font-weight: bold; text-align: center"&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;Year Ended December 31 &lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;(discontinued operations)&lt;/div&gt;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom"&gt; &lt;td style="border-bottom: Black 1pt solid"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;2017&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;2018&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;2019&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom"&gt; &lt;td style="font-weight: bold"&gt;Statement of Operations Data&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="7"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="width: 61%; text-align: left"&gt;Voyage revenue&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;20,280,215&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;25,934,204&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;-&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="text-align: left"&gt;Commissions (including, $253,503, $324,178 and nil respectively, to related party)&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(1,122,196&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;)&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(1,411,333&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;)&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;-&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="text-align: left"&gt;Voyage expenses&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(2,396,318&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;)&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(410,676&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;)&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;-&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="text-align: left"&gt;Vessel operating expenses (including, $102,131, $115,026 and nil, respectively, to related party)&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(6,892,388&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;)&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(9,183,152&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;)&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;-&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="text-align: left"&gt;Drydocking expenses&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(127,509&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;)&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(1,465,079&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;)&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;-&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="text-align: left"&gt;Related party management fees&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(1,409,716&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;)&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(1,701,340&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;)&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;-&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="text-align: left"&gt;Vessel depreciation&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(4,786,272&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;)&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(5,422,155&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;)&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;-&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="text-align: left"&gt;General and administrative expenses (including $693,524, $731,456 and nil, respectively, to related party)&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(917,160&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;)&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(2,346,502&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;)&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;-&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="font-weight: bold; text-align: left"&gt;Operating income&lt;/td&gt; &lt;td style="font-weight: bold"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="font-weight: bold; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2,628,656&lt;/div&gt;&lt;/td&gt; &lt;td style="font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="font-weight: bold"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="font-weight: bold; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;3,993,967&lt;/div&gt;&lt;/td&gt; &lt;td style="font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="font-weight: bold"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="font-weight: bold; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;-&lt;/div&gt;&lt;/td&gt; &lt;td style="font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="text-align: left"&gt;Total other expenses, net&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(1,778,955&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;)&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(2,874,232&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;)&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;-&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="font-weight: bold; text-align: left"&gt;Net income&lt;/td&gt; &lt;td style="font-weight: bold"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="font-weight: bold; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;849,701&lt;/div&gt;&lt;/td&gt; &lt;td style="font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="font-weight: bold"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="font-weight: bold; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;1,119,735&lt;/div&gt;&lt;/td&gt; &lt;td style="font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="font-weight: bold"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="font-weight: bold; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;-&lt;/div&gt;&lt;/td&gt; &lt;td style="font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="text-align: left"&gt;Dividend Series B Preferred Shares&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;-&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(565,229&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;)&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;-&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="font-weight: bold; text-align: left"&gt;Net income attributable to common shareholders&lt;/td&gt; &lt;td style="font-weight: bold"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="font-weight: bold; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;849,701&lt;/div&gt;&lt;/td&gt; &lt;td style="font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="font-weight: bold"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="font-weight: bold; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;554,506&lt;/div&gt;&lt;/td&gt; &lt;td style="font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="font-weight: bold"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="font-weight: bold; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;-&lt;/div&gt;&lt;/td&gt; &lt;td style="font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;/table&gt;&lt;/div&gt;</us-gaap:ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsIncomeStatementBalanceSheetAndAdditionalDisclosuresTextBlock>
  <us-gaap:ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock contextRef="d_2019-01-01_2019-12-31" id="c-9">&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;" cellspacing="0" cellpadding="0"&gt; &lt;tr style="vertical-align: bottom"&gt; &lt;td style="border-bottom: Black 1pt solid"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;2017&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;2018&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;2019&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="font-weight: bold; padding-left: 0.4pt"&gt;Income:&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="width: 61%; text-align: left; padding-left: 0.4pt"&gt;Net loss, continuing operations&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(6,944,261&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;)&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(663,396&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;)&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(1,682,671&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;)&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="text-align: left; padding-left: 0.4pt"&gt;Dividends to Series B preferred shares&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(1,808,811&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;)&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(1,335,733&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;)&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(1,271,782&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;)&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="text-align: left; padding-left: 0.4pt"&gt;Preferred deemed dividend&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;-&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;-&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(504,577&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;)&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="text-align: left; padding-left: 0.4pt"&gt;Net loss attributable to common shareholders, continuing operations&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(8,753,072&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;)&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(1,999,129&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;)&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(3,459,030&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;)&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="text-align: left; padding-left: 0.4pt"&gt;Weighted average common shares &amp;#x2013;outstanding , basic and diluted&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;1,383,440&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;1,414,775&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2,861,928&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="text-align: left; padding-left: 0.4pt"&gt;Basic and diluted loss per share, continuing operations&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(6.33&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;)&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(1.41&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;)&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(1.21&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;)&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="text-align: left; padding-left: 0.4pt"&gt;Net income attributable to common shareholders, discontinued operations&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;849,701&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;554,506&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;-&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="text-align: left; padding-left: 0.4pt"&gt;Net loss attributable to common shareholders&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(7,903,371&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;)&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(1,444,623&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;)&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(3,459,030&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;)&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="text-align: left; padding-left: 0.4pt"&gt;Basic and diluted loss per share&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(5.72&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;)&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(1.02&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;)&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(1.21&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;)&lt;/td&gt; &lt;/tr&gt; &lt;/table&gt;&lt;/div&gt;</us-gaap:ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock>
  <us-gaap:ScheduleOfInventoryCurrentTableTextBlock contextRef="d_2019-01-01_2019-12-31" id="c-3">&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"&gt; &lt;tr style="vertical-align: bottom"&gt; &lt;td style="border-bottom: Black 1pt solid"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;2018&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;2019&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="width: 74%"&gt;Lubricants&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;1,043,763&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;1,728,861&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td&gt;Victualing&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;79,965&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;160,303&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;Bunkers&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;580,663&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;-&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-indent: 0in"&gt;Total&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;1,704,391&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;1,889,164&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;/table&gt;&lt;/div&gt;</us-gaap:ScheduleOfInventoryCurrentTableTextBlock>
  <us-gaap:ScheduleOfNonvestedShareActivityTableTextBlock contextRef="d_2019-01-01_2019-12-31" id="c-8">&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;" cellspacing="0" cellpadding="0"&gt; &lt;tr style="vertical-align: bottom"&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold"&gt;Non-vested Shares&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;Shares&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"&gt;Weighted-Average Grant-Date Fair Value&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="border-bottom: Black 1pt solid; width: 62%; padding-bottom: 1pt"&gt;Non-vested on January 1, 2019&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 16%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;21,948&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 16%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;10.16&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;Granted&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;15,444&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;5.84&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;Vested&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(14,108&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;)&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;11.01&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;Non-vested on December 31, 2019&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;23,284&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;6.77&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;/table&gt;&lt;/div&gt;</us-gaap:ScheduleOfNonvestedShareActivityTableTextBlock>
  <us-gaap:ScheduleOfStockholdersEquityTableTextBlock contextRef="d_2019-01-01_2019-12-31" id="c-13">&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;" cellspacing="0" cellpadding="0"&gt; &lt;tr style="vertical-align: bottom"&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style=" text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&amp;nbsp;&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt 0"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;Number&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;of&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;Shares&lt;/div&gt;&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&amp;nbsp;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.2pt 0pt 0; text-align: right"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&amp;nbsp;&lt;/div&gt;&lt;/div&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.2pt 0pt 0; text-align: right"&gt;&amp;nbsp;&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.2pt 0pt 0; text-align: right"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;Preferred Shares&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.2pt 0pt 0; text-align: right"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;Amount&lt;/div&gt;&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.2pt 0pt 0; text-align: right"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&amp;nbsp;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.25in"&gt;&amp;nbsp;&lt;/div&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&amp;nbsp;&lt;/div&gt;&lt;/div&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"&gt;&amp;nbsp;&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;Dividends paid-in-kind&lt;/div&gt;&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&amp;nbsp;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style=" text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&amp;nbsp;&lt;/div&gt;&lt;/div&gt;&lt;div style=" text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"&gt;&amp;nbsp;&lt;/div&gt;&lt;div style=" text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"&gt;&amp;nbsp;&lt;/div&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in"&gt;&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;Total&lt;/div&gt;&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in"&gt;&lt;/div&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="border-bottom: Black 1pt solid; width: 48%; padding-bottom: 1pt"&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;Balance,&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;January 1, 2017&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;35,505&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;29,000,000&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;4,804,948&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;33,804,948&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt"&gt;Dividends declared&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;1,809&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;-&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;1,808,811&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;1,808,811&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;Balance,&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;December 31, 2017&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;37,314&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;29,000,000&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;6,613,759&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;35,613,759&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt"&gt;Dividends declared&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;1,333&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;-&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;1,335,733&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;1,335,733&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt"&gt;Shares distributed to EuroDry&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(19,042&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;)&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(14,500,000&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;)&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(3,692,131&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;)&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(18,192,131&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;)&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;Balance,&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;December 31, 2018&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;19,605&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;14,500,000&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;4,257,361&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;18,757,361&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt"&gt;Dividends declared&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;81&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;-&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;78,639&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;78,639&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;Redemption of shares&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(11,686&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;)&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(8,155,055&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;)&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(3,530,945&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;)&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;(11,686,000&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;)&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt"&gt;Preferred deemed dividend&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;-&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;504,577&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;-&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;504,577&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;Balance,&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;December 31, 2019&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;8,000&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;6,849,522&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;805,055&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;7,654,577&lt;/div&gt;&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;/tr&gt; &lt;/table&gt;&lt;/div&gt;</us-gaap:ScheduleOfStockholdersEquityTableTextBlock>
  <us-gaap:SchedulesOfConcentrationOfRiskByRiskFactorTextBlock contextRef="d_2019-01-01_2019-12-31" id="c-2">&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;" cellspacing="0" cellpadding="0"&gt; &lt;tr style="vertical-align: bottom"&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="font-weight: bold"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="11" style="font-weight: bold; text-align: center"&gt;Year ended December 31,&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom"&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold"&gt;Charterer&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;2017&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;2018&lt;/td&gt; &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"&gt;2019&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="width: 61%; font-weight: bold; text-align: left"&gt;CMA CGM, Marseille&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;34&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;%&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;51&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;%&lt;/td&gt; &lt;td style="width: 1%"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 10%; text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;24&lt;/div&gt;&lt;/td&gt; &lt;td style="width: 1%; text-align: left"&gt;%&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="font-weight: bold; text-align: left"&gt;New Golden Sea Shipping Pte. Ltd., Singapore&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;31&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;%&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;33&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;%&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;21&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;%&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="font-weight: bold; text-align: left"&gt;Hapag-Lloyd AG, Hamburg&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;-&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;-&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;16&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;%&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: White"&gt; &lt;td style="font-weight: bold; text-align: left"&gt;MSC Geneva&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;17&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;%&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;11&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;%&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;15&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;%&lt;/td&gt; &lt;/tr&gt; &lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt; &lt;td style="font-weight: bold"&gt;Maersk Line A/S&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;-&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;-&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: left"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="text-align: right"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;11&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: left"&gt;%&lt;/td&gt; &lt;/tr&gt; &lt;/table&gt;&lt;/div&gt;</us-gaap:SchedulesOfConcentrationOfRiskByRiskFactorTextBlock>
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  <us-gaap:ShareBasedCompensationOptionAndIncentivePlansPolicy contextRef="d_2019-01-01_2019-12-31" id="c59842366">&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;Stock incentive plan awards&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;Share-based compensation represents vested and non-vested restricted shares granted to officers and directors as well as to non-employees and are included in &amp;#x201c;General and administrative expenses&amp;#x201d; in the consolidated statements of operations. In &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; June 2018, &lt;/div&gt;the FASB issued ASU&amp;nbsp;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2018&lt;/div&gt;-&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;07,&lt;/div&gt; Improvements to Nonemployee Share-Based Payment Accounting (Topic &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;718&lt;/div&gt;). ASU&amp;nbsp;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2018&lt;/div&gt;-&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;07&lt;/div&gt; simplifies the accounting for share-based payments to nonemployees by aligning it with the accounting for share-based payments to employees, with certain exceptions. Following the adoption of this ASU, the shares to employees and directors as well as to non-employees are measured at their fair value equal to the market value of the Company's common stock on the grant date. The shares that do &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;not&lt;/div&gt; contain any future service vesting conditions are considered vested shares and the total fair value of such shares is expensed on the grant date. The shares that contain a time-based service vesting condition are considered non-vested shares on the grant date and the total fair value of such shares is recognized on a straight-line basis over the requisite service period. Prior to the adoption of this ASU, the fair value of the awards granted to non-employees was measured at the fair value at each reporting period until the non-vested shares vested and performance was complete.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;</us-gaap:ShareBasedCompensationOptionAndIncentivePlansPolicy>
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  <us-gaap:SignificantAccountingPoliciesTextBlock contextRef="d_2019-01-01_2019-12-31" id="s1524739">&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"&gt;  &lt;tr style="vertical-align: top"&gt; &lt;td style="text-align: justify; width: 0.5in"&gt;&lt;div style="display: inline; font-family: Symbol"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;Significant Accounting Policies&lt;/div&gt;&lt;/td&gt; &lt;/tr&gt;  &lt;/table&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;The accompanying consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America. The following are the significant accounting policies adopted by the Company:&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&amp;nbsp;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;Principles of consolidation&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;The accompanying consolidated financial statements include the accounts of Euroseas Ltd. and its subsidiaries. Inter-company balances and transactions are eliminated on consolidation.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;&amp;nbsp;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;Use of estimates&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -28.35pt"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;The preparation of the accompanying consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the consolidated financial statements, and the stated amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;Other comprehensive income / (loss)&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;The Company has &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;no&lt;/div&gt; other comprehensive income / (loss) and accordingly comprehensive income / (loss) equals net income / (loss) for all periods presented. As such, &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;no&lt;/div&gt; statement of comprehensive income / (loss) has been presented.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt"&gt;&amp;nbsp;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;Foreign currency translation&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;The Company&amp;#x2019;s functional currency as well as the functional currency of all its subsidiaries is the U.S. dollar. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars at exchange rates prevailing at the balance sheet date. Income and expenses denominated in foreign currencies are translated into U.S. dollars at exchange rates prevailing at the date of the transaction. The resulting exchange gains and/or losses on settlement or translation are included in the accompanying consolidated statements of operations.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&amp;nbsp;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;Cash equivalents&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;Cash equivalents are cash in bank accounts, time deposits or other certificates purchased with an original maturity of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;three&lt;/div&gt; months or less.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;Restricted cash&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;Restricted cash reflects deposits with certain banks that can only be used to pay the current loan installments or are required to be maintained as a certain minimum cash balance per mortgaged vessel and amounts that are pledged, blocked or held as cash collateral.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;/div&gt; &lt;!-- Field: Page; Sequence: 15; Value: 2 --&gt;   &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;Trade accounts receivable&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&amp;nbsp;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;The amount shown as trade accounts receivable, at each balance sheet date, includes estimated recoveries from each voyage or time charter. At each balance sheet date, the Company provides for doubtful accounts on the basis of specific identified doubtful receivables.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&amp;nbsp;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;Inventories&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;Inventories are stated at the lower of cost and net realizable value, which is the estimated selling prices less reasonably predictable costs of disposal and transportation. Inventories are valued using the FIFO (First-In First-Out) method.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;&amp;nbsp;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;Vessels&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;Vessels are stated at cost, which comprises the vessel contract price, costs of major repairs and improvements upon acquisition, direct delivery and other acquisition expenses, less accumulated depreciation and impairment, if any. Subsequent expenditures for conversions and major improvements are also capitalized when they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessels; otherwise these amounts are charged to expense as incurred. &lt;div style="display: inline; font-family: Times New Roman, Times, Serif"&gt;Vessels under construction are presented at cost, which includes shipyard installment payments and other vessel costs incurred during the construction period that are directly attributable to the construction of the vessels, including interest costs incurred during the construction period.&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;Expenditures for vessel repair and maintenance are charged against income in the period incurred.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;&amp;nbsp;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;Assets Held for Sale&amp;nbsp;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;&amp;nbsp;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;The Company &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; may &lt;/div&gt;dispose of certain of its vessels when suitable opportunities occur, including prior to the end of their useful lives. The Company classifies assets as being held for sale when the following criteria are met: (i) management is committed to sell the asset; (ii) the&amp;nbsp;asset is available for immediate sale in its present condition; (iii) an active program to locate a buyer and other actions required to complete the plan to sell the asset have been initiated; (iv) the sale of the asset is probable, and transfer of the asset is expected to qualify for recognition as a completed sale within &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;one&lt;/div&gt; year; (v) the asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and (vi) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;Long-lived assets classified as held for sale are measured at the lower of their carrying amount or fair value less&amp;nbsp;the&amp;nbsp;cost to sell&amp;nbsp;the asset. These assets are &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;no&lt;/div&gt; longer depreciated once they meet the criteria of being held for sale.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;/div&gt; &lt;!-- Field: Page; Sequence: 16; Value: 2 --&gt; &lt;/div&gt;      &lt;table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"&gt;    &lt;tr style="vertical-align: top"&gt;  &lt;td style="text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;/div&gt;&lt;/td&gt; &lt;/tr&gt;  &lt;/table&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;Depreciation&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;Depreciation is calculated on a straight line basis over the estimated useful life of the vessel with reference to the cost of the vessel, and estimated scrap value. Remaining useful lives of vessels are periodically reviewed and revised to recognize changes in conditions and such revisions, if any, are recognized over current and future periods. The Company estimates that its vessels have a useful life of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;25&lt;/div&gt; years from the completion of their construction. When regulations place limitations over the ability of a vessel to trade on a worldwide basis, its remaining useful life is adjusted at the date such regulations are adopted. The estimated salvage value of each vessel is &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$0.25&lt;/div&gt;&lt;/div&gt; per light weight ton as of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; December 31, 2019 &lt;/div&gt;and &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2018,&lt;/div&gt; which is based on the historical average demolition prices.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;&amp;nbsp;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;Insurance claims and insurance proceeds&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;Claims receivable are recorded on the accrual basis and represent the amounts to be received, net of deductibles incurred through each balance sheet date, for which recovery from insurance companies is probable and the claim is &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;not&lt;/div&gt; subject to litigation. Any remaining costs to complete the claims are included in accrued liabilities. Insurance proceeds are recorded according to type of claim that gives rise to the proceeds in the consolidated statements of operations and the consolidated statements of cash flow.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;&amp;nbsp;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;Revenue and expense recognition&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;Revenues are generated from time charters and voyage charters. Under a time charter agreement a contract is entered into for the use of a vessel for a specific period of time and a specified daily charter hire rate. Under a voyage charter agreement, a contract is made in the spot market for the use of a vessel for a specific voyage to transport a specified agreed upon cargo at a specified freight rate per ton or occasionally a lump sum amount.&amp;nbsp;Under a voyage charter agreement, the charter party generally has a minimum amount of cargo and the charterer is liable for any short loading of cargo or "dead" freight.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;In &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; February 2016, &lt;/div&gt;the FASB issued ASU &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;No.&lt;/div&gt; &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2016&lt;/div&gt;-&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;02,&lt;/div&gt; &amp;#x201c;Leases (Topic &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;842&lt;/div&gt;)&amp;#x201d;, which amends the existing accounting standard for lease accounting and adds additional disclosures about leasing arrangements. ASC &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;842&lt;/div&gt; requires lessees to recognize on the balance sheet the assets and liabilities for the rights and obligations created by most leases, while lessor accounting remains largely unchanged. ASC &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;842,&lt;/div&gt; as amended, subject to certain transition relief options, allows a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, or allows entities to elect &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;not&lt;/div&gt; to recast the comparative periods presented when transitioning to ASC &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;842&lt;/div&gt; and to recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. ASC &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;842&lt;/div&gt; also provides a practical expedient to lessors by class of underlying asset, to &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;not&lt;/div&gt; separate non lease components from the associated lease component, similar to the expedient provided for lessees, when the following criteria are met: i) the timing and pattern of transfer for the lease&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&amp;nbsp;&lt;/div&gt; &lt;!-- Field: Page; Sequence: 17; Value: 2 --&gt;   &lt;table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"&gt;    &lt;tr style="vertical-align: top"&gt;  &lt;td style="text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;/div&gt;&lt;/td&gt; &lt;/tr&gt;  &lt;/table&gt; &lt;div style=""&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;component is the same as those for the non-lease component associated with that lease component and (ii) the lease component, if accounted for separately, would be classified as an operating lease. ASC &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;842&lt;/div&gt; is effective for public entities with reporting periods beginning after &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; December 15, 2018, &lt;/div&gt;including interim periods within those fiscal periods. The Company adopted ASC &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;842&lt;/div&gt; for its reporting period commencing &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; January 1, 2019 &lt;/div&gt;and has elected to use the optional new transition method that results in initial recognition of a cumulative effect adjustment to retained earnings in the year of adoption. As a result, prior periods as reported by the Company, have &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;not&lt;/div&gt; been impacted by the adoption.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;A time charter is a contract for the use of a vessel for a specific period of time and a specified daily charter hire rate, which is generally payable in advance. Time charter revenue is recognized when a charter agreement exists, the vessel is made available to the charterer and collection of the related revenue is reasonably assured. As of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; December 31, 2019, &lt;/div&gt;all of the Company&amp;#x2019;s vessels are employed under time charters with remaining terms ranging from less than &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;one&lt;/div&gt; month to &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;12&lt;/div&gt; months based on the minimum duration of the time charter contracts and certain time charter contracts include renewal options for terms ranging from &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;8&lt;/div&gt; months to &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;23&lt;/div&gt; months. A time charter generally provides typical warranties and owner protective restrictions. The Company&amp;#x2019;s time charter agreements are classified as operating leases pursuant to ASC &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;842,&lt;/div&gt; because (i) the vessel is an identifiable asset, (ii) the Company does &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;not&lt;/div&gt; have substantive substitution rights and (iii) the charterer has the right to control the use of the vessel, during the term of the contract, and derives the economic benefits from such use. In a time charter contract, the Company is responsible for all the costs incurred for running the vessel such as crew costs, vessel insurance, repairs and maintenance and lubes. The charterer bears the voyage related costs such as bunker expenses, port charges and canal tolls during the hire period.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;As discussed above, the transition guidance associated with ASC &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;842&lt;/div&gt; allows for certain practical expedients to lessors. The Company elected &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;not&lt;/div&gt; to separate the lease and non-lease components included in the time charter revenue because the pattern of revenue recognition for the lease and non-lease components (included in the daily hire rate) is the same and the lease component, if accounted for separately, would be classified as an operating lease. The nature of the lease component and non-lease component that are combined as a result of applying the respective practical expedient are the hire rate for a bareboat charter as well as the compensation for expenses incurred running the vessel such as crewing expense, repairs, insurance, maintenance and lubricants, respectively. The lease component is the predominant component and the Company accounts for the combined component as an operating lease in accordance with Topic &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;842.&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt;  &lt;table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"&gt;    &lt;tr style="vertical-align: top"&gt;  &lt;td style="text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;/div&gt;&lt;/td&gt; &lt;/tr&gt;  &lt;/table&gt; &lt;div style=""&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;Both the lease component and non-lease component are earned by the passage of time. Since lessor accounting remains largely unchanged from previous U.S. GAAP, upon adoption of ASC &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;842,&lt;/div&gt; the timing and recognition of earnings from time charter contracts to which the Company is party did &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;not&lt;/div&gt; change from prior policy, with the exception of ballast bonuses which were recognized during the ballast leg while they are now deferred and recognized over time during the charter period. The performance obligations in a time charter contract are recognized on a straight-line basis over the term of the respective time charter agreements, beginning when the vessel is delivered to the charterer until it is redelivered back to the Company, and is recorded in &amp;#x201c;Time charter revenue&amp;#x201d; in the consolidated statements of operations for the years ended &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; December 31, 2017, &lt;/div&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2018&lt;/div&gt; and &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2019.&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&amp;nbsp;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;Voyage charter agreements are considered service contracts that fall under the provisions of ASC &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;606,&lt;/div&gt; because the Company as the shipowner retains the control over the operation of the vessel such as directing the routes taken or the vessel speed. The Company considered the provisions of ASC &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;842&lt;/div&gt; and determined that its voyage charter agreements do &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;not&lt;/div&gt; contain a lease because the charterer under such contracts does &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;not&lt;/div&gt; have the right to control the use of the vessel since the Company, as the ship-owner, retains control over the operations of the vessel, provided also that the terms are pre-determined and any change requires the Company&amp;#x2019;s consent.&amp;nbsp;The Company accounts for a voyage charter when all the following criteria are met: (i) the parties to the contract have approved the contract in the form of a written charter agreement or fixture recap and are committed to perform their respective obligations, (ii) the Company can identify each party&amp;#x2019;s rights regarding the services to be transferred, (iii) the Company can identify the payment terms for the services to be transferred, (iv) the charter agreement has commercial substance (that is, the risk, timing, or amount of the future cash flows is expected to change as a result of the contract) and (v) it is probable that the Company will collect substantially all of the consideration to which it will be entitled in exchange for the services that will be transferred to the charterer. The Company has determined that there is &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;one&lt;/div&gt; single performance obligation for each of its voyage contracts, which is to provide the charterer with an integrated transportation service within a specified time period. In addition, the Company has concluded that a contract for a voyage charter meets the criteria to recognize revenue over time because the charterer simultaneously receives and consumes the benefits of the Company&amp;#x2019;s performance as the Company performs. Therefore, since the Company&amp;#x2019;s performance obligation under each voyage contract is met evenly as the voyage progresses, revenue is recognized on a straight line basis over the voyage days from the loading of cargo to its discharge. The majority of revenue from voyage charter agreements is usually collected in advance.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;Demurrage income is included in Voyage charter revenues, represents revenue earned from the charterer when loading or discharging time exceeded the stipulated time in the voyage charter agreement and is recognized when earned and collection is reasonably assured. Demurrage income for the years ended &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; December 31, 2017, &lt;/div&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2018&lt;/div&gt; and &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2019&lt;/div&gt; was &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;not&lt;/div&gt; material.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;Charter fees received in advance are recorded as a liability (deferred revenue) until charter services are rendered.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -35.45pt"&gt;&amp;nbsp;&lt;/div&gt;  &lt;table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"&gt;    &lt;tr style="vertical-align: top"&gt;  &lt;td style="text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;/div&gt;&lt;/td&gt; &lt;/tr&gt;  &lt;/table&gt; &lt;div style=""&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;Vessel operating expenses are comprised of all expenses relating to the operation of the vessels, including crewing, insurance, repairs and maintenance, stores, lubricants, spares and consumables, professional and legal fees and miscellaneous expenses. Vessel operating expenses are recognized as incurred; payments in advance of services or use are recorded as prepaid expenses. Under voyage charter agreements, voyage expenses relate to bunkers, port charges, canal tolls, and agency fees and are all paid by the Company. Costs incurred prior to loading which are directly related to the voyage are deferred by the Company if they meet certain conditions, and are amortized over the duration of the voyage from load port to discharge port. Costs incurred during the voyage are expensed as incurred. Under time charter agreements, voyage expenses which are also recognized as incurred by the Company include costs for draft surveys, holds cleaning, postage, extra war risk insurance and other minor miscellaneous expenses related to the voyage. The charterer is responsible for paying the cost of bunkers and other voyage expenses whilst the vessel is on time charter. Certain voyage expenses paid by the Company, such as extra war risk insurance and holds cleaning &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; may &lt;/div&gt;be recovered from the charterer; such amounts recovered are recorded as other income within time charter revenue.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;Commissions (address and brokerage), regardless of charter type, are always paid by the Company, are deferred and amortized over the related charter period and are presented as a separate line item in revenues to arrive at net revenues in the accompanying consolidated statements of operations.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;Dry-docking and special survey expenses&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;Dry-docking and special survey expenses are expensed as incurred.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;&amp;nbsp;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;Pension and retirement benefit obligations &amp;#x2013; crew &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;The ship-owning companies contract the crews on board the vessels under short-term contracts (usually up to &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;9&lt;/div&gt; months). Accordingly, they are &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;not&lt;/div&gt; liable for any pension or post-retirement benefits.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;/div&gt; &lt;!-- Field: Page; Sequence: 20; Value: 2 --&gt;   &lt;table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"&gt;    &lt;tr style="vertical-align: top"&gt;  &lt;td style="text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;/div&gt;&lt;/td&gt; &lt;/tr&gt;  &lt;/table&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;Financing costs&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;Loan arrangement fees are deferred and amortized to interest expense over the duration of the underlying loan using the effective interest method. Unamortized fees relating to loans repaid or refinanced are expensed in the period the repayment or refinancing occurs.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;Offering expenses&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;Deferred offering expenses are charged against paid-in capital when financing is completed or expensed to &amp;#x201c;General and administrative expenses&amp;#x201d; in the consolidated statements of operations when the offering is aborted.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;&amp;nbsp;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;Fair value of above/below market time charters acquired&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;The Company records all identified tangible and intangible assets or any liabilities associated with the acquisition of a vessel at fair value. Where vessels are acquired with existing time charters, the Company determines the present value of the difference between: (i) the contractual charter rate and (ii) the prevailing market rate for a charter of equivalent duration. In discounting the charter rate differences in future periods, the Company uses its Weighted Average Cost of Capital (WACC) adjusted to account for the credit quality of the counterparties, as deemed necessary. The capitalized above-market (assets) and below-market (liabilities) charters are amortized as a reduction and increase, respectively, to time charter revenues over the remaining term of the assumed time charter.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;Stock incentive plan awards&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;Share-based compensation represents vested and non-vested restricted shares granted to officers and directors as well as to non-employees and are included in &amp;#x201c;General and administrative expenses&amp;#x201d; in the consolidated statements of operations. In &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; June 2018, &lt;/div&gt;the FASB issued ASU&amp;nbsp;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2018&lt;/div&gt;-&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;07,&lt;/div&gt; Improvements to Nonemployee Share-Based Payment Accounting (Topic &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;718&lt;/div&gt;). ASU&amp;nbsp;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2018&lt;/div&gt;-&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;07&lt;/div&gt; simplifies the accounting for share-based payments to nonemployees by aligning it with the accounting for share-based payments to employees, with certain exceptions. Following the adoption of this ASU, the shares to employees and directors as well as to non-employees are measured at their fair value equal to the market value of the Company's common stock on the grant date. The shares that do &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;not&lt;/div&gt; contain any future service vesting conditions are considered vested shares and the total fair value of such shares is expensed on the grant date. The shares that contain a time-based service vesting condition are considered non-vested shares on the grant date and the total fair value of such shares is recognized on a straight-line basis over the requisite service period. Prior to the adoption of this ASU, the fair value of the awards granted to non-employees was measured at the fair value at each reporting period until the non-vested shares vested and performance was complete.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&amp;nbsp;&lt;/div&gt; &lt;!-- Field: Page; Sequence: 21; Value: 2 --&gt; &lt;/div&gt;   &lt;table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"&gt;    &lt;tr style="vertical-align: top"&gt;  &lt;td style="text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;/div&gt;&lt;/td&gt; &lt;/tr&gt;  &lt;/table&gt; &lt;div style=""&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;Impairment of long-lived assets&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;&amp;nbsp;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;The Company reviews its long-lived assets held for use and their related intangible assets and liabilities for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; may &lt;/div&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;not&lt;/div&gt; be recoverable. If indicators of impairment are present, the Company performs an analysis of the future undiscounted net operating cash flows of the related long-lived assets. When the estimate of future undiscounted net operating cash flows, excluding interest charges, expected to be generated by the use and eventual disposition of the asset is less than its carrying amount, the Company evaluates the asset for an impairment loss. Measurement of the impairment loss is based on the fair value of the asset. In this respect, management regularly reviews the carrying amount of the vessels in connection with the estimated recoverable amount for each of the Company&amp;#x2019;s vessels.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&amp;nbsp;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;Derivative financial instruments&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;Derivative instruments are recorded in the balance sheet as either an asset or liability measured at its fair value with changes in the instruments' fair value recognized as either a component in other comprehensive income if specific hedge accounting criteria are met in accordance with guidance relating to &amp;#x201c;Derivatives and Hedging&amp;#x201d; or in earnings if hedging criteria are &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;not&lt;/div&gt; met.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;Preferred shares&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;Preferred shares are recorded at the initial consideration received less offering expenses and adjusted by including the redemption value of dividends paid in-kind. The Company recognizes changes in the redemption value of the preferred shares immediately as they occur and adjusts the carrying amount of the preferred shares to equal the redemption value at the end of each reporting period to that effect.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&amp;nbsp;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;Evaluation of purchase transactions&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;&amp;nbsp;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;When the Company enters into an acquisition transaction, it determines whether the acquisition transaction was for the purchase of an asset or a business based on the facts and circumstances of the transaction. In accordance with ASU &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;No.&lt;/div&gt; &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2017&lt;/div&gt;-&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;01,&lt;/div&gt; Business Combinations (Topic &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;805&lt;/div&gt;): Clarifying the Definition of a Business, if substantially all of the fair value of the gross assets acquired in an acquisition transaction are concentrated in a single identifiable asset or group of similar identifiable assets, then the set is &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;not&lt;/div&gt; a business. To be considered a business, a set must include an input and a substantive process that together significantly contributes to the ability to create an output. All assets acquired and liabilities assumed in a business combination are measured at their acquisition-date fair values. For asset acquisitions, the cost of the acquisition is allocated to individual assets and liabilities on a relative fair value basis. Acquisition costs associated with business combinations are expensed as incurred. Acquisition costs associated with asset acquisitions are capitalized.&lt;br style="clear: both" /&gt; &lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;/div&gt; &lt;!-- Field: Page; Sequence: 22; Value: 2 --&gt;   &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;Earnings / (loss) per common share&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;Basic earnings / (loss) per share is computed by dividing net income / (loss) attributable to common shareholders, after the deduction of dividends paid (in cash or in-kind) to preferred shareholders, by the weighted-average number of common shares outstanding during the period. The weighted-average number of common shares outstanding does &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;not&lt;/div&gt; include any potentially dilutive securities or any non-vested restricted shares of common stock. These non-vested restricted shares, although classified as issued and outstanding as of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; December 31, 2018 &lt;/div&gt;and &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2019,&lt;/div&gt; are considered contingently returnable until the restrictions lapse and will &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;not&lt;/div&gt; be included in the basic earnings / (loss) per share calculation until the shares are vested.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;Diluted earnings / (loss) per share gives effect to all potentially dilutive securities to the extent that they are dilutive, using the treasury stock method. The Company uses the treasury stock method for non-vested restricted shares, while for the preferred shares issued the Company uses the if-converted method to assess the dilutive effect.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;&amp;nbsp;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;Segment reporting&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;&amp;nbsp;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;The Company reports financial information and evaluates its operations by charter revenue and &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;not&lt;/div&gt; by the type of ship employment for its customers, i.e. voyage or time charters. The Company does &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;not&lt;/div&gt; use discrete financial information to evaluate the operating results for each such type of charter. Although revenue can be identified for these types of charters, management cannot and does &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;not&lt;/div&gt; identify expenses, profitability or other financial information for these charters. As a result, management, including the chief operating decision maker, reviews operating results solely by revenue per day and operating results of the fleet and thus the Company has determined that it operates under &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;one&lt;/div&gt; operating segment. Furthermore, when the Company charters a vessel to a charterer, the charterer is free to trade the vessel worldwide and, as a result, the disclosure of geographical information is impracticable.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&amp;nbsp;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;/div&gt;  &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;&lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;Recent accounting pronouncements&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic;"&gt;&amp;nbsp;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"&gt;In &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; June 2016, &lt;/div&gt;the FASB issued Accounting Standards Update (&amp;#x201c;ASU&amp;#x201d;) &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2016&lt;/div&gt;-&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;13,&lt;/div&gt; &amp;#x201c;Financial Instruments - Credit Losses (Topic &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;326&lt;/div&gt;): Measurement of Credit Losses on Financial Instruments&amp;#x201d;. The main objective of this update is to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. The amendments in this update replace the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The ASU requires a financial asset (or a group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial asset(s) to present the net carrying value at the amount expected to be collected on the financial asset. In &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; November 2018, &lt;/div&gt;FASB issued ASU &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2018&lt;/div&gt;-&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;19&lt;/div&gt; &amp;#x201c;Codification Improvements to Topic &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;326,&lt;/div&gt; Financial Instruments-Credit Losses&amp;#x201d;.&amp;nbsp;The amendments in this update clarify that operating lease receivables are &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;not&lt;/div&gt; within the scope of ASC &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;326&lt;/div&gt;-&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;20&lt;/div&gt; and should instead be accounted for under the new leasing standard, ASC &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;842.&lt;/div&gt;&amp;nbsp;For public business entities, the amendments in this update are effective for fiscal years beginning after &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; December 15, 2019, &lt;/div&gt;including interim periods within those fiscal years. Early application is permitted. The adoption of this ASU is &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;not&lt;/div&gt; expected to have a material effect on the Company&amp;#x2019;s consolidated financial statements and accompanying notes.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;In &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; August 2018, &lt;/div&gt;the FASB issued ASU &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2018&lt;/div&gt;-&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;13,&lt;/div&gt; &amp;#x201c;Fair Value Measurement (Topic &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;820&lt;/div&gt;): Disclosure Framework &amp;#x2013; Changes to the disclosure requirements for fair value measurement&amp;#x201d;. The amendments in this update modify the disclosure requirements on fair value measurements in Topic &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;820,&lt;/div&gt; Fair Value Measurement, based on the concepts in the Concepts Statement, including the consideration of costs and benefits. The amendments in this update are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; December 15, 2019. &lt;/div&gt;The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;3&lt;/div&gt; fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. Early adoption is permitted upon issuance of this update. An entity is permitted to early adopt any removed or modified disclosures upon issuance of this update and delay adoption of the additional disclosures until their effective date. The adoption of this ASU is &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;not&lt;/div&gt; expected to have a material effect on the Company&amp;#x2019;s consolidated financial statements and accompanying notes.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;</us-gaap:SignificantAccountingPoliciesTextBlock>
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  <us-gaap:StockholdersEquityNoteDisclosureTextBlock contextRef="d_2019-01-01_2019-12-31" id="s1524772">&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"&gt;  &lt;tr style="vertical-align: top"&gt; &lt;td style="width: 0.5in"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;18.&lt;/div&gt;&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;Common Stock&lt;/div&gt;&lt;/td&gt; &lt;/tr&gt;  &lt;/table&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;As per the Company&amp;#x2019;s Amended and Restated Articles of Incorporation, the Company is authorized to issue &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;200,000,000&lt;/div&gt; shares of common stock, par value &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$0.03&lt;/div&gt; per share.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;Each outstanding share of common stock is entitled to &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;one&lt;/div&gt; vote, either in person or by proxy, on all matters that &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; may &lt;/div&gt;be voted upon by their holders at meetings of the shareholders. Subject to preferences that &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; may &lt;/div&gt;be applicable to any outstanding preferred shares, holders of our common stock (i) have equal ratable rights to dividends from funds legally available therefore, if declared by the Board of Directors; (ii) are entitled to share ratably in all of the Company&amp;#x2019;s assets available for distribution upon liquidation, dissolution or winding up; and (iii) do &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;not&lt;/div&gt; have preemptive, subscription or conversion rights or redemption or sinking fund provisions. All issued shares of our common stock when issued will be fully paid for and non-assessable. The rights, preferences and privileges of holders of common shares are subject to the rights of the holders of any preferred shares which the Company has issued or &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; may &lt;/div&gt;issue in the future.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;During &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; January 2017, &lt;/div&gt;following the Company&amp;#x2019;s prospectus filed with the SEC on &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; December 20, 2016, &lt;/div&gt;as further supplemented by the prospectus dated &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; January 13, 2017, &lt;/div&gt;the Company issued and sold at-the-market (ATM) &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;37,723&lt;/div&gt; shares of common stock for gross proceeds net of commissions of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$0.6&lt;/div&gt; million.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;In addition, during the year ended &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; December 31, 2017, &lt;/div&gt;the Company issued &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;12,534&lt;/div&gt; common shares to the Company&amp;#x2019;s directors and officers and employees of the Manager in connection with its equity incentive plans (Note &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;11&lt;/div&gt;).&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;During &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; November 2018, &lt;/div&gt;following the Company&amp;#x2019;s prospectus supplement filed with the SEC on &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; December 20, 2016, &lt;/div&gt;as further supplemented by the prospectus dated &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; January 13, 2017 &lt;/div&gt;and &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; October 30, 2018, &lt;/div&gt;the Company issued and sold at-the-market (ATM) &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;139,509&lt;/div&gt; shares of common stock for gross proceeds net of commissions of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$2.0&lt;/div&gt; million.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&amp;nbsp;&lt;/div&gt;  &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;In addition, during the year ended &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; December 31, 2018, &lt;/div&gt;the Company issued &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;15,681&lt;/div&gt; common shares to the Company&amp;#x2019;s directors and officers and employees of the Manager in connection with its equity incentive plans (Note &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;11&lt;/div&gt;).&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;During &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; October 2019, &lt;/div&gt;following the Company&amp;#x2019;s prospectus supplement filed with the SEC on &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; December 20, 2016, &lt;/div&gt;as further supplemented by the prospectus dated &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; January 13, 2017, &lt;/div&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt; October 30, 2018 &lt;/div&gt;and &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; May 30, 2019, &lt;/div&gt;the Company issued and sold at-the-market (ATM) &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;144,727&lt;/div&gt; shares of common stock for gross proceeds net of commissions of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$0.9&lt;/div&gt; million.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;As further discussed in Note &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;1,&lt;/div&gt; during the year ended &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; December 31, 2019, &lt;/div&gt;the Company issued &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2,816,901&lt;/div&gt; common shares and &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;1,056,338&lt;/div&gt; common shares in connection with the Trinity/Diamantis Vessel Acquisition and the Synergy Vessel Acquisition.&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;In addition, during the year ended &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; December 31, 2019, &lt;/div&gt;the Company issued &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;15,444&lt;/div&gt; common shares to the Company&amp;#x2019;s directors and officers and employees of the Manager in connection with its equity incentive plans (Note &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;11&lt;/div&gt;).&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&amp;nbsp;&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;On &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; December 19, 2019, &lt;/div&gt;the Company announced that it has completed a &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;1&lt;/div&gt;-for- &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;8&lt;/div&gt; reverse stock split, effective at the close of trading on &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; December 18, 2019. &lt;/div&gt;The Company&amp;#x2019;s common shares began trading on a split-adjusted basis on &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; December 19, 2019.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;</us-gaap:StockholdersEquityNoteDisclosureTextBlock>
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  <us-gaap:SubsequentEventsTextBlock contextRef="d_2019-01-01_2019-12-31" id="s1524773">&lt;div style="display: inline; font-family: times new roman; font-size: 10pt"&gt;&lt;table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"&gt;  &lt;tr style="vertical-align: top"&gt; &lt;td style="width: 0"&gt;&lt;/td&gt; &lt;td style="width: 0.5in"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;19.&lt;/div&gt;&lt;/div&gt;&lt;/td&gt; &lt;td style="text-align: justify"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;Subsequent Events &lt;/div&gt;&lt;/td&gt; &lt;/tr&gt;  &lt;/table&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;The following events occurred after &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; December 31, 2019:&lt;/div&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;/div&gt; &lt;table style="font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0"&gt;  &lt;tr style="vertical-align: top"&gt; &lt;td style="width: 24px"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 24px; font-size: 10pt"&gt;&lt;div style="display: inline; font-size: 10pt"&gt;(a)&lt;/div&gt;&lt;/td&gt; &lt;td style="font-size: 10pt; text-align: justify"&gt;&lt;div style="display: inline; font-size: 10pt"&gt;In &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; January 2020, &lt;/div&gt;M/V EM Oinousses experienced an engine room fire while sailing off Mozambique carrying empty containers. The fire was extinguished without any injuries to the crew. The vessel is currently undergoing evaluation for the type of repairs required and is idle during the evaluations. It is expected that the Company&amp;#x2019;s insurance will cover the majority of the costs. It is possible that the vessel &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; may &lt;/div&gt;be scraped after the insurance process is complete.&lt;/div&gt;&lt;/td&gt; &lt;/tr&gt;  &lt;/table&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;table style="font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0"&gt;  &lt;tr style="vertical-align: top"&gt; &lt;td style="width: 24px"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 24px; font-size: 10pt"&gt;&lt;div style="display: inline; font-size: 10pt"&gt;(b)&lt;/div&gt;&lt;/td&gt; &lt;td style="font-size: 10pt; text-align: justify"&gt;&lt;div style="display: inline; font-size: 10pt"&gt;In &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; February 2020, &lt;/div&gt;we entered into an agreement to sell the M/V Manolis P for scrap. The vessel reached her destination port on &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; April 7, 2020, &lt;/div&gt;but so far has &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;not&lt;/div&gt; been delivered to her new owners due to COVID-&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;19&lt;/div&gt; restrictions and port lockdowns in the territory of arrival (Alang, India).&amp;nbsp; The scrap price has dropped since the date of the agreement to sell the M/V Manolis P, and the new buyers are now seeking to terminate the agreement on the basis that timely delivery did &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;not&lt;/div&gt; occur.&amp;nbsp; We are in the process of seeking a settlement with the new buyers.&lt;/div&gt;&lt;/td&gt; &lt;/tr&gt;  &lt;/table&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"&gt;&lt;/div&gt; &lt;table style="font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0"&gt;  &lt;tr style="vertical-align: top"&gt; &lt;td style="width: 24px; font-size: 10pt"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="width: 24px; font-size: 10pt"&gt;&lt;div style="display: inline; font-size: 10pt"&gt;(c)&lt;/div&gt;&lt;/td&gt; &lt;td style="font-size: 10pt; text-align: justify"&gt;&lt;div style="display: inline; font-size: 10pt"&gt;In &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; April 2020, &lt;/div&gt;the Company entered into &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;one&lt;/div&gt; interest rate swap with Eurobank for a notional amount of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;$30.0&lt;/div&gt; million, in order to manage interest costs and the risk associated with changing interest rates of the Company&amp;#x2019;s loans. Under the terms of the swap, Eurobank makes a quarterly payment to the Company equal to the &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;3&lt;/div&gt;-month LIBOR while the Company pays a fixed rate of &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;0.78%&lt;/div&gt; based on the notional amount. The SWAP is effective from &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; April 24, 2020 &lt;/div&gt;until &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; April 24, 2025.&lt;/div&gt;&lt;/div&gt;&lt;/td&gt; &lt;/tr&gt;  &lt;/table&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"&gt;&lt;/div&gt; &lt;div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"&gt;&amp;nbsp;&lt;/div&gt; &lt;table style="font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0"&gt;  &lt;tr style="vertical-align: top"&gt; &lt;td style="width: 24px"&gt;&amp;nbsp;&lt;/td&gt; &lt;td style="font-size: 10pt; width: 24px"&gt;&lt;div style="display: inline; font-size: 10pt"&gt;(d)&lt;/div&gt;&lt;/td&gt; &lt;td style="font-size: 10pt; text-align: justify"&gt;&lt;div style="display: inline; font-size: 10pt; color: #212529"&gt;&lt;div style="display: inline; font-weight: bold;"&gt;Coronavirus Outbreak:&lt;/div&gt;&amp;nbsp;On &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; March 11, 2020, &lt;/div&gt;the World Health Organization declared the &lt;div style="display: inline; font-style: italic; font: inherit;"&gt;2019&lt;/div&gt; Novel Coronavirus (the &amp;#x201c;COVID-&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;19&amp;#x201d;&lt;/div&gt;) outbreak a pandemic. In response to the outbreak, many countries, ports and organizations, including those where the Company conducts a large part of its operations, have implemented measures to combat the outbreak, such as quarantines and travel restrictions. Such measures have and will likely continue to cause severe trade disruptions. The extent to which COVID-&lt;div style="display: inline; font-style: italic; font: inherit;"&gt;19&lt;/div&gt; will impact the Company&amp;#x2019;s results of operations and financial condition will depend on future developments, which are highly uncertain and cannot be predicted, including new information which &lt;div style="display: inline; font-style: italic; font: inherit;"&gt; may &lt;/div&gt;emerge concerning the severity of the virus and the actions to contain or treat its impact, among others. 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    <link:footnote xlink:label="f-31-1" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:type="resource" xml:lang="en-US">On December 22, 2016, the supplemental agreement between Credit Agricole and Noumea Shipping Ltd., owner of M/V "Evridiki G" was signed in order to refinance the final quarterly instalment of $720,000 and the balloon payment of $6,360,000 originally due in December 2016. The borrower and the lender agreed to amend the repayment profile in respect of the loan of which $7,080,000 remained outstanding as of the date of the supplemental agreement and to extend the final maturity date to January 2018. The loan will be repaid with three repayments of $720,000 each, due in December 2016, in July 2017 and in January 2018 together with the balloon payment of $4,920,000 due in January 2018. On February 27, 2018, the Company signed and drew a term loan facility of $4,250,000 with Credit Agricole in order to partly refinance the existing indebtedness of M/V "Evridiki G" with the bank. The loan was payable in thirteen consecutive quarterly instalments of $303,000 each and a final instalment in the amount of $311,000. The margin of the loan was 3.00% above LIBOR. The loan was secured with the following: (i) first priority mortgages over M/V &amp;#8220;Evridiki G&amp;#8221; and collateral vessel (M/V "EM Astoria"), (ii) first assignment of earnings and insurance and (iii) other covenants and guarantees similar to the remaining loans of the Company. The Company completed the refinancing of the specific loan using its revolving loan facility with Eurobank Ergasias S.A., as explained in note (c) below.</link:footnote>
    <link:footnote xlink:label="f-31-2" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:type="resource" xml:lang="en-US">On June 15, 2017, the Company signed a term loan facility with Credit Agricole and on June 19, 2017 a loan of $4,750,000 was drawn by Gregos Shipping Ltd. to partly finance the acquisition of M/V "EM Astoria". The loan was payable in twenty or sixteen consecutive equal quarterly installments of $100,000 plus a balloon amount of $2,750,000 or $3,150,000. The margin of the loan was 2.65% above LIBOR. The loan was secured with (i) first priority mortgage over M/V "EM Astoria", (ii) first assignment of earnings and insurance of M/V "EM Astoria", (iii) a corporate guarantee of Euroseas Ltd. and other covenants and guarantees similar to remaining loans of the Company. The Company paid a loan arrangement fee of $50,000 in 2017 for this loan. The Company had also entered into a profit sharing agreement with Credit Agricole whereby it would share with the bank, 35% of the excess of the fair market value of the vessel over the outstanding loan when the vessel was sold or when the loan matured. As a result of the lender's entitlement to participate in the appreciation of the market value of the mortgaged vessel, the Company recognized a participation liability of an amount of $1,067,500 as of December 31, 2018, presented in "Vessel profit participation liability" in the consolidated balance sheets, with a corresponding debit to a debt discount account, presented contra to the loan balance. In addition, 35% of the cash flow after debt service would be set aside and be used to repay the balloon payment with any excess funds to be paid to the bank. The Company completed the refinancing of the specific loan in June 2019 using its revolving loan facility with Eurobank Ergasias S.A., as explained in note (c) below, with the final participation liability paid amounting to $950,000 included in the "Repayment of long-term bank loans and vessel profit participation liability" in the consolidated statement of cash flows. The portion of debt discount remaining unamortized at the time of the refinancing was written-off and presented as "Loss on debt extinguishment" in the consolidated statement of operations, partly offset by the lower amount of $950,000 at which the vessel profit participation liability was finally settled as described above.</link:footnote>
    <link:footnote xlink:label="f-31-3" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:type="resource" xml:lang="en-US">On November 21, 2018, the Company signed a reducing revolving credit facility with Eurobank Ergasias S.A (the "Lender") for an amount of up to $45,000,000. A loan of $30,000,000 was drawn on November 21, 2018 by Alterwall Business Inc., Allendale Investments S.A., Manolis Shipping Ltd., Joanna Maritime Ltd., Jonathan John Shipping Ltd., Athens Shipping Ltd., Oinousses Navigation Ltd., Corfu Navigation Ltd. and Bridge Shipping Ltd. to fully refinance all of the Company&amp;#8217;s existing facilities with this bank and provide working capital. The revolving tranche will be available for a period of 18 months from signing of the loan agreement for the purpose of partly financing new vessel acquisitions or providing working capital and can be renewed subject to the bank's approval and a fee to be determined. The loan is payable in 12 equal consecutive quarterly principal installments of $900,000 and the balance will be repaid through balloon payment of $19,200,000 together with the last principal installment in November 2021. Each quarterly principal instalment paid is added to the revolving tranche and may be redrawn. The interest rate margin is 3.90% over LIBOR, reduced from 4.40% as described below. The loan is secured with (i) first priority mortgages over M/V "Ninos&amp;#8221;, M/V &amp;#8220;Kuo Hsiung", M/V "Aegean Express", M/V "Manolis P." M/V "Joanna", M/V "EM Athens", M/V "EM Oinousses", M/V "EM Corfu" and M/V "Akinada Bridge", (ii) first assignment of earnings and insurance of the aforementioned vessels, (iii) a corporate guarantee of Euroseas Ltd. and other covenants and guarantees similar to the remaining loans of the Company. The Company has the option (at the Lender&amp;#8217;s absolute discretion) to substitute a mortgaged vessel by notifying the Lender in writing at least one (1) month prior to the intended substitution date, provided that: a) the substitute vessel is of a similar type, of the same or younger age, having the same or enhanced characteristics (including, without limitation, deadweight, lightweight, shipyard pedigree and technical specifications) and will be 100% owned by a shipowning company, incorporated in a jurisdiction acceptable to the Lender and owned by a ship owning company owned by the Company (directly or indirectly) and b) the new shipowning company provides a first preferred mortgage over the new vessel and a corporate guarantee in favor of the Lender and executes any other security documentation as may be requested by the Lender at its discretion. The Company paid loan arrangement fees of $300,000 within 2018 for this tranche.  On May 30, 2019, the Lender made available to the Company two new ship-related (M/V "EM Astoria" and M/V "Evridiki G") advances totaling $12.0 million or 55% of the aggregate market value of the two aforementioned vessels, with a simultaneous reduction of the margin of the loan, from 4.40% to 3.90% per annum. The borrower also agreed, during the remaining facility period, to reduce the amount held as cash collateral from $5.0 million to $1.0 million and release the balance in favor of the borrower. The loan was used to refinance the existing facilities of Noumea Shipping Ltd. and Gregos Shiping Ltd. and to provide working capital. The loan is payable in 16 equal consecutive quarterly principal installments of $375,000 and the balance will be repaid through a balloon payment of $6,000,000 together with the last principal installment in May 2023. The loan is secured with (i) first priority mortgages over M/V "Evridiki G" and M/V "EM Astoria", (ii) first assignment of earnings and insurance of the aforementioned vessels, (iii) a corporate guarantee of Euroseas Ltd. and other covenants and guarantees similar to the remaining loans of the Company. The Company paid a loan arrangement fee of $32,000 within 2019 for this tranche.   The security cover ratio covenant for the facility is set to 140%. The remaining $7,350,000 of the revolving facility, after including principal repayments up to December 31, 2019, remains available to the company in order to finance up to 55% of the market value of post 2001-built ships. The new tranches will be repaid through sixteen quarterly principal instalments with the amount of each such instalment being equal to such amount so that the balloon amount to be equal to 50% of the initially drawn relevant tranche. The undrawn amounts available under the revolving facility pay an annual commitment of 0.40% and any amount drawn will pay a 1% underwriting fee.</link:footnote>
    <link:footnote xlink:label="f-31-4" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:type="resource" xml:lang="en-US">On July 29, 2019, the Company signed a term loan facility with Piraeus Bank S.A. for an amount not exceeding the lesser between $4,000,000 and 90% of the scrap value pf M/V "Diamantis P". On July 31, 2019, a loan of $3,667,680 was drawn by Diamantis Shipping Ltd. to partly finance the acquisition of M/V "Diamantis P". The loan is payable in twelve equal consecutive quarterly instalments of $160,460 plus a balloon amount of $1,742,160 paid together with the last instalment in July 2022. The margin of the loan is 3.50% over LIBOR. The loan is secured with (i) first priority mortgage over M/V "Diamantis P", (ii) first assignment of earnings and insurance of M/V "Diamantis P", (iii) a corporate guarantee of Euroseas Ltd. and other covenants and guarantees similar to remaining loans of the Company. The Company paid a loan arrangement fee of $32,000 within 2019 for this loan. The security cover ratio covenant for the facility is set to 110% until the first anniversary of the drawdown date and 120% thereafter.</link:footnote>
    <link:footnote xlink:label="f-31-5" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:type="resource" xml:lang="en-US">On July 30, 2019, the Company signed a term loan facility with HSBC Bank plc. for an amount of $12,500,000. The loan was used to partly finance the acquisition of M/V "EM Hydra", M/V "EM Kea" and M/V "EM Spetses". The loan was drawn in tranches upon the delivery of each vessel to the Company with the last drawdown taking place on August 8, 2019.The loan is payable in fourteen consecutive equal quarterly installments of $450,000 and a balloon payment of $6,200,000 paid with the last instalment in February 2023. The loan bears interest at LIBOR plus a margin of 2.95%. The loan is secured with (i) first priority mortgages over M/V "EM Hydra", M/V "EM Kea" and M/V "EM Spetses" (ii) first assignment of earnings and insurance of the abovementioned vessels, (iii) a corporate guarantee of Euroseas Ltd. and other covenants and guarantees similar to the remaining loans of the Company. The Company paid loan arrangement fees of $62,500 within 2019 for this loan. The security cover ratio covenant for the facility is set to 130%.</link:footnote>
    <link:footnote xlink:label="f-31-6" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:type="resource" xml:lang="en-US">On November 8, 2019, the Company signed a term loan facility with Piraeus Bank S.A. for an amount of $32,000,000. The loan was used to partly finance the acquisition of M/V "Synergy Antwerp", M/V "Synergy Busan", M/V &amp;#8220;Synergy Keelung&amp;#8221; and M/V "Synergy Oakland". The loan was drawn in tranches upon the delivery of each vessel to the Company with the last drawdown taking place on November 18, 2019. The loan is payable in three consecutive equal quarterly instalments of $1,400,000 followed by thirteen consecutive equal quarterly instalments of $800,000 and a balloon payment of $17,400,000 paid with the last instalment. The loan bears interest at LIBOR plus a margin of 3.50%. The loan is secured with (i) first priority mortgages over M/V "Synergy Antwerp", M/V "Synergy Busan", M/V "Synergy Keelung" and M/V "Synergy Oakland" (ii) first assignment of earnings and insurance of the abovementioned vessels, (iii) a corporate guarantee of Euroseas Ltd. and other covenants and guarantees similar to the remaining loans of the Company. The Company paid loan arrangement fees of $352,000 within 2019 for this loan. The security cover ratio covenant for the facility is set to 125%.</link:footnote>
    <link:footnote xlink:label="f-31-7" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:type="resource" xml:lang="en-US">On September 30, 2019, Euroseas signed an agreement with Colby Trading Ltd., a company controlled by the Pittas family and affiliated with the Company's Chief Executive Officer, as further supplemented on December 20,2019 and March 30, 2020, to draw down a $2.5 million loan to finance the special survey and WBT system installation on M/V "Akinada Bridge". Interest on the loan is 8% per annum and is payable quarterly. Euroseas will repay the loan in four repayment instalments of a principal amount of $625,000 each. The first repayment instalment will be due on May 15, 2020 and the remaining three instalments will be paid on a quarterly basis thereafter and the loan will be paid in full by November 2020. Under certain circumstances, the Company can pay principal in equity, and the loan is convertible in common stock of the Company at the option of the lender at certain times. The first instalment of $312,500 payable on December 31,  2019 was waived by the lender and will be paid at the maturity of the loan. The Company paid $51,111 in interest for this loan for the fiscal year 2019.   On November 1, 2019, Euroseas signed a second agreement with Colby Trading Ltd. to draw another $2.5 million loan to finance working capital needs. Interest on the loan is 8% per annum and is payable quarterly. There are no principal repayments until December 31, 2020, when the loan matures. Under certain circumstances, the Company can pay principal in equity, and the loan is convertible in common stock of the Company at the option of the lender at certain times. The Company paid $33,333 in interest for this loan for the fiscal year 2019.</link:footnote>
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  <xsd:element abstract="true" id="esea_InterestRateContractsRealizedLossGainMember" name="InterestRateContractsRealizedLossGainMember" nillable="true" substitutionGroup="xbrli:item" type="nonnum:domainItemType" xbrli:periodType="duration"/>
  <xsd:element abstract="true" id="esea_InterestRateContractsUnrealizedLossGainMember" name="InterestRateContractsUnrealizedLossGainMember" nillable="true" substitutionGroup="xbrli:item" type="nonnum:domainItemType" xbrli:periodType="duration"/>
  <xsd:element abstract="true" id="esea_InterestRateSwapContractsFairValueMember" name="InterestRateSwapContractsFairValueMember" nillable="true" substitutionGroup="xbrli:item" type="nonnum:domainItemType" xbrli:periodType="duration"/>
  <xsd:element abstract="true" id="esea_InterestRateSwapWithEurobankMember" name="InterestRateSwapWithEurobankMember" nillable="true" substitutionGroup="xbrli:item" type="nonnum:domainItemType" xbrli:periodType="duration"/>
  <xsd:element abstract="true" id="esea_KeaShipownersLtdSpetsesShipownersLtdHydraShipownersLtdMember" name="KeaShipownersLtdSpetsesShipownersLtdHydraShipownersLtdMember" nillable="true" substitutionGroup="xbrli:item" type="nonnum:domainItemType" xbrli:periodType="duration"/>
  <xsd:element id="esea_LineOfCreditFacilityMaximumBorrowingAmountPercentOfScrapValueOfVessel" name="LineOfCreditFacilityMaximumBorrowingAmountPercentOfScrapValueOfVessel" nillable="true" substitutionGroup="xbrli:item" type="num:percentItemType" xbrli:periodType="instant"/>
  <xsd:element id="esea_LineOfCreditFacilityRemainingPercentOfVesselMarketValueToFinance" name="LineOfCreditFacilityRemainingPercentOfVesselMarketValueToFinance" nillable="true" substitutionGroup="xbrli:item" type="num:percentItemType" xbrli:periodType="instant"/>
  <xsd:element id="esea_LineOfCreditFacilityUnderwritingFeePercentage" name="LineOfCreditFacilityUnderwritingFeePercentage" nillable="true" substitutionGroup="xbrli:item" type="num:percentItemType" xbrli:periodType="duration"/>
  <xsd:element abstract="true" id="esea_LoanAgreementToFinanceAcquisitionOfMVEMAstoriaMember" name="LoanAgreementToFinanceAcquisitionOfMVEMAstoriaMember" nillable="true" substitutionGroup="xbrli:item" type="nonnum:domainItemType" xbrli:periodType="duration"/>
  <xsd:element id="esea_LongTermDebtExcludingRelatedPartyLoans" name="LongTermDebtExcludingRelatedPartyLoans" nillable="true" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" xbrli:balance="credit" xbrli:periodType="instant"/>
  <xsd:element id="esea_LongtermDebtCurrentGross" name="LongtermDebtCurrentGross" nillable="true" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" xbrli:balance="credit" xbrli:periodType="instant"/>
  <xsd:element id="esea_LongtermDebtNoncurrentGross" name="LongtermDebtNoncurrentGross" nillable="true" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" xbrli:balance="credit" xbrli:periodType="instant"/>
  <xsd:element abstract="true" id="esea_LubricantMember" name="LubricantMember" nillable="true" substitutionGroup="xbrli:item" type="nonnum:domainItemType" xbrli:periodType="duration"/>
  <xsd:element abstract="true" id="esea_LubricantsMember" name="LubricantsMember" nillable="true" substitutionGroup="xbrli:item" type="nonnum:domainItemType" xbrli:periodType="duration"/>
  <xsd:element abstract="true" id="esea_MVAggelikiPAndMVMonikaPMember" name="MVAggelikiPAndMVMonikaPMember" nillable="true" substitutionGroup="xbrli:item" type="nonnum:domainItemType" xbrli:periodType="duration"/>
  <xsd:element abstract="true" id="esea_MVAggelikiPMember" name="MVAggelikiPMember" nillable="true" substitutionGroup="xbrli:item" type="nonnum:domainItemType" xbrli:periodType="duration"/>
  <xsd:element abstract="true" id="esea_MVEMAstoriaMember" name="MVEMAstoriaMember" nillable="true" substitutionGroup="xbrli:item" type="nonnum:domainItemType" xbrli:periodType="duration"/>
  <xsd:element abstract="true" id="esea_MVMonikaPMember" name="MVMonikaPMember" nillable="true" substitutionGroup="xbrli:item" type="nonnum:domainItemType" xbrli:periodType="duration"/>
  <xsd:element abstract="true" id="esea_MVRTDagrMember" name="MVRTDagrMember" nillable="true" substitutionGroup="xbrli:item" type="nonnum:domainItemType" xbrli:periodType="duration"/>
  <xsd:element abstract="true" id="esea_MVSynergyAntwerpMember" name="MVSynergyAntwerpMember" nillable="true" substitutionGroup="xbrli:item" type="nonnum:domainItemType" xbrli:periodType="duration"/>
  <xsd:element abstract="true" id="esea_MVSynergyBusanMember" name="MVSynergyBusanMember" nillable="true" substitutionGroup="xbrli:item" type="nonnum:domainItemType" xbrli:periodType="duration"/>
  <xsd:element abstract="true" id="esea_MVSynergyKeelungMember" name="MVSynergyKeelungMember" nillable="true" substitutionGroup="xbrli:item" type="nonnum:domainItemType" xbrli:periodType="duration"/>
  <xsd:element abstract="true" id="esea_MVSynergyOaklandMember" name="MVSynergyOaklandMember" nillable="true" substitutionGroup="xbrli:item" type="nonnum:domainItemType" xbrli:periodType="duration"/>
  <xsd:element abstract="true" id="esea_MaerskLineASMember" name="MaerskLineASMember" nillable="true" substitutionGroup="xbrli:item" type="nonnum:domainItemType" xbrli:periodType="duration"/>
  <xsd:element abstract="true" id="esea_MezzanineEquityAbstract" name="MezzanineEquityAbstract" nillable="true" substitutionGroup="xbrli:item" type="xbrli:stringItemType" xbrli:periodType="duration"/>
  <xsd:element abstract="true" id="esea_MvAkinadaBridgeMember" name="MvAkinadaBridgeMember" nillable="true" substitutionGroup="xbrli:item" type="nonnum:domainItemType" xbrli:periodType="duration"/>
  <xsd:element abstract="true" id="esea_MvDiamantisMember" name="MvDiamantisMember" nillable="true" substitutionGroup="xbrli:item" type="nonnum:domainItemType" xbrli:periodType="duration"/>
  <xsd:element abstract="true" id="esea_MvEmAthensMember" name="MvEmAthensMember" nillable="true" substitutionGroup="xbrli:item" type="nonnum:domainItemType" xbrli:periodType="duration"/>
  <xsd:element abstract="true" id="esea_MvEmCorfuMember" name="MvEmCorfuMember" nillable="true" substitutionGroup="xbrli:item" type="nonnum:domainItemType" xbrli:periodType="duration"/>
  <xsd:element abstract="true" id="esea_MvEmHydraMember" name="MvEmHydraMember" nillable="true" substitutionGroup="xbrli:item" type="nonnum:domainItemType" xbrli:periodType="duration"/>
  <xsd:element abstract="true" id="esea_MvEmOinoussesMember" name="MvEmOinoussesMember" nillable="true" substitutionGroup="xbrli:item" type="nonnum:domainItemType" xbrli:periodType="duration"/>
  <xsd:element id="esea_NetGainLossOnSaleOfVesselsRelatedParty" name="NetGainLossOnSaleOfVesselsRelatedParty" nillable="true" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" xbrli:balance="credit" xbrli:periodType="duration"/>
  <xsd:element id="esea_NetIncomeLossAttributableToCommonShareholdersContinuingOperations" name="NetIncomeLossAttributableToCommonShareholdersContinuingOperations" nillable="true" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" xbrli:balance="credit" xbrli:periodType="duration"/>
  <xsd:element abstract="true" id="esea_NextTwoYearsMember" name="NextTwoYearsMember" nillable="true" substitutionGroup="xbrli:item" type="nonnum:domainItemType" xbrli:periodType="duration"/>
  <xsd:element abstract="true" id="esea_NoteToFinancialStatementDetailsTextual" name="NoteToFinancialStatementDetailsTextual" nillable="true" substitutionGroup="xbrli:item" type="xbrli:stringItemType" xbrli:periodType="duration"/>
  <xsd:element abstract="true" id="esea_NotesToFinancialStatements" name="NotesToFinancialStatements" nillable="true" substitutionGroup="xbrli:item" type="xbrli:stringItemType" xbrli:periodType="duration"/>
  <xsd:element abstract="true" id="esea_NotesToFinancialStatementsAbstract" name="NotesToFinancialStatementsAbstract" nillable="true" substitutionGroup="xbrli:item" type="xbrli:stringItemType" xbrli:periodType="duration"/>
  <xsd:element abstract="true" id="esea_NoumeaShippingLTDMember" name="NoumeaShippingLTDMember" nillable="true" substitutionGroup="xbrli:item" type="nonnum:domainItemType" xbrli:periodType="duration"/>
  <xsd:element id="esea_NumberOfKeyPeopleIssuedAwards" name="NumberOfKeyPeopleIssuedAwards" nillable="true" substitutionGroup="xbrli:item" type="xbrli:integerItemType" xbrli:periodType="instant"/>
  <xsd:element id="esea_NumberOfVesselsAcquired" name="NumberOfVesselsAcquired" nillable="true" substitutionGroup="xbrli:item" type="xbrli:integerItemType" xbrli:periodType="duration"/>
  <xsd:element id="esea_OfferingExpensesPolicyTextBlock" name="OfferingExpensesPolicyTextBlock" nillable="true" substitutionGroup="xbrli:item" type="nonnum:textBlockItemType" xbrli:periodType="duration"/>
  <xsd:element abstract="true" id="esea_OfficersAndDirectorsMember" name="OfficersAndDirectorsMember" nillable="true" substitutionGroup="xbrli:item" type="nonnum:domainItemType" xbrli:periodType="duration"/>
  <xsd:element abstract="true" id="esea_OrdinaryPreferredStockMember" name="OrdinaryPreferredStockMember" nillable="true" substitutionGroup="xbrli:item" type="nonnum:domainItemType" xbrli:periodType="duration"/>
  <xsd:element id="esea_OtherInvestmentFundsReleased" name="OtherInvestmentFundsReleased" nillable="true" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" xbrli:balance="debit" xbrli:periodType="duration"/>
  <xsd:element id="esea_OtherOperatingExpensesIncome" name="OtherOperatingExpensesIncome" nillable="true" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" xbrli:balance="credit" xbrli:periodType="duration"/>
  <xsd:element abstract="true" id="esea_OtherVesselOperatingExpensesMember" name="OtherVesselOperatingExpensesMember" nillable="true" substitutionGroup="xbrli:item" type="nonnum:domainItemType" xbrli:periodType="duration"/>
  <xsd:element id="esea_PaymentsForImprovementsOfPropertyPlantAndEquipment" name="PaymentsForImprovementsOfPropertyPlantAndEquipment" nillable="true" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" xbrli:balance="debit" xbrli:periodType="duration"/>
  <xsd:element id="esea_PaymentsForInvestmentInAffiliate" name="PaymentsForInvestmentInAffiliate" nillable="true" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" xbrli:balance="credit" xbrli:periodType="duration"/>
  <xsd:element id="esea_PercentOfCashFlowAfterDebtServiceSetAside" name="PercentOfCashFlowAfterDebtServiceSetAside" nillable="true" substitutionGroup="xbrli:item" type="num:percentItemType" xbrli:periodType="instant"/>
  <xsd:element id="esea_PercentSharedWithBankInExcessOfFairMarketValue" name="PercentSharedWithBankInExcessOfFairMarketValue" nillable="true" substitutionGroup="xbrli:item" type="num:percentItemType" xbrli:periodType="instant"/>
  <xsd:element id="esea_PercentageOfOutstandingPreferredStockRedeemed" name="PercentageOfOutstandingPreferredStockRedeemed" nillable="true" substitutionGroup="xbrli:item" type="num:percentItemType" xbrli:periodType="duration"/>
  <xsd:element id="esea_PercentageOfPreferredStockOutstanding" name="PercentageOfPreferredStockOutstanding" nillable="true" substitutionGroup="xbrli:item" type="num:percentItemType" xbrli:periodType="instant"/>
  <xsd:element abstract="true" id="esea_PiraeusBankSAMember" name="PiraeusBankSAMember" nillable="true" substitutionGroup="xbrli:item" type="nonnum:domainItemType" xbrli:periodType="duration"/>
  <xsd:element abstract="true" id="esea_PortChargesAndCanalDuesMember" name="PortChargesAndCanalDuesMember" nillable="true" substitutionGroup="xbrli:item" type="nonnum:domainItemType" xbrli:periodType="duration"/>
  <xsd:element id="esea_PreferredDeemedDividend" name="PreferredDeemedDividend" nillable="true" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" xbrli:balance="debit" xbrli:periodType="duration"/>
  <xsd:element id="esea_PreferredDividendsAccrued" name="PreferredDividendsAccrued" nillable="true" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" xbrli:balance="credit" xbrli:periodType="duration"/>
  <xsd:element id="esea_PreferredStockAdditionalCashDividendUnderSpecifiedConditionsPercentage" name="PreferredStockAdditionalCashDividendUnderSpecifiedConditionsPercentage" nillable="true" substitutionGroup="xbrli:item" type="num:percentItemType" xbrli:periodType="duration"/>
  <xsd:element id="esea_PreferredStockDeemedDividend" name="PreferredStockDeemedDividend" nillable="true" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" xbrli:balance="debit" xbrli:periodType="duration"/>
  <xsd:element id="esea_PreferredStockDistributed" name="PreferredStockDistributed" nillable="true" substitutionGroup="xbrli:item" type="xbrli:sharesItemType" xbrli:periodType="duration"/>
  <xsd:element abstract="true" id="esea_PreferredStockIssuedAsDividendsMember" name="PreferredStockIssuedAsDividendsMember" nillable="true" substitutionGroup="xbrli:item" type="nonnum:domainItemType" xbrli:periodType="duration"/>
  <xsd:element id="esea_PreferredStockRedemptionOfShares" name="PreferredStockRedemptionOfShares" nillable="true" substitutionGroup="xbrli:item" type="xbrli:sharesItemType" xbrli:periodType="duration"/>
  <xsd:element id="esea_PreferredStockRedemptionOfSharesValue" name="PreferredStockRedemptionOfSharesValue" nillable="true" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" xbrli:balance="debit" xbrli:periodType="duration"/>
  <xsd:element id="esea_PreferredStockSharesReceived" name="PreferredStockSharesReceived" nillable="true" substitutionGroup="xbrli:item" type="xbrli:sharesItemType" xbrli:periodType="duration"/>
  <xsd:element id="esea_PreferredStockValueDistributed" name="PreferredStockValueDistributed" nillable="true" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" xbrli:balance="debit" xbrli:periodType="duration"/>
  <xsd:element id="esea_PreferredStockVotingPercentageOfNumberOfSharesConvertibleOfCommonStock" name="PreferredStockVotingPercentageOfNumberOfSharesConvertibleOfCommonStock" nillable="true" substitutionGroup="xbrli:item" type="num:percentItemType" xbrli:periodType="instant"/>
  <xsd:element abstract="true" id="esea_ProfessionalAndLegalFeesMember" name="ProfessionalAndLegalFeesMember" nillable="true" substitutionGroup="xbrli:item" type="nonnum:domainItemType" xbrli:periodType="duration"/>
  <xsd:element id="esea_ProfitSharingAgreementPercentage" name="ProfitSharingAgreementPercentage" nillable="true" substitutionGroup="xbrli:item" type="num:percentItemType" xbrli:periodType="instant"/>
  <xsd:element abstract="true" id="esea_PurchaseOfVesselsMember" name="PurchaseOfVesselsMember" nillable="true" substitutionGroup="xbrli:item" type="nonnum:domainItemType" xbrli:periodType="duration"/>
  <xsd:element id="esea_PurchaseTransactionsPolicyTextBlock" name="PurchaseTransactionsPolicyTextBlock" nillable="true" substitutionGroup="xbrli:item" type="nonnum:textBlockItemType" xbrli:periodType="duration"/>
  <xsd:element id="esea_RelatedPartyAgreementTerm" name="RelatedPartyAgreementTerm" nillable="true" substitutionGroup="xbrli:item" type="xbrli:durationItemType" xbrli:periodType="duration"/>
  <xsd:element id="esea_RelatedPartyDebtCurrent" name="RelatedPartyDebtCurrent" nillable="true" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" xbrli:balance="credit" xbrli:periodType="instant"/>
  <xsd:element id="esea_RelatedPartyTransactionAmountsOfTransactionPerCrewMemberPerMonth" name="RelatedPartyTransactionAmountsOfTransactionPerCrewMemberPerMonth" nillable="true" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" xbrli:periodType="duration"/>
  <xsd:element id="esea_RelatedPartyTransactionCommissionOnPremiumMaximumPercentage" name="RelatedPartyTransactionCommissionOnPremiumMaximumPercentage" nillable="true" substitutionGroup="xbrli:item" type="num:percentItemType" xbrli:periodType="duration"/>
  <xsd:element id="esea_RelatedPartyTransactionCommissionPercentage" name="RelatedPartyTransactionCommissionPercentage" nillable="true" substitutionGroup="xbrli:item" type="num:percentItemType" xbrli:periodType="duration"/>
  <xsd:element id="esea_RelatedPartyTransactionDailyFeePerVesselPerDayInLayUp" name="RelatedPartyTransactionDailyFeePerVesselPerDayInLayUp" nillable="true" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" xbrli:periodType="duration"/>
  <xsd:element id="esea_RelatedPartyTransactionDailyFeePerVesselPerDayInOperation" name="RelatedPartyTransactionDailyFeePerVesselPerDayInOperation" nillable="true" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" xbrli:periodType="duration"/>
  <xsd:element id="esea_RelatedPartyTransactionDiscountPercentage" name="RelatedPartyTransactionDiscountPercentage" nillable="true" substitutionGroup="xbrli:item" type="num:percentItemType" xbrli:periodType="duration"/>
  <xsd:element abstract="true" id="esea_RepairsAndMaintenanceMember" name="RepairsAndMaintenanceMember" nillable="true" substitutionGroup="xbrli:item" type="nonnum:domainItemType" xbrli:periodType="duration"/>
  <xsd:element id="esea_RepaymentsOfLongtermDebtAndVesselProfitParticipationLiability" name="RepaymentsOfLongtermDebtAndVesselProfitParticipationLiability" nillable="true" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" xbrli:balance="credit" xbrli:periodType="duration"/>
  <xsd:element abstract="true" id="esea_ReverseStockSplitMember" name="ReverseStockSplitMember" nillable="true" substitutionGroup="xbrli:item" type="nonnum:domainItemType" xbrli:periodType="duration"/>
  <xsd:element abstract="true" id="esea_RevolvingLoanFacilityMember" name="RevolvingLoanFacilityMember" nillable="true" substitutionGroup="xbrli:item" type="nonnum:domainItemType" xbrli:periodType="duration"/>
  <xsd:element id="esea_ScheduleOfFutureAnnualLoanRepaymentsTableTextBlock" name="ScheduleOfFutureAnnualLoanRepaymentsTableTextBlock" nillable="true" substitutionGroup="xbrli:item" type="nonnum:textBlockItemType" xbrli:periodType="duration"/>
  <xsd:element id="esea_ScheduleOfVoyageVesselOperatingExpensesAndCommissionsTableTextBlock" name="ScheduleOfVoyageVesselOperatingExpensesAndCommissionsTableTextBlock" nillable="true" substitutionGroup="xbrli:item" type="nonnum:textBlockItemType" xbrli:periodType="duration"/>
  <xsd:element abstract="true" id="esea_SecondDebtAgreementFirstPaymentsMember" name="SecondDebtAgreementFirstPaymentsMember" nillable="true" substitutionGroup="xbrli:item" type="nonnum:domainItemType" xbrli:periodType="duration"/>
  <xsd:element abstract="true" id="esea_SecondDebtAgreementMember" name="SecondDebtAgreementMember" nillable="true" substitutionGroup="xbrli:item" type="nonnum:domainItemType" xbrli:periodType="duration"/>
  <xsd:element abstract="true" id="esea_SecondDebtAgreementSecondPaymentsMember" name="SecondDebtAgreementSecondPaymentsMember" nillable="true" substitutionGroup="xbrli:item" type="nonnum:domainItemType" xbrli:periodType="duration"/>
  <xsd:element abstract="true" id="esea_SecondSetOfQuarterlyPaymentsMember" name="SecondSetOfQuarterlyPaymentsMember" nillable="true" substitutionGroup="xbrli:item" type="nonnum:domainItemType" xbrli:periodType="duration"/>
  <xsd:element abstract="true" id="esea_SentinelMember" name="SentinelMember" nillable="true" substitutionGroup="xbrli:item" type="nonnum:domainItemType" xbrli:periodType="duration"/>
  <xsd:element id="esea_ServiceManagementCostsDailyFeeRelatedParty" name="ServiceManagementCostsDailyFeeRelatedParty" nillable="true" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" xbrli:balance="debit" xbrli:periodType="duration"/>
  <xsd:element id="esea_ShareBasedCompensationArrangementByShareBasedPaymentAwardedTerm" name="ShareBasedCompensationArrangementByShareBasedPaymentAwardedTerm" nillable="true" substitutionGroup="xbrli:item" type="xbrli:durationItemType" xbrli:periodType="duration"/>
  <xsd:element id="esea_SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantedInPeriodFairValue" name="SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantedInPeriodFairValue" nillable="true" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" xbrli:balance="credit" xbrli:periodType="duration"/>
  <xsd:element id="esea_ShareholdersOwnershipPercentage" name="ShareholdersOwnershipPercentage" nillable="true" substitutionGroup="xbrli:item" type="num:percentItemType" xbrli:periodType="instant"/>
  <xsd:element id="esea_SharesIssuedPercentOfOutsandingSharesOfTheCompany" name="SharesIssuedPercentOfOutsandingSharesOfTheCompany" nillable="true" substitutionGroup="xbrli:item" type="num:percentItemType" xbrli:periodType="duration"/>
  <xsd:element id="esea_ShipOwningCrewContractTerm" name="ShipOwningCrewContractTerm" nillable="true" substitutionGroup="xbrli:item" type="xbrli:durationItemType" xbrli:periodType="duration"/>
  <xsd:element abstract="true" id="esea_SparesAndConsumableStoresMember" name="SparesAndConsumableStoresMember" nillable="true" substitutionGroup="xbrli:item" type="nonnum:domainItemType" xbrli:periodType="duration"/>
  <xsd:element id="esea_SpinoffTransactionNumberOfCompanysCommonSharesExchangedForEachCommonShareOfEurodry" name="SpinoffTransactionNumberOfCompanysCommonSharesExchangedForEachCommonShareOfEurodry" nillable="true" substitutionGroup="xbrli:item" type="xbrli:sharesItemType" xbrli:periodType="instant"/>
  <xsd:element id="esea_SpinoffTransactionNumberOfEurodryCommonShareReceivedByCompanysShareholdersForEveryFiveCommonShares" name="SpinoffTransactionNumberOfEurodryCommonShareReceivedByCompanysShareholdersForEveryFiveCommonShares" nillable="true" substitutionGroup="xbrli:item" type="xbrli:sharesItemType" xbrli:periodType="instant"/>
  <xsd:element id="esea_StockIssuedDuringPeriodSharesRoundingOfStockSplit" name="StockIssuedDuringPeriodSharesRoundingOfStockSplit" nillable="true" substitutionGroup="xbrli:item" type="xbrli:sharesItemType" xbrli:periodType="duration"/>
  <xsd:element id="esea_StockIssuedDuringPeriodValueRoundingOfStockSplit" name="StockIssuedDuringPeriodValueRoundingOfStockSplit" nillable="true" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" xbrli:balance="credit" xbrli:periodType="duration"/>
  <xsd:element abstract="true" id="esea_SupplementalAgreementWithNoumeaShippingMember" name="SupplementalAgreementWithNoumeaShippingMember" nillable="true" substitutionGroup="xbrli:item" type="nonnum:domainItemType" xbrli:periodType="duration"/>
  <xsd:element abstract="true" id="esea_SynergyKeelungSynergyOaklandAndSynergyBusanMember" name="SynergyKeelungSynergyOaklandAndSynergyBusanMember" nillable="true" substitutionGroup="xbrli:item" type="nonnum:domainItemType" xbrli:periodType="duration"/>
  <xsd:element abstract="true" id="esea_SynergyVesselsMember" name="SynergyVesselsMember" nillable="true" substitutionGroup="xbrli:item" type="nonnum:domainItemType" xbrli:periodType="duration"/>
  <xsd:element abstract="true" id="esea_TCPMember" name="TCPMember" nillable="true" substitutionGroup="xbrli:item" type="nonnum:domainItemType" xbrli:periodType="duration"/>
  <xsd:element abstract="true" id="esea_TechnomarMember" name="TechnomarMember" nillable="true" substitutionGroup="xbrli:item" type="nonnum:domainItemType" xbrli:periodType="duration"/>
  <xsd:element abstract="true" id="esea_The17KeyPersonsMember" name="The17KeyPersonsMember" nillable="true" substitutionGroup="xbrli:item" type="nonnum:domainItemType" xbrli:periodType="duration"/>
  <xsd:element abstract="true" id="esea_The18KeyPersonsMember" name="The18KeyPersonsMember" nillable="true" substitutionGroup="xbrli:item" type="nonnum:domainItemType" xbrli:periodType="duration"/>
  <xsd:element abstract="true" id="esea_The2014PlanMember" name="The2014PlanMember" nillable="true" substitutionGroup="xbrli:item" type="nonnum:domainItemType" xbrli:periodType="duration"/>
  <xsd:element id="esea_TimeCharterRevenue" name="TimeCharterRevenue" nillable="true" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" xbrli:balance="credit" xbrli:periodType="duration"/>
  <xsd:element abstract="true" id="esea_VesselAcquisitionMember" name="VesselAcquisitionMember" nillable="true" substitutionGroup="xbrli:item" type="nonnum:domainItemType" xbrli:periodType="duration"/>
  <xsd:element abstract="true" id="esea_VesselManagementFeesMember" name="VesselManagementFeesMember" nillable="true" substitutionGroup="xbrli:item" type="nonnum:domainItemType" xbrli:periodType="duration"/>
  <xsd:element id="esea_VesselOperatingExpensesRelatedParty" name="VesselOperatingExpensesRelatedParty" nillable="true" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" xbrli:balance="debit" xbrli:periodType="duration"/>
  <xsd:element id="esea_VesselProfitParcitipationLiability" name="VesselProfitParcitipationLiability" nillable="true" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" xbrli:balance="credit" xbrli:periodType="instant"/>
  <xsd:element id="esea_VesselProfitParticipationLiabilityNoncurrent" name="VesselProfitParticipationLiabilityNoncurrent" nillable="true" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" xbrli:balance="credit" xbrli:periodType="instant"/>
  <xsd:element abstract="true" id="esea_VesselSalesMember" name="VesselSalesMember" nillable="true" substitutionGroup="xbrli:item" type="nonnum:domainItemType" xbrli:periodType="duration"/>
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</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.CAL
<SEQUENCE>23
<FILENAME>esea-20191231_cal.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION CALCULATION LINKBASE
<TEXT>
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<DOCUMENT>
<TYPE>EX-101.DEF
<SEQUENCE>24
<FILENAME>esea-20191231_def.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION DEFINITION LINKBASE
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</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>25
<FILENAME>esea-20191231_lab.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION LABEL LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII" standalone="no"?>
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  <link:roleRef roleURI="http://www.xbrl.org/2009/role/netLabel" xlink:href="http://www.xbrl.org/lrr/role/net-2009-12-16.xsd#netLabel" xlink:type="simple"/>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="esea-20191231.xsd#esea_DocumentAndEntityInformation" xlink:label="esea_DocumentAndEntityInformation" xlink:type="locator"/>
    <link:label xlink:label="esea_DocumentAndEntityInformation-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Document And Entity Information</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_DocumentAndEntityInformation" xlink:to="esea_DocumentAndEntityInformation-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherIncomeAndExpensesAbstract" xlink:label="us-gaap_OtherIncomeAndExpensesAbstract" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_OtherIncomeAndExpensesAbstract-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other income/(expenses)</link:label>
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    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativeNotionalAmount" xlink:label="us-gaap_DerivativeNotionalAmount" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_DerivativeNotionalAmount-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_DerivativeNotionalAmount</link:label>
    <link:label xlink:label="us-gaap_DerivativeNotionalAmount-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Derivative, Notional Amount</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DerivativeNotionalAmount" xlink:to="us-gaap_DerivativeNotionalAmount-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_CommonStockValueDistributed" xlink:label="esea_CommonStockValueDistributed" xlink:type="locator"/>
    <link:label xlink:label="esea_CommonStockValueDistributed-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">esea_CommonStockValueDistributed</link:label>
    <link:label xlink:label="esea_CommonStockValueDistributed-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Common Stock, Value, Distributed</link:label>
    <link:label xlink:label="esea_CommonStockValueDistributed-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents amount of common stock distributed.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_CommonStockValueDistributed" xlink:to="esea_CommonStockValueDistributed-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_NoteToFinancialStatementDetailsTextual" xlink:label="esea_NoteToFinancialStatementDetailsTextual" xlink:type="locator"/>
    <link:label xlink:label="esea_NoteToFinancialStatementDetailsTextual-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Note To Financial Statement Details Textual</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_NoteToFinancialStatementDetailsTextual" xlink:to="esea_NoteToFinancialStatementDetailsTextual-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_statement-statement-significant-accounting-policies-policies" xlink:label="esea_statement-statement-significant-accounting-policies-policies" xlink:type="locator"/>
    <link:label xlink:label="esea_statement-statement-significant-accounting-policies-policies-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Significant Accounting Policies</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_statement-statement-significant-accounting-policies-policies" xlink:to="esea_statement-statement-significant-accounting-policies-policies-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_statement-statement-note-1-basis-of-presentation-and-general-information-tables" xlink:label="esea_statement-statement-note-1-basis-of-presentation-and-general-information-tables" xlink:type="locator"/>
    <link:label xlink:label="esea_statement-statement-note-1-basis-of-presentation-and-general-information-tables-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Note 1 - Basis of Presentation and General Information</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_statement-statement-note-1-basis-of-presentation-and-general-information-tables" xlink:to="esea_statement-statement-note-1-basis-of-presentation-and-general-information-tables-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_statement-statement-note-3-inventories-tables" xlink:label="esea_statement-statement-note-3-inventories-tables" xlink:type="locator"/>
    <link:label xlink:label="esea_statement-statement-note-3-inventories-tables-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Note 3 - Inventories</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_statement-statement-note-3-inventories-tables" xlink:to="esea_statement-statement-note-3-inventories-tables-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_statement-statement-note-4-vessels-net-tables" xlink:label="esea_statement-statement-note-4-vessels-net-tables" xlink:type="locator"/>
    <link:label xlink:label="esea_statement-statement-note-4-vessels-net-tables-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Note 4 - Vessels, Net</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_statement-statement-note-4-vessels-net-tables" xlink:to="esea_statement-statement-note-4-vessels-net-tables-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_statement-statement-note-5-accrued-expenses-tables" xlink:label="esea_statement-statement-note-5-accrued-expenses-tables" xlink:type="locator"/>
    <link:label xlink:label="esea_statement-statement-note-5-accrued-expenses-tables-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Note 5 - Accrued Expenses</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_statement-statement-note-5-accrued-expenses-tables" xlink:to="esea_statement-statement-note-5-accrued-expenses-tables-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_statement-statement-note-8-longterm-bank-loans-tables" xlink:label="esea_statement-statement-note-8-longterm-bank-loans-tables" xlink:type="locator"/>
    <link:label xlink:label="esea_statement-statement-note-8-longterm-bank-loans-tables-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Note 8 - Long-term Bank Loans</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_statement-statement-note-8-longterm-bank-loans-tables" xlink:to="esea_statement-statement-note-8-longterm-bank-loans-tables-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_statement-statement-note-11-stock-incentive-plan-tables" xlink:label="esea_statement-statement-note-11-stock-incentive-plan-tables" xlink:type="locator"/>
    <link:label xlink:label="esea_statement-statement-note-11-stock-incentive-plan-tables-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Note 11 - Stock Incentive Plan</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_statement-statement-note-11-stock-incentive-plan-tables" xlink:to="esea_statement-statement-note-11-stock-incentive-plan-tables-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NondesignatedMember" xlink:label="us-gaap_NondesignatedMember" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_NondesignatedMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Not Designated as Hedging Instrument [Member]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NondesignatedMember" xlink:to="us-gaap_NondesignatedMember-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LiabilitiesNoncurrentAbstract" xlink:label="us-gaap_LiabilitiesNoncurrentAbstract" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_LiabilitiesNoncurrentAbstract-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Long-term liabilities</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesNoncurrentAbstract" xlink:to="us-gaap_LiabilitiesNoncurrentAbstract-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_statement-statement-note-12-loss-per-share-tables" xlink:label="esea_statement-statement-note-12-loss-per-share-tables" xlink:type="locator"/>
    <link:label xlink:label="esea_statement-statement-note-12-loss-per-share-tables-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Note 12 - Loss Per Share</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_statement-statement-note-12-loss-per-share-tables" xlink:to="esea_statement-statement-note-12-loss-per-share-tables-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_statement-statement-note-13-voyage-and-vessel-operating-expenses-tables" xlink:label="esea_statement-statement-note-13-voyage-and-vessel-operating-expenses-tables" xlink:type="locator"/>
    <link:label xlink:label="esea_statement-statement-note-13-voyage-and-vessel-operating-expenses-tables-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Note 13 - Voyage and Vessel Operating Expenses</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_statement-statement-note-13-voyage-and-vessel-operating-expenses-tables" xlink:to="esea_statement-statement-note-13-voyage-and-vessel-operating-expenses-tables-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncomeTaxDisclosureTextBlock" xlink:label="us-gaap_IncomeTaxDisclosureTextBlock" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_IncomeTaxDisclosureTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Income Tax Disclosure [Text Block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeTaxDisclosureTextBlock" xlink:to="us-gaap_IncomeTaxDisclosureTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_statement-statement-note-14-derivative-financial-instruments-tables" xlink:label="esea_statement-statement-note-14-derivative-financial-instruments-tables" xlink:type="locator"/>
    <link:label xlink:label="esea_statement-statement-note-14-derivative-financial-instruments-tables-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Note 14 - Derivative Financial Instruments</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_statement-statement-note-14-derivative-financial-instruments-tables" xlink:to="esea_statement-statement-note-14-derivative-financial-instruments-tables-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_statement-statement-note-15-preferred-shares-tables" xlink:label="esea_statement-statement-note-15-preferred-shares-tables" xlink:type="locator"/>
    <link:label xlink:label="esea_statement-statement-note-15-preferred-shares-tables-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Note 15 - Preferred Shares</link:label>
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    <link:loc xlink:href="esea-20191231.xsd#esea_DisposalGroupIncludingDiscontinuedOperationDrydockingExpenses" xlink:label="esea_DisposalGroupIncludingDiscontinuedOperationDrydockingExpenses" xlink:type="locator"/>
    <link:label xlink:label="esea_DisposalGroupIncludingDiscontinuedOperationDrydockingExpenses-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">esea_DisposalGroupIncludingDiscontinuedOperationDrydockingExpenses</link:label>
    <link:label xlink:label="esea_DisposalGroupIncludingDiscontinuedOperationDrydockingExpenses-label" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Drydocking expenses</link:label>
    <link:label xlink:label="esea_DisposalGroupIncludingDiscontinuedOperationDrydockingExpenses-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Amount of Drydocking expenses attributable to disposal group, including, but not limited to, discontinued operation.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_DisposalGroupIncludingDiscontinuedOperationDrydockingExpenses" xlink:to="esea_DisposalGroupIncludingDiscontinuedOperationDrydockingExpenses-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_statement-statement-note-16-financial-instruments-tables" xlink:label="esea_statement-statement-note-16-financial-instruments-tables" xlink:type="locator"/>
    <link:label xlink:label="esea_statement-statement-note-16-financial-instruments-tables-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Note 16 - Financial Instruments</link:label>
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    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_HedgingDesignationAxis" xlink:label="us-gaap_HedgingDesignationAxis" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_HedgingDesignationAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Hedging Designation [Axis]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_HedgingDesignationAxis" xlink:to="us-gaap_HedgingDesignationAxis-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_DisposalGroupIncludingDiscontinuedOperationManagementFees" xlink:label="esea_DisposalGroupIncludingDiscontinuedOperationManagementFees" xlink:type="locator"/>
    <link:label xlink:label="esea_DisposalGroupIncludingDiscontinuedOperationManagementFees-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">esea_DisposalGroupIncludingDiscontinuedOperationManagementFees</link:label>
    <link:label xlink:label="esea_DisposalGroupIncludingDiscontinuedOperationManagementFees-label" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Related party management fees</link:label>
    <link:label xlink:label="esea_DisposalGroupIncludingDiscontinuedOperationManagementFees-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Amount of management fees attributable to disposal group, including, but not limited to, discontinued operation.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_DisposalGroupIncludingDiscontinuedOperationManagementFees" xlink:to="esea_DisposalGroupIncludingDiscontinuedOperationManagementFees-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_statement-statement-note-17-discontinued-operations-tables" xlink:label="esea_statement-statement-note-17-discontinued-operations-tables" xlink:type="locator"/>
    <link:label xlink:label="esea_statement-statement-note-17-discontinued-operations-tables-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Note 17 - Discontinued Operations</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_statement-statement-note-17-discontinued-operations-tables" xlink:to="esea_statement-statement-note-17-discontinued-operations-tables-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_HedgingDesignationDomain" xlink:label="us-gaap_HedgingDesignationDomain" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_HedgingDesignationDomain-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Hedging Designation [Domain]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_HedgingDesignationDomain" xlink:to="us-gaap_HedgingDesignationDomain-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LiabilitiesCurrent" xlink:label="us-gaap_LiabilitiesCurrent" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_LiabilitiesCurrent-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_LiabilitiesCurrent</link:label>
    <link:label xlink:label="us-gaap_LiabilitiesCurrent-label" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total current liabilities</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesCurrent" xlink:to="us-gaap_LiabilitiesCurrent-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_statement-statement-note-1-basis-of-presentation-and-general-information-charterers-individually-accounted-for-more-than-10-of-the-companys-voyage-and-time-charter-revenues-details" xlink:label="esea_statement-statement-note-1-basis-of-presentation-and-general-information-charterers-individually-accounted-for-more-than-10-of-the-companys-voyage-and-time-charter-revenues-details" xlink:type="locator"/>
    <link:label xlink:label="esea_statement-statement-note-1-basis-of-presentation-and-general-information-charterers-individually-accounted-for-more-than-10-of-the-companys-voyage-and-time-charter-revenues-details-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Note 1 - Basis of Presentation and General Information - Charterers Individually Accounted for More than 10% of the Company's Voyage and Time Charter Revenues (Details)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_statement-statement-note-1-basis-of-presentation-and-general-information-charterers-individually-accounted-for-more-than-10-of-the-companys-voyage-and-time-charter-revenues-details" xlink:to="esea_statement-statement-note-1-basis-of-presentation-and-general-information-charterers-individually-accounted-for-more-than-10-of-the-companys-voyage-and-time-charter-revenues-details-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_DisposalGroupIncludingDiscontinuedOperationCommissions" xlink:label="esea_DisposalGroupIncludingDiscontinuedOperationCommissions" xlink:type="locator"/>
    <link:label xlink:label="esea_DisposalGroupIncludingDiscontinuedOperationCommissions-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">esea_DisposalGroupIncludingDiscontinuedOperationCommissions</link:label>
    <link:label xlink:label="esea_DisposalGroupIncludingDiscontinuedOperationCommissions-label" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Commissions (including, $253,503, $324,178 and nil respectively, to related party)</link:label>
    <link:label xlink:label="esea_DisposalGroupIncludingDiscontinuedOperationCommissions-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Amount of commissions attributable to disposal group, including, but not limited to, discontinued operation.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_DisposalGroupIncludingDiscontinuedOperationCommissions" xlink:to="esea_DisposalGroupIncludingDiscontinuedOperationCommissions-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_statement-statement-note-3-inventories-summary-of-inventories-details" xlink:label="esea_statement-statement-note-3-inventories-summary-of-inventories-details" xlink:type="locator"/>
    <link:label xlink:label="esea_statement-statement-note-3-inventories-summary-of-inventories-details-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Note 3 - Inventories - Summary of Inventories (Details)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_statement-statement-note-3-inventories-summary-of-inventories-details" xlink:to="esea_statement-statement-note-3-inventories-summary-of-inventories-details-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DueToRelatedPartiesCurrent" xlink:label="us-gaap_DueToRelatedPartiesCurrent" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_DueToRelatedPartiesCurrent-label" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Loan from related party, current</link:label>
    <link:label xlink:label="us-gaap_DueToRelatedPartiesCurrent-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Due to related company</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DueToRelatedPartiesCurrent" xlink:to="us-gaap_DueToRelatedPartiesCurrent-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_statement-statement-note-4-vessels-net-summary-of-vessels-details" xlink:label="esea_statement-statement-note-4-vessels-net-summary-of-vessels-details" xlink:type="locator"/>
    <link:label xlink:label="esea_statement-statement-note-4-vessels-net-summary-of-vessels-details-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Note 4 - Vessels, Net - Summary of Vessels (Details)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_statement-statement-note-4-vessels-net-summary-of-vessels-details" xlink:to="esea_statement-statement-note-4-vessels-net-summary-of-vessels-details-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_DisposalGroupIncludingDiscontinuedOperationPreferredStockDividendsIncomeStatementImpact" xlink:label="esea_DisposalGroupIncludingDiscontinuedOperationPreferredStockDividendsIncomeStatementImpact" xlink:type="locator"/>
    <link:label xlink:label="esea_DisposalGroupIncludingDiscontinuedOperationPreferredStockDividendsIncomeStatementImpact-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">esea_DisposalGroupIncludingDiscontinuedOperationPreferredStockDividendsIncomeStatementImpact</link:label>
    <link:label xlink:label="esea_DisposalGroupIncludingDiscontinuedOperationPreferredStockDividendsIncomeStatementImpact-label" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Dividend Series B Preferred Shares</link:label>
    <link:label xlink:label="esea_DisposalGroupIncludingDiscontinuedOperationPreferredStockDividendsIncomeStatementImpact-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The amount of preferred stock dividends that is an adjustment to net income apportioned to common stockholders attributable to disposal group, including, but not limited to, discontinued operation.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_DisposalGroupIncludingDiscontinuedOperationPreferredStockDividendsIncomeStatementImpact" xlink:to="esea_DisposalGroupIncludingDiscontinuedOperationPreferredStockDividendsIncomeStatementImpact-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_statement-statement-note-5-accrued-expenses-summary-of-accrued-expenses-details" xlink:label="esea_statement-statement-note-5-accrued-expenses-summary-of-accrued-expenses-details" xlink:type="locator"/>
    <link:label xlink:label="esea_statement-statement-note-5-accrued-expenses-summary-of-accrued-expenses-details-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Note 5 - Accrued Expenses - Summary of Accrued Expenses (Details)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_statement-statement-note-5-accrued-expenses-summary-of-accrued-expenses-details" xlink:to="esea_statement-statement-note-5-accrued-expenses-summary-of-accrued-expenses-details-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_DisposalGroupIncludingDiscontinuedOperationOperatingIncomeLossNet" xlink:label="esea_DisposalGroupIncludingDiscontinuedOperationOperatingIncomeLossNet" xlink:type="locator"/>
    <link:label xlink:label="esea_DisposalGroupIncludingDiscontinuedOperationOperatingIncomeLossNet-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Net income</link:label>
    <link:label xlink:label="esea_DisposalGroupIncludingDiscontinuedOperationOperatingIncomeLossNet-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Amount of net operating income (loss) attributable to disposal group, including, but not limited to, discontinued operation.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_DisposalGroupIncludingDiscontinuedOperationOperatingIncomeLossNet" xlink:to="esea_DisposalGroupIncludingDiscontinuedOperationOperatingIncomeLossNet-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_statement-statement-note-8-longterm-bank-loans-summary-of-longterm-debt-details" xlink:label="esea_statement-statement-note-8-longterm-bank-loans-summary-of-longterm-debt-details" xlink:type="locator"/>
    <link:label xlink:label="esea_statement-statement-note-8-longterm-bank-loans-summary-of-longterm-debt-details-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Note 8 - Long-term Bank Loans - Summary of Long-term Debt (Details)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_statement-statement-note-8-longterm-bank-loans-summary-of-longterm-debt-details" xlink:to="esea_statement-statement-note-8-longterm-bank-loans-summary-of-longterm-debt-details-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_DisposalGroupIncludingDiscontinuedOperationVoyageExpenses" xlink:label="esea_DisposalGroupIncludingDiscontinuedOperationVoyageExpenses" xlink:type="locator"/>
    <link:label xlink:label="esea_DisposalGroupIncludingDiscontinuedOperationVoyageExpenses-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">esea_DisposalGroupIncludingDiscontinuedOperationVoyageExpenses</link:label>
    <link:label xlink:label="esea_DisposalGroupIncludingDiscontinuedOperationVoyageExpenses-label" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Voyage expenses</link:label>
    <link:label xlink:label="esea_DisposalGroupIncludingDiscontinuedOperationVoyageExpenses-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Amount of voyage expenses attributable to disposal group, including, but not limited to, discontinued operation.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_DisposalGroupIncludingDiscontinuedOperationVoyageExpenses" xlink:to="esea_DisposalGroupIncludingDiscontinuedOperationVoyageExpenses-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_statement-statement-note-8-longterm-bank-loans-summary-of-future-annual-loan-repayments-for-longterm-debt-details" xlink:label="esea_statement-statement-note-8-longterm-bank-loans-summary-of-future-annual-loan-repayments-for-longterm-debt-details" xlink:type="locator"/>
    <link:label xlink:label="esea_statement-statement-note-8-longterm-bank-loans-summary-of-future-annual-loan-repayments-for-longterm-debt-details-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Note 8 - Long-term Bank Loans - Summary of Future Annual Loan Repayments for Long-term Debt (Details)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_statement-statement-note-8-longterm-bank-loans-summary-of-future-annual-loan-repayments-for-longterm-debt-details" xlink:to="esea_statement-statement-note-8-longterm-bank-loans-summary-of-future-annual-loan-repayments-for-longterm-debt-details-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_statement-statement-note-11-stock-incentive-plan-summary-of-the-status-of-the-companys-nonvested-shares-details" xlink:label="esea_statement-statement-note-11-stock-incentive-plan-summary-of-the-status-of-the-companys-nonvested-shares-details" xlink:type="locator"/>
    <link:label xlink:label="esea_statement-statement-note-11-stock-incentive-plan-summary-of-the-status-of-the-companys-nonvested-shares-details-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Note 11 - Stock Incentive Plan - Summary of the Status of the Company's Non-vested Shares (Details)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_statement-statement-note-11-stock-incentive-plan-summary-of-the-status-of-the-companys-nonvested-shares-details" xlink:to="esea_statement-statement-note-11-stock-incentive-plan-summary-of-the-status-of-the-companys-nonvested-shares-details-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_statement-statement-note-12-loss-per-share-summary-of-basic-and-diluted-loss-per-common-share-details" xlink:label="esea_statement-statement-note-12-loss-per-share-summary-of-basic-and-diluted-loss-per-common-share-details" xlink:type="locator"/>
    <link:label xlink:label="esea_statement-statement-note-12-loss-per-share-summary-of-basic-and-diluted-loss-per-common-share-details-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Note 12 - Loss Per Share - Summary of Basic and Diluted Loss Per Common Share (Details)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_statement-statement-note-12-loss-per-share-summary-of-basic-and-diluted-loss-per-common-share-details" xlink:to="esea_statement-statement-note-12-loss-per-share-summary-of-basic-and-diluted-loss-per-common-share-details-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_DrybulkFleetMember" xlink:label="esea_DrybulkFleetMember" xlink:type="locator"/>
    <link:label xlink:label="esea_DrybulkFleetMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Drybulk Fleet [Member]</link:label>
    <link:label xlink:label="esea_DrybulkFleetMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents information about DryBulk Fleet.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_DrybulkFleetMember" xlink:to="esea_DrybulkFleetMember-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_statement-statement-note-13-voyage-and-vessel-operating-expenses-summary-of-voyage-vessel-operating-expenses-and-commissions-details" xlink:label="esea_statement-statement-note-13-voyage-and-vessel-operating-expenses-summary-of-voyage-vessel-operating-expenses-and-commissions-details" xlink:type="locator"/>
    <link:label xlink:label="esea_statement-statement-note-13-voyage-and-vessel-operating-expenses-summary-of-voyage-vessel-operating-expenses-and-commissions-details-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Note 13 - Voyage and Vessel Operating Expenses - Summary of Voyage, Vessel, Operating Expenses and Commissions (Details)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_statement-statement-note-13-voyage-and-vessel-operating-expenses-summary-of-voyage-vessel-operating-expenses-and-commissions-details" xlink:to="esea_statement-statement-note-13-voyage-and-vessel-operating-expenses-summary-of-voyage-vessel-operating-expenses-and-commissions-details-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_ATMCommonStockOfferingMember" xlink:label="esea_ATMCommonStockOfferingMember" xlink:type="locator"/>
    <link:label xlink:label="esea_ATMCommonStockOfferingMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ATM Common Stock Offering [Member]</link:label>
    <link:label xlink:label="esea_ATMCommonStockOfferingMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">An at-the-market (ATM) offering is a type of follow-on offering of stock utilized by publicly traded companies in order to raise capital over time.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_ATMCommonStockOfferingMember" xlink:to="esea_ATMCommonStockOfferingMember-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_statement-statement-note-14-derivative-financial-instruments-derivatives-not-designated-as-hedging-instruments-by-account-type-details" xlink:label="esea_statement-statement-note-14-derivative-financial-instruments-derivatives-not-designated-as-hedging-instruments-by-account-type-details" xlink:type="locator"/>
    <link:label xlink:label="esea_statement-statement-note-14-derivative-financial-instruments-derivatives-not-designated-as-hedging-instruments-by-account-type-details-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Note 14 - Derivative Financial Instruments - Derivatives Not Designated as Hedging Instruments by Account Type (Details)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_statement-statement-note-14-derivative-financial-instruments-derivatives-not-designated-as-hedging-instruments-by-account-type-details" xlink:to="esea_statement-statement-note-14-derivative-financial-instruments-derivatives-not-designated-as-hedging-instruments-by-account-type-details-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_statement-statement-note-14-derivative-financial-instruments-gain-or-loss-on-derivatives-not-designated-as-hedging-instruments-details" xlink:label="esea_statement-statement-note-14-derivative-financial-instruments-gain-or-loss-on-derivatives-not-designated-as-hedging-instruments-details" xlink:type="locator"/>
    <link:label xlink:label="esea_statement-statement-note-14-derivative-financial-instruments-gain-or-loss-on-derivatives-not-designated-as-hedging-instruments-details-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Note 14 - Derivative Financial Instruments - Gain or Loss on Derivatives Not Designated as Hedging Instruments (Details)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_statement-statement-note-14-derivative-financial-instruments-gain-or-loss-on-derivatives-not-designated-as-hedging-instruments-details" xlink:to="esea_statement-statement-note-14-derivative-financial-instruments-gain-or-loss-on-derivatives-not-designated-as-hedging-instruments-details-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_statement-statement-note-15-preferred-shares-dividends-series-b-preferred-shares-details" xlink:label="esea_statement-statement-note-15-preferred-shares-dividends-series-b-preferred-shares-details" xlink:type="locator"/>
    <link:label xlink:label="esea_statement-statement-note-15-preferred-shares-dividends-series-b-preferred-shares-details-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Note 15 - Preferred Shares - Dividends Series B Preferred Shares (Details)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_statement-statement-note-15-preferred-shares-dividends-series-b-preferred-shares-details" xlink:to="esea_statement-statement-note-15-preferred-shares-dividends-series-b-preferred-shares-details-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_statement-statement-note-16-financial-instruments-fair-value-of-companys-liabilities-details" xlink:label="esea_statement-statement-note-16-financial-instruments-fair-value-of-companys-liabilities-details" xlink:type="locator"/>
    <link:label xlink:label="esea_statement-statement-note-16-financial-instruments-fair-value-of-companys-liabilities-details-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Note 16 - Financial Instruments - Fair Value of Company's Liabilities (Details)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_statement-statement-note-16-financial-instruments-fair-value-of-companys-liabilities-details" xlink:to="esea_statement-statement-note-16-financial-instruments-fair-value-of-companys-liabilities-details-label" xlink:type="arc"/>
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    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Vested, weighted average grant date fair value (in dollars per share)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativeLiabilitiesCurrent" xlink:label="us-gaap_DerivativeLiabilitiesCurrent" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_DerivativeLiabilitiesCurrent-label" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Interest rate swap contract</link:label>
    <link:label xlink:label="us-gaap_DerivativeLiabilitiesCurrent-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Derivatives</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DerivativeLiabilitiesCurrent" xlink:to="us-gaap_DerivativeLiabilitiesCurrent-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue</link:label>
    <link:label xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value (in dollars per share)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_NetIncomeLossAttributableToCommonShareholdersContinuingOperations" xlink:label="esea_NetIncomeLossAttributableToCommonShareholdersContinuingOperations" xlink:type="locator"/>
    <link:label xlink:label="esea_NetIncomeLossAttributableToCommonShareholdersContinuingOperations-label" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Net loss</link:label>
    <link:label xlink:label="esea_NetIncomeLossAttributableToCommonShareholdersContinuingOperations-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Net loss</link:label>
    <link:label xlink:label="esea_NetIncomeLossAttributableToCommonShareholdersContinuingOperations-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the amount of net income (loss) from continuing operations attributable to common shareholders.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_NetIncomeLossAttributableToCommonShareholdersContinuingOperations" xlink:to="esea_NetIncomeLossAttributableToCommonShareholdersContinuingOperations-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue</link:label>
    <link:label xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue-label" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en-US">Non-vested, weighted average grant date fair value (in dollars per share)</link:label>
    <link:label xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue-label" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xml:lang="en-US">Non-vested, weighted average grant date fair value (in dollars per share)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod</link:label>
    <link:label xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period (in shares)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber</link:label>
    <link:label xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber-label" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en-US">Non-vested (in shares)</link:label>
    <link:label xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber-label" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xml:lang="en-US">Non-vested (in shares)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber-label" xlink:type="arc"/>
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    <link:label xlink:label="us-gaap_ScheduleOfNonvestedShareActivityTableTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Schedule of Nonvested Share Activity [Table Text Block]</link:label>
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    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Granted (in shares)</link:label>
    <link:label xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod-label" xlink:type="arc"/>
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    <link:label xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod</link:label>
    <link:label xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod-label" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Vested (in shares)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod-label" xlink:type="arc"/>
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    <link:label xlink:label="us-gaap_LongTermDebtCurrent-label" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Long-term bank loans, current portion net of deferred charges and debt discount</link:label>
    <link:label xlink:label="us-gaap_LongTermDebtCurrent-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Long-term bank loans, current portion</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongTermDebtCurrent" xlink:to="us-gaap_LongTermDebtCurrent-label" xlink:type="arc"/>
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    <link:label xlink:label="esea_PreferredStockSharesReceived-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">esea_PreferredStockSharesReceived</link:label>
    <link:label xlink:label="esea_PreferredStockSharesReceived-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Preferred Stock, Shares, Received (in shares)</link:label>
    <link:label xlink:label="esea_PreferredStockSharesReceived-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Number of shares received for preferred stock.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_PreferredStockSharesReceived" xlink:to="esea_PreferredStockSharesReceived-label" xlink:type="arc"/>
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    <link:label xlink:label="us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]</link:label>
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    <link:loc xlink:href="esea-20191231.xsd#esea_TCPMember" xlink:label="esea_TCPMember" xlink:type="locator"/>
    <link:label xlink:label="esea_TCPMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">TCP [Member]</link:label>
    <link:label xlink:label="esea_TCPMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents Technomar.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_TCPMember" xlink:to="esea_TCPMember-label" xlink:type="arc"/>
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    <link:label xlink:label="esea_CommonStockValueReceived-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">esea_CommonStockValueReceived</link:label>
    <link:label xlink:label="esea_CommonStockValueReceived-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Common Stock, Value, Received</link:label>
    <link:label xlink:label="esea_CommonStockValueReceived-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Amount of common stock received.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_CommonStockValueReceived" xlink:to="esea_CommonStockValueReceived-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_FirstFiveYearsMember" xlink:label="esea_FirstFiveYearsMember" xlink:type="locator"/>
    <link:label xlink:label="esea_FirstFiveYearsMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">First Five Years [Member]</link:label>
    <link:label xlink:label="esea_FirstFiveYearsMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents information applicable to the first five years during which the stock is outstanding.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_FirstFiveYearsMember" xlink:to="esea_FirstFiveYearsMember-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_PreferredStockAdditionalCashDividendUnderSpecifiedConditionsPercentage" xlink:label="esea_PreferredStockAdditionalCashDividendUnderSpecifiedConditionsPercentage" xlink:type="locator"/>
    <link:label xlink:label="esea_PreferredStockAdditionalCashDividendUnderSpecifiedConditionsPercentage-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">esea_PreferredStockAdditionalCashDividendUnderSpecifiedConditionsPercentage</link:label>
    <link:label xlink:label="esea_PreferredStockAdditionalCashDividendUnderSpecifiedConditionsPercentage-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Preferred Stock Additional Cash Dividend Under Specified Conditions Percentage</link:label>
    <link:label xlink:label="esea_PreferredStockAdditionalCashDividendUnderSpecifiedConditionsPercentage-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The additional cash dividend, expressed as a percentage of the common stock dividend which would have been paid to Series B preferred shareholders on an as-converted basis, if a cash dividend is paid on the Company's common stock and if the dividend paid on the Series B Preferred Shares is 5% (in which case the 5% Series B preferred dividend will also be paid in cash).</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_PreferredStockAdditionalCashDividendUnderSpecifiedConditionsPercentage" xlink:to="esea_PreferredStockAdditionalCashDividendUnderSpecifiedConditionsPercentage-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_OrdinaryPreferredStockMember" xlink:label="esea_OrdinaryPreferredStockMember" xlink:type="locator"/>
    <link:label xlink:label="esea_OrdinaryPreferredStockMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Ordinary Preferred Stock [Member]</link:label>
    <link:label xlink:label="esea_OrdinaryPreferredStockMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Information related to ordinary preferred stock.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_OrdinaryPreferredStockMember" xlink:to="esea_OrdinaryPreferredStockMember-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_PreferredStockIssuedAsDividendsMember" xlink:label="esea_PreferredStockIssuedAsDividendsMember" xlink:type="locator"/>
    <link:label xlink:label="esea_PreferredStockIssuedAsDividendsMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Preferred Stock Issued as Dividends [Member]</link:label>
    <link:label xlink:label="esea_PreferredStockIssuedAsDividendsMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Information related to preferred stock issued as dividends.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_PreferredStockIssuedAsDividendsMember" xlink:to="esea_PreferredStockIssuedAsDividendsMember-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_CashBreakdownAbstract" xlink:label="esea_CashBreakdownAbstract" xlink:type="locator"/>
    <link:label xlink:label="esea_CashBreakdownAbstract-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Cash breakdown</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_CashBreakdownAbstract" xlink:to="esea_CashBreakdownAbstract-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_MVAggelikiPAndMVMonikaPMember" xlink:label="esea_MVAggelikiPAndMVMonikaPMember" xlink:type="locator"/>
    <link:label xlink:label="esea_MVAggelikiPAndMVMonikaPMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">M/V Aggeliki P. and M/V Monika P. [Member]</link:label>
    <link:label xlink:label="esea_MVAggelikiPAndMVMonikaPMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents information pertaining to M/V "Aggeliki P.," a 2,008 teu 1998-built container carrier and M/V "Monika P.," a 46,667 dwt 1998-built drybulk carrier.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_MVAggelikiPAndMVMonikaPMember" xlink:to="esea_MVAggelikiPAndMVMonikaPMember-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_MVMonikaPMember" xlink:label="esea_MVMonikaPMember" xlink:type="locator"/>
    <link:label xlink:label="esea_MVMonikaPMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">M/V Monika P. [Member]</link:label>
    <link:label xlink:label="esea_MVMonikaPMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents information pertaining to M/V "Monika P.," a 46,667 dwt 1998-built drybulk carrier.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_MVMonikaPMember" xlink:to="esea_MVMonikaPMember-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_DisposalGroupIncludingDiscontinuedOperationCommissionsRelatedParty" xlink:label="esea_DisposalGroupIncludingDiscontinuedOperationCommissionsRelatedParty" xlink:type="locator"/>
    <link:label xlink:label="esea_DisposalGroupIncludingDiscontinuedOperationCommissionsRelatedParty-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Commissions - related party</link:label>
    <link:label xlink:label="esea_DisposalGroupIncludingDiscontinuedOperationCommissionsRelatedParty-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Amount of commissions attributable to disposal group, including, but not limited to, discontinued operation for related party.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_DisposalGroupIncludingDiscontinuedOperationCommissionsRelatedParty" xlink:to="esea_DisposalGroupIncludingDiscontinuedOperationCommissionsRelatedParty-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_DisposalGroupIncludingDiscontinuedOperationVesselOperatingExpensesRelatedParty" xlink:label="esea_DisposalGroupIncludingDiscontinuedOperationVesselOperatingExpensesRelatedParty" xlink:type="locator"/>
    <link:label xlink:label="esea_DisposalGroupIncludingDiscontinuedOperationVesselOperatingExpensesRelatedParty-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Vessel operating expenses - related party</link:label>
    <link:label xlink:label="esea_DisposalGroupIncludingDiscontinuedOperationVesselOperatingExpensesRelatedParty-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Amount of vessel operating expenses attributable to disposal group, including, but not limited to, discontinued operation for related party.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_DisposalGroupIncludingDiscontinuedOperationVesselOperatingExpensesRelatedParty" xlink:to="esea_DisposalGroupIncludingDiscontinuedOperationVesselOperatingExpensesRelatedParty-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_MVEMAstoriaMember" xlink:label="esea_MVEMAstoriaMember" xlink:type="locator"/>
    <link:label xlink:label="esea_MVEMAstoriaMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">M/V EM Astoria [Member]</link:label>
    <link:label xlink:label="esea_MVEMAstoriaMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the vessel M/V EM Astoria.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_MVEMAstoriaMember" xlink:to="esea_MVEMAstoriaMember-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AccruedLiabilitiesCurrent" xlink:label="us-gaap_AccruedLiabilitiesCurrent" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_AccruedLiabilitiesCurrent-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Accrued expenses</link:label>
    <link:label xlink:label="us-gaap_AccruedLiabilitiesCurrent-label" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccruedLiabilitiesCurrent" xlink:to="us-gaap_AccruedLiabilitiesCurrent-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InterestPayableCurrent" xlink:label="us-gaap_InterestPayableCurrent" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_InterestPayableCurrent-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Accrued interest expense</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestPayableCurrent" xlink:to="us-gaap_InterestPayableCurrent-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DividendsPayableCurrent" xlink:label="us-gaap_DividendsPayableCurrent" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_DividendsPayableCurrent-label" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Accrued preferred dividends</link:label>
    <link:label xlink:label="us-gaap_DividendsPayableCurrent-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_DividendsPayableCurrent</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DividendsPayableCurrent" xlink:to="us-gaap_DividendsPayableCurrent-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AccountsPayableCurrent" xlink:label="us-gaap_AccountsPayableCurrent" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_AccountsPayableCurrent-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Trade accounts payable</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccountsPayableCurrent" xlink:to="us-gaap_AccountsPayableCurrent-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RevolvingCreditFacilityMember" xlink:label="us-gaap_RevolvingCreditFacilityMember" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_RevolvingCreditFacilityMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Revolving Credit Facility [Member]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RevolvingCreditFacilityMember" xlink:to="us-gaap_RevolvingCreditFacilityMember-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CapitalExpendituresIncurredButNotYetPaid" xlink:label="us-gaap_CapitalExpendituresIncurredButNotYetPaid" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_CapitalExpendituresIncurredButNotYetPaid-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Capital expenditures included in liabilities</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CapitalExpendituresIncurredButNotYetPaid" xlink:to="us-gaap_CapitalExpendituresIncurredButNotYetPaid-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment" xlink:label="us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Proceeds from sale of vessels</link:label>
    <link:label xlink:label="us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Proceeds from Sale of Property, Plant, and Equipment, Total</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment" xlink:to="us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CreditFacilityAxis" xlink:label="us-gaap_CreditFacilityAxis" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_CreditFacilityAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Credit Facility [Axis]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CreditFacilityAxis" xlink:to="us-gaap_CreditFacilityAxis-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CreditFacilityDomain" xlink:label="us-gaap_CreditFacilityDomain" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_CreditFacilityDomain-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Credit Facility [Domain]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CreditFacilityDomain" xlink:to="us-gaap_CreditFacilityDomain-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherAccruedLiabilitiesCurrent" xlink:label="us-gaap_OtherAccruedLiabilitiesCurrent" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_OtherAccruedLiabilitiesCurrent-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other accrued expenses</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherAccruedLiabilitiesCurrent" xlink:to="us-gaap_OtherAccruedLiabilitiesCurrent-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_MezzanineEquityAbstract" xlink:label="esea_MezzanineEquityAbstract" xlink:type="locator"/>
    <link:label xlink:label="esea_MezzanineEquityAbstract-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Mezzanine Equity</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_MezzanineEquityAbstract" xlink:to="esea_MezzanineEquityAbstract-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AccruedSalariesCurrent" xlink:label="us-gaap_AccruedSalariesCurrent" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_AccruedSalariesCurrent-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Accrued payroll expenses</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccruedSalariesCurrent" xlink:to="us-gaap_AccruedSalariesCurrent-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PolicyTextBlockAbstract" xlink:label="us-gaap_PolicyTextBlockAbstract" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_PolicyTextBlockAbstract-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_PolicyTextBlockAbstract</link:label>
    <link:label xlink:label="us-gaap_PolicyTextBlockAbstract-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Accounting Policies</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PolicyTextBlockAbstract" xlink:to="us-gaap_PolicyTextBlockAbstract-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_MVAggelikiPMember" xlink:label="esea_MVAggelikiPMember" xlink:type="locator"/>
    <link:label xlink:label="esea_MVAggelikiPMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">M/V Aggeliki P. [Member]</link:label>
    <link:label xlink:label="esea_MVAggelikiPMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents information pertaining to M/V "Aggeliki P."</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_MVAggelikiPMember" xlink:to="esea_MVAggelikiPMember-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AccruedSalesCommissionCurrent" xlink:label="us-gaap_AccruedSalesCommissionCurrent" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_AccruedSalesCommissionCurrent-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Accrued commissions</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccruedSalesCommissionCurrent" xlink:to="us-gaap_AccruedSalesCommissionCurrent-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StockIssued1" xlink:label="us-gaap_StockIssued1" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_StockIssued1-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Shares issued as consideration for acquisition of vessels</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssued1" xlink:to="us-gaap_StockIssued1-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LiabilitiesAssumed1" xlink:label="us-gaap_LiabilitiesAssumed1" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_LiabilitiesAssumed1-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Offering expenses accrued</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesAssumed1" xlink:to="us-gaap_LiabilitiesAssumed1-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_The18KeyPersonsMember" xlink:label="esea_The18KeyPersonsMember" xlink:type="locator"/>
    <link:label xlink:label="esea_The18KeyPersonsMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">The 18 Key Persons [Member]</link:label>
    <link:label xlink:label="esea_The18KeyPersonsMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Related to the 18 key persons given awards.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_The18KeyPersonsMember" xlink:to="esea_The18KeyPersonsMember-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PaymentsToAcquirePropertyPlantAndEquipment" xlink:label="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_PaymentsToAcquirePropertyPlantAndEquipment</link:label>
    <link:label xlink:label="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Payments to Acquire Property, Plant, and Equipment, Total</link:label>
    <link:label xlink:label="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment-label" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Cash paid for capitalized expenses and acquisition of vessels including attached time charter agreements</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment" xlink:to="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment-label" xlink:type="arc"/>
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    <link:label xlink:label="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage</link:label>
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    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LiabilitiesCurrentAbstract" xlink:label="us-gaap_LiabilitiesCurrentAbstract" xlink:type="locator"/>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesCurrentAbstract" xlink:to="us-gaap_LiabilitiesCurrentAbstract-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_VestingAxis" xlink:label="us-gaap_VestingAxis" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_VestingAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Vesting [Axis]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_VestingAxis" xlink:to="us-gaap_VestingAxis-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AssetsHeldForSaleNotPartOfDisposalGroup" xlink:label="us-gaap_AssetsHeldForSaleNotPartOfDisposalGroup" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_AssetsHeldForSaleNotPartOfDisposalGroup-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_AssetsHeldForSaleNotPartOfDisposalGroup</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsHeldForSaleNotPartOfDisposalGroup" xlink:to="us-gaap_AssetsHeldForSaleNotPartOfDisposalGroup-label" xlink:type="arc"/>
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    <link:label xlink:label="us-gaap_VestingDomain-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Vesting [Domain]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_VestingDomain" xlink:to="us-gaap_VestingDomain-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ShareBasedCompensationAwardTrancheOneMember" xlink:label="us-gaap_ShareBasedCompensationAwardTrancheOneMember" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_ShareBasedCompensationAwardTrancheOneMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Share-based Payment Arrangement, Tranche One [Member]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationAwardTrancheOneMember" xlink:to="us-gaap_ShareBasedCompensationAwardTrancheOneMember-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ShareBasedCompensationAwardTrancheTwoMember" xlink:label="us-gaap_ShareBasedCompensationAwardTrancheTwoMember" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_ShareBasedCompensationAwardTrancheTwoMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Share-based Payment Arrangement, Tranche Two [Member]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationAwardTrancheTwoMember" xlink:to="us-gaap_ShareBasedCompensationAwardTrancheTwoMember-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_Assets" xlink:label="us-gaap_Assets" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_Assets-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_Assets</link:label>
    <link:label xlink:label="us-gaap_Assets-label" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total assets</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Assets" xlink:to="us-gaap_Assets-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LongTermDebtFairValue" xlink:label="us-gaap_LongTermDebtFairValue" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_LongTermDebtFairValue-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_LongTermDebtFairValue</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongTermDebtFairValue" xlink:to="us-gaap_LongTermDebtFairValue-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PlanNameAxis" xlink:label="us-gaap_PlanNameAxis" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_PlanNameAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Plan Name [Axis]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PlanNameAxis" xlink:to="us-gaap_PlanNameAxis-label" xlink:type="arc"/>
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    <link:label xlink:label="us-gaap_PreferredStockTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Preferred Stock [Text Block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockTextBlock" xlink:to="us-gaap_PreferredStockTextBlock-label" xlink:type="arc"/>
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    <link:label xlink:label="us-gaap_PlanNameDomain-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Plan Name [Domain]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PlanNameDomain" xlink:to="us-gaap_PlanNameDomain-label" xlink:type="arc"/>
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    <link:label xlink:label="us-gaap_NetIncomeLossFromContinuingOperationsAvailableToCommonShareholdersBasic-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_NetIncomeLossFromContinuingOperationsAvailableToCommonShareholdersBasic</link:label>
    <link:label xlink:label="us-gaap_NetIncomeLossFromContinuingOperationsAvailableToCommonShareholdersBasic-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Net loss attributable to common shareholders, continuing operations</link:label>
    <link:label xlink:label="us-gaap_NetIncomeLossFromContinuingOperationsAvailableToCommonShareholdersBasic-label" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Net loss attributable to common shareholders, continuing operations</link:label>
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    <link:label xlink:label="us-gaap_NetIncomeLossFromDiscontinuedOperationsAvailableToCommonShareholdersBasic-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Net income attributable to common shareholders, discontinued operations</link:label>
    <link:label xlink:label="us-gaap_NetIncomeLossFromDiscontinuedOperationsAvailableToCommonShareholdersBasic-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Net income attributable to common shareholders, discontinued operations</link:label>
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    <link:label xlink:label="us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic</link:label>
    <link:label xlink:label="us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic-label" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Net loss attributable to common shareholders</link:label>
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    <link:loc xlink:href="esea-20191231.xsd#esea_FriendsInvestmentCompanyIncMember" xlink:label="esea_FriendsInvestmentCompanyIncMember" xlink:type="locator"/>
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    <link:label xlink:label="us-gaap_PreferredStockDividendsIncomeStatementImpact-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_PreferredStockDividendsIncomeStatementImpact</link:label>
    <link:label xlink:label="us-gaap_PreferredStockDividendsIncomeStatementImpact-label" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Dividends to Series B preferred shares</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockDividendsIncomeStatementImpact" xlink:to="us-gaap_PreferredStockDividendsIncomeStatementImpact-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RestrictedCashAndCashEquivalents" xlink:label="us-gaap_RestrictedCashAndCashEquivalents" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_RestrictedCashAndCashEquivalents-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_RestrictedCashAndCashEquivalents</link:label>
    <link:label xlink:label="us-gaap_RestrictedCashAndCashEquivalents-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Restricted Cash and Cash Equivalents, Total</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RestrictedCashAndCashEquivalents" xlink:to="us-gaap_RestrictedCashAndCashEquivalents-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity" xlink:label="us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity</link:label>
    <link:label xlink:label="us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Net income attributable to common shareholders</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity" xlink:to="us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AwardTypeAxis" xlink:label="us-gaap_AwardTypeAxis" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_AwardTypeAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Award Type [Axis]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AwardTypeAxis" xlink:to="us-gaap_AwardTypeAxis-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NetIncomeLoss" xlink:label="us-gaap_NetIncomeLoss" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_NetIncomeLoss-label" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Net loss</link:label>
    <link:label xlink:label="us-gaap_NetIncomeLoss-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_NetIncomeLoss</link:label>
    <link:label xlink:label="us-gaap_NetIncomeLoss-label" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Net loss, continuing operations</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetIncomeLoss" xlink:to="us-gaap_NetIncomeLoss-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_EurobankMember" xlink:label="esea_EurobankMember" xlink:type="locator"/>
    <link:label xlink:label="esea_EurobankMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Eurobank [Member]</link:label>
    <link:label xlink:label="esea_EurobankMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents information pertaining to Eurobank.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_EurobankMember" xlink:to="esea_EurobankMember-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RestrictedStockMember" xlink:label="us-gaap_RestrictedStockMember" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_RestrictedStockMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Restricted Stock [Member]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RestrictedStockMember" xlink:to="us-gaap_RestrictedStockMember-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_HSBCBankPLCMember" xlink:label="esea_HSBCBankPLCMember" xlink:type="locator"/>
    <link:label xlink:label="esea_HSBCBankPLCMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">HSBC Bank PLC [Member]</link:label>
    <link:label xlink:label="esea_HSBCBankPLCMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents information pertaining to HSBC Bank PLC.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_HSBCBankPLCMember" xlink:to="esea_HSBCBankPLCMember-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PublicUtilitiesInventoryAxis" xlink:label="us-gaap_PublicUtilitiesInventoryAxis" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_PublicUtilitiesInventoryAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Inventory [Axis]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PublicUtilitiesInventoryAxis" xlink:to="us-gaap_PublicUtilitiesInventoryAxis-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_LongtermDebtCurrentGross" xlink:label="esea_LongtermDebtCurrentGross" xlink:type="locator"/>
    <link:label xlink:label="esea_LongtermDebtCurrentGross-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">esea_LongtermDebtCurrentGross</link:label>
    <link:label xlink:label="esea_LongtermDebtCurrentGross-label" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Less: Current portion</link:label>
    <link:label xlink:label="esea_LongtermDebtCurrentGross-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Amount, before unamortized (discount) premium and debt issuance costs, of long-term debt classified as current. Includes, but is not limited to, notes payable, bonds payable, commercial loans, mortgage loans, convertible debt, subordinated debt and other types of debt.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_LongtermDebtCurrentGross" xlink:to="esea_LongtermDebtCurrentGross-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PublicUtilitiesInventoryTypeDomain" xlink:label="us-gaap_PublicUtilitiesInventoryTypeDomain" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_PublicUtilitiesInventoryTypeDomain-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Inventory [Domain]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PublicUtilitiesInventoryTypeDomain" xlink:to="us-gaap_PublicUtilitiesInventoryTypeDomain-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_LongtermDebtNoncurrentGross" xlink:label="esea_LongtermDebtNoncurrentGross" xlink:type="locator"/>
    <link:label xlink:label="esea_LongtermDebtNoncurrentGross-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">esea_LongtermDebtNoncurrentGross</link:label>
    <link:label xlink:label="esea_LongtermDebtNoncurrentGross-label" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Long-term portion</link:label>
    <link:label xlink:label="esea_LongtermDebtNoncurrentGross-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Amount, before unamortized (discount) premium and debt issuance costs, of long-term debt classified as noncurrent. Includes, but is not limited to, notes payable, bonds payable, commercial loans, mortgage loans, convertible debt, subordinated debt and other types of debt.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_LongtermDebtNoncurrentGross" xlink:to="esea_LongtermDebtNoncurrentGross-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LitigationStatusAxis" xlink:label="us-gaap_LitigationStatusAxis" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_LitigationStatusAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Litigation Status [Axis]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LitigationStatusAxis" xlink:to="us-gaap_LitigationStatusAxis-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_AlterwallBusinessIncMember" xlink:label="esea_AlterwallBusinessIncMember" xlink:type="locator"/>
    <link:label xlink:label="esea_AlterwallBusinessIncMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Alterwall Business Inc. [Member]</link:label>
    <link:label xlink:label="esea_AlterwallBusinessIncMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Related to Alterwall Business Inc.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_AlterwallBusinessIncMember" xlink:to="esea_AlterwallBusinessIncMember-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LitigationStatusDomain" xlink:label="us-gaap_LitigationStatusDomain" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_LitigationStatusDomain-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Litigation Status [Domain]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LitigationStatusDomain" xlink:to="us-gaap_LitigationStatusDomain-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_VesselsMember" xlink:label="esea_VesselsMember" xlink:type="locator"/>
    <link:label xlink:label="esea_VesselsMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Vessels [Member]</link:label>
    <link:label xlink:label="esea_VesselsMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Related to vessels.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_VesselsMember" xlink:to="esea_VesselsMember-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PendingLitigationMember" xlink:label="us-gaap_PendingLitigationMember" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_PendingLitigationMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Pending Litigation [Member]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PendingLitigationMember" xlink:to="us-gaap_PendingLitigationMember-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" xlink:label="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Commitments and Contingencies Disclosure [Text Block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" xlink:to="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" xlink:label="us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment-label" xlink:role="http://www.xbrl.org/2009/role/negatedPeriodStartLabel" xlink:type="resource" xml:lang="en-US">Accumulated depreciation</link:label>
    <link:label xlink:label="us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment-label" xlink:role="http://www.xbrl.org/2009/role/negatedPeriodEndLabel" xlink:type="resource" xml:lang="en-US">Accumulated depreciation</link:label>
    <link:label xlink:label="us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" xlink:to="us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PropertyPlantAndEquipmentNet" xlink:label="us-gaap_PropertyPlantAndEquipmentNet" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_PropertyPlantAndEquipmentNet-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Vessels, net</link:label>
    <link:label xlink:label="us-gaap_PropertyPlantAndEquipmentNet-label" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en-US">Net book value</link:label>
    <link:label xlink:label="us-gaap_PropertyPlantAndEquipmentNet-label" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xml:lang="en-US">Net book value</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentNet" xlink:to="us-gaap_PropertyPlantAndEquipmentNet-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PropertyPlantAndEquipmentGross" xlink:label="us-gaap_PropertyPlantAndEquipmentGross" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_PropertyPlantAndEquipmentGross-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_PropertyPlantAndEquipmentGross</link:label>
    <link:label xlink:label="us-gaap_PropertyPlantAndEquipmentGross-label" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en-US">Costs</link:label>
    <link:label xlink:label="us-gaap_PropertyPlantAndEquipmentGross-label" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xml:lang="en-US">Costs</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentGross" xlink:to="us-gaap_PropertyPlantAndEquipmentGross-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LongtermDebtTypeAxis" xlink:label="us-gaap_LongtermDebtTypeAxis" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_LongtermDebtTypeAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Long-term Debt, Type [Axis]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongtermDebtTypeAxis" xlink:to="us-gaap_LongtermDebtTypeAxis-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LongtermDebtTypeDomain" xlink:label="us-gaap_LongtermDebtTypeDomain" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_LongtermDebtTypeDomain-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Long-term Debt, Type [Domain]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongtermDebtTypeDomain" xlink:to="us-gaap_LongtermDebtTypeDomain-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativeFairValueOfDerivativeLiability" xlink:label="us-gaap_DerivativeFairValueOfDerivativeLiability" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_DerivativeFairValueOfDerivativeLiability-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_DerivativeFairValueOfDerivativeLiability</link:label>
    <link:label xlink:label="us-gaap_DerivativeFairValueOfDerivativeLiability-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Interest rate swap contract, current portion</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DerivativeFairValueOfDerivativeLiability" xlink:to="us-gaap_DerivativeFairValueOfDerivativeLiability-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_NetGainLossOnSaleOfVesselsRelatedParty" xlink:label="esea_NetGainLossOnSaleOfVesselsRelatedParty" xlink:type="locator"/>
    <link:label xlink:label="esea_NetGainLossOnSaleOfVesselsRelatedParty-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Net gain on sale of vessels, related party</link:label>
    <link:label xlink:label="esea_NetGainLossOnSaleOfVesselsRelatedParty-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents net gain (loss) on sale of vessels with related party.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_NetGainLossOnSaleOfVesselsRelatedParty" xlink:to="esea_NetGainLossOnSaleOfVesselsRelatedParty-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativeInstrumentRiskAxis" xlink:label="us-gaap_DerivativeInstrumentRiskAxis" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_DerivativeInstrumentRiskAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Derivative Instrument [Axis]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DerivativeInstrumentRiskAxis" xlink:to="us-gaap_DerivativeInstrumentRiskAxis-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativeContractTypeDomain" xlink:label="us-gaap_DerivativeContractTypeDomain" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_DerivativeContractTypeDomain-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Derivative Contract [Domain]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DerivativeContractTypeDomain" xlink:to="us-gaap_DerivativeContractTypeDomain-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Cash flows from investing activities:</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:to="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesFromTransactionsWithRelatedParty" xlink:label="us-gaap_RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesFromTransactionsWithRelatedParty" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesFromTransactionsWithRelatedParty-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other general and administrative expenses, related party</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesFromTransactionsWithRelatedParty" xlink:to="us-gaap_RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesFromTransactionsWithRelatedParty-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RevenueFromRelatedParties" xlink:label="us-gaap_RevenueFromRelatedParties" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_RevenueFromRelatedParties-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Related party management fee income</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RevenueFromRelatedParties" xlink:to="us-gaap_RevenueFromRelatedParties-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_EarningsPerShareTextBlock" xlink:label="us-gaap_EarningsPerShareTextBlock" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_EarningsPerShareTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Earnings Per Share [Text Block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EarningsPerShareTextBlock" xlink:to="us-gaap_EarningsPerShareTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty" xlink:label="us-gaap_RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty</link:label>
    <link:label xlink:label="us-gaap_RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Related Party Transaction, Expenses from Transactions with Related Party</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty" xlink:to="us-gaap_RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_ColbyTradingLtdMember" xlink:label="esea_ColbyTradingLtdMember" xlink:type="locator"/>
    <link:label xlink:label="esea_ColbyTradingLtdMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Colby Trading Ltd [Member]</link:label>
    <link:label xlink:label="esea_ColbyTradingLtdMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents Colby Trading Ltd, a company affiliated with Euroseas' CEO.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_ColbyTradingLtdMember" xlink:to="esea_ColbyTradingLtdMember-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" xlink:label="us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities</link:label>
    <link:label xlink:label="us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Accrued expenses</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" xlink:to="us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RelatedPartyTransactionAmountsOfTransaction" xlink:label="us-gaap_RelatedPartyTransactionAmountsOfTransaction" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_RelatedPartyTransactionAmountsOfTransaction-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_RelatedPartyTransactionAmountsOfTransaction</link:label>
    <link:label xlink:label="us-gaap_RelatedPartyTransactionAmountsOfTransaction-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Related Party Transaction, Amounts of Transaction</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RelatedPartyTransactionAmountsOfTransaction" xlink:to="us-gaap_RelatedPartyTransactionAmountsOfTransaction-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ProfessionalAndContractServicesExpense" xlink:label="us-gaap_ProfessionalAndContractServicesExpense" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_ProfessionalAndContractServicesExpense-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Related party management fees</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProfessionalAndContractServicesExpense" xlink:to="us-gaap_ProfessionalAndContractServicesExpense-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RelatedPartyTransactionsDisclosureTextBlock" xlink:label="us-gaap_RelatedPartyTransactionsDisclosureTextBlock" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_RelatedPartyTransactionsDisclosureTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Related Party Transactions Disclosure [Text Block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RelatedPartyTransactionsDisclosureTextBlock" xlink:to="us-gaap_RelatedPartyTransactionsDisclosureTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet" xlink:label="us-gaap_DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet-label" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Total net gain / (loss) on derivatives</link:label>
    <link:label xlink:label="us-gaap_DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Gain / (loss) on derivatives, net</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet" xlink:to="us-gaap_DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtInstrumentRedemptionPeriodOneMember" xlink:label="us-gaap_DebtInstrumentRedemptionPeriodOneMember" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_DebtInstrumentRedemptionPeriodOneMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Debt Instrument, Redemption, Period One [Member]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentRedemptionPeriodOneMember" xlink:to="us-gaap_DebtInstrumentRedemptionPeriodOneMember-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtInstrumentRedemptionPeriodTwoMember" xlink:label="us-gaap_DebtInstrumentRedemptionPeriodTwoMember" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_DebtInstrumentRedemptionPeriodTwoMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Debt Instrument, Redemption, Period Two [Member]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentRedemptionPeriodTwoMember" xlink:to="us-gaap_DebtInstrumentRedemptionPeriodTwoMember-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtInstrumentRedemptionPeriodAxis" xlink:label="us-gaap_DebtInstrumentRedemptionPeriodAxis" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_DebtInstrumentRedemptionPeriodAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Debt Instrument, Redemption, Period [Axis]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentRedemptionPeriodAxis" xlink:to="us-gaap_DebtInstrumentRedemptionPeriodAxis-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtInstrumentRedemptionPeriodDomain" xlink:label="us-gaap_DebtInstrumentRedemptionPeriodDomain" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_DebtInstrumentRedemptionPeriodDomain-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Debt Instrument, Redemption, Period [Domain]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentRedemptionPeriodDomain" xlink:to="us-gaap_DebtInstrumentRedemptionPeriodDomain-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OperatingExpenses" xlink:label="us-gaap_OperatingExpenses" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_OperatingExpenses-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_OperatingExpenses</link:label>
    <link:label xlink:label="us-gaap_OperatingExpenses-label" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total operating expenses, continuing operations</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingExpenses" xlink:to="us-gaap_OperatingExpenses-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsPayableTrade" xlink:label="us-gaap_IncreaseDecreaseInAccountsPayableTrade" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_IncreaseDecreaseInAccountsPayableTrade-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_IncreaseDecreaseInAccountsPayableTrade</link:label>
    <link:label xlink:label="us-gaap_IncreaseDecreaseInAccountsPayableTrade-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Trade accounts payable</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInAccountsPayableTrade" xlink:to="us-gaap_IncreaseDecreaseInAccountsPayableTrade-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RestrictedCash" xlink:label="us-gaap_RestrictedCash" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_RestrictedCash-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_RestrictedCash</link:label>
    <link:label xlink:label="us-gaap_RestrictedCash-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Restricted Cash, Total</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RestrictedCash" xlink:to="us-gaap_RestrictedCash-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_GeneralAndAdministrativeExpense" xlink:label="us-gaap_GeneralAndAdministrativeExpense" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_GeneralAndAdministrativeExpense-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">General and administrative expenses (including $1,306,476, $1,561,126 and $1,344,250, respectively, to related party)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GeneralAndAdministrativeExpense" xlink:to="us-gaap_GeneralAndAdministrativeExpense-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncreaseDecreaseInDueToAffiliates" xlink:label="us-gaap_IncreaseDecreaseInDueToAffiliates" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_IncreaseDecreaseInDueToAffiliates-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_IncreaseDecreaseInDueToAffiliates</link:label>
    <link:label xlink:label="us-gaap_IncreaseDecreaseInDueToAffiliates-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Due to related company</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInDueToAffiliates" xlink:to="us-gaap_IncreaseDecreaseInDueToAffiliates-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_Cash" xlink:label="us-gaap_Cash" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_Cash-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_Cash</link:label>
    <link:label xlink:label="us-gaap_Cash-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Cash, Ending Balance</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Cash" xlink:to="us-gaap_Cash-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Cash and cash equivalents</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:to="us-gaap_CashAndCashEquivalentsAtCarryingValue-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_PreferredDeemedDividend" xlink:label="esea_PreferredDeemedDividend" xlink:type="locator"/>
    <link:label xlink:label="esea_PreferredDeemedDividend-label" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Preferred deemed dividend</link:label>
    <link:label xlink:label="esea_PreferredDeemedDividend-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">esea_PreferredDeemedDividend</link:label>
    <link:label xlink:label="esea_PreferredDeemedDividend-label" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Preferred deemed dividend</link:label>
    <link:label xlink:label="esea_PreferredDeemedDividend-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The amount of preferred deemed dividends recognized during the period.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_PreferredDeemedDividend" xlink:to="esea_PreferredDeemedDividend-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_RevolvingLoanFacilityMember" xlink:label="esea_RevolvingLoanFacilityMember" xlink:type="locator"/>
    <link:label xlink:label="esea_RevolvingLoanFacilityMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Revolving Loan Facility [Member]</link:label>
    <link:label xlink:label="esea_RevolvingLoanFacilityMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the information pertaining to the revolving loan facility.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_RevolvingLoanFacilityMember" xlink:to="esea_RevolvingLoanFacilityMember-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AllocatedShareBasedCompensationExpense" xlink:label="us-gaap_AllocatedShareBasedCompensationExpense" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_AllocatedShareBasedCompensationExpense-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_AllocatedShareBasedCompensationExpense</link:label>
    <link:label xlink:label="us-gaap_AllocatedShareBasedCompensationExpense-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Share-based Payment Arrangement, Expense</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AllocatedShareBasedCompensationExpense" xlink:to="us-gaap_AllocatedShareBasedCompensationExpense-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_PiraeusBankSAMember" xlink:label="esea_PiraeusBankSAMember" xlink:type="locator"/>
    <link:label xlink:label="esea_PiraeusBankSAMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Piraeus Bank S.A. [Member]</link:label>
    <link:label xlink:label="esea_PiraeusBankSAMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents Piraeus Bank S.A.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_PiraeusBankSAMember" xlink:to="esea_PiraeusBankSAMember-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_PreferredStockRedemptionOfSharesValue" xlink:label="esea_PreferredStockRedemptionOfSharesValue" xlink:type="locator"/>
    <link:label xlink:label="esea_PreferredStockRedemptionOfSharesValue-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">esea_PreferredStockRedemptionOfSharesValue</link:label>
    <link:label xlink:label="esea_PreferredStockRedemptionOfSharesValue-label" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Redemption of shares</link:label>
    <link:label xlink:label="esea_PreferredStockRedemptionOfSharesValue-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The value of preferred stock redeemed during the period.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_PreferredStockRedemptionOfSharesValue" xlink:to="esea_PreferredStockRedemptionOfSharesValue-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_PreferredStockRedemptionOfShares" xlink:label="esea_PreferredStockRedemptionOfShares" xlink:type="locator"/>
    <link:label xlink:label="esea_PreferredStockRedemptionOfShares-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">esea_PreferredStockRedemptionOfShares</link:label>
    <link:label xlink:label="esea_PreferredStockRedemptionOfShares-label" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Redemption of shares (in shares)</link:label>
    <link:label xlink:label="esea_PreferredStockRedemptionOfShares-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Number of preferred stock redeemed during the period.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_PreferredStockRedemptionOfShares" xlink:to="esea_PreferredStockRedemptionOfShares-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_AlterwallBusinessIncVsFuelOilSupplierMember" xlink:label="esea_AlterwallBusinessIncVsFuelOilSupplierMember" xlink:type="locator"/>
    <link:label xlink:label="esea_AlterwallBusinessIncVsFuelOilSupplierMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Alterwall Business Inc. Vs. Fuel Oil Supplier [Member]</link:label>
    <link:label xlink:label="esea_AlterwallBusinessIncVsFuelOilSupplierMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Information pertaining to the litigation case between Artwell Business Inc. and a fuel oil supplier.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_AlterwallBusinessIncVsFuelOilSupplierMember" xlink:to="esea_AlterwallBusinessIncVsFuelOilSupplierMember-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_PercentageOfOutstandingPreferredStockRedeemed" xlink:label="esea_PercentageOfOutstandingPreferredStockRedeemed" xlink:type="locator"/>
    <link:label xlink:label="esea_PercentageOfOutstandingPreferredStockRedeemed-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">esea_PercentageOfOutstandingPreferredStockRedeemed</link:label>
    <link:label xlink:label="esea_PercentageOfOutstandingPreferredStockRedeemed-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Percentage of Outstanding Preferred Stock Redeemed</link:label>
    <link:label xlink:label="esea_PercentageOfOutstandingPreferredStockRedeemed-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The percentage of outstanding preferred stock redeemed during period.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_PercentageOfOutstandingPreferredStockRedeemed" xlink:to="esea_PercentageOfOutstandingPreferredStockRedeemed-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_DryDockingExpenses" xlink:label="esea_DryDockingExpenses" xlink:type="locator"/>
    <link:label xlink:label="esea_DryDockingExpenses-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Dry-docking expenses</link:label>
    <link:label xlink:label="esea_DryDockingExpenses-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The amount of dry-docking expenses.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_DryDockingExpenses" xlink:to="esea_DryDockingExpenses-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_InterestAndOtherFinancingCosts" xlink:label="esea_InterestAndOtherFinancingCosts" xlink:type="locator"/>
    <link:label xlink:label="esea_InterestAndOtherFinancingCosts-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">esea_InterestAndOtherFinancingCosts</link:label>
    <link:label xlink:label="esea_InterestAndOtherFinancingCosts-label" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Interest and other financing costs (including $0, $0 and $84,444, respectively, to related party)</link:label>
    <link:label xlink:label="esea_InterestAndOtherFinancingCosts-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Amount of interest and other financing costs.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_InterestAndOtherFinancingCosts" xlink:to="esea_InterestAndOtherFinancingCosts-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_AmendmentFlag" xlink:label="dei_AmendmentFlag" xlink:type="locator"/>
    <link:label xlink:label="dei_AmendmentFlag-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Amendment Flag</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AmendmentFlag" xlink:to="dei_AmendmentFlag-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_UseOfEstimates" xlink:label="us-gaap_UseOfEstimates" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_UseOfEstimates-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Use of Estimates, Policy [Policy Text Block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_UseOfEstimates" xlink:to="us-gaap_UseOfEstimates-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtInstrumentPeriodicPayment" xlink:label="us-gaap_DebtInstrumentPeriodicPayment" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_DebtInstrumentPeriodicPayment-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_DebtInstrumentPeriodicPayment</link:label>
    <link:label xlink:label="us-gaap_DebtInstrumentPeriodicPayment-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Debt Instrument, Periodic Payment, Total</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentPeriodicPayment" xlink:to="us-gaap_DebtInstrumentPeriodicPayment-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock" xlink:label="us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">New Accounting Pronouncements, Policy [Policy Text Block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock" xlink:to="us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardForfeitures" xlink:label="us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardForfeitures" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardForfeitures-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardForfeitures</link:label>
    <link:label xlink:label="us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardForfeitures-label" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Shares forfeited</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardForfeitures" xlink:to="us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardForfeitures-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid" xlink:label="us-gaap_DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid</link:label>
    <link:label xlink:label="us-gaap_DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid" xlink:to="us-gaap_DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_GainLossOnSaleOfPropertyPlantEquipment" xlink:label="us-gaap_GainLossOnSaleOfPropertyPlantEquipment" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_GainLossOnSaleOfPropertyPlantEquipment-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_GainLossOnSaleOfPropertyPlantEquipment</link:label>
    <link:label xlink:label="us-gaap_GainLossOnSaleOfPropertyPlantEquipment-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Gain (Loss) on Disposition of Property Plant Equipment, Total</link:label>
    <link:label xlink:label="us-gaap_GainLossOnSaleOfPropertyPlantEquipment-label" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Net gain on sale of vessels</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GainLossOnSaleOfPropertyPlantEquipment" xlink:to="us-gaap_GainLossOnSaleOfPropertyPlantEquipment-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtInstrumentPeriodicPaymentPrincipal" xlink:label="us-gaap_DebtInstrumentPeriodicPaymentPrincipal" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_DebtInstrumentPeriodicPaymentPrincipal-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_DebtInstrumentPeriodicPaymentPrincipal</link:label>
    <link:label xlink:label="us-gaap_DebtInstrumentPeriodicPaymentPrincipal-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Debt Instrument, Periodic Payment, Total</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentPeriodicPaymentPrincipal" xlink:to="us-gaap_DebtInstrumentPeriodicPaymentPrincipal-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SharesOutstanding" xlink:label="us-gaap_SharesOutstanding" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_SharesOutstanding-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_SharesOutstanding</link:label>
    <link:label xlink:label="us-gaap_SharesOutstanding-label" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en-US">Balance (in shares)</link:label>
    <link:label xlink:label="us-gaap_SharesOutstanding-label" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xml:lang="en-US">Balance (in shares)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SharesOutstanding" xlink:to="us-gaap_SharesOutstanding-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CommonStockSharesOutstanding" xlink:label="us-gaap_CommonStockSharesOutstanding" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_CommonStockSharesOutstanding-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Common stock, shares outstanding (in shares)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockSharesOutstanding" xlink:to="us-gaap_CommonStockSharesOutstanding-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PreferredStockSharesOutstanding" xlink:label="us-gaap_PreferredStockSharesOutstanding" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_PreferredStockSharesOutstanding-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_PreferredStockSharesOutstanding</link:label>
    <link:label xlink:label="us-gaap_PreferredStockSharesOutstanding-label" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en-US">Balance (in shares)</link:label>
    <link:label xlink:label="us-gaap_PreferredStockSharesOutstanding-label" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xml:lang="en-US">Balance (in shares)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockSharesOutstanding" xlink:to="us-gaap_PreferredStockSharesOutstanding-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_CurrentFiscalYearEndDate" xlink:label="dei_CurrentFiscalYearEndDate" xlink:type="locator"/>
    <link:label xlink:label="dei_CurrentFiscalYearEndDate-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Current Fiscal Year End Date</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CurrentFiscalYearEndDate" xlink:to="dei_CurrentFiscalYearEndDate-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtInstrumentBasisSpreadOnVariableRate1" xlink:label="us-gaap_DebtInstrumentBasisSpreadOnVariableRate1" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_DebtInstrumentBasisSpreadOnVariableRate1-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_DebtInstrumentBasisSpreadOnVariableRate1</link:label>
    <link:label xlink:label="us-gaap_DebtInstrumentBasisSpreadOnVariableRate1-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Debt Instrument, Basis Spread on Variable Rate</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentBasisSpreadOnVariableRate1" xlink:to="us-gaap_DebtInstrumentBasisSpreadOnVariableRate1-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtInstrumentInterestRateStatedPercentage" xlink:label="us-gaap_DebtInstrumentInterestRateStatedPercentage" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_DebtInstrumentInterestRateStatedPercentage-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_DebtInstrumentInterestRateStatedPercentage</link:label>
    <link:label xlink:label="us-gaap_DebtInstrumentInterestRateStatedPercentage-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Debt Instrument, Interest Rate, Stated Percentage</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentInterestRateStatedPercentage" xlink:to="us-gaap_DebtInstrumentInterestRateStatedPercentage-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_MvEmAthensMember" xlink:label="esea_MvEmAthensMember" xlink:type="locator"/>
    <link:label xlink:label="esea_MvEmAthensMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">MV EM Athens [Member]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_MvEmAthensMember" xlink:to="esea_MvEmAthensMember-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DividendsPreferredStockPaidinkind" xlink:label="us-gaap_DividendsPreferredStockPaidinkind" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_DividendsPreferredStockPaidinkind-label" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Dividends declared</link:label>
    <link:label xlink:label="us-gaap_DividendsPreferredStockPaidinkind-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_DividendsPreferredStockPaidinkind</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DividendsPreferredStockPaidinkind" xlink:to="us-gaap_DividendsPreferredStockPaidinkind-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_DocumentFiscalPeriodFocus" xlink:label="dei_DocumentFiscalPeriodFocus" xlink:type="locator"/>
    <link:label xlink:label="dei_DocumentFiscalPeriodFocus-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Document Fiscal Period Focus</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalPeriodFocus" xlink:to="dei_DocumentFiscalPeriodFocus-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_DocumentFiscalYearFocus" xlink:label="dei_DocumentFiscalYearFocus" xlink:type="locator"/>
    <link:label xlink:label="dei_DocumentFiscalYearFocus-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Document Fiscal Year Focus</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalYearFocus" xlink:to="dei_DocumentFiscalYearFocus-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ConsolidationPolicyTextBlock" xlink:label="us-gaap_ConsolidationPolicyTextBlock" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_ConsolidationPolicyTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Consolidation, Policy [Policy Text Block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ConsolidationPolicyTextBlock" xlink:to="us-gaap_ConsolidationPolicyTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DividendsPaidinkind" xlink:label="us-gaap_DividendsPaidinkind" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_DividendsPaidinkind-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Payment-in-kind dividends</link:label>
    <link:label xlink:label="us-gaap_DividendsPaidinkind-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Dividends, Paid-in-kind, Total</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DividendsPaidinkind" xlink:to="us-gaap_DividendsPaidinkind-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_MvAkinadaBridgeMember" xlink:label="esea_MvAkinadaBridgeMember" xlink:type="locator"/>
    <link:label xlink:label="esea_MvAkinadaBridgeMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">M/V Akinada Bridge [Member]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_MvAkinadaBridgeMember" xlink:to="esea_MvAkinadaBridgeMember-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_BelowMarketTimeChartersAcquiredNoncurrent" xlink:label="esea_BelowMarketTimeChartersAcquiredNoncurrent" xlink:type="locator"/>
    <link:label xlink:label="esea_BelowMarketTimeChartersAcquiredNoncurrent-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Fair value of below market time charters acquired</link:label>
    <link:label xlink:label="esea_BelowMarketTimeChartersAcquiredNoncurrent-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Below Market Time Charters Acquired, Noncurrent</link:label>
    <link:label xlink:label="esea_BelowMarketTimeChartersAcquiredNoncurrent-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The amount of below market time charters acquired classified as noncurrent.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_BelowMarketTimeChartersAcquiredNoncurrent" xlink:to="esea_BelowMarketTimeChartersAcquiredNoncurrent-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_DocumentPeriodEndDate" xlink:label="dei_DocumentPeriodEndDate" xlink:type="locator"/>
    <link:label xlink:label="dei_DocumentPeriodEndDate-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Document Period End Date</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentPeriodEndDate" xlink:to="dei_DocumentPeriodEndDate-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_MvEmCorfuMember" xlink:label="esea_MvEmCorfuMember" xlink:type="locator"/>
    <link:label xlink:label="esea_MvEmCorfuMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">M/V EM Corfu [Member]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_MvEmCorfuMember" xlink:to="esea_MvEmCorfuMember-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_MvEmOinoussesMember" xlink:label="esea_MvEmOinoussesMember" xlink:type="locator"/>
    <link:label xlink:label="esea_MvEmOinoussesMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">M/V EM Oinousses [Member]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_MvEmOinoussesMember" xlink:to="esea_MvEmOinoussesMember-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncreaseDecreaseInPrepaidExpense" xlink:label="us-gaap_IncreaseDecreaseInPrepaidExpense" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_IncreaseDecreaseInPrepaidExpense-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_IncreaseDecreaseInPrepaidExpense</link:label>
    <link:label xlink:label="us-gaap_IncreaseDecreaseInPrepaidExpense-label" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Prepaid expenses</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInPrepaidExpense" xlink:to="us-gaap_IncreaseDecreaseInPrepaidExpense-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_PreferredDividendsAccrued" xlink:label="esea_PreferredDividendsAccrued" xlink:type="locator"/>
    <link:label xlink:label="esea_PreferredDividendsAccrued-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Accrued preferred dividends</link:label>
    <link:label xlink:label="esea_PreferredDividendsAccrued-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The amount of preferred dividends accrued.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_PreferredDividendsAccrued" xlink:to="esea_PreferredDividendsAccrued-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_AmortizationOfFairValueOfBelowMarketTimeChartersAcquired" xlink:label="esea_AmortizationOfFairValueOfBelowMarketTimeChartersAcquired" xlink:type="locator"/>
    <link:label xlink:label="esea_AmortizationOfFairValueOfBelowMarketTimeChartersAcquired-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">esea_AmortizationOfFairValueOfBelowMarketTimeChartersAcquired</link:label>
    <link:label xlink:label="esea_AmortizationOfFairValueOfBelowMarketTimeChartersAcquired-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Amortization of fair value of below market time charters acquired</link:label>
    <link:label xlink:label="esea_AmortizationOfFairValueOfBelowMarketTimeChartersAcquired-label" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Amortization of fair value of below market time charters acquired</link:label>
    <link:label xlink:label="esea_AmortizationOfFairValueOfBelowMarketTimeChartersAcquired-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The amount of amortization of fir value of below market time charters acquired.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_AmortizationOfFairValueOfBelowMarketTimeChartersAcquired" xlink:to="esea_AmortizationOfFairValueOfBelowMarketTimeChartersAcquired-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityEmergingGrowthCompany" xlink:label="dei_EntityEmergingGrowthCompany" xlink:type="locator"/>
    <link:label xlink:label="dei_EntityEmergingGrowthCompany-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Emerging Growth Company</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityEmergingGrowthCompany" xlink:to="dei_EntityEmergingGrowthCompany-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtInstrumentFaceAmount" xlink:label="us-gaap_DebtInstrumentFaceAmount" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_DebtInstrumentFaceAmount-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_DebtInstrumentFaceAmount</link:label>
    <link:label xlink:label="us-gaap_DebtInstrumentFaceAmount-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Debt Instrument, Face Amount</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentFaceAmount" xlink:to="us-gaap_DebtInstrumentFaceAmount-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_StockIssuedDuringPeriodSharesRoundingOfStockSplit" xlink:label="esea_StockIssuedDuringPeriodSharesRoundingOfStockSplit" xlink:type="locator"/>
    <link:label xlink:label="esea_StockIssuedDuringPeriodSharesRoundingOfStockSplit-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Rounding of stock split (in shares)</link:label>
    <link:label xlink:label="esea_StockIssuedDuringPeriodSharesRoundingOfStockSplit-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The number of shares issued during the period due to rounding of a stock split.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_StockIssuedDuringPeriodSharesRoundingOfStockSplit" xlink:to="esea_StockIssuedDuringPeriodSharesRoundingOfStockSplit-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_DocumentType" xlink:label="dei_DocumentType" xlink:type="locator"/>
    <link:label xlink:label="dei_DocumentType-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Document Type</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentType" xlink:to="dei_DocumentType-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_GainsLossesOnExtinguishmentOfDebt" xlink:label="us-gaap_GainsLossesOnExtinguishmentOfDebt" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_GainsLossesOnExtinguishmentOfDebt-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Loss on debt extinguishment</link:label>
    <link:label xlink:label="us-gaap_GainsLossesOnExtinguishmentOfDebt-label" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Loss on debt extinguishment</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GainsLossesOnExtinguishmentOfDebt" xlink:to="us-gaap_GainsLossesOnExtinguishmentOfDebt-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_StockIssuedDuringPeriodValueRoundingOfStockSplit" xlink:label="esea_StockIssuedDuringPeriodValueRoundingOfStockSplit" xlink:type="locator"/>
    <link:label xlink:label="esea_StockIssuedDuringPeriodValueRoundingOfStockSplit-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Rounding of stock split</link:label>
    <link:label xlink:label="esea_StockIssuedDuringPeriodValueRoundingOfStockSplit-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The value of stock issued during the period due to the rounding of a stock split.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_StockIssuedDuringPeriodValueRoundingOfStockSplit" xlink:to="esea_StockIssuedDuringPeriodValueRoundingOfStockSplit-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_EstimatedSalvageValuePerLightWeightTonOfVessel" xlink:label="esea_EstimatedSalvageValuePerLightWeightTonOfVessel" xlink:type="locator"/>
    <link:label xlink:label="esea_EstimatedSalvageValuePerLightWeightTonOfVessel-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">esea_EstimatedSalvageValuePerLightWeightTonOfVessel</link:label>
    <link:label xlink:label="esea_EstimatedSalvageValuePerLightWeightTonOfVessel-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Estimated Salvage Value Per Light Weight Ton of Vessel</link:label>
    <link:label xlink:label="esea_EstimatedSalvageValuePerLightWeightTonOfVessel-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The estimated salvage value per light weighted ton of vessel.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_EstimatedSalvageValuePerLightWeightTonOfVessel" xlink:to="esea_EstimatedSalvageValuePerLightWeightTonOfVessel-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AssetImpairmentCharges" xlink:label="us-gaap_AssetImpairmentCharges" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_AssetImpairmentCharges-label" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Vessels held for sale, impairment loss</link:label>
    <link:label xlink:label="us-gaap_AssetImpairmentCharges-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Loss on write-down of vessels held for sale</link:label>
    <link:label xlink:label="us-gaap_AssetImpairmentCharges-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Asset Impairment Charges, Total</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetImpairmentCharges" xlink:to="us-gaap_AssetImpairmentCharges-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InterimPeriodCostsNotAllocableDomain" xlink:label="us-gaap_InterimPeriodCostsNotAllocableDomain" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_InterimPeriodCostsNotAllocableDomain-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Interim Period, Costs Not Allocable [Domain]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterimPeriodCostsNotAllocableDomain" xlink:to="us-gaap_InterimPeriodCostsNotAllocableDomain-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_MaerskLineASMember" xlink:label="esea_MaerskLineASMember" xlink:type="locator"/>
	<link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_DocumentAnnualReport" xlink:label="dei_DocumentAnnualReport" xlink:type="locator"/>
    <link:label xlink:label="dei_DocumentAnnualReport-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Document Annual Report</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentAnnualReport" xlink:to="dei_DocumentAnnualReport-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_DocumentTransitionReport" xlink:label="dei_DocumentTransitionReport" xlink:type="locator"/>
    <link:label xlink:label="dei_DocumentTransitionReport-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Document Transition Report</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentTransitionReport" xlink:to="dei_DocumentTransitionReport-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_DocumentShellCompanyReport" xlink:label="dei_DocumentShellCompanyReport" xlink:type="locator"/>
    <link:label xlink:label="dei_DocumentShellCompanyReport-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Document Shell Company Report</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentShellCompanyReport" xlink:to="dei_DocumentShellCompanyReport-label" xlink:type="arc"/>
    <link:label xlink:label="esea_MaerskLineASMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Maersk Line A/S [Member]</link:label>
    <link:label xlink:label="esea_MaerskLineASMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Related to Maersk Line A/S.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_MaerskLineASMember" xlink:to="esea_MaerskLineASMember-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityShellCompany" xlink:label="dei_EntityShellCompany" xlink:type="locator"/>
    <link:label xlink:label="dei_EntityShellCompany-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Shell Company</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityShellCompany" xlink:to="dei_EntityShellCompany-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_HapagLloydAGMember" xlink:label="esea_HapagLloydAGMember" xlink:type="locator"/>
    <link:label xlink:label="esea_HapagLloydAGMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Hapag-Lloyd AG [Member]</link:label>
    <link:label xlink:label="esea_HapagLloydAGMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Related to Hapag-Lloyd AG.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_HapagLloydAGMember" xlink:to="esea_HapagLloydAGMember-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DividendsPreferredStockCash" xlink:label="us-gaap_DividendsPreferredStockCash" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_DividendsPreferredStockCash-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_DividendsPreferredStockCash</link:label>
    <link:label xlink:label="us-gaap_DividendsPreferredStockCash-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Dividends, Preferred Stock, Cash</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DividendsPreferredStockCash" xlink:to="us-gaap_DividendsPreferredStockCash-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_MVSynergyAntwerpMember" xlink:label="esea_MVSynergyAntwerpMember" xlink:type="locator"/>
    <link:label xlink:label="esea_MVSynergyAntwerpMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">M/V Synergy Antwerp [Member]</link:label>
    <link:label xlink:label="esea_MVSynergyAntwerpMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Related to M/V Synergy Antwerp.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_MVSynergyAntwerpMember" xlink:to="esea_MVSynergyAntwerpMember-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_SecondSetOfQuarterlyPaymentsMember" xlink:label="esea_SecondSetOfQuarterlyPaymentsMember" xlink:type="locator"/>
    <link:label xlink:label="esea_SecondSetOfQuarterlyPaymentsMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Second Set of Quarterly Payments [Member]</link:label>
    <link:label xlink:label="esea_SecondSetOfQuarterlyPaymentsMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Refers to information regarding the second set of quarterly payments.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_SecondSetOfQuarterlyPaymentsMember" xlink:to="esea_SecondSetOfQuarterlyPaymentsMember-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_DocumentInformationLineItems" xlink:label="dei_DocumentInformationLineItems" xlink:type="locator"/>
    <link:label xlink:label="dei_DocumentInformationLineItems-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Document Information [Line Items]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_DocumentInformationLineItems-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DividendsPreferredStock" xlink:label="us-gaap_DividendsPreferredStock" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_DividendsPreferredStock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_DividendsPreferredStock</link:label>
    <link:label xlink:label="us-gaap_DividendsPreferredStock-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Dividends, Preferred Stock, Total</link:label>
    <link:label xlink:label="us-gaap_DividendsPreferredStock-label" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Dividends to Series B preferred shares</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DividendsPreferredStock" xlink:to="us-gaap_DividendsPreferredStock-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_DocumentInformationTable" xlink:label="dei_DocumentInformationTable" xlink:type="locator"/>
    <link:label xlink:label="dei_DocumentInformationTable-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Document Information [Table]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentInformationTable" xlink:to="dei_DocumentInformationTable-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_PurchaseTransactionsPolicyTextBlock" xlink:label="esea_PurchaseTransactionsPolicyTextBlock" xlink:type="locator"/>
    <link:label xlink:label="esea_PurchaseTransactionsPolicyTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Purchase Transactions [Policy Text Block]</link:label>
    <link:label xlink:label="esea_PurchaseTransactionsPolicyTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The disclosure for the accounting policy for purchase transactions.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_PurchaseTransactionsPolicyTextBlock" xlink:to="esea_PurchaseTransactionsPolicyTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_OfferingExpensesPolicyTextBlock" xlink:label="esea_OfferingExpensesPolicyTextBlock" xlink:type="locator"/>
    <link:label xlink:label="esea_OfferingExpensesPolicyTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Offering Expenses [Policy Text Block]</link:label>
    <link:label xlink:label="esea_OfferingExpensesPolicyTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The disclosure of the accounting policies for offering expenses.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_OfferingExpensesPolicyTextBlock" xlink:to="esea_OfferingExpensesPolicyTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NatureOfExpenseAxis" xlink:label="us-gaap_NatureOfExpenseAxis" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_NatureOfExpenseAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Nature of Expense [Axis]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NatureOfExpenseAxis" xlink:to="us-gaap_NatureOfExpenseAxis-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_PaymentsForImprovementsOfPropertyPlantAndEquipment" xlink:label="esea_PaymentsForImprovementsOfPropertyPlantAndEquipment" xlink:type="locator"/>
    <link:label xlink:label="esea_PaymentsForImprovementsOfPropertyPlantAndEquipment-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">- Vessel improvements</link:label>
    <link:label xlink:label="esea_PaymentsForImprovementsOfPropertyPlantAndEquipment-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Cost for Improvements of Vessels</link:label>
    <link:label xlink:label="esea_PaymentsForImprovementsOfPropertyPlantAndEquipment-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The amount of payments for improvements of property, plant and equipment.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_PaymentsForImprovementsOfPropertyPlantAndEquipment" xlink:to="esea_PaymentsForImprovementsOfPropertyPlantAndEquipment-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityFilerCategory" xlink:label="dei_EntityFilerCategory" xlink:type="locator"/>
    <link:label xlink:label="dei_EntityFilerCategory-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Filer Category</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFilerCategory" xlink:to="dei_EntityFilerCategory-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtInstrumentAxis" xlink:label="us-gaap_DebtInstrumentAxis" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_DebtInstrumentAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Debt Instrument [Axis]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentAxis" xlink:to="us-gaap_DebtInstrumentAxis-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_MVSynergyBusanMember" xlink:label="esea_MVSynergyBusanMember" xlink:type="locator"/>
    <link:label xlink:label="esea_MVSynergyBusanMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">M/V Synergy Busan [Member]</link:label>
    <link:label xlink:label="esea_MVSynergyBusanMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Related to M/V Synergy Busan.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_MVSynergyBusanMember" xlink:to="esea_MVSynergyBusanMember-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityCurrentReportingStatus" xlink:label="dei_EntityCurrentReportingStatus" xlink:type="locator"/>
    <link:label xlink:label="dei_EntityCurrentReportingStatus-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Current Reporting Status</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCurrentReportingStatus" xlink:to="dei_EntityCurrentReportingStatus-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtInstrumentNameDomain" xlink:label="us-gaap_DebtInstrumentNameDomain" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_DebtInstrumentNameDomain-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Debt Instrument, Name [Domain]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentNameDomain" xlink:to="us-gaap_DebtInstrumentNameDomain-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_MVSynergyOaklandMember" xlink:label="esea_MVSynergyOaklandMember" xlink:type="locator"/>
    <link:label xlink:label="esea_MVSynergyOaklandMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">M/V Synergy Oakland [Member]</link:label>
    <link:label xlink:label="esea_MVSynergyOaklandMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Related to M/V Synergy Oakland.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_MVSynergyOaklandMember" xlink:to="esea_MVSynergyOaklandMember-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityVoluntaryFilers" xlink:label="dei_EntityVoluntaryFilers" xlink:type="locator"/>
    <link:label xlink:label="dei_EntityVoluntaryFilers-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Voluntary Filers</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityVoluntaryFilers" xlink:to="dei_EntityVoluntaryFilers-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_MVSynergyKeelungMember" xlink:label="esea_MVSynergyKeelungMember" xlink:type="locator"/>
    <link:label xlink:label="esea_MVSynergyKeelungMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">M/V Synergy Keelung [Member]</link:label>
    <link:label xlink:label="esea_MVSynergyKeelungMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Related to M/V Synergy Keelung.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_MVSynergyKeelungMember" xlink:to="esea_MVSynergyKeelungMember-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityWellKnownSeasonedIssuer" xlink:label="dei_EntityWellKnownSeasonedIssuer" xlink:type="locator"/>
    <link:label xlink:label="dei_EntityWellKnownSeasonedIssuer-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Well-known Seasoned Issuer</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityWellKnownSeasonedIssuer" xlink:to="dei_EntityWellKnownSeasonedIssuer-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_SynergyKeelungSynergyOaklandAndSynergyBusanMember" xlink:label="esea_SynergyKeelungSynergyOaklandAndSynergyBusanMember" xlink:type="locator"/>
    <link:label xlink:label="esea_SynergyKeelungSynergyOaklandAndSynergyBusanMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Synergy Keelung, Synergy Oakland and Synergy Busan [Member]</link:label>
    <link:label xlink:label="esea_SynergyKeelungSynergyOaklandAndSynergyBusanMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Related to vessels.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_SynergyKeelungSynergyOaklandAndSynergyBusanMember" xlink:to="esea_SynergyKeelungSynergyOaklandAndSynergyBusanMember-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LondonInterbankOfferedRateLIBORMember" xlink:label="us-gaap_LondonInterbankOfferedRateLIBORMember" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_LondonInterbankOfferedRateLIBORMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">London Interbank Offered Rate (LIBOR) [Member]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LondonInterbankOfferedRateLIBORMember" xlink:to="us-gaap_LondonInterbankOfferedRateLIBORMember-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_EMHydraEMKeaAndEMSpetsesMember" xlink:label="esea_EMHydraEMKeaAndEMSpetsesMember" xlink:type="locator"/>
    <link:label xlink:label="esea_EMHydraEMKeaAndEMSpetsesMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">EM Hydra, EM Kea and EM Spetses [Member]</link:label>
    <link:label xlink:label="esea_EMHydraEMKeaAndEMSpetsesMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Related to vessels.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_EMHydraEMKeaAndEMSpetsesMember" xlink:to="esea_EMHydraEMKeaAndEMSpetsesMember-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_BelowMarketTimeChartersFairValue" xlink:label="esea_BelowMarketTimeChartersFairValue" xlink:type="locator"/>
    <link:label xlink:label="esea_BelowMarketTimeChartersFairValue-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">esea_BelowMarketTimeChartersFairValue</link:label>
    <link:label xlink:label="esea_BelowMarketTimeChartersFairValue-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Below Market Time Charters, Fair Value</link:label>
    <link:label xlink:label="esea_BelowMarketTimeChartersFairValue-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The fair value of below market time charters.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_BelowMarketTimeChartersFairValue" xlink:to="esea_BelowMarketTimeChartersFairValue-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_ReverseStockSplitMember" xlink:label="esea_ReverseStockSplitMember" xlink:type="locator"/>
    <link:label xlink:label="esea_ReverseStockSplitMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Reverse Stock Split [Member]</link:label>
    <link:label xlink:label="esea_ReverseStockSplitMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The conversion of a reverse stock split where there is a reduction in the shares outstanding.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_ReverseStockSplitMember" xlink:to="esea_ReverseStockSplitMember-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_BelowMarketTimeChartersAcquiredTextBlock" xlink:label="esea_BelowMarketTimeChartersAcquiredTextBlock" xlink:type="locator"/>
    <link:label xlink:label="esea_BelowMarketTimeChartersAcquiredTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Below Market Time Charters Acquired [Text Block]</link:label>
    <link:label xlink:label="esea_BelowMarketTimeChartersAcquiredTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Tabular disclosure for the below market time charters acquired.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_BelowMarketTimeChartersAcquiredTextBlock" xlink:to="esea_BelowMarketTimeChartersAcquiredTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_VariableRateDomain" xlink:label="us-gaap_VariableRateDomain" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_VariableRateDomain-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Variable Rate [Domain]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_VariableRateDomain" xlink:to="us-gaap_VariableRateDomain-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_DebtInstrumentSecurityCoverRatioCovenant" xlink:label="esea_DebtInstrumentSecurityCoverRatioCovenant" xlink:type="locator"/>
    <link:label xlink:label="esea_DebtInstrumentSecurityCoverRatioCovenant-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">esea_DebtInstrumentSecurityCoverRatioCovenant</link:label>
    <link:label xlink:label="esea_DebtInstrumentSecurityCoverRatioCovenant-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Debt Instrument, Security Cover Ratio Covenant</link:label>
    <link:label xlink:label="esea_DebtInstrumentSecurityCoverRatioCovenant-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The percent amount of security cover ratio covenant for a debt instrument.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_DebtInstrumentSecurityCoverRatioCovenant" xlink:to="esea_DebtInstrumentSecurityCoverRatioCovenant-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_SecondDebtAgreementMember" xlink:label="esea_SecondDebtAgreementMember" xlink:type="locator"/>
    <link:label xlink:label="esea_SecondDebtAgreementMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Second Debt Agreement [Member]</link:label>
    <link:label xlink:label="esea_SecondDebtAgreementMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Related to the second debt agreement.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_SecondDebtAgreementMember" xlink:to="esea_SecondDebtAgreementMember-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_FirstDebtAgreementMember" xlink:label="esea_FirstDebtAgreementMember" xlink:type="locator"/>
    <link:label xlink:label="esea_FirstDebtAgreementMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">First Debt Agreement [Member]</link:label>
    <link:label xlink:label="esea_FirstDebtAgreementMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Related to the first debt agreement.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_FirstDebtAgreementMember" xlink:to="esea_FirstDebtAgreementMember-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_GregosShipingLtdMember" xlink:label="esea_GregosShipingLtdMember" xlink:type="locator"/>
    <link:label xlink:label="esea_GregosShipingLtdMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Gregos Shiping Ltd. [Member]</link:label>
    <link:label xlink:label="esea_GregosShipingLtdMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Related to a vessel.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_GregosShipingLtdMember" xlink:to="esea_GregosShipingLtdMember-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_DebtInstrumentCovenantRatioOfFairValueOfVesselToOutstandingLoanLessCashInRetentionAccounts" xlink:label="esea_DebtInstrumentCovenantRatioOfFairValueOfVesselToOutstandingLoanLessCashInRetentionAccounts" xlink:type="locator"/>
    <link:label xlink:label="esea_DebtInstrumentCovenantRatioOfFairValueOfVesselToOutstandingLoanLessCashInRetentionAccounts-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">esea_DebtInstrumentCovenantRatioOfFairValueOfVesselToOutstandingLoanLessCashInRetentionAccounts</link:label>
    <link:label xlink:label="esea_DebtInstrumentCovenantRatioOfFairValueOfVesselToOutstandingLoanLessCashInRetentionAccounts-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Debt Instrument Covenant, Ratio of Fair Value of Vessel to Outstanding Loan Less Cash in Retention Accounts</link:label>
    <link:label xlink:label="esea_DebtInstrumentCovenantRatioOfFairValueOfVesselToOutstandingLoanLessCashInRetentionAccounts-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The ratio of fair value of vessels to outstanding loan less cash in retention accounts for debt instrument covenants.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_DebtInstrumentCovenantRatioOfFairValueOfVesselToOutstandingLoanLessCashInRetentionAccounts" xlink:to="esea_DebtInstrumentCovenantRatioOfFairValueOfVesselToOutstandingLoanLessCashInRetentionAccounts-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfDebtInstrumentsTextBlock" xlink:label="us-gaap_ScheduleOfDebtInstrumentsTextBlock" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_ScheduleOfDebtInstrumentsTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Schedule of Long-term Debt Instruments [Table Text Block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfDebtInstrumentsTextBlock" xlink:to="us-gaap_ScheduleOfDebtInstrumentsTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_SecondDebtAgreementSecondPaymentsMember" xlink:label="esea_SecondDebtAgreementSecondPaymentsMember" xlink:type="locator"/>
    <link:label xlink:label="esea_SecondDebtAgreementSecondPaymentsMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Second Debt Agreement, Second Payments [Member]</link:label>
    <link:label xlink:label="esea_SecondDebtAgreementSecondPaymentsMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Related to the second debt agreement second payments.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_SecondDebtAgreementSecondPaymentsMember" xlink:to="esea_SecondDebtAgreementSecondPaymentsMember-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_EstimatedCostToSellProperty" xlink:label="esea_EstimatedCostToSellProperty" xlink:type="locator"/>
    <link:label xlink:label="esea_EstimatedCostToSellProperty-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">esea_EstimatedCostToSellProperty</link:label>
    <link:label xlink:label="esea_EstimatedCostToSellProperty-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Estimated cost to sell, property</link:label>
    <link:label xlink:label="esea_EstimatedCostToSellProperty-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The estimated cost to sell, property.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_EstimatedCostToSellProperty" xlink:to="esea_EstimatedCostToSellProperty-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_VariableRateAxis" xlink:label="us-gaap_VariableRateAxis" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_VariableRateAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Variable Rate [Axis]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_VariableRateAxis" xlink:to="us-gaap_VariableRateAxis-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_SecondDebtAgreementFirstPaymentsMember" xlink:label="esea_SecondDebtAgreementFirstPaymentsMember" xlink:type="locator"/>
    <link:label xlink:label="esea_SecondDebtAgreementFirstPaymentsMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Second Debt Agreement, First Payments [Member]</link:label>
    <link:label xlink:label="esea_SecondDebtAgreementFirstPaymentsMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Related to the first payments of the second debt agreement.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_SecondDebtAgreementFirstPaymentsMember" xlink:to="esea_SecondDebtAgreementFirstPaymentsMember-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_PercentOfCashFlowAfterDebtServiceSetAside" xlink:label="esea_PercentOfCashFlowAfterDebtServiceSetAside" xlink:type="locator"/>
    <link:label xlink:label="esea_PercentOfCashFlowAfterDebtServiceSetAside-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">esea_PercentOfCashFlowAfterDebtServiceSetAside</link:label>
    <link:label xlink:label="esea_PercentOfCashFlowAfterDebtServiceSetAside-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Percent of Cash Flow After Debt Service Set Aside</link:label>
    <link:label xlink:label="esea_PercentOfCashFlowAfterDebtServiceSetAside-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The percentage of cash flow after debt service set aside to be used for debt payment.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_PercentOfCashFlowAfterDebtServiceSetAside" xlink:to="esea_PercentOfCashFlowAfterDebtServiceSetAside-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_AntwerpShippingLtdBusanShippingLtdKeelungShippingLtdOaklandShippingLtdMember" xlink:label="esea_AntwerpShippingLtdBusanShippingLtdKeelungShippingLtdOaklandShippingLtdMember" xlink:type="locator"/>
    <link:label xlink:label="esea_AntwerpShippingLtdBusanShippingLtdKeelungShippingLtdOaklandShippingLtdMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Antwerp Shipping Ltd. / Busan Shipping Ltd. / Keelung Shipping Ltd. / Oakland Shipping Ltd. [Member]</link:label>
    <link:label xlink:label="esea_AntwerpShippingLtdBusanShippingLtdKeelungShippingLtdOaklandShippingLtdMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Related to vessel debt.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_AntwerpShippingLtdBusanShippingLtdKeelungShippingLtdOaklandShippingLtdMember" xlink:to="esea_AntwerpShippingLtdBusanShippingLtdKeelungShippingLtdOaklandShippingLtdMember-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_VesselProfitParcitipationLiability" xlink:label="esea_VesselProfitParcitipationLiability" xlink:type="locator"/>
    <link:label xlink:label="esea_VesselProfitParcitipationLiability-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">esea_VesselProfitParcitipationLiability</link:label>
    <link:label xlink:label="esea_VesselProfitParcitipationLiability-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Vessel Profit Parcitipation Liability</link:label>
    <link:label xlink:label="esea_VesselProfitParcitipationLiability-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The amount of vessel profit participation liability.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_VesselProfitParcitipationLiability" xlink:to="esea_VesselProfitParcitipationLiability-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsReceivable" xlink:label="us-gaap_IncreaseDecreaseInAccountsReceivable" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_IncreaseDecreaseInAccountsReceivable-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_IncreaseDecreaseInAccountsReceivable</link:label>
    <link:label xlink:label="us-gaap_IncreaseDecreaseInAccountsReceivable-label" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Trade accounts receivable</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInAccountsReceivable" xlink:to="us-gaap_IncreaseDecreaseInAccountsReceivable-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_KeaShipownersLtdSpetsesShipownersLtdHydraShipownersLtdMember" xlink:label="esea_KeaShipownersLtdSpetsesShipownersLtdHydraShipownersLtdMember" xlink:type="locator"/>
    <link:label xlink:label="esea_KeaShipownersLtdSpetsesShipownersLtdHydraShipownersLtdMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Kea Shipowners Ltd. / Spetses Shipowners Ltd. / Hydra Shipowners Ltd. [Member]</link:label>
    <link:label xlink:label="esea_KeaShipownersLtdSpetsesShipownersLtdHydraShipownersLtdMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Related to vessel debt.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_KeaShipownersLtdSpetsesShipownersLtdHydraShipownersLtdMember" xlink:to="esea_KeaShipownersLtdSpetsesShipownersLtdHydraShipownersLtdMember-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ConcentrationRiskPercentage1" xlink:label="us-gaap_ConcentrationRiskPercentage1" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_ConcentrationRiskPercentage1-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Concentration Risk, Percentage</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ConcentrationRiskPercentage1" xlink:to="us-gaap_ConcentrationRiskPercentage1-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_PercentSharedWithBankInExcessOfFairMarketValue" xlink:label="esea_PercentSharedWithBankInExcessOfFairMarketValue" xlink:type="locator"/>
    <link:label xlink:label="esea_PercentSharedWithBankInExcessOfFairMarketValue-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">esea_PercentSharedWithBankInExcessOfFairMarketValue</link:label>
    <link:label xlink:label="esea_PercentSharedWithBankInExcessOfFairMarketValue-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Percent Shared With Bank in Excess of Fair Market Value</link:label>
    <link:label xlink:label="esea_PercentSharedWithBankInExcessOfFairMarketValue-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The percent of profit sharing shared with bank in excess of fair market value of the vessel.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_PercentSharedWithBankInExcessOfFairMarketValue" xlink:to="esea_PercentSharedWithBankInExcessOfFairMarketValue-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsAndOtherReceivables" xlink:label="us-gaap_IncreaseDecreaseInAccountsAndOtherReceivables" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_IncreaseDecreaseInAccountsAndOtherReceivables-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_IncreaseDecreaseInAccountsAndOtherReceivables</link:label>
    <link:label xlink:label="us-gaap_IncreaseDecreaseInAccountsAndOtherReceivables-label" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Other receivables</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInAccountsAndOtherReceivables" xlink:to="us-gaap_IncreaseDecreaseInAccountsAndOtherReceivables-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_DiamantisShipownersLtdMember" xlink:label="esea_DiamantisShipownersLtdMember" xlink:type="locator"/>
    <link:label xlink:label="esea_DiamantisShipownersLtdMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Diamantis Shipowners Ltd. [Member]</link:label>
    <link:label xlink:label="esea_DiamantisShipownersLtdMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Related to vessel debt.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_DiamantisShipownersLtdMember" xlink:to="esea_DiamantisShipownersLtdMember-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_DealsWith11ShipbuildersMember" xlink:label="esea_DealsWith11ShipbuildersMember" xlink:type="locator"/>
    <link:label xlink:label="esea_DealsWith11ShipbuildersMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Deals With 11 Shipbuilders [Member]</link:label>
    <link:label xlink:label="esea_DealsWith11ShipbuildersMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Related to vessels.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_DealsWith11ShipbuildersMember" xlink:to="esea_DealsWith11ShipbuildersMember-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityCentralIndexKey" xlink:label="dei_EntityCentralIndexKey" xlink:type="locator"/>
    <link:label xlink:label="dei_EntityCentralIndexKey-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Central Index Key</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCentralIndexKey" xlink:to="dei_EntityCentralIndexKey-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityRegistrantName" xlink:label="dei_EntityRegistrantName" xlink:type="locator"/>
    <link:label xlink:label="dei_EntityRegistrantName-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Registrant Name</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityRegistrantName" xlink:to="dei_EntityRegistrantName-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_EffectiveTaxOnUsSourceShippingAmount" xlink:label="esea_EffectiveTaxOnUsSourceShippingAmount" xlink:type="locator"/>
    <link:label xlink:label="esea_EffectiveTaxOnUsSourceShippingAmount-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">esea_EffectiveTaxOnUsSourceShippingAmount</link:label>
    <link:label xlink:label="esea_EffectiveTaxOnUsSourceShippingAmount-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Effective Tax on U.S. Source Shipping, Amount</link:label>
    <link:label xlink:label="esea_EffectiveTaxOnUsSourceShippingAmount-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The amount of tax paid for the effective tax on U.S. source shipping.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_EffectiveTaxOnUsSourceShippingAmount" xlink:to="esea_EffectiveTaxOnUsSourceShippingAmount-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityDomain" xlink:label="dei_EntityDomain" xlink:type="locator"/>
    <link:label xlink:label="dei_EntityDomain-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity [Domain]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityDomain" xlink:to="dei_EntityDomain-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_EffectiveUnitedStatesTaxOnUsSourceShipping" xlink:label="esea_EffectiveUnitedStatesTaxOnUsSourceShipping" xlink:type="locator"/>
    <link:label xlink:label="esea_EffectiveUnitedStatesTaxOnUsSourceShipping-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">esea_EffectiveUnitedStatesTaxOnUsSourceShipping</link:label>
    <link:label xlink:label="esea_EffectiveUnitedStatesTaxOnUsSourceShipping-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Effective United States Tax on U.S. Source Shipping</link:label>
    <link:label xlink:label="esea_EffectiveUnitedStatesTaxOnUsSourceShipping-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The effective tax rate of United States federal tax on U.S. sourced shipping.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_EffectiveUnitedStatesTaxOnUsSourceShipping" xlink:to="esea_EffectiveUnitedStatesTaxOnUsSourceShipping-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_LegalEntityAxis" xlink:label="dei_LegalEntityAxis" xlink:type="locator"/>
    <link:label xlink:label="dei_LegalEntityAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Legal Entity [Axis]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_LegalEntityAxis" xlink:to="dei_LegalEntityAxis-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_FreightForwardAgreementsMember" xlink:label="esea_FreightForwardAgreementsMember" xlink:type="locator"/>
    <link:label xlink:label="esea_FreightForwardAgreementsMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Freight Forward Agreements [Member]</link:label>
    <link:label xlink:label="esea_FreightForwardAgreementsMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Refers to information regarding freight forward agreements.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_FreightForwardAgreementsMember" xlink:to="esea_FreightForwardAgreementsMember-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CustomerConcentrationRiskMember" xlink:label="us-gaap_CustomerConcentrationRiskMember" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_CustomerConcentrationRiskMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Customer Concentration Risk [Member]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CustomerConcentrationRiskMember" xlink:to="us-gaap_CustomerConcentrationRiskMember-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_FreightForwardAgreementsRealizedGainLossMember" xlink:label="esea_FreightForwardAgreementsRealizedGainLossMember" xlink:type="locator"/>
    <link:label xlink:label="esea_FreightForwardAgreementsRealizedGainLossMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Freight Forward Agreements, Realized Gain (Loss) [Member]</link:label>
    <link:label xlink:label="esea_FreightForwardAgreementsRealizedGainLossMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Refers to information regarding the realized gain (loss) of freight forward agreements.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_FreightForwardAgreementsRealizedGainLossMember" xlink:to="esea_FreightForwardAgreementsRealizedGainLossMember-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_CharterEquivalentRatePerDay" xlink:label="esea_CharterEquivalentRatePerDay" xlink:type="locator"/>
    <link:label xlink:label="esea_CharterEquivalentRatePerDay-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">esea_CharterEquivalentRatePerDay</link:label>
    <link:label xlink:label="esea_CharterEquivalentRatePerDay-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Charter Equivalent Rate Per Day</link:label>
    <link:label xlink:label="esea_CharterEquivalentRatePerDay-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Amount per day due for time charter.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_CharterEquivalentRatePerDay" xlink:to="esea_CharterEquivalentRatePerDay-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_InterestRateContractsRealizedLossGainMember" xlink:label="esea_InterestRateContractsRealizedLossGainMember" xlink:type="locator"/>
    <link:label xlink:label="esea_InterestRateContractsRealizedLossGainMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Interest Rate Contracts, Realized (Loss) / Gain [Member]</link:label>
    <link:label xlink:label="esea_InterestRateContractsRealizedLossGainMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Refers to the information regarding the realized loss gain interest rate contract.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_InterestRateContractsRealizedLossGainMember" xlink:to="esea_InterestRateContractsRealizedLossGainMember-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_InterestRateSwapContractsFairValueMember" xlink:label="esea_InterestRateSwapContractsFairValueMember" xlink:type="locator"/>
    <link:label xlink:label="esea_InterestRateSwapContractsFairValueMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Interest Rate Swap Contracts, Fair Value [Member]</link:label>
    <link:label xlink:label="esea_InterestRateSwapContractsFairValueMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Refers to information regarding the fair value of Interest Rate Swap Contracts.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_InterestRateSwapContractsFairValueMember" xlink:to="esea_InterestRateSwapContractsFairValueMember-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ConcentrationRiskByTypeAxis" xlink:label="us-gaap_ConcentrationRiskByTypeAxis" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_ConcentrationRiskByTypeAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Concentration Risk Type [Axis]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ConcentrationRiskByTypeAxis" xlink:to="us-gaap_ConcentrationRiskByTypeAxis-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ConcentrationRiskTypeDomain" xlink:label="us-gaap_ConcentrationRiskTypeDomain" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_ConcentrationRiskTypeDomain-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Concentration Risk Type [Domain]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ConcentrationRiskTypeDomain" xlink:to="us-gaap_ConcentrationRiskTypeDomain-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityCommonStockSharesOutstanding" xlink:label="dei_EntityCommonStockSharesOutstanding" xlink:type="locator"/>
    <link:label xlink:label="dei_EntityCommonStockSharesOutstanding-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Common Stock, Shares Outstanding (in shares)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCommonStockSharesOutstanding" xlink:to="dei_EntityCommonStockSharesOutstanding-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_CashIssuedPerVesselPurchased" xlink:label="esea_CashIssuedPerVesselPurchased" xlink:type="locator"/>
    <link:label xlink:label="esea_CashIssuedPerVesselPurchased-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">esea_CashIssuedPerVesselPurchased</link:label>
    <link:label xlink:label="esea_CashIssuedPerVesselPurchased-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Cash Issued Per Vessel Purchased</link:label>
    <link:label xlink:label="esea_CashIssuedPerVesselPurchased-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The amount of cash issued per vessel purchased in an agreement.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_CashIssuedPerVesselPurchased" xlink:to="esea_CashIssuedPerVesselPurchased-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesPurchaseOfAssets" xlink:label="us-gaap_StockIssuedDuringPeriodSharesPurchaseOfAssets" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_StockIssuedDuringPeriodSharesPurchaseOfAssets-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_StockIssuedDuringPeriodSharesPurchaseOfAssets</link:label>
    <link:label xlink:label="us-gaap_StockIssuedDuringPeriodSharesPurchaseOfAssets-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Stock Issued During Period, Shares, Purchase of Assets (in shares)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodSharesPurchaseOfAssets" xlink:to="us-gaap_StockIssuedDuringPeriodSharesPurchaseOfAssets-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SalesRevenueNetMember" xlink:label="us-gaap_SalesRevenueNetMember" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_SalesRevenueNetMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Revenue Benchmark [Member]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SalesRevenueNetMember" xlink:to="us-gaap_SalesRevenueNetMember-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PreferredStockDividendsShares" xlink:label="us-gaap_PreferredStockDividendsShares" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_PreferredStockDividendsShares-label" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Dividends declared (in shares)</link:label>
    <link:label xlink:label="us-gaap_PreferredStockDividendsShares-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_PreferredStockDividendsShares</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockDividendsShares" xlink:to="us-gaap_PreferredStockDividendsShares-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_FutureGrossMinimumRevenuesUnderNoncancellableTimeCharterAgreements" xlink:label="esea_FutureGrossMinimumRevenuesUnderNoncancellableTimeCharterAgreements" xlink:type="locator"/>
    <link:label xlink:label="esea_FutureGrossMinimumRevenuesUnderNoncancellableTimeCharterAgreements-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">esea_FutureGrossMinimumRevenuesUnderNoncancellableTimeCharterAgreements</link:label>
    <link:label xlink:label="esea_FutureGrossMinimumRevenuesUnderNoncancellableTimeCharterAgreements-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Future Gross Minimum Revenues Under Non-cancellable Time Charter Agreements</link:label>
    <link:label xlink:label="esea_FutureGrossMinimumRevenuesUnderNoncancellableTimeCharterAgreements-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The amount of future gross minimum revenues under non-cancellable time charter agreements.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_FutureGrossMinimumRevenuesUnderNoncancellableTimeCharterAgreements" xlink:to="esea_FutureGrossMinimumRevenuesUnderNoncancellableTimeCharterAgreements-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LongTermDebtTextBlock" xlink:label="us-gaap_LongTermDebtTextBlock" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_LongTermDebtTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Long-term Debt [Text Block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongTermDebtTextBlock" xlink:to="us-gaap_LongTermDebtTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_PurchaseOfVesselsMember" xlink:label="esea_PurchaseOfVesselsMember" xlink:type="locator"/>
    <link:label xlink:label="esea_PurchaseOfVesselsMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Purchase of Vessels [Member]</link:label>
    <link:label xlink:label="esea_PurchaseOfVesselsMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Related to the purchase of vessels.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_PurchaseOfVesselsMember" xlink:to="esea_PurchaseOfVesselsMember-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncreaseDecreaseInInventories" xlink:label="us-gaap_IncreaseDecreaseInInventories" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_IncreaseDecreaseInInventories-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_IncreaseDecreaseInInventories</link:label>
    <link:label xlink:label="us-gaap_IncreaseDecreaseInInventories-label" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Inventories</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInInventories" xlink:to="us-gaap_IncreaseDecreaseInInventories-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_FreightForwardAgreementsUnrealizedGainLossMember" xlink:label="esea_FreightForwardAgreementsUnrealizedGainLossMember" xlink:type="locator"/>
    <link:label xlink:label="esea_FreightForwardAgreementsUnrealizedGainLossMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Freight Forward Agreements, Unrealized Gain (Loss) [Member]</link:label>
    <link:label xlink:label="esea_FreightForwardAgreementsUnrealizedGainLossMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Related to derivatives.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_FreightForwardAgreementsUnrealizedGainLossMember" xlink:to="esea_FreightForwardAgreementsUnrealizedGainLossMember-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_InterestRateContractsUnrealizedLossGainMember" xlink:label="esea_InterestRateContractsUnrealizedLossGainMember" xlink:type="locator"/>
    <link:label xlink:label="esea_InterestRateContractsUnrealizedLossGainMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Interest Rate Contracts, Unrealized (Loss) / Gain [Member]</link:label>
    <link:label xlink:label="esea_InterestRateContractsUnrealizedLossGainMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Related to derivatives.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_InterestRateContractsUnrealizedLossGainMember" xlink:to="esea_InterestRateContractsUnrealizedLossGainMember-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ConcentrationRiskByBenchmarkAxis" xlink:label="us-gaap_ConcentrationRiskByBenchmarkAxis" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_ConcentrationRiskByBenchmarkAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Concentration Risk Benchmark [Axis]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ConcentrationRiskByBenchmarkAxis" xlink:to="us-gaap_ConcentrationRiskByBenchmarkAxis-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_OtherOperatingExpensesIncome" xlink:label="esea_OtherOperatingExpensesIncome" xlink:type="locator"/>
    <link:label xlink:label="esea_OtherOperatingExpensesIncome-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">esea_OtherOperatingExpensesIncome</link:label>
    <link:label xlink:label="esea_OtherOperatingExpensesIncome-label" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Other operating income</link:label>
    <link:label xlink:label="esea_OtherOperatingExpensesIncome-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The amount of income classified in other operating expenses.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_OtherOperatingExpensesIncome" xlink:to="esea_OtherOperatingExpensesIncome-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ConcentrationRiskBenchmarkDomain" xlink:label="us-gaap_ConcentrationRiskBenchmarkDomain" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_ConcentrationRiskBenchmarkDomain-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Concentration Risk Benchmark [Domain]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ConcentrationRiskBenchmarkDomain" xlink:to="us-gaap_ConcentrationRiskBenchmarkDomain-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantedInPeriodFairValue" xlink:label="esea_SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantedInPeriodFairValue" xlink:type="locator"/>
    <link:label xlink:label="esea_SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantedInPeriodFairValue-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">esea_SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantedInPeriodFairValue</link:label>
    <link:label xlink:label="esea_SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantedInPeriodFairValue-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other Than Options, Granted in Period, Fair Value</link:label>
    <link:label xlink:label="esea_SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantedInPeriodFairValue-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Fair value of equity instruments other than options granted. Excludes stock (or unit) options, for example, but not limited to, share units, stock appreciation rights, restricted stock.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantedInPeriodFairValue" xlink:to="esea_SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantedInPeriodFairValue-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_RelatedPartyDebtCurrent" xlink:label="esea_RelatedPartyDebtCurrent" xlink:type="locator"/>
    <link:label xlink:label="esea_RelatedPartyDebtCurrent-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Related party loan, current</link:label>
    <link:label xlink:label="esea_RelatedPartyDebtCurrent-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The value of related party debt classified as current.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_RelatedPartyDebtCurrent" xlink:to="esea_RelatedPartyDebtCurrent-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_RepaymentsOfLongtermDebtAndVesselProfitParticipationLiability" xlink:label="esea_RepaymentsOfLongtermDebtAndVesselProfitParticipationLiability" xlink:type="locator"/>
    <link:label xlink:label="esea_RepaymentsOfLongtermDebtAndVesselProfitParticipationLiability-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">esea_RepaymentsOfLongtermDebtAndVesselProfitParticipationLiability</link:label>
    <link:label xlink:label="esea_RepaymentsOfLongtermDebtAndVesselProfitParticipationLiability-label" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Repayment of long-term bank loans and vessel profit participation liability</link:label>
    <link:label xlink:label="esea_RepaymentsOfLongtermDebtAndVesselProfitParticipationLiability-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The amount of cash outflow from the repayment of long-term debt and vessel profit participation liability.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_RepaymentsOfLongtermDebtAndVesselProfitParticipationLiability" xlink:to="esea_RepaymentsOfLongtermDebtAndVesselProfitParticipationLiability-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_NoumeaShippingLTDMember" xlink:label="esea_NoumeaShippingLTDMember" xlink:type="locator"/>
    <link:label xlink:label="esea_NoumeaShippingLTDMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Noumea Shipping Ltd [Member]</link:label>
    <link:label xlink:label="esea_NoumeaShippingLTDMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the entity of Noumea Shipping Ltd.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_NoumeaShippingLTDMember" xlink:to="esea_NoumeaShippingLTDMember-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LineOfCreditFacilityCommitmentFeePercentage" xlink:label="us-gaap_LineOfCreditFacilityCommitmentFeePercentage" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_LineOfCreditFacilityCommitmentFeePercentage-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_LineOfCreditFacilityCommitmentFeePercentage</link:label>
    <link:label xlink:label="us-gaap_LineOfCreditFacilityCommitmentFeePercentage-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Line of Credit Facility, Commitment Fee Percentage</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LineOfCreditFacilityCommitmentFeePercentage" xlink:to="us-gaap_LineOfCreditFacilityCommitmentFeePercentage-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_VesselOperatingExpensesRelatedParty" xlink:label="esea_VesselOperatingExpensesRelatedParty" xlink:type="locator"/>
    <link:label xlink:label="esea_VesselOperatingExpensesRelatedParty-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Vessel operating expenses, related party</link:label>
    <link:label xlink:label="esea_VesselOperatingExpensesRelatedParty-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents related party associated with vessel operating expenses.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_VesselOperatingExpensesRelatedParty" xlink:to="esea_VesselOperatingExpensesRelatedParty-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LineOfCreditFacilityRemainingBorrowingCapacity" xlink:label="us-gaap_LineOfCreditFacilityRemainingBorrowingCapacity" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_LineOfCreditFacilityRemainingBorrowingCapacity-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_LineOfCreditFacilityRemainingBorrowingCapacity</link:label>
    <link:label xlink:label="us-gaap_LineOfCreditFacilityRemainingBorrowingCapacity-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Line of Credit Facility, Remaining Borrowing Capacity</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LineOfCreditFacilityRemainingBorrowingCapacity" xlink:to="us-gaap_LineOfCreditFacilityRemainingBorrowingCapacity-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_TableTextBlock" xlink:label="us-gaap_TableTextBlock" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_TableTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_TableTextBlock</link:label>
    <link:label xlink:label="us-gaap_TableTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Notes Tables</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TableTextBlock" xlink:to="us-gaap_TableTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_CommissionsRelatedParty" xlink:label="esea_CommissionsRelatedParty" xlink:type="locator"/>
    <link:label xlink:label="esea_CommissionsRelatedParty-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Commissions, related party</link:label>
    <link:label xlink:label="esea_CommissionsRelatedParty-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents related party commissions.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_CommissionsRelatedParty" xlink:to="esea_CommissionsRelatedParty-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardGross" xlink:label="us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardGross" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardGross-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Issuance of restricted shares for stock incentive award and share-based compensation (in shares)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardGross" xlink:to="us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardGross-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardForfeited" xlink:label="us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardForfeited" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardForfeited-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardForfeited</link:label>
    <link:label xlink:label="us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardForfeited-label" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Shares forfeited (in shares)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardForfeited" xlink:to="us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardForfeited-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity" xlink:label="us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity</link:label>
    <link:label xlink:label="us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Line of Credit Facility, Maximum Borrowing Capacity</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity" xlink:to="us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardGross" xlink:label="us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardGross" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardGross-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Issuance of restricted shares for stock incentive award and share-based compensation</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardGross" xlink:to="us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardGross-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RelatedPartyTransactionsByRelatedPartyAxis" xlink:label="us-gaap_RelatedPartyTransactionsByRelatedPartyAxis" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_RelatedPartyTransactionsByRelatedPartyAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Related Party [Axis]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RelatedPartyTransactionsByRelatedPartyAxis" xlink:to="us-gaap_RelatedPartyTransactionsByRelatedPartyAxis-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RelatedPartyDomain" xlink:label="us-gaap_RelatedPartyDomain" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_RelatedPartyDomain-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Related Party [Domain]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RelatedPartyDomain" xlink:to="us-gaap_RelatedPartyDomain-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_VesselAcquisitionMember" xlink:label="esea_VesselAcquisitionMember" xlink:type="locator"/>
    <link:label xlink:label="esea_VesselAcquisitionMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Vessel Acquisition [Member]</link:label>
    <link:label xlink:label="esea_VesselAcquisitionMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Related to the acquisition of a vessel.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_VesselAcquisitionMember" xlink:to="esea_VesselAcquisitionMember-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_DebtInstrumentNumberOfPeriodicPayments" xlink:label="esea_DebtInstrumentNumberOfPeriodicPayments" xlink:type="locator"/>
    <link:label xlink:label="esea_DebtInstrumentNumberOfPeriodicPayments-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">esea_DebtInstrumentNumberOfPeriodicPayments</link:label>
    <link:label xlink:label="esea_DebtInstrumentNumberOfPeriodicPayments-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Debt Instrument, Number of Periodic Payments</link:label>
    <link:label xlink:label="esea_DebtInstrumentNumberOfPeriodicPayments-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The number of periodic payments required by the agreement.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_DebtInstrumentNumberOfPeriodicPayments" xlink:to="esea_DebtInstrumentNumberOfPeriodicPayments-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SalesCommissionsAndFees" xlink:label="us-gaap_SalesCommissionsAndFees" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_SalesCommissionsAndFees-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_SalesCommissionsAndFees</link:label>
    <link:label xlink:label="us-gaap_SalesCommissionsAndFees-label" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Commissions (including $310,467, $453,361 and $493,341, respectively, to related party)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SalesCommissionsAndFees" xlink:to="us-gaap_SalesCommissionsAndFees-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LineOfCreditFacilityLenderDomain" xlink:label="us-gaap_LineOfCreditFacilityLenderDomain" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_LineOfCreditFacilityLenderDomain-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Line of Credit Facility, Lender [Domain]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LineOfCreditFacilityLenderDomain" xlink:to="us-gaap_LineOfCreditFacilityLenderDomain-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ArrangementsAndNonarrangementTransactionsMember" xlink:label="us-gaap_ArrangementsAndNonarrangementTransactionsMember" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_ArrangementsAndNonarrangementTransactionsMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Collaborative Arrangement and Arrangement Other than Collaborative [Domain]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ArrangementsAndNonarrangementTransactionsMember" xlink:to="us-gaap_ArrangementsAndNonarrangementTransactionsMember-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesNewIssues" xlink:label="us-gaap_StockIssuedDuringPeriodSharesNewIssues" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_StockIssuedDuringPeriodSharesNewIssues-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Issuance of shares (in shares)</link:label>
    <link:label xlink:label="us-gaap_StockIssuedDuringPeriodSharesNewIssues-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Stock Issued During Period, Shares, New Issues (in shares)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodSharesNewIssues" xlink:to="us-gaap_StockIssuedDuringPeriodSharesNewIssues-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OperatingCostsAndExpenses" xlink:label="us-gaap_OperatingCostsAndExpenses" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_OperatingCostsAndExpenses-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Vessel operating expenses (including $190,723, $256,069 and $249,081, respectively, to related party)</link:label>
    <link:label xlink:label="us-gaap_OperatingCostsAndExpenses-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Vessel operating expenses</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingCostsAndExpenses" xlink:to="us-gaap_OperatingCostsAndExpenses-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_WorkingCapitalSurplus" xlink:label="esea_WorkingCapitalSurplus" xlink:type="locator"/>
    <link:label xlink:label="esea_WorkingCapitalSurplus-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">esea_WorkingCapitalSurplus</link:label>
    <link:label xlink:label="esea_WorkingCapitalSurplus-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Working Capital Surplus</link:label>
    <link:label xlink:label="esea_WorkingCapitalSurplus-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the amount of working capital surplus as of the balance sheet date.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_WorkingCapitalSurplus" xlink:to="esea_WorkingCapitalSurplus-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RestrictedCashAndInvestments" xlink:label="us-gaap_RestrictedCashAndInvestments" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_RestrictedCashAndInvestments-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_RestrictedCashAndInvestments</link:label>
    <link:label xlink:label="us-gaap_RestrictedCashAndInvestments-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Restricted Cash and Investments, Total</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RestrictedCashAndInvestments" xlink:to="us-gaap_RestrictedCashAndInvestments-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_VesselsAcquiredDuringThePeriod" xlink:label="esea_VesselsAcquiredDuringThePeriod" xlink:type="locator"/>
    <link:label xlink:label="esea_VesselsAcquiredDuringThePeriod-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">esea_VesselsAcquiredDuringThePeriod</link:label>
    <link:label xlink:label="esea_VesselsAcquiredDuringThePeriod-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Vessels Acquired During the Period</link:label>
    <link:label xlink:label="esea_VesselsAcquiredDuringThePeriod-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the number of vessels acquired during the period.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_VesselsAcquiredDuringThePeriod" xlink:to="esea_VesselsAcquiredDuringThePeriod-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LineOfCreditFacilityAxis" xlink:label="us-gaap_LineOfCreditFacilityAxis" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_LineOfCreditFacilityAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Lender Name [Axis]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LineOfCreditFacilityAxis" xlink:to="us-gaap_LineOfCreditFacilityAxis-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LongTermDebtTerm" xlink:label="us-gaap_LongTermDebtTerm" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_LongTermDebtTerm-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_LongTermDebtTerm</link:label>
    <link:label xlink:label="us-gaap_LongTermDebtTerm-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Long-term Debt, Term (Month)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongTermDebtTerm" xlink:to="us-gaap_LongTermDebtTerm-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquity" xlink:label="us-gaap_LiabilitiesAndStockholdersEquity" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_LiabilitiesAndStockholdersEquity-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_LiabilitiesAndStockholdersEquity</link:label>
    <link:label xlink:label="us-gaap_LiabilitiesAndStockholdersEquity-label" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total liabilities, mezzanine equity and shareholders&#8217; equity</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesAndStockholdersEquity" xlink:to="us-gaap_LiabilitiesAndStockholdersEquity-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueNewIssues" xlink:label="us-gaap_StockIssuedDuringPeriodValueNewIssues" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_StockIssuedDuringPeriodValueNewIssues-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Issuance of shares</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodValueNewIssues" xlink:to="us-gaap_StockIssuedDuringPeriodValueNewIssues-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RelatedPartyTransactionAxis" xlink:label="us-gaap_RelatedPartyTransactionAxis" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_RelatedPartyTransactionAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Related Party Transaction [Axis]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RelatedPartyTransactionAxis" xlink:to="us-gaap_RelatedPartyTransactionAxis-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RelatedPartyTransactionDomain" xlink:label="us-gaap_RelatedPartyTransactionDomain" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_RelatedPartyTransactionDomain-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Related Party Transaction [Domain]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RelatedPartyTransactionDomain" xlink:to="us-gaap_RelatedPartyTransactionDomain-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RetainedEarningsAccumulatedDeficit" xlink:label="us-gaap_RetainedEarningsAccumulatedDeficit" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_RetainedEarningsAccumulatedDeficit-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Accumulated deficit</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RetainedEarningsAccumulatedDeficit" xlink:to="us-gaap_RetainedEarningsAccumulatedDeficit-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InsurancePremiumsRevenueRecognitionPolicy" xlink:label="us-gaap_InsurancePremiumsRevenueRecognitionPolicy" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_InsurancePremiumsRevenueRecognitionPolicy-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Insurance Premiums Revenue Recognition, Policy [Policy Text Block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InsurancePremiumsRevenueRecognitionPolicy" xlink:to="us-gaap_InsurancePremiumsRevenueRecognitionPolicy-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_PreferredStockDeemedDividend" xlink:label="esea_PreferredStockDeemedDividend" xlink:type="locator"/>
    <link:label xlink:label="esea_PreferredStockDeemedDividend-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">esea_PreferredStockDeemedDividend</link:label>
    <link:label xlink:label="esea_PreferredStockDeemedDividend-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Preferred Stock Deemed Dividend</link:label>
    <link:label xlink:label="esea_PreferredStockDeemedDividend-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The amount of preferred stock dividends deemed.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_PreferredStockDeemedDividend" xlink:to="esea_PreferredStockDeemedDividend-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_The17KeyPersonsMember" xlink:label="esea_The17KeyPersonsMember" xlink:type="locator"/>
    <link:label xlink:label="esea_The17KeyPersonsMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">The 17 Key Persons [Member]</link:label>
    <link:label xlink:label="esea_The17KeyPersonsMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The 17 key persons.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_The17KeyPersonsMember" xlink:to="esea_The17KeyPersonsMember-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_AfterTwoYearsMember" xlink:label="esea_AfterTwoYearsMember" xlink:type="locator"/>
    <link:label xlink:label="esea_AfterTwoYearsMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">After Two Years [Member]</link:label>
    <link:label xlink:label="esea_AfterTwoYearsMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents after two years.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_AfterTwoYearsMember" xlink:to="esea_AfterTwoYearsMember-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_ShareholdersOwnershipPercentage" xlink:label="esea_ShareholdersOwnershipPercentage" xlink:type="locator"/>
    <link:label xlink:label="esea_ShareholdersOwnershipPercentage-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">esea_ShareholdersOwnershipPercentage</link:label>
    <link:label xlink:label="esea_ShareholdersOwnershipPercentage-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Shareholders Ownership, Percentage</link:label>
    <link:label xlink:label="esea_ShareholdersOwnershipPercentage-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The percent of shareholders ownership.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_ShareholdersOwnershipPercentage" xlink:to="esea_ShareholdersOwnershipPercentage-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InterestExpense" xlink:label="us-gaap_InterestExpense" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_InterestExpense-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_InterestExpense</link:label>
    <link:label xlink:label="us-gaap_InterestExpense-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Interest Expense, Total</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestExpense" xlink:to="us-gaap_InterestExpense-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_NextTwoYearsMember" xlink:label="esea_NextTwoYearsMember" xlink:type="locator"/>
    <link:label xlink:label="esea_NextTwoYearsMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Next Two Years [Member]</link:label>
    <link:label xlink:label="esea_NextTwoYearsMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the next two years.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_NextTwoYearsMember" xlink:to="esea_NextTwoYearsMember-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock" xlink:label="us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Derivative Instruments, Gain (Loss) [Table Text Block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock" xlink:to="us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock-label" xlink:type="arc"/>
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    <link:label xlink:label="us-gaap_InterestExpenseDebt-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_InterestExpenseDebt</link:label>
    <link:label xlink:label="us-gaap_InterestExpenseDebt-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Interest Expense, Debt, Total</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestExpenseDebt" xlink:to="us-gaap_InterestExpenseDebt-label" xlink:type="arc"/>
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    <link:label xlink:label="esea_ConvertiblePreferredStockConversionPricePerShare-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">esea_ConvertiblePreferredStockConversionPricePerShare</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_ConvertiblePreferredStockConversionPricePerShare" xlink:to="esea_ConvertiblePreferredStockConversionPricePerShare-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_PreferredStockVotingPercentageOfNumberOfSharesConvertibleOfCommonStock" xlink:label="esea_PreferredStockVotingPercentageOfNumberOfSharesConvertibleOfCommonStock" xlink:type="locator"/>
    <link:label xlink:label="esea_PreferredStockVotingPercentageOfNumberOfSharesConvertibleOfCommonStock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">esea_PreferredStockVotingPercentageOfNumberOfSharesConvertibleOfCommonStock</link:label>
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    <link:label xlink:label="esea_PreferredStockVotingPercentageOfNumberOfSharesConvertibleOfCommonStock-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The percentage of number of votes of preferred stock based off the number of shares of common stock the preferred stock is convertible to.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_PreferredStockVotingPercentageOfNumberOfSharesConvertibleOfCommonStock" xlink:to="esea_PreferredStockVotingPercentageOfNumberOfSharesConvertibleOfCommonStock-label" xlink:type="arc"/>
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    <link:label xlink:label="us-gaap_AmortizationOfFinancingCosts-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Amortization and write off of deferred charges</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AmortizationOfFinancingCosts" xlink:to="us-gaap_AmortizationOfFinancingCosts-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DisclosureTextBlockAbstract" xlink:label="us-gaap_DisclosureTextBlockAbstract" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_DisclosureTextBlockAbstract-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_DisclosureTextBlockAbstract</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DisclosureTextBlockAbstract" xlink:to="us-gaap_DisclosureTextBlockAbstract-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock" xlink:label="us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Derivative Instruments and Hedging Activities Disclosure [Text Block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock" xlink:to="us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InventoryDisclosureTextBlock" xlink:label="us-gaap_InventoryDisclosureTextBlock" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_InventoryDisclosureTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Inventory Disclosure [Text Block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InventoryDisclosureTextBlock" xlink:to="us-gaap_InventoryDisclosureTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ForeignCurrencyTransactionGainLossRealized" xlink:label="us-gaap_ForeignCurrencyTransactionGainLossRealized" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_ForeignCurrencyTransactionGainLossRealized-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Foreign exchange (loss) / gain</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ForeignCurrencyTransactionGainLossRealized" xlink:to="us-gaap_ForeignCurrencyTransactionGainLossRealized-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfInventoryCurrentTableTextBlock" xlink:label="us-gaap_ScheduleOfInventoryCurrentTableTextBlock" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_ScheduleOfInventoryCurrentTableTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Schedule of Inventory, Current [Table Text Block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfInventoryCurrentTableTextBlock" xlink:to="us-gaap_ScheduleOfInventoryCurrentTableTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RestrictedCashNoncurrent" xlink:label="us-gaap_RestrictedCashNoncurrent" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_RestrictedCashNoncurrent-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Restricted cash, long term</link:label>
    <link:label xlink:label="us-gaap_RestrictedCashNoncurrent-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Restricted cash</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RestrictedCashNoncurrent" xlink:to="us-gaap_RestrictedCashNoncurrent-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_DividendsPreferredStockDeemed" xlink:label="esea_DividendsPreferredStockDeemed" xlink:type="locator"/>
    <link:label xlink:label="esea_DividendsPreferredStockDeemed-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">esea_DividendsPreferredStockDeemed</link:label>
    <link:label xlink:label="esea_DividendsPreferredStockDeemed-label" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Preferred deemed dividend</link:label>
    <link:label xlink:label="esea_DividendsPreferredStockDeemed-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Amount of preferred stock dividends deemed.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_DividendsPreferredStockDeemed" xlink:to="esea_DividendsPreferredStockDeemed-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SubsequentEventsTextBlock" xlink:label="us-gaap_SubsequentEventsTextBlock" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_SubsequentEventsTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Subsequent Events [Text Block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SubsequentEventsTextBlock" xlink:to="us-gaap_SubsequentEventsTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DepreciationDepletionAndAmortizationPolicyTextBlock" xlink:label="us-gaap_DepreciationDepletionAndAmortizationPolicyTextBlock" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_DepreciationDepletionAndAmortizationPolicyTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Depreciation, Depletion, and Amortization [Policy Text Block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DepreciationDepletionAndAmortizationPolicyTextBlock" xlink:to="us-gaap_DepreciationDepletionAndAmortizationPolicyTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueMeasurementPolicyPolicyTextBlock" xlink:label="us-gaap_FairValueMeasurementPolicyPolicyTextBlock" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_FairValueMeasurementPolicyPolicyTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Fair Value Measurement, Policy [Policy Text Block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueMeasurementPolicyPolicyTextBlock" xlink:to="us-gaap_FairValueMeasurementPolicyPolicyTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SegmentReportingPolicyPolicyTextBlock" xlink:label="us-gaap_SegmentReportingPolicyPolicyTextBlock" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_SegmentReportingPolicyPolicyTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Segment Reporting, Policy [Policy Text Block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SegmentReportingPolicyPolicyTextBlock" xlink:to="us-gaap_SegmentReportingPolicyPolicyTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock" xlink:label="us-gaap_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Foreign Currency Transactions and Translations Policy [Policy Text Block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock" xlink:to="us-gaap_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ShareBasedCompensation" xlink:label="us-gaap_ShareBasedCompensation" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_ShareBasedCompensation-label" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Share-based compensation</link:label>
    <link:label xlink:label="us-gaap_ShareBasedCompensation-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_ShareBasedCompensation</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensation" xlink:to="us-gaap_ShareBasedCompensation-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_EarningsPerSharePolicyTextBlock" xlink:label="us-gaap_EarningsPerSharePolicyTextBlock" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_EarningsPerSharePolicyTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Earnings Per Share, Policy [Policy Text Block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EarningsPerSharePolicyTextBlock" xlink:to="us-gaap_EarningsPerSharePolicyTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_Revenues" xlink:label="us-gaap_Revenues" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_Revenues-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_Revenues</link:label>
    <link:label xlink:label="us-gaap_Revenues-label" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Net revenue, continuing operations</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Revenues" xlink:to="us-gaap_Revenues-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OperatingExpensesAbstract" xlink:label="us-gaap_OperatingExpensesAbstract" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_OperatingExpensesAbstract-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Operating expenses</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingExpensesAbstract" xlink:to="us-gaap_OperatingExpensesAbstract-label" xlink:type="arc"/>
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    <link:label xlink:label="us-gaap_ComprehensiveIncomePolicyPolicyTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Comprehensive Income, Policy [Policy Text Block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ComprehensiveIncomePolicyPolicyTextBlock" xlink:to="us-gaap_ComprehensiveIncomePolicyPolicyTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AmortizationOfDebtDiscountPremium" xlink:label="us-gaap_AmortizationOfDebtDiscountPremium" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_AmortizationOfDebtDiscountPremium-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Amortization of debt discount</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AmortizationOfDebtDiscountPremium" xlink:to="us-gaap_AmortizationOfDebtDiscountPremium-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AssetsHeldForSaleLongLivedFairValueDisclosure" xlink:label="us-gaap_AssetsHeldForSaleLongLivedFairValueDisclosure" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_AssetsHeldForSaleLongLivedFairValueDisclosure-label" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Vessels held for sale, fair value</link:label>
    <link:label xlink:label="us-gaap_AssetsHeldForSaleLongLivedFairValueDisclosure-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_AssetsHeldForSaleLongLivedFairValueDisclosure</link:label>
    <link:label xlink:label="us-gaap_AssetsHeldForSaleLongLivedFairValueDisclosure-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Assets Held-for-sale, Long Lived, Fair Value Disclosure</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsHeldForSaleLongLivedFairValueDisclosure" xlink:to="us-gaap_AssetsHeldForSaleLongLivedFairValueDisclosure-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_Depreciation" xlink:label="us-gaap_Depreciation" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_Depreciation-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Vessel depreciation</link:label>
    <link:label xlink:label="us-gaap_Depreciation-label" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Vessel depreciation</link:label>
    <link:label xlink:label="us-gaap_Depreciation-label" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">- Depreciation for the year</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Depreciation" xlink:to="us-gaap_Depreciation-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StockholdersEquityNoteStockSplitConversionRatio1" xlink:label="us-gaap_StockholdersEquityNoteStockSplitConversionRatio1" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_StockholdersEquityNoteStockSplitConversionRatio1-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_StockholdersEquityNoteStockSplitConversionRatio1</link:label>
    <link:label xlink:label="us-gaap_StockholdersEquityNoteStockSplitConversionRatio1-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Stockholders' Equity Note, Stock Split, Conversion Ratio</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquityNoteStockSplitConversionRatio1" xlink:to="us-gaap_StockholdersEquityNoteStockSplitConversionRatio1-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SharesIssuedPricePerShare" xlink:label="us-gaap_SharesIssuedPricePerShare" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_SharesIssuedPricePerShare-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_SharesIssuedPricePerShare</link:label>
    <link:label xlink:label="us-gaap_SharesIssuedPricePerShare-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Shares Issued, Price Per Share (in dollars per share)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SharesIssuedPricePerShare" xlink:to="us-gaap_SharesIssuedPricePerShare-label" xlink:type="arc"/>
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    <link:label xlink:label="us-gaap_AssetsCurrent-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_AssetsCurrent</link:label>
    <link:label xlink:label="us-gaap_AssetsCurrent-label" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total current assets</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsCurrent" xlink:to="us-gaap_AssetsCurrent-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AssetsNoncurrentAbstract" xlink:label="us-gaap_AssetsNoncurrentAbstract" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_AssetsNoncurrentAbstract-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Long-term assets:</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsNoncurrentAbstract" xlink:to="us-gaap_AssetsNoncurrentAbstract-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_UnrealizedGainLossOnDerivatives" xlink:label="us-gaap_UnrealizedGainLossOnDerivatives" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_UnrealizedGainLossOnDerivatives-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_UnrealizedGainLossOnDerivatives</link:label>
    <link:label xlink:label="us-gaap_UnrealizedGainLossOnDerivatives-label" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Change in the fair value of derivatives</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_UnrealizedGainLossOnDerivatives" xlink:to="us-gaap_UnrealizedGainLossOnDerivatives-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy" xlink:label="us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Share-based Payment Arrangement [Policy Text Block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy" xlink:to="us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StockholdersEquityNoteDisclosureTextBlock" xlink:label="us-gaap_StockholdersEquityNoteDisclosureTextBlock" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_StockholdersEquityNoteDisclosureTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Stockholders' Equity Note Disclosure [Text Block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquityNoteDisclosureTextBlock" xlink:to="us-gaap_StockholdersEquityNoteDisclosureTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_AdjustmentsToEquityContributionToSpunoffSubsidiary" xlink:label="esea_AdjustmentsToEquityContributionToSpunoffSubsidiary" xlink:type="locator"/>
    <link:label xlink:label="esea_AdjustmentsToEquityContributionToSpunoffSubsidiary-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">esea_AdjustmentsToEquityContributionToSpunoffSubsidiary</link:label>
    <link:label xlink:label="esea_AdjustmentsToEquityContributionToSpunoffSubsidiary-label" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Spin-off of EuroDry Ltd. to stockholders</link:label>
    <link:label xlink:label="esea_AdjustmentsToEquityContributionToSpunoffSubsidiary-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The change in equity resulting from a contribution to spun-off subsidiary.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_AdjustmentsToEquityContributionToSpunoffSubsidiary" xlink:to="esea_AdjustmentsToEquityContributionToSpunoffSubsidiary-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PensionAndOtherPostretirementPlansPolicy" xlink:label="us-gaap_PensionAndOtherPostretirementPlansPolicy" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_PensionAndOtherPostretirementPlansPolicy-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Pension and Other Postretirement Plans, Policy [Policy Text Block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PensionAndOtherPostretirementPlansPolicy" xlink:to="us-gaap_PensionAndOtherPostretirementPlansPolicy-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_PaymentsForInvestmentInAffiliate" xlink:label="esea_PaymentsForInvestmentInAffiliate" xlink:type="locator"/>
    <link:label xlink:label="esea_PaymentsForInvestmentInAffiliate-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">esea_PaymentsForInvestmentInAffiliate</link:label>
    <link:label xlink:label="esea_PaymentsForInvestmentInAffiliate-label" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Investment in subsidiary spun-off</link:label>
    <link:label xlink:label="esea_PaymentsForInvestmentInAffiliate-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The cash outflow related to investing in an entity that is affiliated with the reporting entity by means of direct or indirect ownership.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_PaymentsForInvestmentInAffiliate" xlink:to="esea_PaymentsForInvestmentInAffiliate-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueMeasurementsNonrecurringMember" xlink:label="us-gaap_FairValueMeasurementsNonrecurringMember" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_FairValueMeasurementsNonrecurringMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Fair Value, Nonrecurring [Member]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueMeasurementsNonrecurringMember" xlink:to="us-gaap_FairValueMeasurementsNonrecurringMember-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CommonStockValue" xlink:label="us-gaap_CommonStockValue" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_CommonStockValue-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Common stock (par value $0.03, 200,000,000 shares authorized, 1,564,456 and 5,600,259 issued and outstanding)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockValue" xlink:to="us-gaap_CommonStockValue-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:label="us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Adjustments to reconcile net loss to net cash provided by / (used in) operating activities:</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueByMeasurementFrequencyAxis" xlink:label="us-gaap_FairValueByMeasurementFrequencyAxis" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_FairValueByMeasurementFrequencyAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Measurement Frequency [Axis]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueByMeasurementFrequencyAxis" xlink:to="us-gaap_FairValueByMeasurementFrequencyAxis-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueMeasurementFrequencyDomain" xlink:label="us-gaap_FairValueMeasurementFrequencyDomain" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_FairValueMeasurementFrequencyDomain-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Measurement Frequency [Domain]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueMeasurementFrequencyDomain" xlink:to="us-gaap_FairValueMeasurementFrequencyDomain-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CommonStockSharesAuthorized" xlink:label="us-gaap_CommonStockSharesAuthorized" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_CommonStockSharesAuthorized-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Common stock, shares authorized (in shares)</link:label>
    <link:label xlink:label="us-gaap_CommonStockSharesAuthorized-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Common Stock, Shares Authorized (in shares)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockSharesAuthorized" xlink:to="us-gaap_CommonStockSharesAuthorized-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CommonStockSharesIssued" xlink:label="us-gaap_CommonStockSharesIssued" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_CommonStockSharesIssued-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Common stock, shares issued (in shares)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockSharesIssued" xlink:to="us-gaap_CommonStockSharesIssued-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock" xlink:label="us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Fair Value Measurements, Recurring and Nonrecurring [Table Text Block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock" xlink:to="us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CommonStockParOrStatedValuePerShare" xlink:label="us-gaap_CommonStockParOrStatedValuePerShare" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_CommonStockParOrStatedValuePerShare-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Common stock, par value (in dollars per share)</link:label>
    <link:label xlink:label="us-gaap_CommonStockParOrStatedValuePerShare-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Common Stock, Par or Stated Value Per Share (in dollars per share)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockParOrStatedValuePerShare" xlink:to="us-gaap_CommonStockParOrStatedValuePerShare-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StockholdersEquityNoteRedeemablePreferredStockIssuePolicy" xlink:label="us-gaap_StockholdersEquityNoteRedeemablePreferredStockIssuePolicy" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_StockholdersEquityNoteRedeemablePreferredStockIssuePolicy-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Stockholders' Equity Note, Redeemable Preferred Stock, Issue, Policy [Policy Text Block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquityNoteRedeemablePreferredStockIssuePolicy" xlink:to="us-gaap_StockholdersEquityNoteRedeemablePreferredStockIssuePolicy-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_RangeMember" xlink:label="srt_RangeMember" xlink:type="locator"/>
    <link:label xlink:label="srt_RangeMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Statistical Measurement [Domain]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="srt_RangeMember" xlink:to="srt_RangeMember-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_MaximumMember" xlink:label="srt_MaximumMember" xlink:type="locator"/>
    <link:label xlink:label="srt_MaximumMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Maximum [Member]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="srt_MaximumMember" xlink:to="srt_MaximumMember-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_MinimumMember" xlink:label="srt_MinimumMember" xlink:type="locator"/>
    <link:label xlink:label="srt_MinimumMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Minimum [Member]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="srt_MinimumMember" xlink:to="srt_MinimumMember-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_RangeAxis" xlink:label="srt_RangeAxis" xlink:type="locator"/>
    <link:label xlink:label="srt_RangeAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Statistical Measurement [Axis]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="srt_RangeAxis" xlink:to="srt_RangeAxis-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_LitigationCaseAxis" xlink:label="srt_LitigationCaseAxis" xlink:type="locator"/>
    <link:label xlink:label="srt_LitigationCaseAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Litigation Case [Axis]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="srt_LitigationCaseAxis" xlink:to="srt_LitigationCaseAxis-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_LitigationCaseTypeDomain" xlink:label="srt_LitigationCaseTypeDomain" xlink:type="locator"/>
    <link:label xlink:label="srt_LitigationCaseTypeDomain-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Litigation Case [Domain]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="srt_LitigationCaseTypeDomain" xlink:to="srt_LitigationCaseTypeDomain-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PreferredStockValue" xlink:label="us-gaap_PreferredStockValue" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_PreferredStockValue-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_PreferredStockValue</link:label>
    <link:label xlink:label="us-gaap_PreferredStockValue-label" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en-US">Balance</link:label>
    <link:label xlink:label="us-gaap_PreferredStockValue-label" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xml:lang="en-US">Balance</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockValue" xlink:to="us-gaap_PreferredStockValue-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PreferredStockValueOutstanding" xlink:label="us-gaap_PreferredStockValueOutstanding" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_PreferredStockValueOutstanding-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_PreferredStockValueOutstanding</link:label>
    <link:label xlink:label="us-gaap_PreferredStockValueOutstanding-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Preferred Stock, Value, Outstanding</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockValueOutstanding" xlink:to="us-gaap_PreferredStockValueOutstanding-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InterestPaidNet" xlink:label="us-gaap_InterestPaidNet" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_InterestPaidNet-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Cash paid for interest, net of capitalized expenses</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestPaidNet" xlink:to="us-gaap_InterestPaidNet-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PreferredStockRedemptionAmount" xlink:label="us-gaap_PreferredStockRedemptionAmount" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_PreferredStockRedemptionAmount-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_PreferredStockRedemptionAmount</link:label>
    <link:label xlink:label="us-gaap_PreferredStockRedemptionAmount-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Preferred Stock, Redemption Amount</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockRedemptionAmount" xlink:to="us-gaap_PreferredStockRedemptionAmount-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PrepaidExpenseCurrent" xlink:label="us-gaap_PrepaidExpenseCurrent" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_PrepaidExpenseCurrent-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Prepaid expenses</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PrepaidExpenseCurrent" xlink:to="us-gaap_PrepaidExpenseCurrent-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ImpairmentOrDisposalOfLongLivedAssetsIncludingIntangibleAssetsPolicyPolicyTextBlock" xlink:label="us-gaap_ImpairmentOrDisposalOfLongLivedAssetsIncludingIntangibleAssetsPolicyPolicyTextBlock" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_ImpairmentOrDisposalOfLongLivedAssetsIncludingIntangibleAssetsPolicyPolicyTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Impairment or Disposal of Long-Lived Assets, Including Intangible Assets, Policy [Policy Text Block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ImpairmentOrDisposalOfLongLivedAssetsIncludingIntangibleAssetsPolicyPolicyTextBlock" xlink:to="us-gaap_ImpairmentOrDisposalOfLongLivedAssetsIncludingIntangibleAssetsPolicyPolicyTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock" xlink:label="us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Property, Plant and Equipment Disclosure [Text Block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock" xlink:to="us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PropertyPlantAndEquipmentTextBlock" xlink:label="us-gaap_PropertyPlantAndEquipmentTextBlock" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_PropertyPlantAndEquipmentTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Property, Plant and Equipment [Table Text Block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentTextBlock" xlink:to="us-gaap_PropertyPlantAndEquipmentTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_VoyageRevenues" xlink:label="esea_VoyageRevenues" xlink:type="locator"/>
    <link:label xlink:label="esea_VoyageRevenues-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Voyage charter revenue</link:label>
    <link:label xlink:label="esea_VoyageRevenues-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Revenues arising from services provided to charterers according to the terms and conditions included in charter agreements.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_VoyageRevenues" xlink:to="esea_VoyageRevenues-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InventoryNet" xlink:label="us-gaap_InventoryNet" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_InventoryNet-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Inventories</link:label>
    <link:label xlink:label="us-gaap_InventoryNet-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Inventory</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InventoryNet" xlink:to="us-gaap_InventoryNet-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_VoyageExpenses" xlink:label="esea_VoyageExpenses" xlink:type="locator"/>
    <link:label xlink:label="esea_VoyageExpenses-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Voyage expenses</link:label>
    <link:label xlink:label="esea_VoyageExpenses-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Voyage expenses</link:label>
    <link:label xlink:label="esea_VoyageExpenses-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Costs relating to the voyages performed by the vessels and may include port, canal, bunker expenses, commissions and other.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_VoyageExpenses" xlink:to="esea_VoyageExpenses-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueInputsLevel3Member" xlink:label="us-gaap_FairValueInputsLevel3Member" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_FairValueInputsLevel3Member-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Fair Value, Inputs, Level 3 [Member]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueInputsLevel3Member" xlink:to="us-gaap_FairValueInputsLevel3Member-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueMeasurementsFairValueHierarchyDomain" xlink:label="us-gaap_FairValueMeasurementsFairValueHierarchyDomain" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_FairValueMeasurementsFairValueHierarchyDomain-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Fair Value Hierarchy and NAV [Domain]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueMeasurementsFairValueHierarchyDomain" xlink:to="us-gaap_FairValueMeasurementsFairValueHierarchyDomain-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_MajorCustomersAxis" xlink:label="srt_MajorCustomersAxis" xlink:type="locator"/>
    <link:label xlink:label="srt_MajorCustomersAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Customer [Axis]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="srt_MajorCustomersAxis" xlink:to="srt_MajorCustomersAxis-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_NameOfMajorCustomerDomain" xlink:label="srt_NameOfMajorCustomerDomain" xlink:type="locator"/>
    <link:label xlink:label="srt_NameOfMajorCustomerDomain-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Customer [Domain]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="srt_NameOfMajorCustomerDomain" xlink:to="srt_NameOfMajorCustomerDomain-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueInputsLevel1Member" xlink:label="us-gaap_FairValueInputsLevel1Member" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_FairValueInputsLevel1Member-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Fair Value, Inputs, Level 1 [Member]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueInputsLevel1Member" xlink:to="us-gaap_FairValueInputsLevel1Member-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueInputsLevel2Member" xlink:label="us-gaap_FairValueInputsLevel2Member" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_FairValueInputsLevel2Member-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Fair Value, Inputs, Level 2 [Member]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueInputsLevel2Member" xlink:to="us-gaap_FairValueInputsLevel2Member-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PreferredStockRedemptionPricePerShare" xlink:label="us-gaap_PreferredStockRedemptionPricePerShare" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_PreferredStockRedemptionPricePerShare-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_PreferredStockRedemptionPricePerShare</link:label>
    <link:label xlink:label="us-gaap_PreferredStockRedemptionPricePerShare-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Preferred Stock, Redemption Price Per Share (in dollars per share)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockRedemptionPricePerShare" xlink:to="us-gaap_PreferredStockRedemptionPricePerShare-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_LongTermDebtExcludingRelatedPartyLoans" xlink:label="esea_LongTermDebtExcludingRelatedPartyLoans" xlink:type="locator"/>
    <link:label xlink:label="esea_LongTermDebtExcludingRelatedPartyLoans-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">esea_LongTermDebtExcludingRelatedPartyLoans</link:label>
    <link:label xlink:label="esea_LongTermDebtExcludingRelatedPartyLoans-label" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total</link:label>
    <link:label xlink:label="esea_LongTermDebtExcludingRelatedPartyLoans-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations and related party loans.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_LongTermDebtExcludingRelatedPartyLoans" xlink:to="esea_LongTermDebtExcludingRelatedPartyLoans-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueByFairValueHierarchyLevelAxis" xlink:label="us-gaap_FairValueByFairValueHierarchyLevelAxis" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_FairValueByFairValueHierarchyLevelAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Fair Value Hierarchy and NAV [Axis]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueByFairValueHierarchyLevelAxis" xlink:to="us-gaap_FairValueByFairValueHierarchyLevelAxis-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_AdjustmentsToAdditionalPaidInCapitalSharesForfeited" xlink:label="esea_AdjustmentsToAdditionalPaidInCapitalSharesForfeited" xlink:type="locator"/>
    <link:label xlink:label="esea_AdjustmentsToAdditionalPaidInCapitalSharesForfeited-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Shares forfeited, APIC</link:label>
    <link:label xlink:label="esea_AdjustmentsToAdditionalPaidInCapitalSharesForfeited-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Amount of increase to additional paid in capital (APIC) resulting from shares forfeited.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_AdjustmentsToAdditionalPaidInCapitalSharesForfeited" xlink:to="esea_AdjustmentsToAdditionalPaidInCapitalSharesForfeited-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PropertyPlantAndEquipmentAdditions" xlink:label="us-gaap_PropertyPlantAndEquipmentAdditions" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_PropertyPlantAndEquipmentAdditions-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">- Vessel acquisitions</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentAdditions" xlink:to="us-gaap_PropertyPlantAndEquipmentAdditions-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PropertyPlantAndEquipmentUsefulLife" xlink:label="us-gaap_PropertyPlantAndEquipmentUsefulLife" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_PropertyPlantAndEquipmentUsefulLife-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_PropertyPlantAndEquipmentUsefulLife</link:label>
    <link:label xlink:label="us-gaap_PropertyPlantAndEquipmentUsefulLife-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Property, Plant and Equipment, Useful Life (Year)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentUsefulLife" xlink:to="us-gaap_PropertyPlantAndEquipmentUsefulLife-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncreaseDecreaseInDeferredRevenue" xlink:label="us-gaap_IncreaseDecreaseInDeferredRevenue" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_IncreaseDecreaseInDeferredRevenue-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_IncreaseDecreaseInDeferredRevenue</link:label>
    <link:label xlink:label="us-gaap_IncreaseDecreaseInDeferredRevenue-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Deferred revenues</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInDeferredRevenue" xlink:to="us-gaap_IncreaseDecreaseInDeferredRevenue-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PreferredStockDividendRatePercentage" xlink:label="us-gaap_PreferredStockDividendRatePercentage" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_PreferredStockDividendRatePercentage-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_PreferredStockDividendRatePercentage</link:label>
    <link:label xlink:label="us-gaap_PreferredStockDividendRatePercentage-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Preferred Stock, Dividend Rate, Percentage</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockDividendRatePercentage" xlink:to="us-gaap_PreferredStockDividendRatePercentage-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Cash flows from operating activities:</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RevenueRecognitionPolicyTextBlock" xlink:label="us-gaap_RevenueRecognitionPolicyTextBlock" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_RevenueRecognitionPolicyTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Revenue [Policy Text Block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RevenueRecognitionPolicyTextBlock" xlink:to="us-gaap_RevenueRecognitionPolicyTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementLineItems" xlink:label="us-gaap_StatementLineItems" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_StatementLineItems-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Statement [Line Items]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_StatementLineItems-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AccountsReceivableNetCurrent" xlink:label="us-gaap_AccountsReceivableNetCurrent" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_AccountsReceivableNetCurrent-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Trade accounts receivable, net</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccountsReceivableNetCurrent" xlink:to="us-gaap_AccountsReceivableNetCurrent-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NumberOfReportableSegments" xlink:label="us-gaap_NumberOfReportableSegments" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_NumberOfReportableSegments-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_NumberOfReportableSegments</link:label>
    <link:label xlink:label="us-gaap_NumberOfReportableSegments-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of Reportable Segments</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NumberOfReportableSegments" xlink:to="us-gaap_NumberOfReportableSegments-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AdditionalPaidInCapitalCommonStock" xlink:label="us-gaap_AdditionalPaidInCapitalCommonStock" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_AdditionalPaidInCapitalCommonStock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Additional paid-in capital</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AdditionalPaidInCapitalCommonStock" xlink:to="us-gaap_AdditionalPaidInCapitalCommonStock-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StockholdersEquityAbstract" xlink:label="us-gaap_StockholdersEquityAbstract" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_StockholdersEquityAbstract-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Shareholders&#8217; equity</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquityAbstract" xlink:to="us-gaap_StockholdersEquityAbstract-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PropertyPlantAndEquipmentByTypeAxis" xlink:label="us-gaap_PropertyPlantAndEquipmentByTypeAxis" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_PropertyPlantAndEquipmentByTypeAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Long-Lived Tangible Asset [Axis]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentByTypeAxis" xlink:to="us-gaap_PropertyPlantAndEquipmentByTypeAxis-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NonoperatingIncomeExpense" xlink:label="us-gaap_NonoperatingIncomeExpense" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_NonoperatingIncomeExpense-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_NonoperatingIncomeExpense</link:label>
    <link:label xlink:label="us-gaap_NonoperatingIncomeExpense-label" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Other expenses, net, continuing operations</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NonoperatingIncomeExpense" xlink:to="us-gaap_NonoperatingIncomeExpense-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PropertyPlantAndEquipmentTypeDomain" xlink:label="us-gaap_PropertyPlantAndEquipmentTypeDomain" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_PropertyPlantAndEquipmentTypeDomain-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Long-Lived Tangible Asset [Domain]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentTypeDomain" xlink:to="us-gaap_PropertyPlantAndEquipmentTypeDomain-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RestrictedCashCurrent" xlink:label="us-gaap_RestrictedCashCurrent" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_RestrictedCashCurrent-label" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Restricted cash, current</link:label>
    <link:label xlink:label="us-gaap_RestrictedCashCurrent-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Restricted cash</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RestrictedCashCurrent" xlink:to="us-gaap_RestrictedCashCurrent-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AssetsCurrentAbstract" xlink:label="us-gaap_AssetsCurrentAbstract" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_AssetsCurrentAbstract-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Current assets</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsCurrentAbstract" xlink:to="us-gaap_AssetsCurrentAbstract-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_TemporaryEquitySharesAuthorized" xlink:label="us-gaap_TemporaryEquitySharesAuthorized" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_TemporaryEquitySharesAuthorized-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Preferred stock, shares authorized (in shares)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TemporaryEquitySharesAuthorized" xlink:to="us-gaap_TemporaryEquitySharesAuthorized-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_TemporaryEquitySharesIssued" xlink:label="us-gaap_TemporaryEquitySharesIssued" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_TemporaryEquitySharesIssued-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Preferred stock, shares issued (in shares)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TemporaryEquitySharesIssued" xlink:to="us-gaap_TemporaryEquitySharesIssued-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_TemporaryEquitySharesOutstanding" xlink:label="us-gaap_TemporaryEquitySharesOutstanding" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_TemporaryEquitySharesOutstanding-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Preferred stock, shares outstanding (in shares)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TemporaryEquitySharesOutstanding" xlink:to="us-gaap_TemporaryEquitySharesOutstanding-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" xlink:label="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents</link:label>
    <link:label xlink:label="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents-label" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total cash, cash equivalents and restricted cash shown in the statement of cash flows, continuing operations</link:label>
    <link:label xlink:label="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents-label" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en-US">Cash, cash equivalents and restricted cash at beginning of year</link:label>
    <link:label xlink:label="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents-label" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xml:lang="en-US">Cash, cash equivalents and restricted cash at end of year, continuing operations</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" xlink:to="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_TemporaryEquityCarryingAmountAttributableToParent" xlink:label="us-gaap_TemporaryEquityCarryingAmountAttributableToParent" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_TemporaryEquityCarryingAmountAttributableToParent-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Preferred shares (par value $0.01, 20,000,000 shares authorized, 19,605 and 8,000 issued and outstanding, respectively)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TemporaryEquityCarryingAmountAttributableToParent" xlink:to="us-gaap_TemporaryEquityCarryingAmountAttributableToParent-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_TemporaryEquityParOrStatedValuePerShare" xlink:label="us-gaap_TemporaryEquityParOrStatedValuePerShare" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_TemporaryEquityParOrStatedValuePerShare-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Preferred stock, par value (in dollars per share)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TemporaryEquityParOrStatedValuePerShare" xlink:to="us-gaap_TemporaryEquityParOrStatedValuePerShare-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InventoryPolicyTextBlock" xlink:label="us-gaap_InventoryPolicyTextBlock" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_InventoryPolicyTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Inventory, Policy [Policy Text Block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InventoryPolicyTextBlock" xlink:to="us-gaap_InventoryPolicyTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SecurityDeposit" xlink:label="us-gaap_SecurityDeposit" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_SecurityDeposit-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_SecurityDeposit</link:label>
    <link:label xlink:label="us-gaap_SecurityDeposit-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Security Deposit</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SecurityDeposit" xlink:to="us-gaap_SecurityDeposit-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PrivatePlacementMember" xlink:label="us-gaap_PrivatePlacementMember" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_PrivatePlacementMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Private Placement [Member]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PrivatePlacementMember" xlink:to="us-gaap_PrivatePlacementMember-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect" xlink:label="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect</link:label>
    <link:label xlink:label="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect-label" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Net increase / (decrease) in cash, cash equivalents and restricted cash</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect" xlink:to="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_Liabilities" xlink:label="us-gaap_Liabilities" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_Liabilities-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_Liabilities</link:label>
    <link:label xlink:label="us-gaap_Liabilities-label" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total liabilities</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Liabilities" xlink:to="us-gaap_Liabilities-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CommitmentsAndContingencies" xlink:label="us-gaap_CommitmentsAndContingencies" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_CommitmentsAndContingencies-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Commitments and contingencies</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommitmentsAndContingencies" xlink:to="us-gaap_CommitmentsAndContingencies-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SubsidiarySaleOfStockAxis" xlink:label="us-gaap_SubsidiarySaleOfStockAxis" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_SubsidiarySaleOfStockAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Sale of Stock [Axis]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SubsidiarySaleOfStockAxis" xlink:to="us-gaap_SubsidiarySaleOfStockAxis-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SaleOfStockNameOfTransactionDomain" xlink:label="us-gaap_SaleOfStockNameOfTransactionDomain" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_SaleOfStockNameOfTransactionDomain-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Sale of Stock [Domain]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SaleOfStockNameOfTransactionDomain" xlink:to="us-gaap_SaleOfStockNameOfTransactionDomain-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherOperatingIncome" xlink:label="us-gaap_OtherOperatingIncome" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_OtherOperatingIncome-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_OtherOperatingIncome</link:label>
    <link:label xlink:label="us-gaap_OtherOperatingIncome-label" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Other operating income</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherOperatingIncome" xlink:to="us-gaap_OtherOperatingIncome-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OperatingIncomeLoss" xlink:label="us-gaap_OperatingIncomeLoss" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_OperatingIncomeLoss-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_OperatingIncomeLoss</link:label>
    <link:label xlink:label="us-gaap_OperatingIncomeLoss-label" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Operating (loss) / income, continuing operations</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingIncomeLoss" xlink:to="us-gaap_OperatingIncomeLoss-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_CounterpartyNameAxis" xlink:label="srt_CounterpartyNameAxis" xlink:type="locator"/>
    <link:label xlink:label="srt_CounterpartyNameAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Counterparty Name [Axis]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="srt_CounterpartyNameAxis" xlink:to="srt_CounterpartyNameAxis-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_RepurchaseAgreementCounterpartyNameDomain" xlink:label="srt_RepurchaseAgreementCounterpartyNameDomain" xlink:type="locator"/>
    <link:label xlink:label="srt_RepurchaseAgreementCounterpartyNameDomain-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Counterparty Name [Domain]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="srt_RepurchaseAgreementCounterpartyNameDomain" xlink:to="srt_RepurchaseAgreementCounterpartyNameDomain-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativesPolicyTextBlock" xlink:label="us-gaap_DerivativesPolicyTextBlock" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_DerivativesPolicyTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Derivatives, Policy [Policy Text Block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DerivativesPolicyTextBlock" xlink:to="us-gaap_DerivativesPolicyTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations" xlink:label="us-gaap_CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Net cash provided by operating activities of discontinued operations</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations" xlink:to="us-gaap_CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CashProvidedByUsedInInvestingActivitiesDiscontinuedOperations" xlink:label="us-gaap_CashProvidedByUsedInInvestingActivitiesDiscontinuedOperations" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_CashProvidedByUsedInInvestingActivitiesDiscontinuedOperations-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Net cash used in investing activities of discontinued operations</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashProvidedByUsedInInvestingActivitiesDiscontinuedOperations" xlink:to="us-gaap_CashProvidedByUsedInInvestingActivitiesDiscontinuedOperations-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CashProvidedByUsedInFinancingActivitiesDiscontinuedOperations" xlink:label="us-gaap_CashProvidedByUsedInFinancingActivitiesDiscontinuedOperations" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_CashProvidedByUsedInFinancingActivitiesDiscontinuedOperations-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Net cash provided by financing activities of discontinued operations</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashProvidedByUsedInFinancingActivitiesDiscontinuedOperations" xlink:to="us-gaap_CashProvidedByUsedInFinancingActivitiesDiscontinuedOperations-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DueToRelatedPartiesCurrentAndNoncurrent" xlink:label="us-gaap_DueToRelatedPartiesCurrentAndNoncurrent" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_DueToRelatedPartiesCurrentAndNoncurrent-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_DueToRelatedPartiesCurrentAndNoncurrent</link:label>
    <link:label xlink:label="us-gaap_DueToRelatedPartiesCurrentAndNoncurrent-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Due to Related Parties, Total</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DueToRelatedPartiesCurrentAndNoncurrent" xlink:to="us-gaap_DueToRelatedPartiesCurrentAndNoncurrent-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations</link:label>
    <link:label xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations-label" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Net cash (used in) / provided by investing activities of continuing operations</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations" xlink:to="us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations</link:label>
    <link:label xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations-label" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Net cash provided by financing activities of continuing operations</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations" xlink:to="us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativeLiabilities" xlink:label="us-gaap_DerivativeLiabilities" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_DerivativeLiabilities-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_DerivativeLiabilities</link:label>
    <link:label xlink:label="us-gaap_DerivativeLiabilities-label" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total derivative liabilities</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DerivativeLiabilities" xlink:to="us-gaap_DerivativeLiabilities-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LitigationReserve" xlink:label="us-gaap_LitigationReserve" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_LitigationReserve-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_LitigationReserve</link:label>
    <link:label xlink:label="us-gaap_LitigationReserve-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Estimated Litigation Liability</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LitigationReserve" xlink:to="us-gaap_LitigationReserve-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations</link:label>
    <link:label xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Net Cash Provided by (Used in) Operating Activities, Continuing Operations, Total</link:label>
    <link:label xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations-label" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Net cash provided by / (used in) operating activities of continuing operations</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations" xlink:to="us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ProceedsFromContributionsFromAffiliates" xlink:label="us-gaap_ProceedsFromContributionsFromAffiliates" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_ProceedsFromContributionsFromAffiliates-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Due from spun-off subsidiary</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromContributionsFromAffiliates" xlink:to="us-gaap_ProceedsFromContributionsFromAffiliates-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PaymentsOfStockIssuanceCosts" xlink:label="us-gaap_PaymentsOfStockIssuanceCosts" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_PaymentsOfStockIssuanceCosts-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_PaymentsOfStockIssuanceCosts</link:label>
    <link:label xlink:label="us-gaap_PaymentsOfStockIssuanceCosts-label" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Offering expenses paid</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsOfStockIssuanceCosts" xlink:to="us-gaap_PaymentsOfStockIssuanceCosts-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DisposalGroupClassificationAxis" xlink:label="us-gaap_DisposalGroupClassificationAxis" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_DisposalGroupClassificationAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disposal Group Classification [Axis]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DisposalGroupClassificationAxis" xlink:to="us-gaap_DisposalGroupClassificationAxis-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DisposalGroupClassificationDomain" xlink:label="us-gaap_DisposalGroupClassificationDomain" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_DisposalGroupClassificationDomain-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disposal Group Classification [Domain]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DisposalGroupClassificationDomain" xlink:to="us-gaap_DisposalGroupClassificationDomain-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock" xlink:label="us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock</link:label>
    <link:label xlink:label="us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock-label" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Preferred dividends paid</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock" xlink:to="us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InterestAndOtherIncome" xlink:label="us-gaap_InterestAndOtherIncome" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_InterestAndOtherIncome-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Interest income</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestAndOtherIncome" xlink:to="us-gaap_InterestAndOtherIncome-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_AcquisitionOfPropertyPlantAndEquipmentContingentSharesIssuableValue" xlink:label="esea_AcquisitionOfPropertyPlantAndEquipmentContingentSharesIssuableValue" xlink:type="locator"/>
    <link:label xlink:label="esea_AcquisitionOfPropertyPlantAndEquipmentContingentSharesIssuableValue-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">esea_AcquisitionOfPropertyPlantAndEquipmentContingentSharesIssuableValue</link:label>
    <link:label xlink:label="esea_AcquisitionOfPropertyPlantAndEquipmentContingentSharesIssuableValue-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Acquisition of Property, Plant and Equipment, Contingent Shares Issuable</link:label>
    <link:label xlink:label="esea_AcquisitionOfPropertyPlantAndEquipmentContingentSharesIssuableValue-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The value of shares contingently issuable in the acquisition of property, plant and equipment.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_AcquisitionOfPropertyPlantAndEquipmentContingentSharesIssuableValue" xlink:to="esea_AcquisitionOfPropertyPlantAndEquipmentContingentSharesIssuableValue-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_ConsiderationToAcquirePropertyPlantAndEquipment" xlink:label="esea_ConsiderationToAcquirePropertyPlantAndEquipment" xlink:type="locator"/>
    <link:label xlink:label="esea_ConsiderationToAcquirePropertyPlantAndEquipment-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">esea_ConsiderationToAcquirePropertyPlantAndEquipment</link:label>
    <link:label xlink:label="esea_ConsiderationToAcquirePropertyPlantAndEquipment-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Consideration to Acquire Property, Plant and Equipment</link:label>
    <link:label xlink:label="esea_ConsiderationToAcquirePropertyPlantAndEquipment-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The amount of consideration paid to acquire property, plant and equipment.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_ConsiderationToAcquirePropertyPlantAndEquipment" xlink:to="esea_ConsiderationToAcquirePropertyPlantAndEquipment-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_ScenarioUnspecifiedDomain" xlink:label="srt_ScenarioUnspecifiedDomain" xlink:type="locator"/>
    <link:label xlink:label="srt_ScenarioUnspecifiedDomain-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Scenario [Domain]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="srt_ScenarioUnspecifiedDomain" xlink:to="srt_ScenarioUnspecifiedDomain-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_InterestAndOtherFinancingCostsRelatedParty" xlink:label="esea_InterestAndOtherFinancingCostsRelatedParty" xlink:type="locator"/>
    <link:label xlink:label="esea_InterestAndOtherFinancingCostsRelatedParty-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Interest and other financing costs, related party</link:label>
    <link:label xlink:label="esea_InterestAndOtherFinancingCostsRelatedParty-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The amount of interest and other financing costs attributable to related parties.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_InterestAndOtherFinancingCostsRelatedParty" xlink:to="esea_InterestAndOtherFinancingCostsRelatedParty-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_ScenarioForecastMember" xlink:label="srt_ScenarioForecastMember" xlink:type="locator"/>
    <link:label xlink:label="srt_ScenarioForecastMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Forecast [Member]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="srt_ScenarioForecastMember" xlink:to="srt_ScenarioForecastMember-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_DebtInstrumentBalloonPaymentPercentOfDrawnDebt" xlink:label="esea_DebtInstrumentBalloonPaymentPercentOfDrawnDebt" xlink:type="locator"/>
    <link:label xlink:label="esea_DebtInstrumentBalloonPaymentPercentOfDrawnDebt-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">esea_DebtInstrumentBalloonPaymentPercentOfDrawnDebt</link:label>
    <link:label xlink:label="esea_DebtInstrumentBalloonPaymentPercentOfDrawnDebt-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Debt Instrument, Balloon Payment, Percent of Drawn Debt</link:label>
    <link:label xlink:label="esea_DebtInstrumentBalloonPaymentPercentOfDrawnDebt-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The percent of initially drawn debt of the balloon payment to be paid under the debt instrument</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_DebtInstrumentBalloonPaymentPercentOfDrawnDebt" xlink:to="esea_DebtInstrumentBalloonPaymentPercentOfDrawnDebt-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ProceedsFromIssuanceOfConvertiblePreferredStock" xlink:label="us-gaap_ProceedsFromIssuanceOfConvertiblePreferredStock" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_ProceedsFromIssuanceOfConvertiblePreferredStock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_ProceedsFromIssuanceOfConvertiblePreferredStock</link:label>
    <link:label xlink:label="us-gaap_ProceedsFromIssuanceOfConvertiblePreferredStock-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Proceeds from Issuance of Convertible Preferred Stock</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromIssuanceOfConvertiblePreferredStock" xlink:to="us-gaap_ProceedsFromIssuanceOfConvertiblePreferredStock-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ProceedsFromIssuanceOfPrivatePlacement" xlink:label="us-gaap_ProceedsFromIssuanceOfPrivatePlacement" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_ProceedsFromIssuanceOfPrivatePlacement-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_ProceedsFromIssuanceOfPrivatePlacement</link:label>
    <link:label xlink:label="us-gaap_ProceedsFromIssuanceOfPrivatePlacement-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Proceeds from Issuance of Private Placement</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromIssuanceOfPrivatePlacement" xlink:to="us-gaap_ProceedsFromIssuanceOfPrivatePlacement-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_LineOfCreditFacilityRemainingPercentOfVesselMarketValueToFinance" xlink:label="esea_LineOfCreditFacilityRemainingPercentOfVesselMarketValueToFinance" xlink:type="locator"/>
    <link:label xlink:label="esea_LineOfCreditFacilityRemainingPercentOfVesselMarketValueToFinance-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">esea_LineOfCreditFacilityRemainingPercentOfVesselMarketValueToFinance</link:label>
    <link:label xlink:label="esea_LineOfCreditFacilityRemainingPercentOfVesselMarketValueToFinance-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Line of Credit Facility, Remaining Percent of Vessel Market Value to Finance</link:label>
    <link:label xlink:label="esea_LineOfCreditFacilityRemainingPercentOfVesselMarketValueToFinance-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The percent remaining of vessel market value to finance under a line of credit facility.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_LineOfCreditFacilityRemainingPercentOfVesselMarketValueToFinance" xlink:to="esea_LineOfCreditFacilityRemainingPercentOfVesselMarketValueToFinance-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RetainedEarningsMember" xlink:label="us-gaap_RetainedEarningsMember" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_RetainedEarningsMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Retained Earnings [Member]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RetainedEarningsMember" xlink:to="us-gaap_RetainedEarningsMember-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_LineOfCreditFacilityMaximumBorrowingAmountPercentOfScrapValueOfVessel" xlink:label="esea_LineOfCreditFacilityMaximumBorrowingAmountPercentOfScrapValueOfVessel" xlink:type="locator"/>
    <link:label xlink:label="esea_LineOfCreditFacilityMaximumBorrowingAmountPercentOfScrapValueOfVessel-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">esea_LineOfCreditFacilityMaximumBorrowingAmountPercentOfScrapValueOfVessel</link:label>
    <link:label xlink:label="esea_LineOfCreditFacilityMaximumBorrowingAmountPercentOfScrapValueOfVessel-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Line of Credit Facility, Maximum Borrowing Amount, Percent of Scrap Value of Vessel</link:label>
    <link:label xlink:label="esea_LineOfCreditFacilityMaximumBorrowingAmountPercentOfScrapValueOfVessel-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The percent of scrap value of vessel that is the maximum borrowing amount for a line of credit facility.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_LineOfCreditFacilityMaximumBorrowingAmountPercentOfScrapValueOfVessel" xlink:to="esea_LineOfCreditFacilityMaximumBorrowingAmountPercentOfScrapValueOfVessel-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_SynergyVesselsMember" xlink:label="esea_SynergyVesselsMember" xlink:type="locator"/>
    <link:label xlink:label="esea_SynergyVesselsMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Synergy Vessels [Member]</link:label>
    <link:label xlink:label="esea_SynergyVesselsMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Related to the Synergy Vessels.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_SynergyVesselsMember" xlink:to="esea_SynergyVesselsMember-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_TitleOfIndividualWithRelationshipToEntityDomain" xlink:label="srt_TitleOfIndividualWithRelationshipToEntityDomain" xlink:type="locator"/>
    <link:label xlink:label="srt_TitleOfIndividualWithRelationshipToEntityDomain-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Title of Individual [Domain]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="srt_TitleOfIndividualWithRelationshipToEntityDomain" xlink:to="srt_TitleOfIndividualWithRelationshipToEntityDomain-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ProceedsFromIssuanceOfCommonStock" xlink:label="us-gaap_ProceedsFromIssuanceOfCommonStock" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_ProceedsFromIssuanceOfCommonStock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Proceeds from issuance of common stock, net of commissions paid</link:label>
    <link:label xlink:label="us-gaap_ProceedsFromIssuanceOfCommonStock-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Proceeds from Issuance of Common Stock</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromIssuanceOfCommonStock" xlink:to="us-gaap_ProceedsFromIssuanceOfCommonStock-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_TitleOfIndividualAxis" xlink:label="srt_TitleOfIndividualAxis" xlink:type="locator"/>
    <link:label xlink:label="srt_TitleOfIndividualAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Title of Individual [Axis]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="srt_TitleOfIndividualAxis" xlink:to="srt_TitleOfIndividualAxis-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_StatementScenarioAxis" xlink:label="srt_StatementScenarioAxis" xlink:type="locator"/>
    <link:label xlink:label="srt_StatementScenarioAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Scenario [Axis]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="srt_StatementScenarioAxis" xlink:to="srt_StatementScenarioAxis-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_InterestRateSwapWithEurobankMember" xlink:label="esea_InterestRateSwapWithEurobankMember" xlink:type="locator"/>
    <link:label xlink:label="esea_InterestRateSwapWithEurobankMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Interest Rate Swap With Eurobank [Member]</link:label>
    <link:label xlink:label="esea_InterestRateSwapWithEurobankMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Related to the interest rate swap with Eurobank.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_InterestRateSwapWithEurobankMember" xlink:to="esea_InterestRateSwapWithEurobankMember-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AdditionalPaidInCapitalMember" xlink:label="us-gaap_AdditionalPaidInCapitalMember" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_AdditionalPaidInCapitalMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Additional Paid-in Capital [Member]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AdditionalPaidInCapitalMember" xlink:to="us-gaap_AdditionalPaidInCapitalMember-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CommonStockMember" xlink:label="us-gaap_CommonStockMember" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_CommonStockMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Common Stock [Member]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockMember" xlink:to="us-gaap_CommonStockMember-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementEquityComponentsAxis" xlink:label="us-gaap_StatementEquityComponentsAxis" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_StatementEquityComponentsAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Equity Components [Axis]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementEquityComponentsAxis" xlink:to="us-gaap_StatementEquityComponentsAxis-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_EquityComponentDomain" xlink:label="us-gaap_EquityComponentDomain" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_EquityComponentDomain-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Equity Component [Domain]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EquityComponentDomain" xlink:to="us-gaap_EquityComponentDomain-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LongTermDebt" xlink:label="us-gaap_LongTermDebt" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_LongTermDebt-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_LongTermDebt</link:label>
    <link:label xlink:label="us-gaap_LongTermDebt-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Long-term Debt, Total</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongTermDebt" xlink:to="us-gaap_LongTermDebt-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PaymentsForRepurchaseOfRedeemablePreferredStock" xlink:label="us-gaap_PaymentsForRepurchaseOfRedeemablePreferredStock" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_PaymentsForRepurchaseOfRedeemablePreferredStock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_PaymentsForRepurchaseOfRedeemablePreferredStock</link:label>
    <link:label xlink:label="us-gaap_PaymentsForRepurchaseOfRedeemablePreferredStock-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Payments for Repurchase of Redeemable Preferred Stock</link:label>
    <link:label xlink:label="us-gaap_PaymentsForRepurchaseOfRedeemablePreferredStock-label" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Redemption of Series B preferred shares</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsForRepurchaseOfRedeemablePreferredStock" xlink:to="us-gaap_PaymentsForRepurchaseOfRedeemablePreferredStock-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DeferredRevenueCurrent" xlink:label="us-gaap_DeferredRevenueCurrent" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_DeferredRevenueCurrent-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Deferred revenues</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredRevenueCurrent" xlink:to="us-gaap_DeferredRevenueCurrent-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PaymentsOfFinancingCosts" xlink:label="us-gaap_PaymentsOfFinancingCosts" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_PaymentsOfFinancingCosts-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_PaymentsOfFinancingCosts</link:label>
    <link:label xlink:label="us-gaap_PaymentsOfFinancingCosts-label" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Loan arrangement fees paid</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsOfFinancingCosts" xlink:to="us-gaap_PaymentsOfFinancingCosts-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LineOfCredit" xlink:label="us-gaap_LineOfCredit" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_LineOfCredit-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_LineOfCredit</link:label>
    <link:label xlink:label="us-gaap_LineOfCredit-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Long-term Line of Credit, Total</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LineOfCredit" xlink:to="us-gaap_LineOfCredit-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PaymentsOfDebtIssuanceCosts" xlink:label="us-gaap_PaymentsOfDebtIssuanceCosts" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_PaymentsOfDebtIssuanceCosts-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_PaymentsOfDebtIssuanceCosts</link:label>
    <link:label xlink:label="us-gaap_PaymentsOfDebtIssuanceCosts-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Payments of Debt Issuance Costs</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsOfDebtIssuanceCosts" xlink:to="us-gaap_PaymentsOfDebtIssuanceCosts-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DeferredFinanceCostsNoncurrentNet" xlink:label="us-gaap_DeferredFinanceCostsNoncurrentNet" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_DeferredFinanceCostsNoncurrentNet-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Deferred charges, long-term portion</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredFinanceCostsNoncurrentNet" xlink:to="us-gaap_DeferredFinanceCostsNoncurrentNet-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DeferredFinanceCostsCurrentNet" xlink:label="us-gaap_DeferredFinanceCostsCurrentNet" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_DeferredFinanceCostsCurrentNet-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Deferred charges, current portion</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredFinanceCostsCurrentNet" xlink:to="us-gaap_DeferredFinanceCostsCurrentNet-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FinanceLoansAndLeasesReceivablePolicy" xlink:label="us-gaap_FinanceLoansAndLeasesReceivablePolicy" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_FinanceLoansAndLeasesReceivablePolicy-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Financing Receivable [Policy Text Block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FinanceLoansAndLeasesReceivablePolicy" xlink:to="us-gaap_FinanceLoansAndLeasesReceivablePolicy-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_TradeAndOtherAccountsReceivablePolicy" xlink:label="us-gaap_TradeAndOtherAccountsReceivablePolicy" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_TradeAndOtherAccountsReceivablePolicy-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Accounts Receivable [Policy Text Block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TradeAndOtherAccountsReceivablePolicy" xlink:to="us-gaap_TradeAndOtherAccountsReceivablePolicy-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_VesselProfitParticipationLiabilityNoncurrent" xlink:label="esea_VesselProfitParticipationLiabilityNoncurrent" xlink:type="locator"/>
    <link:label xlink:label="esea_VesselProfitParticipationLiabilityNoncurrent-label" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Vessel profit participation liability</link:label>
    <link:label xlink:label="esea_VesselProfitParticipationLiabilityNoncurrent-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">esea_VesselProfitParticipationLiabilityNoncurrent</link:label>
    <link:label xlink:label="esea_VesselProfitParticipationLiabilityNoncurrent-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Vessel Profit Participation Liability, Noncurrent</link:label>
    <link:label xlink:label="esea_VesselProfitParticipationLiabilityNoncurrent-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Carrying amount as of the balance sheet date of vessel profit participation liability, due after one year or the normal operating cycle, if longer.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_VesselProfitParticipationLiabilityNoncurrent" xlink:to="esea_VesselProfitParticipationLiabilityNoncurrent-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RepaymentsOfRelatedPartyDebt" xlink:label="us-gaap_RepaymentsOfRelatedPartyDebt" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_RepaymentsOfRelatedPartyDebt-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_RepaymentsOfRelatedPartyDebt</link:label>
    <link:label xlink:label="us-gaap_RepaymentsOfRelatedPartyDebt-label" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Repayment of related party loan</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RepaymentsOfRelatedPartyDebt" xlink:to="us-gaap_RepaymentsOfRelatedPartyDebt-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CashAndCashEquivalentsPolicyTextBlock" xlink:label="us-gaap_CashAndCashEquivalentsPolicyTextBlock" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_CashAndCashEquivalentsPolicyTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Cash and Cash Equivalents, Policy [Policy Text Block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashAndCashEquivalentsPolicyTextBlock" xlink:to="us-gaap_CashAndCashEquivalentsPolicyTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtInstrumentUnamortizedDiscountCurrent" xlink:label="us-gaap_DebtInstrumentUnamortizedDiscountCurrent" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_DebtInstrumentUnamortizedDiscountCurrent-label" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Debt discount, current portion</link:label>
    <link:label xlink:label="us-gaap_DebtInstrumentUnamortizedDiscountCurrent-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_DebtInstrumentUnamortizedDiscountCurrent</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentUnamortizedDiscountCurrent" xlink:to="us-gaap_DebtInstrumentUnamortizedDiscountCurrent-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtInstrumentUnamortizedDiscountNoncurrent" xlink:label="us-gaap_DebtInstrumentUnamortizedDiscountNoncurrent" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_DebtInstrumentUnamortizedDiscountNoncurrent-label" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Debt discount, long-term portion</link:label>
    <link:label xlink:label="us-gaap_DebtInstrumentUnamortizedDiscountNoncurrent-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_DebtInstrumentUnamortizedDiscountNoncurrent</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentUnamortizedDiscountNoncurrent" xlink:to="us-gaap_DebtInstrumentUnamortizedDiscountNoncurrent-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CashAndCashEquivalentsRestrictedCashAndCashEquivalentsPolicy" xlink:label="us-gaap_CashAndCashEquivalentsRestrictedCashAndCashEquivalentsPolicy" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_CashAndCashEquivalentsRestrictedCashAndCashEquivalentsPolicy-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashAndCashEquivalentsRestrictedCashAndCashEquivalentsPolicy" xlink:to="us-gaap_CashAndCashEquivalentsRestrictedCashAndCashEquivalentsPolicy-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_GeneralAndAdministrativeExpenseMember" xlink:label="us-gaap_GeneralAndAdministrativeExpenseMember" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_GeneralAndAdministrativeExpenseMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">General and Administrative Expense [Member]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GeneralAndAdministrativeExpenseMember" xlink:to="us-gaap_GeneralAndAdministrativeExpenseMember-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtInstrumentCarryingAmount" xlink:label="us-gaap_DebtInstrumentCarryingAmount" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_DebtInstrumentCarryingAmount-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Long-term debt, gross</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentCarryingAmount" xlink:to="us-gaap_DebtInstrumentCarryingAmount-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AccountingPoliciesAbstract" xlink:label="us-gaap_AccountingPoliciesAbstract" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_AccountingPoliciesAbstract-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Accounting Policies [Abstract]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccountingPoliciesAbstract" xlink:to="us-gaap_AccountingPoliciesAbstract-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SignificantAccountingPoliciesTextBlock" xlink:label="us-gaap_SignificantAccountingPoliciesTextBlock" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_SignificantAccountingPoliciesTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Significant Accounting Policies [Text Block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SignificantAccountingPoliciesTextBlock" xlink:to="us-gaap_SignificantAccountingPoliciesTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SchedulesOfConcentrationOfRiskByRiskFactorTextBlock" xlink:label="us-gaap_SchedulesOfConcentrationOfRiskByRiskFactorTextBlock" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_SchedulesOfConcentrationOfRiskByRiskFactorTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Schedules of Concentration of Risk, by Risk Factor [Table Text Block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SchedulesOfConcentrationOfRiskByRiskFactorTextBlock" xlink:to="us-gaap_SchedulesOfConcentrationOfRiskByRiskFactorTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityInteractiveDataCurrent" xlink:label="dei_EntityInteractiveDataCurrent" xlink:type="locator"/>
    <link:label xlink:label="dei_EntityInteractiveDataCurrent-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Interactive Data Current</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityInteractiveDataCurrent" xlink:to="dei_EntityInteractiveDataCurrent-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearFour" xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearFour" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearFour-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">2023</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearFour" xlink:to="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearFour-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_SharesIssuedPercentOfOutsandingSharesOfTheCompany" xlink:label="esea_SharesIssuedPercentOfOutsandingSharesOfTheCompany" xlink:type="locator"/>
    <link:label xlink:label="esea_SharesIssuedPercentOfOutsandingSharesOfTheCompany-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">esea_SharesIssuedPercentOfOutsandingSharesOfTheCompany</link:label>
    <link:label xlink:label="esea_SharesIssuedPercentOfOutsandingSharesOfTheCompany-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Shares Issued, Percent of Outsanding Shares of the Company</link:label>
    <link:label xlink:label="esea_SharesIssuedPercentOfOutsandingSharesOfTheCompany-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The percent of outstanding shares represented in the shares issued for a certain transaction.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_SharesIssuedPercentOfOutsandingSharesOfTheCompany" xlink:to="esea_SharesIssuedPercentOfOutsandingSharesOfTheCompany-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextRollingTwelveMonths" xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextRollingTwelveMonths" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextRollingTwelveMonths-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">2020</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextRollingTwelveMonths" xlink:to="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextRollingTwelveMonths-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearTwo" xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearTwo" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearTwo-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">2021</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearTwo" xlink:to="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearTwo-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearThree" xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearThree" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearThree-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">2022</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearThree" xlink:to="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearThree-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_EmSpetsesMember" xlink:label="esea_EmSpetsesMember" xlink:type="locator"/>
    <link:label xlink:label="esea_EmSpetsesMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">EM Spetses [Member]</link:label>
    <link:label xlink:label="esea_EmSpetsesMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Related to EM Spetses.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_EmSpetsesMember" xlink:to="esea_EmSpetsesMember-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ProceedsFromRelatedPartyDebt" xlink:label="us-gaap_ProceedsFromRelatedPartyDebt" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_ProceedsFromRelatedPartyDebt-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Proceeds from related party loan</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromRelatedPartyDebt" xlink:to="us-gaap_ProceedsFromRelatedPartyDebt-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_MvEmHydraMember" xlink:label="esea_MvEmHydraMember" xlink:type="locator"/>
    <link:label xlink:label="esea_MvEmHydraMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">M/V EM Hydra [Member]</link:label>
    <link:label xlink:label="esea_MvEmHydraMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Related to M/V EM Hydra.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_MvEmHydraMember" xlink:to="esea_MvEmHydraMember-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_MvDiamantisMember" xlink:label="esea_MvDiamantisMember" xlink:type="locator"/>
    <link:label xlink:label="esea_MvDiamantisMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">M/V Diamantis [Member]</link:label>
    <link:label xlink:label="esea_MvDiamantisMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Related to M/V Diamantis.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_MvDiamantisMember" xlink:to="esea_MvDiamantisMember-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_FourFeederContainershipsMember" xlink:label="esea_FourFeederContainershipsMember" xlink:type="locator"/>
    <link:label xlink:label="esea_FourFeederContainershipsMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Four Feeder Containerships [Member]</link:label>
    <link:label xlink:label="esea_FourFeederContainershipsMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Related to four feeder containerships.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_FourFeederContainershipsMember" xlink:to="esea_FourFeederContainershipsMember-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ProceedsFromIssuanceOfLongTermDebt" xlink:label="us-gaap_ProceedsFromIssuanceOfLongTermDebt" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_ProceedsFromIssuanceOfLongTermDebt-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_ProceedsFromIssuanceOfLongTermDebt</link:label>
    <link:label xlink:label="us-gaap_ProceedsFromIssuanceOfLongTermDebt-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Proceeds from Issuance of Long-term Debt, Total</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromIssuanceOfLongTermDebt" xlink:to="us-gaap_ProceedsFromIssuanceOfLongTermDebt-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_EmKeaMember" xlink:label="esea_EmKeaMember" xlink:type="locator"/>
    <link:label xlink:label="esea_EmKeaMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">EM Kea [Member]</link:label>
    <link:label xlink:label="esea_EmKeaMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Related to EM Kea.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_EmKeaMember" xlink:to="esea_EmKeaMember-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_NumberOfVesselsAcquired" xlink:label="esea_NumberOfVesselsAcquired" xlink:type="locator"/>
    <link:label xlink:label="esea_NumberOfVesselsAcquired-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">esea_NumberOfVesselsAcquired</link:label>
    <link:label xlink:label="esea_NumberOfVesselsAcquired-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of Vessels Acquired</link:label>
    <link:label xlink:label="esea_NumberOfVesselsAcquired-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The number of vessels acquired during the period.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_NumberOfVesselsAcquired" xlink:to="esea_NumberOfVesselsAcquired-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ProceedsFromIssuanceOfSecuredDebt" xlink:label="us-gaap_ProceedsFromIssuanceOfSecuredDebt" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_ProceedsFromIssuanceOfSecuredDebt-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Proceeds from long-term bank loans</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromIssuanceOfSecuredDebt" xlink:to="us-gaap_ProceedsFromIssuanceOfSecuredDebt-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncomeStatementLocationAxis" xlink:label="us-gaap_IncomeStatementLocationAxis" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_IncomeStatementLocationAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Income Statement Location [Axis]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeStatementLocationAxis" xlink:to="us-gaap_IncomeStatementLocationAxis-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncomeStatementLocationDomain" xlink:label="us-gaap_IncomeStatementLocationDomain" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_IncomeStatementLocationDomain-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Income Statement Location [Domain]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeStatementLocationDomain" xlink:to="us-gaap_IncomeStatementLocationDomain-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NonmonetaryTransactionTypeDomain" xlink:label="us-gaap_NonmonetaryTransactionTypeDomain" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_NonmonetaryTransactionTypeDomain-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Nonmonetary Transaction Type [Domain]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NonmonetaryTransactionTypeDomain" xlink:to="us-gaap_NonmonetaryTransactionTypeDomain-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_LoanAgreementToFinanceAcquisitionOfMVEMAstoriaMember" xlink:label="esea_LoanAgreementToFinanceAcquisitionOfMVEMAstoriaMember" xlink:type="locator"/>
    <link:label xlink:label="esea_LoanAgreementToFinanceAcquisitionOfMVEMAstoriaMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Loan Agreement to Finance Acquisition of M/V EM Astoria [Member]</link:label>
    <link:label xlink:label="esea_LoanAgreementToFinanceAcquisitionOfMVEMAstoriaMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the loan agreement entered into to finance the acquisition of M/V EM Astoria.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_LoanAgreementToFinanceAcquisitionOfMVEMAstoriaMember" xlink:to="esea_LoanAgreementToFinanceAcquisitionOfMVEMAstoriaMember-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_TypeOfArrangementAxis" xlink:label="us-gaap_TypeOfArrangementAxis" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_TypeOfArrangementAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Collaborative Arrangement and Arrangement Other than Collaborative [Axis]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TypeOfArrangementAxis" xlink:to="us-gaap_TypeOfArrangementAxis-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_ChartererCMAMember" xlink:label="esea_ChartererCMAMember" xlink:type="locator"/>
    <link:label xlink:label="esea_ChartererCMAMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Charterer CMA [Member]</link:label>
    <link:label xlink:label="esea_ChartererCMAMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Related to the charterer CMA.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_ChartererCMAMember" xlink:to="esea_ChartererCMAMember-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_ChartererGSSMember" xlink:label="esea_ChartererGSSMember" xlink:type="locator"/>
    <link:label xlink:label="esea_ChartererGSSMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Charterer GSS [Member]</link:label>
    <link:label xlink:label="esea_ChartererGSSMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Related to the charterer GSS.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_ChartererGSSMember" xlink:to="esea_ChartererGSSMember-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DiscontinuedOperationsDisposedOfByMeansOtherThanSaleSpinoffMember" xlink:label="us-gaap_DiscontinuedOperationsDisposedOfByMeansOtherThanSaleSpinoffMember" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_DiscontinuedOperationsDisposedOfByMeansOtherThanSaleSpinoffMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Discontinued Operations, Disposed of by Means Other than Sale, Spinoff [Member]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DiscontinuedOperationsDisposedOfByMeansOtherThanSaleSpinoffMember" xlink:to="us-gaap_DiscontinuedOperationsDisposedOfByMeansOtherThanSaleSpinoffMember-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_ChartererMSCMember" xlink:label="esea_ChartererMSCMember" xlink:type="locator"/>
    <link:label xlink:label="esea_ChartererMSCMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Charterer MSC [Member]</link:label>
    <link:label xlink:label="esea_ChartererMSCMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Related to the charterer MSC.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_ChartererMSCMember" xlink:to="esea_ChartererMSCMember-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_VesselsPolicyTextBlock" xlink:label="esea_VesselsPolicyTextBlock" xlink:type="locator"/>
    <link:label xlink:label="esea_VesselsPolicyTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Vessels [Policy Text Block]</link:label>
    <link:label xlink:label="esea_VesselsPolicyTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Policy disclosure of vessels owned by the company.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_VesselsPolicyTextBlock" xlink:to="esea_VesselsPolicyTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaidWithSixteenthInstallment" xlink:label="esea_DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaidWithSixteenthInstallment" xlink:type="locator"/>
    <link:label xlink:label="esea_DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaidWithSixteenthInstallment-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">esea_DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaidWithSixteenthInstallment</link:label>
    <link:label xlink:label="esea_DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaidWithSixteenthInstallment-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid with Sixteenth Installment</link:label>
    <link:label xlink:label="esea_DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaidWithSixteenthInstallment-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Amount of payment greater than the preceding installment payments to be paid at final maturity date of debt, if repaid in sixteen quarterly installments.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaidWithSixteenthInstallment" xlink:to="esea_DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaidWithSixteenthInstallment-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_AssetsHeldForSalePolicyTextBlock" xlink:label="esea_AssetsHeldForSalePolicyTextBlock" xlink:type="locator"/>
    <link:label xlink:label="esea_AssetsHeldForSalePolicyTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Assets Held For Sale [Policy Text Block]</link:label>
    <link:label xlink:label="esea_AssetsHeldForSalePolicyTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Disclosure of the accounting policy for assets held for sale by the company.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_AssetsHeldForSalePolicyTextBlock" xlink:to="esea_AssetsHeldForSalePolicyTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaidWithTwentiethInstallment" xlink:label="esea_DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaidWithTwentiethInstallment" xlink:type="locator"/>
    <link:label xlink:label="esea_DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaidWithTwentiethInstallment-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">esea_DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaidWithTwentiethInstallment</link:label>
    <link:label xlink:label="esea_DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaidWithTwentiethInstallment-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid with Twentieth Installment</link:label>
    <link:label xlink:label="esea_DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaidWithTwentiethInstallment-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Amount of payment greater than the preceding installment payments to be paid at final maturity date of debt, if repaid in twenty quarterly installments.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaidWithTwentiethInstallment" xlink:to="esea_DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaidWithTwentiethInstallment-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_ShipOwningCrewContractTerm" xlink:label="esea_ShipOwningCrewContractTerm" xlink:type="locator"/>
    <link:label xlink:label="esea_ShipOwningCrewContractTerm-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">esea_ShipOwningCrewContractTerm</link:label>
    <link:label xlink:label="esea_ShipOwningCrewContractTerm-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Ship Owning Crew Contract Term (Day)</link:label>
    <link:label xlink:label="esea_ShipOwningCrewContractTerm-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the contract term crews contracted with ship-owning companies.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_ShipOwningCrewContractTerm" xlink:to="esea_ShipOwningCrewContractTerm-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_DebtInstrumentNumberOfQuarterlyInstallmentPayments" xlink:label="esea_DebtInstrumentNumberOfQuarterlyInstallmentPayments" xlink:type="locator"/>
    <link:label xlink:label="esea_DebtInstrumentNumberOfQuarterlyInstallmentPayments-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">esea_DebtInstrumentNumberOfQuarterlyInstallmentPayments</link:label>
    <link:label xlink:label="esea_DebtInstrumentNumberOfQuarterlyInstallmentPayments-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Debt Instrument, Number of Quarterly Installment Payments</link:label>
    <link:label xlink:label="esea_DebtInstrumentNumberOfQuarterlyInstallmentPayments-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Number of quarterly installment payments agreed to under the debt instrument.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_DebtInstrumentNumberOfQuarterlyInstallmentPayments" xlink:to="esea_DebtInstrumentNumberOfQuarterlyInstallmentPayments-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NonmonetaryTransactionTypeAxis" xlink:label="us-gaap_NonmonetaryTransactionTypeAxis" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_NonmonetaryTransactionTypeAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Nonmonetary Transaction Type [Axis]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NonmonetaryTransactionTypeAxis" xlink:to="us-gaap_NonmonetaryTransactionTypeAxis-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_VictualingMember" xlink:label="esea_VictualingMember" xlink:type="locator"/>
    <link:label xlink:label="esea_VictualingMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Victualing [Member]</link:label>
    <link:label xlink:label="esea_VictualingMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Related to inventories of victualing.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_VictualingMember" xlink:to="esea_VictualingMember-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_ProfitSharingAgreementPercentage" xlink:label="esea_ProfitSharingAgreementPercentage" xlink:type="locator"/>
    <link:label xlink:label="esea_ProfitSharingAgreementPercentage-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">esea_ProfitSharingAgreementPercentage</link:label>
    <link:label xlink:label="esea_ProfitSharingAgreementPercentage-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Profit Sharing Agreement, Percentage</link:label>
    <link:label xlink:label="esea_ProfitSharingAgreementPercentage-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Percentage of the fair market value of the vessel, over the outstanding loan, that will be shared with the bank that financed the vessel, when the vessel is sold or when the loan matures.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_ProfitSharingAgreementPercentage" xlink:to="esea_ProfitSharingAgreementPercentage-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_BunkersMember" xlink:label="esea_BunkersMember" xlink:type="locator"/>
    <link:label xlink:label="esea_BunkersMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Bunkers [Member]</link:label>
    <link:label xlink:label="esea_BunkersMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Related to the inventory of bunkers.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_BunkersMember" xlink:to="esea_BunkersMember-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_DrydockingAndSpecialSurveyExpensesPolicyTextBlock" xlink:label="esea_DrydockingAndSpecialSurveyExpensesPolicyTextBlock" xlink:type="locator"/>
    <link:label xlink:label="esea_DrydockingAndSpecialSurveyExpensesPolicyTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Drydocking and Special Survey Expenses [Policy Text Block]</link:label>
    <link:label xlink:label="esea_DrydockingAndSpecialSurveyExpensesPolicyTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents drydocking and special survey expenses policy.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_DrydockingAndSpecialSurveyExpensesPolicyTextBlock" xlink:to="esea_DrydockingAndSpecialSurveyExpensesPolicyTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_LubricantMember" xlink:label="esea_LubricantMember" xlink:type="locator"/>
    <link:label xlink:label="esea_LubricantMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Lubricant [Member]</link:label>
    <link:label xlink:label="esea_LubricantMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Related to inventories of lubricants.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_LubricantMember" xlink:to="esea_LubricantMember-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ImpairmentEffectOnEarningsPerSharePretax" xlink:label="us-gaap_ImpairmentEffectOnEarningsPerSharePretax" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_ImpairmentEffectOnEarningsPerSharePretax-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_ImpairmentEffectOnEarningsPerSharePretax</link:label>
    <link:label xlink:label="us-gaap_ImpairmentEffectOnEarningsPerSharePretax-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Impairment Effect on Earnings Per Share, Pretax (in dollars per share)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ImpairmentEffectOnEarningsPerSharePretax" xlink:to="us-gaap_ImpairmentEffectOnEarningsPerSharePretax-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted" xlink:label="us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Weighted average common shares &#8211;outstanding , basic and diluted (in shares)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted" xlink:to="us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" xlink:label="us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount</link:label>
    <link:label xlink:label="us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" xlink:to="us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare" xlink:label="us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Earnings per share attributable to common shareholders - basic and diluted, discontinued operations (in dollars per share)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare" xlink:to="us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_EarningsPerShareBasicAndDiluted" xlink:label="us-gaap_EarningsPerShareBasicAndDiluted" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_EarningsPerShareBasicAndDiluted-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Loss per share attributable to common shareholders - basic and diluted, (in dollars per share)</link:label>
    <link:label xlink:label="us-gaap_EarningsPerShareBasicAndDiluted-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Basic and diluted loss per share (in dollars per share)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EarningsPerShareBasicAndDiluted" xlink:to="us-gaap_EarningsPerShareBasicAndDiluted-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncomeLossFromContinuingOperationsPerBasicAndDilutedShare" xlink:label="us-gaap_IncomeLossFromContinuingOperationsPerBasicAndDilutedShare" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_IncomeLossFromContinuingOperationsPerBasicAndDilutedShare-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Loss per share attributable to common shareholders - basic and diluted, continuing operations (in dollars per share)</link:label>
    <link:label xlink:label="us-gaap_IncomeLossFromContinuingOperationsPerBasicAndDilutedShare-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Basic and diluted loss per share, continuing operations (in dollars per share)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeLossFromContinuingOperationsPerBasicAndDilutedShare" xlink:to="us-gaap_IncomeLossFromContinuingOperationsPerBasicAndDilutedShare-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementTable" xlink:label="us-gaap_StatementTable" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_StatementTable-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Statement [Table]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementTable" xlink:to="us-gaap_StatementTable-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementOfFinancialPositionAbstract" xlink:label="us-gaap_StatementOfFinancialPositionAbstract" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_StatementOfFinancialPositionAbstract-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Statement of Financial Position [Abstract]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementOfFinancialPositionAbstract" xlink:to="us-gaap_StatementOfFinancialPositionAbstract-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock" xlink:label="us-gaap_AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Accounts Payable and Accrued Liabilities Disclosure [Text Block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock" xlink:to="us-gaap_AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DisposalGroupIncludingDiscontinuedOperationOtherExpense" xlink:label="us-gaap_DisposalGroupIncludingDiscontinuedOperationOtherExpense" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_DisposalGroupIncludingDiscontinuedOperationOtherExpense-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_DisposalGroupIncludingDiscontinuedOperationOtherExpense</link:label>
    <link:label xlink:label="us-gaap_DisposalGroupIncludingDiscontinuedOperationOtherExpense-label" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Total other expenses, net</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DisposalGroupIncludingDiscontinuedOperationOtherExpense" xlink:to="us-gaap_DisposalGroupIncludingDiscontinuedOperationOtherExpense-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DisposalGroupIncludingDiscontinuedOperationOperatingExpense" xlink:label="us-gaap_DisposalGroupIncludingDiscontinuedOperationOperatingExpense" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_DisposalGroupIncludingDiscontinuedOperationOperatingExpense-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_DisposalGroupIncludingDiscontinuedOperationOperatingExpense</link:label>
    <link:label xlink:label="us-gaap_DisposalGroupIncludingDiscontinuedOperationOperatingExpense-label" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Vessel operating expenses (including, $102,131, $115,026 and nil, respectively, to related party)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DisposalGroupIncludingDiscontinuedOperationOperatingExpense" xlink:to="us-gaap_DisposalGroupIncludingDiscontinuedOperationOperatingExpense-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DisposalGroupIncludingDiscontinuedOperationDepreciationAndAmortization" xlink:label="us-gaap_DisposalGroupIncludingDiscontinuedOperationDepreciationAndAmortization" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_DisposalGroupIncludingDiscontinuedOperationDepreciationAndAmortization-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_DisposalGroupIncludingDiscontinuedOperationDepreciationAndAmortization</link:label>
    <link:label xlink:label="us-gaap_DisposalGroupIncludingDiscontinuedOperationDepreciationAndAmortization-label" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Vessel depreciation</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DisposalGroupIncludingDiscontinuedOperationDepreciationAndAmortization" xlink:to="us-gaap_DisposalGroupIncludingDiscontinuedOperationDepreciationAndAmortization-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DisposalGroupIncludingDiscontinuedOperationGeneralAndAdministrativeExpense" xlink:label="us-gaap_DisposalGroupIncludingDiscontinuedOperationGeneralAndAdministrativeExpense" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_DisposalGroupIncludingDiscontinuedOperationGeneralAndAdministrativeExpense-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_DisposalGroupIncludingDiscontinuedOperationGeneralAndAdministrativeExpense</link:label>
    <link:label xlink:label="us-gaap_DisposalGroupIncludingDiscontinuedOperationGeneralAndAdministrativeExpense-label" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">General and administrative expenses (including $693,524, $731,456 and nil, respectively, to related party)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DisposalGroupIncludingDiscontinuedOperationGeneralAndAdministrativeExpense" xlink:to="us-gaap_DisposalGroupIncludingDiscontinuedOperationGeneralAndAdministrativeExpense-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_OtherInvestmentFundsReleased" xlink:label="esea_OtherInvestmentFundsReleased" xlink:type="locator"/>
    <link:label xlink:label="esea_OtherInvestmentFundsReleased-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Cash released from other investment</link:label>
    <link:label xlink:label="esea_OtherInvestmentFundsReleased-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The amount of other investment funds that released during the period.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_OtherInvestmentFundsReleased" xlink:to="esea_OtherInvestmentFundsReleased-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DisposalGroupIncludingDiscontinuedOperationOperatingIncomeLoss" xlink:label="us-gaap_DisposalGroupIncludingDiscontinuedOperationOperatingIncomeLoss" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_DisposalGroupIncludingDiscontinuedOperationOperatingIncomeLoss-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Operating income</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DisposalGroupIncludingDiscontinuedOperationOperatingIncomeLoss" xlink:to="us-gaap_DisposalGroupIncludingDiscontinuedOperationOperatingIncomeLoss-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DisposalGroupIncludingDiscontinuedOperationRevenue" xlink:label="us-gaap_DisposalGroupIncludingDiscontinuedOperationRevenue" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_DisposalGroupIncludingDiscontinuedOperationRevenue-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_DisposalGroupIncludingDiscontinuedOperationRevenue</link:label>
    <link:label xlink:label="us-gaap_DisposalGroupIncludingDiscontinuedOperationRevenue-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Voyage revenue</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DisposalGroupIncludingDiscontinuedOperationRevenue" xlink:to="us-gaap_DisposalGroupIncludingDiscontinuedOperationRevenue-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementOfCashFlowsAbstract" xlink:label="us-gaap_StatementOfCashFlowsAbstract" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_StatementOfCashFlowsAbstract-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Statement of Cash Flows [Abstract]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementOfCashFlowsAbstract" xlink:to="us-gaap_StatementOfCashFlowsAbstract-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementOfStockholdersEquityAbstract" xlink:label="us-gaap_StatementOfStockholdersEquityAbstract" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_StatementOfStockholdersEquityAbstract-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Statement of Stockholders' Equity [Abstract]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementOfStockholdersEquityAbstract" xlink:to="us-gaap_StatementOfStockholdersEquityAbstract-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncomeStatementAbstract" xlink:label="us-gaap_IncomeStatementAbstract" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_IncomeStatementAbstract-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Income Statement [Abstract]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeStatementAbstract" xlink:to="us-gaap_IncomeStatementAbstract-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsIncomeStatementBalanceSheetAndAdditionalDisclosuresTextBlock" xlink:label="us-gaap_ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsIncomeStatementBalanceSheetAndAdditionalDisclosuresTextBlock" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsIncomeStatementBalanceSheetAndAdditionalDisclosuresTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disposal Groups, Including Discontinued Operations [Table Text Block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsIncomeStatementBalanceSheetAndAdditionalDisclosuresTextBlock" xlink:to="us-gaap_ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsIncomeStatementBalanceSheetAndAdditionalDisclosuresTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis" xlink:label="us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disposal Group Name [Axis]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis" xlink:to="us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DisposalGroupsIncludingDiscontinuedOperationsNameDomain" xlink:label="us-gaap_DisposalGroupsIncludingDiscontinuedOperationsNameDomain" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_DisposalGroupsIncludingDiscontinuedOperationsNameDomain-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disposal Group Name [Domain]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DisposalGroupsIncludingDiscontinuedOperationsNameDomain" xlink:to="us-gaap_DisposalGroupsIncludingDiscontinuedOperationsNameDomain-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ProceedsFromIssuanceOfDebt" xlink:label="us-gaap_ProceedsFromIssuanceOfDebt" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_ProceedsFromIssuanceOfDebt-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_ProceedsFromIssuanceOfDebt</link:label>
    <link:label xlink:label="us-gaap_ProceedsFromIssuanceOfDebt-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Proceeds from Issuance of Debt</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromIssuanceOfDebt" xlink:to="us-gaap_ProceedsFromIssuanceOfDebt-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfAccruedLiabilitiesTableTextBlock" xlink:label="us-gaap_ScheduleOfAccruedLiabilitiesTableTextBlock" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_ScheduleOfAccruedLiabilitiesTableTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Schedule of Accrued Liabilities [Table Text Block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfAccruedLiabilitiesTableTextBlock" xlink:to="us-gaap_ScheduleOfAccruedLiabilitiesTableTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock" xlink:label="us-gaap_DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock" xlink:to="us-gaap_DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativeAverageFixedInterestRate" xlink:label="us-gaap_DerivativeAverageFixedInterestRate" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_DerivativeAverageFixedInterestRate-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_DerivativeAverageFixedInterestRate</link:label>
    <link:label xlink:label="us-gaap_DerivativeAverageFixedInterestRate-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Derivative, Average Fixed Interest Rate</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DerivativeAverageFixedInterestRate" xlink:to="us-gaap_DerivativeAverageFixedInterestRate-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_SpinoffTransactionNumberOfCompanysCommonSharesExchangedForEachCommonShareOfEurodry" xlink:label="esea_SpinoffTransactionNumberOfCompanysCommonSharesExchangedForEachCommonShareOfEurodry" xlink:type="locator"/>
    <link:label xlink:label="esea_SpinoffTransactionNumberOfCompanysCommonSharesExchangedForEachCommonShareOfEurodry-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">esea_SpinoffTransactionNumberOfCompanysCommonSharesExchangedForEachCommonShareOfEurodry</link:label>
    <link:label xlink:label="esea_SpinoffTransactionNumberOfCompanysCommonSharesExchangedForEachCommonShareOfEurodry-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Spinoff Transaction, Number of Company&#8217;s Common Shares Exchanged for Each Common Share of Eurodry (in shares)</link:label>
    <link:label xlink:label="esea_SpinoffTransactionNumberOfCompanysCommonSharesExchangedForEachCommonShareOfEurodry-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents number of company&#8217;s common shares exchanged for each common share of Eurodry in a spinoff transaction.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_SpinoffTransactionNumberOfCompanysCommonSharesExchangedForEachCommonShareOfEurodry" xlink:to="esea_SpinoffTransactionNumberOfCompanysCommonSharesExchangedForEachCommonShareOfEurodry-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_TimeCharterRevenue" xlink:label="esea_TimeCharterRevenue" xlink:type="locator"/>
    <link:label xlink:label="esea_TimeCharterRevenue-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Time charter revenue</link:label>
    <link:label xlink:label="esea_TimeCharterRevenue-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Revenue arising from time charters (hiring out the use of the Company's vessels).</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_TimeCharterRevenue" xlink:to="esea_TimeCharterRevenue-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_SpinoffTransactionNumberOfEurodryCommonShareReceivedByCompanysShareholdersForEveryFiveCommonShares" xlink:label="esea_SpinoffTransactionNumberOfEurodryCommonShareReceivedByCompanysShareholdersForEveryFiveCommonShares" xlink:type="locator"/>
    <link:label xlink:label="esea_SpinoffTransactionNumberOfEurodryCommonShareReceivedByCompanysShareholdersForEveryFiveCommonShares-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">esea_SpinoffTransactionNumberOfEurodryCommonShareReceivedByCompanysShareholdersForEveryFiveCommonShares</link:label>
    <link:label xlink:label="esea_SpinoffTransactionNumberOfEurodryCommonShareReceivedByCompanysShareholdersForEveryFiveCommonShares-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Spinoff Transaction, Number of Eurodry Common Share Received by Company&#8217;s Shareholders for Every Five Common Shares (in shares)</link:label>
    <link:label xlink:label="esea_SpinoffTransactionNumberOfEurodryCommonShareReceivedByCompanysShareholdersForEveryFiveCommonShares-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents number of Eurodry common share received by company&#8217;s shareholders for every five common shares in a spinoff transaction.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_SpinoffTransactionNumberOfEurodryCommonShareReceivedByCompanysShareholdersForEveryFiveCommonShares" xlink:to="esea_SpinoffTransactionNumberOfEurodryCommonShareReceivedByCompanysShareholdersForEveryFiveCommonShares-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_ServiceManagementCostsDailyFeeRelatedParty" xlink:label="esea_ServiceManagementCostsDailyFeeRelatedParty" xlink:type="locator"/>
    <link:label xlink:label="esea_ServiceManagementCostsDailyFeeRelatedParty-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">esea_ServiceManagementCostsDailyFeeRelatedParty</link:label>
    <link:label xlink:label="esea_ServiceManagementCostsDailyFeeRelatedParty-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Service Management Costs Daily Fee Related Party</link:label>
    <link:label xlink:label="esea_ServiceManagementCostsDailyFeeRelatedParty-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The aggregate costs related to vessel management fees.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_ServiceManagementCostsDailyFeeRelatedParty" xlink:to="esea_ServiceManagementCostsDailyFeeRelatedParty-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_EurobulkLtdMember" xlink:label="esea_EurobulkLtdMember" xlink:type="locator"/>
    <link:label xlink:label="esea_EurobulkLtdMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Eurobulk Ltd. [Member]</link:label>
    <link:label xlink:label="esea_EurobulkLtdMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the Eurobulk Ltd.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_EurobulkLtdMember" xlink:to="esea_EurobulkLtdMember-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_VesselManagementFeesMember" xlink:label="esea_VesselManagementFeesMember" xlink:type="locator"/>
    <link:label xlink:label="esea_VesselManagementFeesMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Vessel Management Fees [Member]</link:label>
    <link:label xlink:label="esea_VesselManagementFeesMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the vessel management fees.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_VesselManagementFeesMember" xlink:to="esea_VesselManagementFeesMember-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_RelatedPartyTransactionCommissionPercentage" xlink:label="esea_RelatedPartyTransactionCommissionPercentage" xlink:type="locator"/>
    <link:label xlink:label="esea_RelatedPartyTransactionCommissionPercentage-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">esea_RelatedPartyTransactionCommissionPercentage</link:label>
    <link:label xlink:label="esea_RelatedPartyTransactionCommissionPercentage-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Related Party Transaction Commission, Percentage</link:label>
    <link:label xlink:label="esea_RelatedPartyTransactionCommissionPercentage-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The percentage of the related party transaction commission.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_RelatedPartyTransactionCommissionPercentage" xlink:to="esea_RelatedPartyTransactionCommissionPercentage-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_EurochartMember" xlink:label="esea_EurochartMember" xlink:type="locator"/>
    <link:label xlink:label="esea_EurochartMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Eurochart [Member]</link:label>
    <link:label xlink:label="esea_EurochartMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents Eurochart.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_EurochartMember" xlink:to="esea_EurochartMember-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_VesselSalesMember" xlink:label="esea_VesselSalesMember" xlink:type="locator"/>
    <link:label xlink:label="esea_VesselSalesMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Vessel Sales [Member]</link:label>
    <link:label xlink:label="esea_VesselSalesMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the vessel sales.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_VesselSalesMember" xlink:to="esea_VesselSalesMember-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_DisposalGroupIncludingDiscontinuedOperationGeneralAndAdministrativeExpenseRelatedParty" xlink:label="esea_DisposalGroupIncludingDiscontinuedOperationGeneralAndAdministrativeExpenseRelatedParty" xlink:type="locator"/>
    <link:label xlink:label="esea_DisposalGroupIncludingDiscontinuedOperationGeneralAndAdministrativeExpenseRelatedParty-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">esea_DisposalGroupIncludingDiscontinuedOperationGeneralAndAdministrativeExpenseRelatedParty</link:label>
    <link:label xlink:label="esea_DisposalGroupIncludingDiscontinuedOperationGeneralAndAdministrativeExpenseRelatedParty-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">General and administrative expenses, related party</link:label>
    <link:label xlink:label="esea_DisposalGroupIncludingDiscontinuedOperationGeneralAndAdministrativeExpenseRelatedParty-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Amount of general and administrative expense attributable to disposal group, including, but not limited to, discontinued operation for related party.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_DisposalGroupIncludingDiscontinuedOperationGeneralAndAdministrativeExpenseRelatedParty" xlink:to="esea_DisposalGroupIncludingDiscontinuedOperationGeneralAndAdministrativeExpenseRelatedParty-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_RelatedPartyTransactionCommissionOnPremiumMaximumPercentage" xlink:label="esea_RelatedPartyTransactionCommissionOnPremiumMaximumPercentage" xlink:type="locator"/>
    <link:label xlink:label="esea_RelatedPartyTransactionCommissionOnPremiumMaximumPercentage-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">esea_RelatedPartyTransactionCommissionOnPremiumMaximumPercentage</link:label>
    <link:label xlink:label="esea_RelatedPartyTransactionCommissionOnPremiumMaximumPercentage-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Related Party Transaction Commission on Premium, Maximum, Percentage</link:label>
    <link:label xlink:label="esea_RelatedPartyTransactionCommissionOnPremiumMaximumPercentage-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the the maximum percentage of commission on premium to be paid to a related party.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_RelatedPartyTransactionCommissionOnPremiumMaximumPercentage" xlink:to="esea_RelatedPartyTransactionCommissionOnPremiumMaximumPercentage-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_CharterRevenuesMember" xlink:label="esea_CharterRevenuesMember" xlink:type="locator"/>
    <link:label xlink:label="esea_CharterRevenuesMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Charter Revenues [Member]</link:label>
    <link:label xlink:label="esea_CharterRevenuesMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the charter revenues.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_CharterRevenuesMember" xlink:to="esea_CharterRevenuesMember-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_RelatedPartyAgreementTerm" xlink:label="esea_RelatedPartyAgreementTerm" xlink:type="locator"/>
    <link:label xlink:label="esea_RelatedPartyAgreementTerm-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">esea_RelatedPartyAgreementTerm</link:label>
    <link:label xlink:label="esea_RelatedPartyAgreementTerm-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Related Party Agreement Term (Year)</link:label>
    <link:label xlink:label="esea_RelatedPartyAgreementTerm-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the term of a related party agreement.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_RelatedPartyAgreementTerm" xlink:to="esea_RelatedPartyAgreementTerm-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_RelatedPartyTransactionAmountsOfTransactionPerCrewMemberPerMonth" xlink:label="esea_RelatedPartyTransactionAmountsOfTransactionPerCrewMemberPerMonth" xlink:type="locator"/>
    <link:label xlink:label="esea_RelatedPartyTransactionAmountsOfTransactionPerCrewMemberPerMonth-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">esea_RelatedPartyTransactionAmountsOfTransactionPerCrewMemberPerMonth</link:label>
    <link:label xlink:label="esea_RelatedPartyTransactionAmountsOfTransactionPerCrewMemberPerMonth-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Related Party Transaction Amounts of Transaction Per Crew Member Per Month</link:label>
    <link:label xlink:label="esea_RelatedPartyTransactionAmountsOfTransactionPerCrewMemberPerMonth-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the related party transaction amounts of transaction per crew member per month.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_RelatedPartyTransactionAmountsOfTransactionPerCrewMemberPerMonth" xlink:to="esea_RelatedPartyTransactionAmountsOfTransactionPerCrewMemberPerMonth-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_RelatedPartyTransactionDiscountPercentage" xlink:label="esea_RelatedPartyTransactionDiscountPercentage" xlink:type="locator"/>
    <link:label xlink:label="esea_RelatedPartyTransactionDiscountPercentage-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">esea_RelatedPartyTransactionDiscountPercentage</link:label>
    <link:label xlink:label="esea_RelatedPartyTransactionDiscountPercentage-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Related Party Transaction Discount Percentage</link:label>
    <link:label xlink:label="esea_RelatedPartyTransactionDiscountPercentage-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Related party transaction discount percentage.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_RelatedPartyTransactionDiscountPercentage" xlink:to="esea_RelatedPartyTransactionDiscountPercentage-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_SentinelMember" xlink:label="esea_SentinelMember" xlink:type="locator"/>
    <link:label xlink:label="esea_SentinelMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Sentinel [Member]</link:label>
    <link:label xlink:label="esea_SentinelMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the sentinel.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_SentinelMember" xlink:to="esea_SentinelMember-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisTextBlock" xlink:label="us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisTextBlock" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Fair Value Measurements, Nonrecurring [Table Text Block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisTextBlock" xlink:to="us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LiabilitiesNoncurrent" xlink:label="us-gaap_LiabilitiesNoncurrent" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_LiabilitiesNoncurrent-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_LiabilitiesNoncurrent</link:label>
    <link:label xlink:label="us-gaap_LiabilitiesNoncurrent-label" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total long-term liabilities</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesNoncurrent" xlink:to="us-gaap_LiabilitiesNoncurrent-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_AccruedGeneralAndAdministrativeExpensesCurrent" xlink:label="esea_AccruedGeneralAndAdministrativeExpensesCurrent" xlink:type="locator"/>
    <link:label xlink:label="esea_AccruedGeneralAndAdministrativeExpensesCurrent-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Accrued general and administrative expenses</link:label>
    <link:label xlink:label="esea_AccruedGeneralAndAdministrativeExpensesCurrent-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents accrued general and administrative expenses.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_AccruedGeneralAndAdministrativeExpensesCurrent" xlink:to="esea_AccruedGeneralAndAdministrativeExpensesCurrent-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_TechnomarMember" xlink:label="esea_TechnomarMember" xlink:type="locator"/>
    <link:label xlink:label="esea_TechnomarMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Technomar [Member]</link:label>
    <link:label xlink:label="esea_TechnomarMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents Technomar.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_TechnomarMember" xlink:to="esea_TechnomarMember-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_EurodryMember" xlink:label="esea_EurodryMember" xlink:type="locator"/>
    <link:label xlink:label="esea_EurodryMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Eurodry [Member]</link:label>
    <link:label xlink:label="esea_EurodryMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents information related to Eurodry.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_EurodryMember" xlink:to="esea_EurodryMember-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_RelatedPartyTransactionDailyFeePerVesselPerDayInLayUp" xlink:label="esea_RelatedPartyTransactionDailyFeePerVesselPerDayInLayUp" xlink:type="locator"/>
    <link:label xlink:label="esea_RelatedPartyTransactionDailyFeePerVesselPerDayInLayUp-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">esea_RelatedPartyTransactionDailyFeePerVesselPerDayInLayUp</link:label>
    <link:label xlink:label="esea_RelatedPartyTransactionDailyFeePerVesselPerDayInLayUp-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Related Party Transaction Daily Fee Per Vessel Per Day in Lay Up</link:label>
    <link:label xlink:label="esea_RelatedPartyTransactionDailyFeePerVesselPerDayInLayUp-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Related Party Transaction Daily Fee Per Vessel Per Day In Lay Up</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_RelatedPartyTransactionDailyFeePerVesselPerDayInLayUp" xlink:to="esea_RelatedPartyTransactionDailyFeePerVesselPerDayInLayUp-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Cash flows from financing activities:</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:to="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_RelatedPartyTransactionDailyFeePerVesselPerDayInOperation" xlink:label="esea_RelatedPartyTransactionDailyFeePerVesselPerDayInOperation" xlink:type="locator"/>
    <link:label xlink:label="esea_RelatedPartyTransactionDailyFeePerVesselPerDayInOperation-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">esea_RelatedPartyTransactionDailyFeePerVesselPerDayInOperation</link:label>
    <link:label xlink:label="esea_RelatedPartyTransactionDailyFeePerVesselPerDayInOperation-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Related Party Transaction Daily Fee Per Vessel Per Day in Operation</link:label>
    <link:label xlink:label="esea_RelatedPartyTransactionDailyFeePerVesselPerDayInOperation-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Related Party Transaction Daily Fee Per Vessel Per Day In Operation</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_RelatedPartyTransactionDailyFeePerVesselPerDayInOperation" xlink:to="esea_RelatedPartyTransactionDailyFeePerVesselPerDayInOperation-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_FixedManagementFeesMember" xlink:label="esea_FixedManagementFeesMember" xlink:type="locator"/>
    <link:label xlink:label="esea_FixedManagementFeesMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Fixed Management Fees [Member]</link:label>
    <link:label xlink:label="esea_FixedManagementFeesMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Related to fixed management fees.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_FixedManagementFeesMember" xlink:to="esea_FixedManagementFeesMember-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_PercentageOfPreferredStockOutstanding" xlink:label="esea_PercentageOfPreferredStockOutstanding" xlink:type="locator"/>
    <link:label xlink:label="esea_PercentageOfPreferredStockOutstanding-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">esea_PercentageOfPreferredStockOutstanding</link:label>
    <link:label xlink:label="esea_PercentageOfPreferredStockOutstanding-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Percentage of Preferred Stock Outstanding</link:label>
    <link:label xlink:label="esea_PercentageOfPreferredStockOutstanding-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the percentage of preferred stock outstanding.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_PercentageOfPreferredStockOutstanding" xlink:to="esea_PercentageOfPreferredStockOutstanding-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DividendsPayableCurrentAndNoncurrent" xlink:label="us-gaap_DividendsPayableCurrentAndNoncurrent" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_DividendsPayableCurrentAndNoncurrent-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_DividendsPayableCurrentAndNoncurrent</link:label>
    <link:label xlink:label="us-gaap_DividendsPayableCurrentAndNoncurrent-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Dividends Payable</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DividendsPayableCurrentAndNoncurrent" xlink:to="us-gaap_DividendsPayableCurrentAndNoncurrent-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_AllocatedEquityFromAccumulatedDeficitMember" xlink:label="esea_AllocatedEquityFromAccumulatedDeficitMember" xlink:type="locator"/>
    <link:label xlink:label="esea_AllocatedEquityFromAccumulatedDeficitMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Allocated Equity from Accumulated Deficit [Member]</link:label>
    <link:label xlink:label="esea_AllocatedEquityFromAccumulatedDeficitMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the allocated equity to related party form accumulated deficit.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_AllocatedEquityFromAccumulatedDeficitMember" xlink:to="esea_AllocatedEquityFromAccumulatedDeficitMember-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_ScheduleOfFutureAnnualLoanRepaymentsTableTextBlock" xlink:label="esea_ScheduleOfFutureAnnualLoanRepaymentsTableTextBlock" xlink:type="locator"/>
    <link:label xlink:label="esea_ScheduleOfFutureAnnualLoanRepaymentsTableTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Schedule of Future Annual Loan Repayments [Table Text Block]</link:label>
    <link:label xlink:label="esea_ScheduleOfFutureAnnualLoanRepaymentsTableTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the tabular disclosure of the schedule of future annual loan repayments.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_ScheduleOfFutureAnnualLoanRepaymentsTableTextBlock" xlink:to="esea_ScheduleOfFutureAnnualLoanRepaymentsTableTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_MVRTDagrMember" xlink:label="esea_MVRTDagrMember" xlink:type="locator"/>
    <link:label xlink:label="esea_MVRTDagrMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">M/V RT Dagr [Member]</link:label>
    <link:label xlink:label="esea_MVRTDagrMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Related to the vessel RT Dagr.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_MVRTDagrMember" xlink:to="esea_MVRTDagrMember-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_AllocatedEquityToEquityMember" xlink:label="esea_AllocatedEquityToEquityMember" xlink:type="locator"/>
    <link:label xlink:label="esea_AllocatedEquityToEquityMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Allocated Equity to Equity [Member]</link:label>
    <link:label xlink:label="esea_AllocatedEquityToEquityMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents allocated stockholder's equity from company's shareholders' equity.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_AllocatedEquityToEquityMember" xlink:to="esea_AllocatedEquityToEquityMember-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_EuroseasLtdMember" xlink:label="esea_EuroseasLtdMember" xlink:type="locator"/>
    <link:label xlink:label="esea_EuroseasLtdMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Euroseas Ltd [Member]</link:label>
    <link:label xlink:label="esea_EuroseasLtdMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents Euroseas Ltd.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_EuroseasLtdMember" xlink:to="esea_EuroseasLtdMember-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_SupplementalAgreementWithNoumeaShippingMember" xlink:label="esea_SupplementalAgreementWithNoumeaShippingMember" xlink:type="locator"/>
    <link:label xlink:label="esea_SupplementalAgreementWithNoumeaShippingMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Supplemental Agreement with Noumea Shipping [Member]</link:label>
    <link:label xlink:label="esea_SupplementalAgreementWithNoumeaShippingMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Related to the supplemental agreement with Noumea Shipping.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_SupplementalAgreementWithNoumeaShippingMember" xlink:to="esea_SupplementalAgreementWithNoumeaShippingMember-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_EurobankErgasiasSaMember" xlink:label="esea_EurobankErgasiasSaMember" xlink:type="locator"/>
    <link:label xlink:label="esea_EurobankErgasiasSaMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Eurobank Ergasias S.A. [Member]</link:label>
    <link:label xlink:label="esea_EurobankErgasiasSaMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Related to the Eurobank Ergasias S.A. loan entered into by the company.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_EurobankErgasiasSaMember" xlink:to="esea_EurobankErgasiasSaMember-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_DifferenceBetweenFairValueAndCarryingValue" xlink:label="esea_DifferenceBetweenFairValueAndCarryingValue" xlink:type="locator"/>
    <link:label xlink:label="esea_DifferenceBetweenFairValueAndCarryingValue-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">esea_DifferenceBetweenFairValueAndCarryingValue</link:label>
    <link:label xlink:label="esea_DifferenceBetweenFairValueAndCarryingValue-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Difference Between Fair Value and Carrying Value</link:label>
    <link:label xlink:label="esea_DifferenceBetweenFairValueAndCarryingValue-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the difference between fair value and carrying value.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_DifferenceBetweenFairValueAndCarryingValue" xlink:to="esea_DifferenceBetweenFairValueAndCarryingValue-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SeriesBPreferredStockMember" xlink:label="us-gaap_SeriesBPreferredStockMember" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_SeriesBPreferredStockMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Series B Preferred Stock [Member]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SeriesBPreferredStockMember" xlink:to="us-gaap_SeriesBPreferredStockMember-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_ShareBasedCompensationArrangementByShareBasedPaymentAwardedTerm" xlink:label="esea_ShareBasedCompensationArrangementByShareBasedPaymentAwardedTerm" xlink:type="locator"/>
    <link:label xlink:label="esea_ShareBasedCompensationArrangementByShareBasedPaymentAwardedTerm-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">esea_ShareBasedCompensationArrangementByShareBasedPaymentAwardedTerm</link:label>
    <link:label xlink:label="esea_ShareBasedCompensationArrangementByShareBasedPaymentAwardedTerm-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Share Based Compensation Arrangement By Share Based Payment Awarded Term (Year)</link:label>
    <link:label xlink:label="esea_ShareBasedCompensationArrangementByShareBasedPaymentAwardedTerm-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the term by which awards will be made.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_ShareBasedCompensationArrangementByShareBasedPaymentAwardedTerm" xlink:to="esea_ShareBasedCompensationArrangementByShareBasedPaymentAwardedTerm-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_NumberOfKeyPeopleIssuedAwards" xlink:label="esea_NumberOfKeyPeopleIssuedAwards" xlink:type="locator"/>
    <link:label xlink:label="esea_NumberOfKeyPeopleIssuedAwards-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">esea_NumberOfKeyPeopleIssuedAwards</link:label>
    <link:label xlink:label="esea_NumberOfKeyPeopleIssuedAwards-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of Key People Issued Awards</link:label>
    <link:label xlink:label="esea_NumberOfKeyPeopleIssuedAwards-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The number of key people to whom certain awards have been issued.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_NumberOfKeyPeopleIssuedAwards" xlink:to="esea_NumberOfKeyPeopleIssuedAwards-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_The2014PlanMember" xlink:label="esea_The2014PlanMember" xlink:type="locator"/>
    <link:label xlink:label="esea_The2014PlanMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">The 2014 Plan [Member]</link:label>
    <link:label xlink:label="esea_The2014PlanMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Related to the 2014 plan.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_The2014PlanMember" xlink:to="esea_The2014PlanMember-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StockholdersEquity" xlink:label="us-gaap_StockholdersEquity" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_StockholdersEquity-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_StockholdersEquity</link:label>
    <link:label xlink:label="us-gaap_StockholdersEquity-label" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total shareholders&#8217; equity</link:label>
    <link:label xlink:label="us-gaap_StockholdersEquity-label" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en-US">Balance</link:label>
    <link:label xlink:label="us-gaap_StockholdersEquity-label" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xml:lang="en-US">Balance</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquity" xlink:to="us-gaap_StockholdersEquity-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_PreferredStockValueDistributed" xlink:label="esea_PreferredStockValueDistributed" xlink:type="locator"/>
    <link:label xlink:label="esea_PreferredStockValueDistributed-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Preferred shares distributed to EuroDry</link:label>
    <link:label xlink:label="esea_PreferredStockValueDistributed-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Preferred Stock, Value, Distributed</link:label>
    <link:label xlink:label="esea_PreferredStockValueDistributed-label" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Shares distributed to EuroDry</link:label>
    <link:label xlink:label="esea_PreferredStockValueDistributed-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents amount of preferred stock distributed.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_PreferredStockValueDistributed" xlink:to="esea_PreferredStockValueDistributed-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_OfficersAndDirectorsMember" xlink:label="esea_OfficersAndDirectorsMember" xlink:type="locator"/>
    <link:label xlink:label="esea_OfficersAndDirectorsMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Officers and Directors [Member]</link:label>
    <link:label xlink:label="esea_OfficersAndDirectorsMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Related to certain officers and directors.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_OfficersAndDirectorsMember" xlink:to="esea_OfficersAndDirectorsMember-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_PreferredStockDistributed" xlink:label="esea_PreferredStockDistributed" xlink:type="locator"/>
    <link:label xlink:label="esea_PreferredStockDistributed-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">esea_PreferredStockDistributed</link:label>
    <link:label xlink:label="esea_PreferredStockDistributed-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Preferred Stock Distributed (in shares)</link:label>
    <link:label xlink:label="esea_PreferredStockDistributed-label" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Shares distributed to EuroDry (in shares)</link:label>
    <link:label xlink:label="esea_PreferredStockDistributed-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents number of preferred stock distributed.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_PreferredStockDistributed" xlink:to="esea_PreferredStockDistributed-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_EurobulkEmployeesMember" xlink:label="esea_EurobulkEmployeesMember" xlink:type="locator"/>
    <link:label xlink:label="esea_EurobulkEmployeesMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Eurobulk Employees [Member]</link:label>
    <link:label xlink:label="esea_EurobulkEmployeesMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Related to employees of Eurobulk.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_EurobulkEmployeesMember" xlink:to="esea_EurobulkEmployeesMember-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_DebtInstrumentCovenantSecurityCoverRatio" xlink:label="esea_DebtInstrumentCovenantSecurityCoverRatio" xlink:type="locator"/>
    <link:label xlink:label="esea_DebtInstrumentCovenantSecurityCoverRatio-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">esea_DebtInstrumentCovenantSecurityCoverRatio</link:label>
    <link:label xlink:label="esea_DebtInstrumentCovenantSecurityCoverRatio-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Debt Instrument, Covenant, Security Cover Ratio</link:label>
    <link:label xlink:label="esea_DebtInstrumentCovenantSecurityCoverRatio-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The security cover ratio covenant under the debt agreement.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_DebtInstrumentCovenantSecurityCoverRatio" xlink:to="esea_DebtInstrumentCovenantSecurityCoverRatio-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="us-gaap_StatementClassOfStockAxis" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_StatementClassOfStockAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Class of Stock [Axis]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementClassOfStockAxis" xlink:to="us-gaap_StatementClassOfStockAxis-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="us-gaap_ClassOfStockDomain" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_ClassOfStockDomain-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Class of Stock [Domain]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ClassOfStockDomain" xlink:to="us-gaap_ClassOfStockDomain-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LongTermDebtNoncurrent" xlink:label="us-gaap_LongTermDebtNoncurrent" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_LongTermDebtNoncurrent-label" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Long-term bank loans, long-term portion net of deferred charges and debt discount</link:label>
    <link:label xlink:label="us-gaap_LongTermDebtNoncurrent-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Long-term bank loans, net of current portion</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongTermDebtNoncurrent" xlink:to="us-gaap_LongTermDebtNoncurrent-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock" xlink:label="us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock" xlink:to="us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_PortChargesAndCanalDuesMember" xlink:label="esea_PortChargesAndCanalDuesMember" xlink:type="locator"/>
    <link:label xlink:label="esea_PortChargesAndCanalDuesMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Port Charges and Canal Dues [Member]</link:label>
    <link:label xlink:label="esea_PortChargesAndCanalDuesMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Related to port charges and canal dues.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_PortChargesAndCanalDuesMember" xlink:to="esea_PortChargesAndCanalDuesMember-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfStockholdersEquityTableTextBlock" xlink:label="us-gaap_ScheduleOfStockholdersEquityTableTextBlock" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_ScheduleOfStockholdersEquityTableTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Schedule of Stockholders Equity [Table Text Block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfStockholdersEquityTableTextBlock" xlink:to="us-gaap_ScheduleOfStockholdersEquityTableTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_CrewWagesAndRelatedCostsMember" xlink:label="esea_CrewWagesAndRelatedCostsMember" xlink:type="locator"/>
    <link:label xlink:label="esea_CrewWagesAndRelatedCostsMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Crew Wages and Related Costs [Member]</link:label>
    <link:label xlink:label="esea_CrewWagesAndRelatedCostsMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Related to crew wages and related costs.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_CrewWagesAndRelatedCostsMember" xlink:to="esea_CrewWagesAndRelatedCostsMember-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_VesselVoyageAndOperatingExpensesTextBlock" xlink:label="esea_VesselVoyageAndOperatingExpensesTextBlock" xlink:type="locator"/>
    <link:label xlink:label="esea_VesselVoyageAndOperatingExpensesTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Vessel Voyage and Operating Expenses [Text Block]</link:label>
    <link:label xlink:label="esea_VesselVoyageAndOperatingExpensesTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">This element repsresents the disclosure for Voyage expenses (Port charges, bunkers, commissions charged by third parties, commissions charged by related parties) and Vessel Operating expenses (crew wages and related costs, insurances, repairs, spares and maintenance, consumable stores, tonnage taxes, miscellaneous).</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_VesselVoyageAndOperatingExpensesTextBlock" xlink:to="esea_VesselVoyageAndOperatingExpensesTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_LineOfCreditFacilityUnderwritingFeePercentage" xlink:label="esea_LineOfCreditFacilityUnderwritingFeePercentage" xlink:type="locator"/>
    <link:label xlink:label="esea_LineOfCreditFacilityUnderwritingFeePercentage-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">esea_LineOfCreditFacilityUnderwritingFeePercentage</link:label>
    <link:label xlink:label="esea_LineOfCreditFacilityUnderwritingFeePercentage-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Line of Credit Facility, Underwriting Fee Percentage</link:label>
    <link:label xlink:label="esea_LineOfCreditFacilityUnderwritingFeePercentage-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The underwriting fee, expressed as a percentage of the line of credit facility.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_LineOfCreditFacilityUnderwritingFeePercentage" xlink:to="esea_LineOfCreditFacilityUnderwritingFeePercentage-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_ScheduleOfVoyageVesselOperatingExpensesAndCommissionsTableTextBlock" xlink:label="esea_ScheduleOfVoyageVesselOperatingExpensesAndCommissionsTableTextBlock" xlink:type="locator"/>
    <link:label xlink:label="esea_ScheduleOfVoyageVesselOperatingExpensesAndCommissionsTableTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Schedule of Voyage Vessel Operating Expenses and Commissions [Table Text Block]</link:label>
    <link:label xlink:label="esea_ScheduleOfVoyageVesselOperatingExpensesAndCommissionsTableTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Tabular disclosure of voyage, vessel operating expenses and commissions.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_ScheduleOfVoyageVesselOperatingExpensesAndCommissionsTableTextBlock" xlink:to="esea_ScheduleOfVoyageVesselOperatingExpensesAndCommissionsTableTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_LubricantsMember" xlink:label="esea_LubricantsMember" xlink:type="locator"/>
    <link:label xlink:label="esea_LubricantsMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Lubricants [Member]</link:label>
    <link:label xlink:label="esea_LubricantsMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Related to lubricants.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_LubricantsMember" xlink:to="esea_LubricantsMember-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_SparesAndConsumableStoresMember" xlink:label="esea_SparesAndConsumableStoresMember" xlink:type="locator"/>
    <link:label xlink:label="esea_SparesAndConsumableStoresMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Spares and Consumable Stores [Member]</link:label>
    <link:label xlink:label="esea_SparesAndConsumableStoresMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Related to spares and consumable stores.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_SparesAndConsumableStoresMember" xlink:to="esea_SparesAndConsumableStoresMember-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InterestRateSwapMember" xlink:label="us-gaap_InterestRateSwapMember" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_InterestRateSwapMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Interest Rate Swap [Member]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestRateSwapMember" xlink:to="us-gaap_InterestRateSwapMember-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_InsuranceMember" xlink:label="esea_InsuranceMember" xlink:type="locator"/>
    <link:label xlink:label="esea_InsuranceMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Insurance [Member]</link:label>
    <link:label xlink:label="esea_InsuranceMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Related to insurance.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_InsuranceMember" xlink:to="esea_InsuranceMember-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_RepairsAndMaintenanceMember" xlink:label="esea_RepairsAndMaintenanceMember" xlink:type="locator"/>
    <link:label xlink:label="esea_RepairsAndMaintenanceMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Repairs and Maintenance [Member]</link:label>
    <link:label xlink:label="esea_RepairsAndMaintenanceMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Related to repairs and maintenance.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_RepairsAndMaintenanceMember" xlink:to="esea_RepairsAndMaintenanceMember-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativeFixedInterestRate" xlink:label="us-gaap_DerivativeFixedInterestRate" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_DerivativeFixedInterestRate-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_DerivativeFixedInterestRate</link:label>
    <link:label xlink:label="us-gaap_DerivativeFixedInterestRate-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Derivative, Fixed Interest Rate</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DerivativeFixedInterestRate" xlink:to="us-gaap_DerivativeFixedInterestRate-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_ProfessionalAndLegalFeesMember" xlink:label="esea_ProfessionalAndLegalFeesMember" xlink:type="locator"/>
    <link:label xlink:label="esea_ProfessionalAndLegalFeesMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Professional and Legal Fees [Member]</link:label>
    <link:label xlink:label="esea_ProfessionalAndLegalFeesMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Related to professional and legal fees.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_ProfessionalAndLegalFeesMember" xlink:to="esea_ProfessionalAndLegalFeesMember-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20191231.xsd#esea_OtherVesselOperatingExpensesMember" xlink:label="esea_OtherVesselOperatingExpensesMember" xlink:type="locator"/>
    <link:label xlink:label="esea_OtherVesselOperatingExpensesMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other Vessel Operating Expenses [Member]</link:label>
    <link:label xlink:label="esea_OtherVesselOperatingExpensesMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Related to other expenses.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_OtherVesselOperatingExpensesMember" xlink:to="esea_OtherVesselOperatingExpensesMember-label" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherReceivablesNetCurrent" xlink:label="us-gaap_OtherReceivablesNetCurrent" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_OtherReceivablesNetCurrent-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other receivables</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherReceivablesNetCurrent" xlink:to="us-gaap_OtherReceivablesNetCurrent-label" xlink:type="arc"/>
  </link:labelLink>
</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>26
<FILENAME>esea-20191231_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII" standalone="no"?>
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    <link:loc xlink:href="esea-20191231.xsd#esea_VesselVoyageAndOperatingExpensesTextBlock" xlink:label="esea_VesselVoyageAndOperatingExpensesTextBlock" xlink:type="locator"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DisclosureTextBlockAbstract" xlink:label="us-gaap_DisclosureTextBlockAbstract" xlink:type="locator"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DisclosureTextBlockAbstract" xlink:label="us-gaap_DisclosureTextBlockAbstract-2" xlink:type="locator"/>
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    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementTable" xlink:label="us-gaap_StatementTable" xlink:type="locator"/>
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    <link:presentationArc order="0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xbrldt:closed="true" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_DisclosureTextBlockAbstract-2" xlink:type="arc"/>
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<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6832605840">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 13 - Voyage and Vessel Operating Expenses - Summary of Voyage, Vessel, Operating Expenses and Commissions (Details) - USD ($)<br></strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_VoyageExpenses', window );">Voyage expenses</a></td>
<td class="nump">$ 1,055,408<span></span>
</td>
<td class="nump">$ 1,261,088<span></span>
</td>
<td class="nump">$ 1,564,489<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingCostsAndExpenses', window );">Vessel operating expenses</a></td>
<td class="nump">23,983,282<span></span>
</td>
<td class="nump">19,986,170<span></span>
</td>
<td class="nump">15,019,342<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NatureOfExpenseAxis=esea_PortChargesAndCanalDuesMember', window );">Port Charges and Canal Dues [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_VoyageExpenses', window );">Voyage expenses</a></td>
<td class="nump">251,197<span></span>
</td>
<td class="nump">384,893<span></span>
</td>
<td class="nump">1,156,511<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NatureOfExpenseAxis=esea_BunkersMember', window );">Bunkers [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_VoyageExpenses', window );">Voyage expenses</a></td>
<td class="nump">804,211<span></span>
</td>
<td class="nump">876,195<span></span>
</td>
<td class="nump">407,978<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NatureOfExpenseAxis=esea_CrewWagesAndRelatedCostsMember', window );">Crew Wages and Related Costs [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingCostsAndExpenses', window );">Vessel operating expenses</a></td>
<td class="nump">13,111,682<span></span>
</td>
<td class="nump">11,020,924<span></span>
</td>
<td class="nump">8,771,386<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NatureOfExpenseAxis=esea_InsuranceMember', window );">Insurance [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingCostsAndExpenses', window );">Vessel operating expenses</a></td>
<td class="nump">1,844,088<span></span>
</td>
<td class="nump">1,537,539<span></span>
</td>
<td class="nump">1,261,976<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NatureOfExpenseAxis=esea_RepairsAndMaintenanceMember', window );">Repairs and Maintenance [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingCostsAndExpenses', window );">Vessel operating expenses</a></td>
<td class="nump">1,110,995<span></span>
</td>
<td class="nump">1,043,632<span></span>
</td>
<td class="nump">643,788<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NatureOfExpenseAxis=esea_LubricantsMember', window );">Lubricants [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingCostsAndExpenses', window );">Vessel operating expenses</a></td>
<td class="nump">2,029,230<span></span>
</td>
<td class="nump">1,665,849<span></span>
</td>
<td class="nump">1,169,412<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NatureOfExpenseAxis=esea_SparesAndConsumableStoresMember', window );">Spares and Consumable Stores [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingCostsAndExpenses', window );">Vessel operating expenses</a></td>
<td class="nump">4,758,290<span></span>
</td>
<td class="nump">3,445,422<span></span>
</td>
<td class="nump">2,391,420<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NatureOfExpenseAxis=esea_ProfessionalAndLegalFeesMember', window );">Professional and Legal Fees [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingCostsAndExpenses', window );">Vessel operating expenses</a></td>
<td class="nump">259,311<span></span>
</td>
<td class="nump">252,156<span></span>
</td>
<td class="nump">10,037<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NatureOfExpenseAxis=esea_OtherVesselOperatingExpensesMember', window );">Other Vessel Operating Expenses [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingCostsAndExpenses', window );">Vessel operating expenses</a></td>
<td class="nump">$ 869,686<span></span>
</td>
<td class="nump">$ 1,020,648<span></span>
</td>
<td class="nump">$ 771,323<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_esea_VoyageExpenses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Costs relating to the voyages performed by the vessels and may include port, canal, bunker expenses, commissions and other.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">esea_VoyageExpenses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>esea_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingCostsAndExpenses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Excludes Selling, General and Administrative Expense.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OperatingCostsAndExpenses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NatureOfExpenseAxis=esea_PortChargesAndCanalDuesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NatureOfExpenseAxis=esea_PortChargesAndCanalDuesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NatureOfExpenseAxis=esea_BunkersMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NatureOfExpenseAxis=esea_BunkersMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NatureOfExpenseAxis=esea_CrewWagesAndRelatedCostsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NatureOfExpenseAxis=esea_CrewWagesAndRelatedCostsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NatureOfExpenseAxis=esea_InsuranceMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NatureOfExpenseAxis=esea_InsuranceMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NatureOfExpenseAxis=esea_RepairsAndMaintenanceMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NatureOfExpenseAxis=esea_RepairsAndMaintenanceMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NatureOfExpenseAxis=esea_LubricantsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NatureOfExpenseAxis=esea_LubricantsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NatureOfExpenseAxis=esea_SparesAndConsumableStoresMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NatureOfExpenseAxis=esea_SparesAndConsumableStoresMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NatureOfExpenseAxis=esea_ProfessionalAndLegalFeesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NatureOfExpenseAxis=esea_ProfessionalAndLegalFeesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NatureOfExpenseAxis=esea_OtherVesselOperatingExpensesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NatureOfExpenseAxis=esea_OtherVesselOperatingExpensesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>31
<FILENAME>R50.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
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</head>
<body>
<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6843309504">
<tr>
<th class="tl" colspan="2" rowspan="1"><div style="width: 200px;"><strong>Note 8 - Long-term Bank Loans - Summary of Long-term Debt (Details) - USD ($)<br></strong></div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentCarryingAmount', window );">Long-term debt, gross</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 85,207,220<span></span>
</td>
<td class="nump">$ 37,491,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_LongtermDebtCurrentGross', window );">Less: Current portion</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(12,541,840)<span></span>
</td>
<td class="num">(5,212,000)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_LongtermDebtNoncurrentGross', window );">Long-term portion</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">72,665,380<span></span>
</td>
<td class="nump">32,279,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredFinanceCostsCurrentNet', window );">Deferred charges, current portion</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">246,520<span></span>
</td>
<td class="nump">125,357<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredFinanceCostsNoncurrentNet', window );">Deferred charges, long-term portion</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">477,595<span></span>
</td>
<td class="nump">237,848<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentUnamortizedDiscountCurrent', window );">Debt discount, current portion</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="nump">216,402<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentUnamortizedDiscountNoncurrent', window );">Debt discount, long-term portion</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="nump">324,603<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtCurrent', window );">Long-term bank loans, current portion net of deferred charges and debt discount</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">12,295,320<span></span>
</td>
<td class="nump">4,870,241<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtNoncurrent', window );">Long-term bank loans, long-term portion net of deferred charges and debt discount</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">72,187,785<span></span>
</td>
<td class="nump">31,716,549<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DueToRelatedPartiesCurrent', window );">Loan from related party, current</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">795,562<span></span>
</td>
<td class="nump">2,672,895<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=esea_EuroseasLtdMember', window );">Euroseas Ltd [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DueToRelatedPartiesCurrent', window );">Loan from related party, current</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">5,000,000<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentAxis=esea_NoumeaShippingLTDMember', window );">Noumea Shipping Ltd [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentCarryingAmount', window );">Long-term debt, gross</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text"> <span></span>
</td>
<td class="nump">3,341,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentAxis=esea_GregosShipingLtdMember', window );">Gregos Shiping Ltd. [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentCarryingAmount', window );">Long-term debt, gross</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="text"> <span></span>
</td>
<td class="nump">4,150,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentAxis=esea_DealsWith11ShipbuildersMember', window );">Deals With 11 Shipbuilders [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentCarryingAmount', window );">Long-term debt, gross</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[4]</sup></td>
<td class="nump">37,650,000<span></span>
</td>
<td class="nump">30,000,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentAxis=esea_DiamantisShipownersLtdMember', window );">Diamantis Shipowners Ltd. [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentCarryingAmount', window );">Long-term debt, gross</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[5]</sup></td>
<td class="nump">3,507,220<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentAxis=esea_KeaShipownersLtdSpetsesShipownersLtdHydraShipownersLtdMember', window );">Kea Shipowners Ltd. / Spetses Shipowners Ltd. / Hydra Shipowners Ltd. [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentCarryingAmount', window );">Long-term debt, gross</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[6]</sup></td>
<td class="nump">12,050,000<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentAxis=esea_AntwerpShippingLtdBusanShippingLtdKeelungShippingLtdOaklandShippingLtdMember', window );">Antwerp Shipping Ltd. / Busan Shipping Ltd. / Keelung Shipping Ltd. / Oakland Shipping Ltd. [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentCarryingAmount', window );">Long-term debt, gross</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[7]</sup></td>
<td class="nump">$ 32,000,000<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr><td colspan="3"></td></tr>
<tr><td colspan="3"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">On September 30, 2019, Euroseas signed an agreement with Colby Trading Ltd., a company controlled by the Pittas family and affiliated with the Company's Chief Executive Officer, as further supplemented on December 20,2019 and March 30, 2020, to draw down a $2.5 million loan to finance the special survey and WBT system installation on M/V "Akinada Bridge". Interest on the loan is 8% per annum and is payable quarterly. Euroseas will repay the loan in four repayment instalments of a principal amount of $625,000 each. The first repayment instalment will be due on May 15, 2020 and the remaining three instalments will be paid on a quarterly basis thereafter and the loan will be paid in full by November 2020. Under certain circumstances, the Company can pay principal in equity, and the loan is convertible in common stock of the Company at the option of the lender at certain times. The first instalment of $312,500 payable on December 31,  2019 was waived by the lender and will be paid at the maturity of the loan. The Company paid $51,111 in interest for this loan for the fiscal year 2019.   On November 1, 2019, Euroseas signed a second agreement with Colby Trading Ltd. to draw another $2.5 million loan to finance working capital needs. Interest on the loan is 8% per annum and is payable quarterly. There are no principal repayments until December 31, 2020, when the loan matures. Under certain circumstances, the Company can pay principal in equity, and the loan is convertible in common stock of the Company at the option of the lender at certain times. The Company paid $33,333 in interest for this loan for the fiscal year 2019.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top">On December 22, 2016, the supplemental agreement between Credit Agricole and Noumea Shipping Ltd., owner of M/V "Evridiki G" was signed in order to refinance the final quarterly instalment of $720,000 and the balloon payment of $6,360,000 originally due in December 2016. The borrower and the lender agreed to amend the repayment profile in respect of the loan of which $7,080,000 remained outstanding as of the date of the supplemental agreement and to extend the final maturity date to January 2018. The loan will be repaid with three repayments of $720,000 each, due in December 2016, in July 2017 and in January 2018 together with the balloon payment of $4,920,000 due in January 2018. On February 27, 2018, the Company signed and drew a term loan facility of $4,250,000 with Credit Agricole in order to partly refinance the existing indebtedness of M/V "Evridiki G" with the bank. The loan was payable in thirteen consecutive quarterly instalments of $303,000 each and a final instalment in the amount of $311,000. The margin of the loan was 3.00% above LIBOR. The loan was secured with the following: (i) first priority mortgages over M/V &amp;#8220;Evridiki G&amp;#8221; and collateral vessel (M/V "EM Astoria"), (ii) first assignment of earnings and insurance and (iii) other covenants and guarantees similar to the remaining loans of the Company. The Company completed the refinancing of the specific loan using its revolving loan facility with Eurobank Ergasias S.A., as explained in note (c) below.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[3]</td>
<td style="vertical-align: top;" valign="top">On June 15, 2017, the Company signed a term loan facility with Credit Agricole and on June 19, 2017 a loan of $4,750,000 was drawn by Gregos Shipping Ltd. to partly finance the acquisition of M/V "EM Astoria". The loan was payable in twenty or sixteen consecutive equal quarterly installments of $100,000 plus a balloon amount of $2,750,000 or $3,150,000. The margin of the loan was 2.65% above LIBOR. The loan was secured with (i) first priority mortgage over M/V "EM Astoria", (ii) first assignment of earnings and insurance of M/V "EM Astoria", (iii) a corporate guarantee of Euroseas Ltd. and other covenants and guarantees similar to remaining loans of the Company. The Company paid a loan arrangement fee of $50,000 in 2017 for this loan. The Company had also entered into a profit sharing agreement with Credit Agricole whereby it would share with the bank, 35% of the excess of the fair market value of the vessel over the outstanding loan when the vessel was sold or when the loan matured. As a result of the lender's entitlement to participate in the appreciation of the market value of the mortgaged vessel, the Company recognized a participation liability of an amount of $1,067,500 as of December 31, 2018, presented in "Vessel profit participation liability" in the consolidated balance sheets, with a corresponding debit to a debt discount account, presented contra to the loan balance. In addition, 35% of the cash flow after debt service would be set aside and be used to repay the balloon payment with any excess funds to be paid to the bank. The Company completed the refinancing of the specific loan in June 2019 using its revolving loan facility with Eurobank Ergasias S.A., as explained in note (c) below, with the final participation liability paid amounting to $950,000 included in the "Repayment of long-term bank loans and vessel profit participation liability" in the consolidated statement of cash flows. The portion of debt discount remaining unamortized at the time of the refinancing was written-off and presented as "Loss on debt extinguishment" in the consolidated statement of operations, partly offset by the lower amount of $950,000 at which the vessel profit participation liability was finally settled as described above.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[4]</td>
<td style="vertical-align: top;" valign="top">On November 21, 2018, the Company signed a reducing revolving credit facility with Eurobank Ergasias S.A (the "Lender") for an amount of up to $45,000,000. A loan of $30,000,000 was drawn on November 21, 2018 by Alterwall Business Inc., Allendale Investments S.A., Manolis Shipping Ltd., Joanna Maritime Ltd., Jonathan John Shipping Ltd., Athens Shipping Ltd., Oinousses Navigation Ltd., Corfu Navigation Ltd. and Bridge Shipping Ltd. to fully refinance all of the Company&amp;#8217;s existing facilities with this bank and provide working capital. The revolving tranche will be available for a period of 18 months from signing of the loan agreement for the purpose of partly financing new vessel acquisitions or providing working capital and can be renewed subject to the bank's approval and a fee to be determined. The loan is payable in 12 equal consecutive quarterly principal installments of $900,000 and the balance will be repaid through balloon payment of $19,200,000 together with the last principal installment in November 2021. Each quarterly principal instalment paid is added to the revolving tranche and may be redrawn. The interest rate margin is 3.90% over LIBOR, reduced from 4.40% as described below. The loan is secured with (i) first priority mortgages over M/V "Ninos&amp;#8221;, M/V &amp;#8220;Kuo Hsiung", M/V "Aegean Express", M/V "Manolis P." M/V "Joanna", M/V "EM Athens", M/V "EM Oinousses", M/V "EM Corfu" and M/V "Akinada Bridge", (ii) first assignment of earnings and insurance of the aforementioned vessels, (iii) a corporate guarantee of Euroseas Ltd. and other covenants and guarantees similar to the remaining loans of the Company. The Company has the option (at the Lender&amp;#8217;s absolute discretion) to substitute a mortgaged vessel by notifying the Lender in writing at least one (1) month prior to the intended substitution date, provided that: a) the substitute vessel is of a similar type, of the same or younger age, having the same or enhanced characteristics (including, without limitation, deadweight, lightweight, shipyard pedigree and technical specifications) and will be 100% owned by a shipowning company, incorporated in a jurisdiction acceptable to the Lender and owned by a ship owning company owned by the Company (directly or indirectly) and b) the new shipowning company provides a first preferred mortgage over the new vessel and a corporate guarantee in favor of the Lender and executes any other security documentation as may be requested by the Lender at its discretion. The Company paid loan arrangement fees of $300,000 within 2018 for this tranche.  On May 30, 2019, the Lender made available to the Company two new ship-related (M/V "EM Astoria" and M/V "Evridiki G") advances totaling $12.0 million or 55% of the aggregate market value of the two aforementioned vessels, with a simultaneous reduction of the margin of the loan, from 4.40% to 3.90% per annum. The borrower also agreed, during the remaining facility period, to reduce the amount held as cash collateral from $5.0 million to $1.0 million and release the balance in favor of the borrower. The loan was used to refinance the existing facilities of Noumea Shipping Ltd. and Gregos Shiping Ltd. and to provide working capital. The loan is payable in 16 equal consecutive quarterly principal installments of $375,000 and the balance will be repaid through a balloon payment of $6,000,000 together with the last principal installment in May 2023. The loan is secured with (i) first priority mortgages over M/V "Evridiki G" and M/V "EM Astoria", (ii) first assignment of earnings and insurance of the aforementioned vessels, (iii) a corporate guarantee of Euroseas Ltd. and other covenants and guarantees similar to the remaining loans of the Company. The Company paid a loan arrangement fee of $32,000 within 2019 for this tranche.   The security cover ratio covenant for the facility is set to 140%. The remaining $7,350,000 of the revolving facility, after including principal repayments up to December 31, 2019, remains available to the company in order to finance up to 55% of the market value of post 2001-built ships. The new tranches will be repaid through sixteen quarterly principal instalments with the amount of each such instalment being equal to such amount so that the balloon amount to be equal to 50% of the initially drawn relevant tranche. The undrawn amounts available under the revolving facility pay an annual commitment of 0.40% and any amount drawn will pay a 1% underwriting fee.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[5]</td>
<td style="vertical-align: top;" valign="top">On July 29, 2019, the Company signed a term loan facility with Piraeus Bank S.A. for an amount not exceeding the lesser between $4,000,000 and 90% of the scrap value pf M/V "Diamantis P". On July 31, 2019, a loan of $3,667,680 was drawn by Diamantis Shipping Ltd. to partly finance the acquisition of M/V "Diamantis P". The loan is payable in twelve equal consecutive quarterly instalments of $160,460 plus a balloon amount of $1,742,160 paid together with the last instalment in July 2022. The margin of the loan is 3.50% over LIBOR. The loan is secured with (i) first priority mortgage over M/V "Diamantis P", (ii) first assignment of earnings and insurance of M/V "Diamantis P", (iii) a corporate guarantee of Euroseas Ltd. and other covenants and guarantees similar to remaining loans of the Company. The Company paid a loan arrangement fee of $32,000 within 2019 for this loan. The security cover ratio covenant for the facility is set to 110% until the first anniversary of the drawdown date and 120% thereafter.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[6]</td>
<td style="vertical-align: top;" valign="top">On July 30, 2019, the Company signed a term loan facility with HSBC Bank plc. for an amount of $12,500,000. The loan was used to partly finance the acquisition of M/V "EM Hydra", M/V "EM Kea" and M/V "EM Spetses". The loan was drawn in tranches upon the delivery of each vessel to the Company with the last drawdown taking place on August 8, 2019.The loan is payable in fourteen consecutive equal quarterly installments of $450,000 and a balloon payment of $6,200,000 paid with the last instalment in February 2023. The loan bears interest at LIBOR plus a margin of 2.95%. The loan is secured with (i) first priority mortgages over M/V "EM Hydra", M/V "EM Kea" and M/V "EM Spetses" (ii) first assignment of earnings and insurance of the abovementioned vessels, (iii) a corporate guarantee of Euroseas Ltd. and other covenants and guarantees similar to the remaining loans of the Company. The Company paid loan arrangement fees of $62,500 within 2019 for this loan. The security cover ratio covenant for the facility is set to 130%.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[7]</td>
<td style="vertical-align: top;" valign="top">On November 8, 2019, the Company signed a term loan facility with Piraeus Bank S.A. for an amount of $32,000,000. The loan was used to partly finance the acquisition of M/V "Synergy Antwerp", M/V "Synergy Busan", M/V &amp;#8220;Synergy Keelung&amp;#8221; and M/V "Synergy Oakland". The loan was drawn in tranches upon the delivery of each vessel to the Company with the last drawdown taking place on November 18, 2019. The loan is payable in three consecutive equal quarterly instalments of $1,400,000 followed by thirteen consecutive equal quarterly instalments of $800,000 and a balloon payment of $17,400,000 paid with the last instalment. The loan bears interest at LIBOR plus a margin of 3.50%. The loan is secured with (i) first priority mortgages over M/V "Synergy Antwerp", M/V "Synergy Busan", M/V "Synergy Keelung" and M/V "Synergy Oakland" (ii) first assignment of earnings and insurance of the abovementioned vessels, (iii) a corporate guarantee of Euroseas Ltd. and other covenants and guarantees similar to the remaining loans of the Company. The Company paid loan arrangement fees of $352,000 within 2019 for this loan. The security cover ratio covenant for the facility is set to 125%.</td>
</tr>
</table></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount, before unamortized (discount) premium and debt issuance costs, of long-term debt classified as current. Includes, but is not limited to, notes payable, bonds payable, commercial loans, mortgage loans, convertible debt, subordinated debt and other types of debt.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount, before unamortized (discount) premium and debt issuance costs, of long-term debt classified as noncurrent. Includes, but is not limited to, notes payable, bonds payable, commercial loans, mortgage loans, convertible debt, subordinated debt and other types of debt.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount, before unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but is not limited to, notes payable, bonds payable, commercial loans, mortgage loans, convertible debt, subordinated debt and other types of debt.</p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of debt discount to be amortized within one year or within the normal operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 835<br> -SubTopic 30<br> -Section 45<br> -Paragraph 1A<br> -URI http://asc.fasb.org/extlink&amp;oid=119993939&amp;loc=d3e28541-108399<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 835<br> -SubTopic 30<br> -Section 55<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=114775985&amp;loc=d3e28878-108400<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of debt discount to be amortized after one year or the normal operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 835<br> -SubTopic 30<br> -Section 55<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=114775985&amp;loc=d3e28878-108400<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 835<br> -SubTopic 30<br> -Section 45<br> -Paragraph 1A<br> -URI http://asc.fasb.org/extlink&amp;oid=119993939&amp;loc=d3e28541-108399<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount, after accumulated amortization, of debt issuance costs classified as current. Includes, but is not limited to, legal, accounting, underwriting, printing, and registration costs.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.8)<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 835<br> -SubTopic 30<br> -Section 45<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=119993939&amp;loc=d3e28555-108399<br></p></div>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount, after accumulated amortization, of debt issuance costs classified as noncurrent. Includes, but is not limited to, legal, accounting, underwriting, printing, and registration costs.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 835<br> -SubTopic 30<br> -Section 45<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=119993939&amp;loc=d3e28555-108399<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.17)<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredFinanceCostsNoncurrentNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DueToRelatedPartiesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying amount as of the balance sheet date of obligations due all related parties. For classified balance sheets, represents the current portion of such liabilities (due within one year or within the normal operating cycle if longer).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (d)<br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.(k)(1))<br> -URI http://asc.fasb.org/extlink&amp;oid=120395691&amp;loc=d3e23780-122690<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.19(a))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DueToRelatedPartiesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt, classified as current. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.19,20)<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LongTermDebtCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongTermDebtNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after unamortized (discount) premium and debt issuance costs of long-term debt classified as noncurrent and excluding amounts to be repaid within one year or the normal operating cycle, if longer. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.22)<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LongTermDebtNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=esea_EuroseasLtdMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=esea_EuroseasLtdMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentAxis=esea_NoumeaShippingLTDMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentAxis=esea_NoumeaShippingLTDMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<td><strong> Period Type:</strong></td>
<td></td>
</tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentAxis=esea_GregosShipingLtdMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentAxis=esea_DealsWith11ShipbuildersMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentAxis=esea_DealsWith11ShipbuildersMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentAxis=esea_DiamantisShipownersLtdMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentAxis=esea_DiamantisShipownersLtdMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentAxis=esea_KeaShipownersLtdSpetsesShipownersLtdHydraShipownersLtdMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentAxis=esea_KeaShipownersLtdSpetsesShipownersLtdHydraShipownersLtdMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentAxis=esea_AntwerpShippingLtdBusanShippingLtdKeelungShippingLtdOaklandShippingLtdMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
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<tr>
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<td></td>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6858194016">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 11 - Stock Incentive Plan (Details Textual)<br></strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th">
<div>Nov. 04, 2019 </div>
<div>shares</div>
</th>
<th class="th">
<div>Nov. 21, 2018 </div>
<div>shares</div>
</th>
<th class="th">
<div>Nov. 02, 2017 </div>
<div>shares</div>
</th>
<th class="th">
<div>Jul. 31, 2014 </div>
<div>shares</div>
</th>
<th class="th">
<div>Dec. 31, 2019 </div>
<div>USD ($) </div>
<div>shares</div>
</th>
<th class="th">
<div>Dec. 31, 2018 </div>
<div>USD ($) </div>
<div>shares</div>
</th>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>USD ($) </div>
<div>$ / shares </div>
<div>shares</div>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AllocatedShareBasedCompensationExpense', window );">Share-based Payment Arrangement, Expense | $</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="nump">$ 97,919<span></span>
</td>
<td class="nump">$ 124,487<span></span>
</td>
<td class="nump">$ 116,562<span></span>
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</tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized', window );">Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 172,887<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AwardTypeAxis=us-gaap_RestrictedStockMember', window );">Restricted Stock [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod', window );">Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">15,444<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod', window );">Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period (in shares)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">538<span></span>
</td>
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<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue', window );">Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 22.24<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1', window );">Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">273 days<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantedInPeriodFairValue', window );">Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other Than Options, Granted in Period, Fair Value | $</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 90,193<span></span>
</td>
<td class="nump">$ 134,232<span></span>
</td>
<td class="nump">$ 176,475<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PlanNameAxis=esea_The2014PlanMember', window );">The 2014 Plan [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized', window );">Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">75,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_ShareBasedCompensationArrangementByShareBasedPaymentAwardedTerm', window );">Share Based Compensation Arrangement By Share Based Payment Awarded Term (Year)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">10 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PlanNameAxis=esea_The2014PlanMember', window );">The 2014 Plan [Member] | Restricted Stock [Member] | The 18 Key Persons [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod', window );">Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">15,681<span></span>
</td>
<td class="nump">12,534<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">15,681<span></span>
</td>
<td class="nump">12,534<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_NumberOfKeyPeopleIssuedAwards', window );">Number of Key People Issued Awards</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">18<span></span>
</td>
<td class="nump">18<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PlanNameAxis=esea_The2014PlanMember', window );">The 2014 Plan [Member] | Restricted Stock [Member] | The 18 Key Persons [Member] | Share-based Payment Arrangement, Tranche One [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage', window );">Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">50.00%<span></span>
</td>
<td class="nump">50.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PlanNameAxis=esea_The2014PlanMember', window );">The 2014 Plan [Member] | Restricted Stock [Member] | The 18 Key Persons [Member] | Share-based Payment Arrangement, Tranche Two [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage', window );">Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">50.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PlanNameAxis=esea_The2014PlanMember', window );">The 2014 Plan [Member] | Restricted Stock [Member] | Officers and Directors [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod', window );">Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)</a></td>
<td class="nump">8,713<span></span>
</td>
<td class="nump">9,021<span></span>
</td>
<td class="nump">7,213<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PlanNameAxis=esea_The2014PlanMember', window );">The 2014 Plan [Member] | Restricted Stock [Member] | Officers and Directors [Member] | Share-based Payment Arrangement, Tranche Two [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage', window );">Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">50.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PlanNameAxis=esea_The2014PlanMember', window );">The 2014 Plan [Member] | Restricted Stock [Member] | Eurobulk Employees [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod', window );">Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)</a></td>
<td class="nump">6,731<span></span>
</td>
<td class="nump">6,660<span></span>
</td>
<td class="nump">5,321<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PlanNameAxis=esea_The2014PlanMember', window );">The 2014 Plan [Member] | Restricted Stock [Member] | The 17 Key Persons [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod', window );">Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)</a></td>
<td class="nump">15,444<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">15,444<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_NumberOfKeyPeopleIssuedAwards', window );">Number of Key People Issued Awards</a></td>
<td class="nump">17<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PlanNameAxis=esea_The2014PlanMember', window );">The 2014 Plan [Member] | Restricted Stock [Member] | The 17 Key Persons [Member] | Share-based Payment Arrangement, Tranche One [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage', window );">Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage</a></td>
<td class="nump">50.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PlanNameAxis=esea_The2014PlanMember', window );">The 2014 Plan [Member] | Restricted Stock [Member] | The 17 Key Persons [Member] | Share-based Payment Arrangement, Tranche Two [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage', window );">Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage</a></td>
<td class="nump">50.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_esea_NumberOfKeyPeopleIssuedAwards">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of key people to whom certain awards have been issued.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">esea_NumberOfKeyPeopleIssuedAwards</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>esea_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_esea_ShareBasedCompensationArrangementByShareBasedPaymentAwardedTerm">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the term by which awards will be made.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">esea_ShareBasedCompensationArrangementByShareBasedPaymentAwardedTerm</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>esea_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_esea_SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantedInPeriodFairValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Fair value of equity instruments other than options granted. Excludes stock (or unit) options, for example, but not limited to, share units, stock appreciation rights, restricted stock.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">esea_SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantedInPeriodFairValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>esea_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AllocatedShareBasedCompensationExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of expense for award under share-based payment arrangement. Excludes amount capitalized.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=120381028&amp;loc=d3e5047-113901<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB Topic 14.F)<br> -URI http://asc.fasb.org/extlink&amp;oid=115993241&amp;loc=d3e301413-122809<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (h)(1)(i)<br> -URI http://asc.fasb.org/extlink&amp;oid=120381028&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AllocatedShareBasedCompensationExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cost not yet recognized for nonvested award under share-based payment arrangement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (i)<br> -URI http://asc.fasb.org/extlink&amp;oid=120381028&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Weighted-average period over which cost not yet recognized is expected to be recognized for award under share-based payment arrangement, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents reported fact of one year, five months, and thirteen days.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (i)<br> -URI http://asc.fasb.org/extlink&amp;oid=120381028&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of equity-based payment instruments, excluding stock (or unit) options, that were forfeited during the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(1)(iv)(3)<br> -URI http://asc.fasb.org/extlink&amp;oid=120381028&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Weighted average fair value as of the grant date of equity-based award plans other than stock (unit) option plans that were not exercised or put into effect as a result of the occurrence of a terminating event.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(2)(iii)(3)<br> -URI http://asc.fasb.org/extlink&amp;oid=120381028&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of grants made during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(2)(iii)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=120381028&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of shares authorized for issuance under share-based payment arrangement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)(3)<br> -URI http://asc.fasb.org/extlink&amp;oid=120381028&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Percentage of vesting of award under share-based payment arrangement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=120381028&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AwardTypeAxis=us-gaap_RestrictedStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AwardTypeAxis=us-gaap_RestrictedStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PlanNameAxis=esea_The2014PlanMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PlanNameAxis=esea_The2014PlanMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_TitleOfIndividualAxis=esea_The18KeyPersonsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_TitleOfIndividualAxis=esea_The18KeyPersonsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_VestingAxis=us-gaap_ShareBasedCompensationAwardTrancheOneMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_VestingAxis=us-gaap_ShareBasedCompensationAwardTrancheOneMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_VestingAxis=us-gaap_ShareBasedCompensationAwardTrancheTwoMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_VestingAxis=us-gaap_ShareBasedCompensationAwardTrancheTwoMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_TitleOfIndividualAxis=esea_OfficersAndDirectorsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_TitleOfIndividualAxis=esea_OfficersAndDirectorsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_TitleOfIndividualAxis=esea_EurobulkEmployeesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_TitleOfIndividualAxis=esea_EurobulkEmployeesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_TitleOfIndividualAxis=esea_The17KeyPersonsMember">
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6843135856">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 13 - Voyage and Vessel Operating Expenses (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TableTextBlock', window );"><strong>Notes Tables</strong></a></td>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_ScheduleOfVoyageVesselOperatingExpensesAndCommissionsTableTextBlock', window );">Schedule of Voyage Vessel Operating Expenses and Commissions [Table Text Block]</a></td>
<td class="text"><div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom"> <td style="text-align: justify">&nbsp;</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="11" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Year ended December 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: justify">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2017</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2018</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2019</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify">Voyage expenses</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 61%; text-align: justify">Port charges and canal dues</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,156,511</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">384,893</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">251,197</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: justify; padding-bottom: 1pt">Bunkers</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">407,978</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">876,195</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">804,211</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: justify; padding-bottom: 1pt">Total</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,564,489</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,261,088</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,055,408</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: justify">Vessel operating expenses</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Crew wages and related costs</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">8,771,386</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">11,020,924</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">13,111,682</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Insurance</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,261,976</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,537,539</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,844,088</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Repairs and maintenance</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">643,788</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,043,632</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,110,995</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Lubricants</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,169,412</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,665,849</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,029,230</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Spares and consumable stores</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,391,420</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,445,422</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,758,290</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Professional and legal fees</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">10,037</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">252,156</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">259,311</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: justify; padding-bottom: 1pt">Other</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">771,323</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,020,648</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">869,686</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: justify; padding-bottom: 1pt">Total</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">15,019,342</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">19,986,170</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">23,983,282</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> </tr> </table></div><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of voyage, vessel operating expenses and commissions.</p></div>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6826591072">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 5 - Accrued Expenses (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2019</div></th></tr>
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<td class="text"><div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: center">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">As of December 31, 2018</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">As of December 31, 2019</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&nbsp;</td> </tr> <tr style="vertical-align: bottom"> <td>&nbsp;</td> <td>&nbsp;</td> <td colspan="3" style="text-align: right">&nbsp;</td> <td>&nbsp;</td> <td colspan="3" style="text-align: right">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 66%; text-align: left; padding-left: 0.4pt">Accrued payroll expenses</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 14%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">93,404</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 14%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">231,093</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 0.4pt">Accrued interest expense</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">565,623</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">590,216</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 0.4pt">Accrued general and administrative expenses</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">348,761</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">111,720</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 0.4pt">Accrued commissions</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">39,545</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">67,682</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt; padding-left: 0.4pt">Other accrued expenses</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">254,472</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">724,610</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt; padding-left: 0.4pt">Total</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,301,805</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,725,321</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> </tr> </table></div><span></span>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6642975344">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 17 - Discontinued Operations (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2019</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsIncomeStatementBalanceSheetAndAdditionalDisclosuresTextBlock', window );">Disposal Groups, Including Discontinued Operations [Table Text Block]</a></td>
<td class="text"><div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom"> <td>&nbsp;</td> <td>&nbsp;</td> <td colspan="3" style="text-align: center">&nbsp;</td> <td style="font-weight: bold">&nbsp;</td> <td colspan="7" style="font-weight: bold; text-align: center"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">Year Ended December 31 </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">(discontinued operations)</div></div> </td> </tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2017</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2018</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2019</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&nbsp;</td> </tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Statement of Operations Data</td> <td>&nbsp;</td> <td colspan="3">&nbsp;</td> <td>&nbsp;</td> <td colspan="7">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 61%; text-align: left">Voyage revenue</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">20,280,215</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">25,934,204</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Commissions (including, $253,503, $324,178 and nil respectively, to related party)</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,122,196</div></td> <td style="text-align: left">)</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,411,333</div></td> <td style="text-align: left">)</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Voyage expenses</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(2,396,318</div></td> <td style="text-align: left">)</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(410,676</div></td> <td style="text-align: left">)</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Vessel operating expenses (including, $102,131, $115,026 and nil, respectively, to related party)</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(6,892,388</div></td> <td style="text-align: left">)</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(9,183,152</div></td> <td style="text-align: left">)</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Drydocking expenses</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(127,509</div></td> <td style="text-align: left">)</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,465,079</div></td> <td style="text-align: left">)</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Related party management fees</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,409,716</div></td> <td style="text-align: left">)</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,701,340</div></td> <td style="text-align: left">)</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Vessel depreciation</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(4,786,272</div></td> <td style="text-align: left">)</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(5,422,155</div></td> <td style="text-align: left">)</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">General and administrative expenses (including $693,524, $731,456 and nil, respectively, to related party)</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(917,160</div></td> <td style="text-align: left">)</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(2,346,502</div></td> <td style="text-align: left">)</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Operating income</td> <td style="font-weight: bold">&nbsp;</td> <td style="font-weight: bold; text-align: left">&nbsp;</td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,628,656</div></td> <td style="font-weight: bold; text-align: left">&nbsp;</td> <td style="font-weight: bold">&nbsp;</td> <td style="font-weight: bold; text-align: left">&nbsp;</td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,993,967</div></td> <td style="font-weight: bold; text-align: left">&nbsp;</td> <td style="font-weight: bold">&nbsp;</td> <td style="font-weight: bold; text-align: left">&nbsp;</td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Total other expenses, net</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,778,955</div></td> <td style="text-align: left">)</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(2,874,232</div></td> <td style="text-align: left">)</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Net income</td> <td style="font-weight: bold">&nbsp;</td> <td style="font-weight: bold; text-align: left">&nbsp;</td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">849,701</div></td> <td style="font-weight: bold; text-align: left">&nbsp;</td> <td style="font-weight: bold">&nbsp;</td> <td style="font-weight: bold; text-align: left">&nbsp;</td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,119,735</div></td> <td style="font-weight: bold; text-align: left">&nbsp;</td> <td style="font-weight: bold">&nbsp;</td> <td style="font-weight: bold; text-align: left">&nbsp;</td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Dividend Series B Preferred Shares</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(565,229</div></td> <td style="text-align: left">)</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Net income attributable to common shareholders</td> <td style="font-weight: bold">&nbsp;</td> <td style="font-weight: bold; text-align: left">&nbsp;</td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">849,701</div></td> <td style="font-weight: bold; text-align: left">&nbsp;</td> <td style="font-weight: bold">&nbsp;</td> <td style="font-weight: bold; text-align: left">&nbsp;</td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">554,506</div></td> <td style="font-weight: bold; text-align: left">&nbsp;</td> <td style="font-weight: bold">&nbsp;</td> <td style="font-weight: bold; text-align: left">&nbsp;</td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-weight: bold; text-align: left">&nbsp;</td> </tr> </table></div><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.</p></div>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6592009840">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 5 - Accrued Expenses<br></strong></div></th>
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<td class="text"><div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;">  <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">5.</div></div></td> <td><div style="display: inline; font-weight: bold;">Accrued Expenses </div></td> </tr>  </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The accrued expenses consisted of:</div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;">  <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: center">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">As of December 31, 2018</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">As of December 31, 2019</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&nbsp;</td> </tr> <tr style="vertical-align: bottom"> <td>&nbsp;</td> <td>&nbsp;</td> <td colspan="3" style="text-align: right">&nbsp;</td> <td>&nbsp;</td> <td colspan="3" style="text-align: right">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 66%; text-align: left; padding-left: 0.4pt">Accrued payroll expenses</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 14%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">93,404</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 14%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">231,093</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 0.4pt">Accrued interest expense</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">565,623</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">590,216</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 0.4pt">Accrued general and administrative expenses</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">348,761</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">111,720</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 0.4pt">Accrued commissions</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">39,545</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">67,682</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt; padding-left: 0.4pt">Other accrued expenses</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">254,472</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">724,610</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt; padding-left: 0.4pt">Total</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,301,805</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,725,321</div></td> <td style="border-bottom: Black 1pt solid; 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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for accounts payable and accrued liabilities at the end of the reporting period.</p></div>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6826810736">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 9 - Income Taxes<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2019</div></th></tr>
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<td class="text"><div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0">  <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">9.</div></div></td> <td><div style="display: inline; font-weight: bold;">Income Taxes</div></td> </tr>  </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the laws of the countries of the companies&#x2019; incorporation and/or vessels&#x2019; registration, the companies are <div style="display: inline; font-style: italic; font: inherit;">not</div> subject to tax on international shipping income, however, they are subject to registration and tonnage taxes, which have been included in &#x201c;Vessel operating expenses&#x201d; in the consolidated statements of operations.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the United States Internal Revenue Code of <div style="display: inline; font-style: italic; font: inherit;">1986,</div> as amended (the "Code"), the U.S. source gross transportation income of a ship-owning or chartering corporation, such as the Company, is subject to a <div style="display: inline; font-style: italic; font: inherit;">4%</div> U.S. Federal income tax without allowance for deduction, unless that corporation qualifies for exemption from tax under Section <div style="display: inline; font-style: italic; font: inherit;">883</div> of the Code and the Treasury Regulations promulgated thereunder. U.S. source gross transportation income consists of <div style="display: inline; font-style: italic; font: inherit;">50%</div> of the gross shipping income that is attributable to transportation that begins or ends, but that does <div style="display: inline; font-style: italic; font: inherit;">not</div> both begin and end, in the United States.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the Code, a corporation will be exempt from U.S. federal income tax if its stock is primarily and regularly traded on an established securities market in its country of organization, in another country that grants an "equivalent exemption" to United States corporations, or in the United States, which is referred to as the &#x201c;Publicly Traded Test&#x201d;. Under IRS regulations, a Company&#x2019;s shares will be considered to be regularly traded on an established securities market if (i) <div style="display: inline; font-style: italic; font: inherit;">one</div> or more classes of its shares representing <div style="display: inline; font-style: italic; font: inherit;">50%</div> or more of its outstanding shares, by voting power of all classes of shares of the corporation entitled to vote and of the total value of the shares of the corporation, are listed on the market and (ii) (A) such class of share is traded on the market, other than in minimal quantities, on at least <div style="display: inline; font-style: italic; font: inherit;">60</div> days during the taxable year or <div style="display: inline; font-style: italic; font: inherit;">one</div> <div style="display: inline; font-style: italic; font: inherit;">sixth</div> of the days in a short taxable year; and (B) the aggregate number of shares of such class of share traded on such market during the taxable year must be at least <div style="display: inline; font-style: italic; font: inherit;">10%</div> of the average number of shares of such class of share outstanding during such year or as appropriately adjusted in the case of a short taxable year.&nbsp; Notwithstanding the foregoing, the treasury regulations provide, in pertinent part, that a class of the Company&#x2019;s shares will <div style="display: inline; font-style: italic; font: inherit;">not</div> be considered to be &#x201c;regularly traded&#x201d; on an established securities market for any taxable year in which <div style="display: inline; font-style: italic; font: inherit;">50%</div> or more of the vote and value of the outstanding shares of such class are owned, actually or constructively under specified share attribution rules, on more than half the days during the taxable year by persons who each own <div style="display: inline; font-style: italic; font: inherit;">5%</div> or more of the vote and value of such class of the Company&#x2019;s outstanding shares (<div style="display: inline; font-style: italic; font: inherit;">&#x201c;5%</div> Override Rule&#x201d;).</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; background-color: white">For <div style="display: inline; font-style: italic; font: inherit;">2017</div> and <div style="display: inline; font-style: italic; font: inherit;">2019</div> the Company did <div style="display: inline; font-style: italic; font: inherit;">not</div> qualify for this exemption. The Company is subject to an effective <div style="display: inline; font-style: italic; font: inherit;">2%</div> United States federal tax on the U.S. source shipping income that is attributable to the transport of cargoes to or from the United States which is <div style="display: inline; font-style: italic; font: inherit;">not</div> considered an income tax. The amount of this tax&nbsp;for the years ended <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2017 </div>and <div style="display: inline; font-style: italic; font: inherit;">2018</div> was <div style="display: inline; font-style: italic; font: inherit;">$15,135</div> and <div style="display: inline; font-style: italic; font: inherit;">$19,726,</div> respectively</div>. <div style="display: inline; background-color: white">The amount of the <div style="display: inline; font-style: italic; font: inherit;">2017</div> tax was paid on <div style="display: inline; font-style: italic; font: inherit;"> September 17, 2018 </div>and the amount of the <div style="display: inline; font-style: italic; font: inherit;">2018</div> tax was paid on <div style="display: inline; font-style: italic; font: inherit;"> June 15, 2019 </div>and was recorded within "Vessel operating expenses" in the consolidated statements of operations when paid.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; background-color: white">&nbsp;</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; background-color: white"></div></div> <div style=" margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">For the taxable years <div style="display: inline; font-style: italic; font: inherit;">2019</div> the Company believes that it was exempt from U.S. federal income tax of <div style="display: inline; font-style: italic; font: inherit;">4%</div> on U.S. source shipping income, as it believes that it satisfies the Publicly Traded Test for this year, although it is subject to the <div style="display: inline; font-style: italic; font: inherit;">5%</div> Override Rule, because the non-qualified <div style="display: inline; font-style: italic; font: inherit;">5%</div> shareholders did <div style="display: inline; font-style: italic; font: inherit;">not</div> own more than <div style="display: inline; font-style: italic; font: inherit;">50%</div> of the Company&#x2019;s common stock for more than half of the days during the taxable year.</div></div><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.</p></div>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6842811760">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Consolidated Statements of Shareholders' Equity - USD ($)<br></strong></div></th>
<th class="th">
<div>Private Placement [Member] </div>
<div>Common Stock [Member]</div>
</th>
<th class="th">
<div>Private Placement [Member] </div>
<div>Additional Paid-in Capital [Member]</div>
</th>
<th class="th">
<div>Private Placement [Member] </div>
<div>Retained Earnings [Member]</div>
</th>
<th class="th"><div>Private Placement [Member]</div></th>
<th class="th"><div>Common Stock [Member]</div></th>
<th class="th"><div>Additional Paid-in Capital [Member]</div></th>
<th class="th"><div>Retained Earnings [Member]</div></th>
<th class="th"><div>Total</div></th>
</tr>
<tr class="rc">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharesOutstanding', window );">Balance (in shares) at Dec. 31, 2016</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,359,514<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rc">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Balance at Dec. 31, 2016</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 40,785<span></span>
</td>
<td class="nump">$ 284,043,237<span></span>
</td>
<td class="num">$ (229,977,258)<span></span>
</td>
<td class="nump">$ 54,106,764<span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_NetIncomeLossAttributableToCommonShareholdersContinuingOperations', window );">Net loss</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="num">(6,094,560)<span></span>
</td>
<td class="num">(6,094,560)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DividendsPreferredStock', window );">Dividends to Series B preferred shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="num">(1,808,811)<span></span>
</td>
<td class="num">(1,808,811)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesNewIssues', window );">Issuance of shares (in shares)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">37,723<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueNewIssues', window );">Issuance of shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,133<span></span>
</td>
<td class="nump">373,110<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">374,243<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardGross', window );">Issuance of restricted shares for stock incentive award and share-based compensation (in shares)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">12,534<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardGross', window );">Issuance of restricted shares for stock incentive award and share-based compensation</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 376<span></span>
</td>
<td class="nump">116,186<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">116,562<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardForfeited', window );">Shares forfeited (in shares)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(505)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardForfeitures', window );">Shares forfeited</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">$ (15)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_AdjustmentsToAdditionalPaidInCapitalSharesForfeited', window );">Shares forfeited, APIC</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">15<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_NetIncomeLossAttributableToCommonShareholdersContinuingOperations', window );">Net loss</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="num">(6,094,560)<span></span>
</td>
<td class="num">(6,094,560)<span></span>
</td>
</tr>
<tr class="rc">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharesOutstanding', window );">Balance (in shares) at Dec. 31, 2017</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,409,266<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rc">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Balance at Dec. 31, 2017</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 42,279<span></span>
</td>
<td class="nump">284,532,548<span></span>
</td>
<td class="num">(237,880,629)<span></span>
</td>
<td class="nump">46,694,198<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_NetIncomeLossAttributableToCommonShareholdersContinuingOperations', window );">Net loss</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="num">(663,396)<span></span>
</td>
<td class="num">(663,396)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DividendsPreferredStock', window );">Dividends to Series B preferred shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="num">(1,335,733)<span></span>
</td>
<td class="num">(1,335,733)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesNewIssues', window );">Issuance of shares (in shares)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">139,509<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueNewIssues', window );">Issuance of shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 4,185<span></span>
</td>
<td class="nump">1,860,925<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">1,865,110<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardGross', window );">Issuance of restricted shares for stock incentive award and share-based compensation (in shares)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">15,681<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardGross', window );">Issuance of restricted shares for stock incentive award and share-based compensation</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 470<span></span>
</td>
<td class="nump">124,017<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">124,487<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_NetIncomeLossAttributableToCommonShareholdersContinuingOperations', window );">Net loss</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="num">(663,396)<span></span>
</td>
<td class="num">(663,396)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_AdjustmentsToEquityContributionToSpunoffSubsidiary', window );">Spin-off of EuroDry Ltd. to stockholders</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="num">(52,520,821)<span></span>
</td>
<td class="nump">9,656,773<span></span>
</td>
<td class="num">(42,864,048)<span></span>
</td>
</tr>
<tr class="rc">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharesOutstanding', window );">Balance (in shares) at Dec. 31, 2018</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,564,456<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rc">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Balance at Dec. 31, 2018</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 46,934<span></span>
</td>
<td class="nump">233,996,669<span></span>
</td>
<td class="num">(230,222,985)<span></span>
</td>
<td class="nump">3,820,618<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_NetIncomeLossAttributableToCommonShareholdersContinuingOperations', window );">Net loss</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="num">(1,682,671)<span></span>
</td>
<td class="num">(1,682,671)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DividendsPreferredStock', window );">Dividends to Series B preferred shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="num">(1,271,782)<span></span>
</td>
<td class="num">(1,271,782)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesNewIssues', window );">Issuance of shares (in shares)</a></td>
<td class="nump">1,056,338<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">144,727<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueNewIssues', window );">Issuance of shares</a></td>
<td class="nump">$ 31,690<span></span>
</td>
<td class="nump">$ 5,968,310<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">$ 6,000,000<span></span>
</td>
<td class="nump">$ 4,342<span></span>
</td>
<td class="nump">771,190<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">775,532<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardGross', window );">Issuance of restricted shares for stock incentive award and share-based compensation (in shares)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">15,444<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardGross', window );">Issuance of restricted shares for stock incentive award and share-based compensation</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 463<span></span>
</td>
<td class="nump">97,456<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">97,919<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_NetIncomeLossAttributableToCommonShareholdersContinuingOperations', window );">Net loss</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="num">(1,682,671)<span></span>
</td>
<td class="num">(1,682,671)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_DividendsPreferredStockDeemed', window );">Preferred deemed dividend</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="num">(504,577)<span></span>
</td>
<td class="num">(504,577)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_StockIssuedDuringPeriodSharesRoundingOfStockSplit', window );">Rounding of stock split (in shares)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,393<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_StockIssuedDuringPeriodValueRoundingOfStockSplit', window );">Rounding of stock split</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 72<span></span>
</td>
<td class="num">(72)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="rc">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharesOutstanding', window );">Balance (in shares) at Dec. 31, 2019</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">5,600,259<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rc">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Balance at Dec. 31, 2019</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 168,008<span></span>
</td>
<td class="nump">$ 253,967,708<span></span>
</td>
<td class="num">$ (233,682,015)<span></span>
</td>
<td class="nump">$ 20,453,701<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_esea_AdjustmentsToAdditionalPaidInCapitalSharesForfeited">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of increase to additional paid in capital (APIC) resulting from shares forfeited.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">esea_AdjustmentsToAdditionalPaidInCapitalSharesForfeited</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>esea_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_esea_AdjustmentsToEquityContributionToSpunoffSubsidiary">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The change in equity resulting from a contribution to spun-off subsidiary.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">esea_AdjustmentsToEquityContributionToSpunoffSubsidiary</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>esea_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_esea_DividendsPreferredStockDeemed">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of preferred stock dividends deemed.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">esea_DividendsPreferredStockDeemed</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>esea_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_esea_NetIncomeLossAttributableToCommonShareholdersContinuingOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of net income (loss) from continuing operations attributable to common shareholders.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">esea_NetIncomeLossAttributableToCommonShareholdersContinuingOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>esea_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_esea_StockIssuedDuringPeriodSharesRoundingOfStockSplit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of shares issued during the period due to rounding of a stock split.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">esea_StockIssuedDuringPeriodSharesRoundingOfStockSplit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>esea_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_esea_StockIssuedDuringPeriodValueRoundingOfStockSplit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The value of stock issued during the period due to the rounding of a stock split.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">esea_StockIssuedDuringPeriodValueRoundingOfStockSplit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>esea_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DividendsPreferredStock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of paid and unpaid preferred stock dividends declared with the form of settlement in cash, stock and payment-in-kind (PIK).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=120397183&amp;loc=d3e187085-122770<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 405<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6957935&amp;loc=d3e64057-112817<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DividendsPreferredStock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of shares issued which are neither cancelled nor held in the treasury.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodSharesNewIssues">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of new stock issued during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=109259400&amp;loc=d3e21463-112644<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=120397183&amp;loc=d3e187085-122770<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockIssuedDuringPeriodSharesNewIssues</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardForfeited">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of shares related to Restricted Stock Award forfeited during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=120397183&amp;loc=d3e187085-122770<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=109259400&amp;loc=d3e21463-112644<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardForfeited</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardGross">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total number of shares issued during the period, including shares forfeited, as a result of Restricted Stock Awards.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=109259400&amp;loc=d3e21463-112644<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=120397183&amp;loc=d3e187085-122770<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardGross</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodValueNewIssues">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Equity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=120397183&amp;loc=d3e187085-122770<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=109259400&amp;loc=d3e21463-112644<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockIssuedDuringPeriodValueNewIssues</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardForfeitures">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Value of stock related to Restricted Stock Awards forfeited during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=109259400&amp;loc=d3e21463-112644<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=120397183&amp;loc=d3e187085-122770<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardForfeitures</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardGross">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Aggregate value of stock related to Restricted Stock Awards issued during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=120397183&amp;loc=d3e187085-122770<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=109259400&amp;loc=d3e21463-112644<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardGross</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08(g)(1)(ii))<br> -URI http://asc.fasb.org/extlink&amp;oid=120395691&amp;loc=d3e23780-122690<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SAB Topic 4.E)<br> -URI http://asc.fasb.org/extlink&amp;oid=27010918&amp;loc=d3e74512-122707<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(31))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(30))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 28<br> -Subparagraph (f)<br> -URI http://asc.fasb.org/extlink&amp;oid=75031198&amp;loc=d3e14064-108612<br><br>Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 323<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=114001798&amp;loc=d3e33918-111571<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockholdersEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
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</TEXT>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6846044000">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Consolidated Balance Sheets - USD ($)<br></strong></div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsCurrentAbstract', window );"><strong>Current assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash and cash equivalents</a></td>
<td class="nump">$ 985,418<span></span>
</td>
<td class="nump">$ 6,960,258<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RestrictedCashCurrent', window );">Restricted cash</a></td>
<td class="nump">610,376<span></span>
</td>
<td class="nump">117,063<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsReceivableNetCurrent', window );">Trade accounts receivable, net</a></td>
<td class="nump">715,097<span></span>
</td>
<td class="nump">958,705<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherReceivablesNetCurrent', window );">Other receivables</a></td>
<td class="nump">1,570,506<span></span>
</td>
<td class="nump">2,031,415<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InventoryNet', window );">Inventories</a></td>
<td class="nump">1,889,164<span></span>
</td>
<td class="nump">1,704,391<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PrepaidExpenseCurrent', window );">Prepaid expenses</a></td>
<td class="nump">526,531<span></span>
</td>
<td class="nump">222,336<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsCurrent', window );">Total current assets</a></td>
<td class="nump">6,297,092<span></span>
</td>
<td class="nump">11,994,168<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsNoncurrentAbstract', window );"><strong>Long-term assets:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentNet', window );">Vessels, net</a></td>
<td class="nump">116,230,333<span></span>
</td>
<td class="nump">48,826,128<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RestrictedCashNoncurrent', window );">Restricted cash</a></td>
<td class="nump">4,334,267<span></span>
</td>
<td class="nump">6,134,267<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Assets', window );">Total assets</a></td>
<td class="nump">126,861,692<span></span>
</td>
<td class="nump">66,954,563<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesCurrentAbstract', window );"><strong>Current liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtCurrent', window );">Long-term bank loans, current portion</a></td>
<td class="nump">12,295,320<span></span>
</td>
<td class="nump">4,870,241<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_RelatedPartyDebtCurrent', window );">Related party loan, current</a></td>
<td class="nump">5,000,000<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsPayableCurrent', window );">Trade accounts payable</a></td>
<td class="nump">3,899,967<span></span>
</td>
<td class="nump">2,288,525<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccruedLiabilitiesCurrent', window );">Accrued expenses</a></td>
<td class="nump">1,725,321<span></span>
</td>
<td class="nump">1,301,805<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DividendsPayableCurrent', window );">Accrued preferred dividends</a></td>
<td class="nump">161,315<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredRevenueCurrent', window );">Deferred revenues</a></td>
<td class="nump">973,774<span></span>
</td>
<td class="nump">417,634<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DueToRelatedPartiesCurrent', window );">Due to related company</a></td>
<td class="nump">795,562<span></span>
</td>
<td class="nump">2,672,895<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeLiabilitiesCurrent', window );">Derivatives</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">41,435<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesCurrent', window );">Total current liabilities</a></td>
<td class="nump">24,851,259<span></span>
</td>
<td class="nump">11,592,535<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesNoncurrentAbstract', window );"><strong>Long-term liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtNoncurrent', window );">Long-term bank loans, net of current portion</a></td>
<td class="nump">72,187,785<span></span>
</td>
<td class="nump">31,716,549<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_VesselProfitParticipationLiabilityNoncurrent', window );">Vessel profit participation liability</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">1,067,500<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_BelowMarketTimeChartersAcquiredNoncurrent', window );">Fair value of below market time charters acquired</a></td>
<td class="nump">1,714,370<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesNoncurrent', window );">Total long-term liabilities</a></td>
<td class="nump">73,902,155<span></span>
</td>
<td class="nump">32,784,049<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Liabilities', window );">Total liabilities</a></td>
<td class="nump">98,753,414<span></span>
</td>
<td class="nump">44,376,584<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommitmentsAndContingencies', window );">Commitments and contingencies</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_MezzanineEquityAbstract', window );"><strong>Mezzanine Equity</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TemporaryEquityCarryingAmountAttributableToParent', window );">Preferred shares (par value $0.01, 20,000,000 shares authorized, 19,605 and 8,000 issued and outstanding, respectively)</a></td>
<td class="nump">7,654,577<span></span>
</td>
<td class="nump">18,757,361<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityAbstract', window );"><strong>Shareholders&#8217; equity</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockValue', window );">Common stock (par value $0.03, 200,000,000 shares authorized, 1,564,456 and 5,600,259 issued and outstanding)</a></td>
<td class="nump">168,008<span></span>
</td>
<td class="nump">46,934<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdditionalPaidInCapitalCommonStock', window );">Additional paid-in capital</a></td>
<td class="nump">253,967,708<span></span>
</td>
<td class="nump">233,996,669<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RetainedEarningsAccumulatedDeficit', window );">Accumulated deficit</a></td>
<td class="num">(233,682,015)<span></span>
</td>
<td class="num">(230,222,985)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Total shareholders&#8217; equity</a></td>
<td class="nump">20,453,701<span></span>
</td>
<td class="nump">3,820,618<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesAndStockholdersEquity', window );">Total liabilities, mezzanine equity and shareholders&#8217; equity</a></td>
<td class="nump">$ 126,861,692<span></span>
</td>
<td class="nump">$ 66,954,563<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_esea_BelowMarketTimeChartersAcquiredNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of below market time charters acquired classified as noncurrent.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">esea_BelowMarketTimeChartersAcquiredNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>esea_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_esea_MezzanineEquityAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">esea_MezzanineEquityAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>esea_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_esea_RelatedPartyDebtCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The value of related party debt classified as current.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">esea_RelatedPartyDebtCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>esea_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_esea_VesselProfitParticipationLiabilityNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying amount as of the balance sheet date of vessel profit participation liability, due after one year or the normal operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">esea_VesselProfitParticipationLiabilityNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>esea_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsPayableCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.19(a))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountsPayableCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsReceivableNetCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount, after allowance for credit loss, of right to consideration from customer for product sold and service rendered in normal course of business, classified as current.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 10<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=121593590&amp;loc=d3e4428-111522<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(3))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=121566466&amp;loc=d3e6676-107765<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 10<br> -Section 45<br> -Paragraph 9<br> -URI http://asc.fasb.org/extlink&amp;oid=121593590&amp;loc=d3e4531-111522<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountsReceivableNetCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccruedLiabilitiesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.20)<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccruedLiabilitiesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AdditionalPaidInCapitalCommonStock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Value received from shareholders in common stock-related transactions that are in excess of par value or stated value and amounts received from other stock-related transactions. Includes only common stock transactions (excludes preferred stock transactions). May be called contributed capital, capital in excess of par, capital surplus, or paid-in capital.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(30)(a)(1))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AdditionalPaidInCapitalCommonStock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Assets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(11))<br> -URI http://asc.fasb.org/extlink&amp;oid=120398452&amp;loc=d3e534808-122878<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08(g)(1)(ii))<br> -URI http://asc.fasb.org/extlink&amp;oid=120395691&amp;loc=d3e23780-122690<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 28<br> -Subparagraph (f)<br> -URI http://asc.fasb.org/extlink&amp;oid=75031198&amp;loc=d3e14064-108612<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (bb)<br> -URI http://asc.fasb.org/extlink&amp;oid=121559654&amp;loc=d3e5710-111685<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 45<br> -Paragraph 25<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=116870748&amp;loc=SL6758485-165988<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 32<br> -Subparagraph (d)<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e8933-108599<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 22<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e8736-108599<br><br>Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(12))<br> -URI http://asc.fasb.org/extlink&amp;oid=120400017&amp;loc=d3e572229-122910<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 323<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=114001798&amp;loc=d3e33918-111571<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 30<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e8906-108599<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_Assets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=121566466&amp;loc=d3e6801-107765<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 28<br> -Subparagraph (f)<br> -URI http://asc.fasb.org/extlink&amp;oid=75031198&amp;loc=d3e14064-108612<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 45<br> -Paragraph 25<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=116870748&amp;loc=SL6758485-165988<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 323<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=114001798&amp;loc=d3e33918-111571<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (bb)<br> -URI http://asc.fasb.org/extlink&amp;oid=121559654&amp;loc=d3e5710-111685<br><br>Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.9)<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08(g)(1)(ii))<br> -URI http://asc.fasb.org/extlink&amp;oid=120395691&amp;loc=d3e23780-122690<br><br>Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=121566466&amp;loc=d3e6676-107765<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AssetsCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsCurrentAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AssetsCurrentAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsNoncurrentAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AssetsNoncurrentAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsAtCarryingValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3044-108585<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=121566466&amp;loc=d3e6676-107765<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.1)<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CashAndCashEquivalentsAtCarryingValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommitmentsAndContingencies">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the caption on the face of the balance sheet to indicate that the entity has entered into (1) purchase or supply arrangements that will require expending a portion of its resources to meet the terms thereof, and (2) is exposed to potential losses or, less frequently, gains, arising from (a) possible claims against a company's resources due to future performance under contract terms, and (b) possible losses or likely gains from uncertainties that will ultimately be resolved when one or more future events that are deemed likely to occur do occur or fail to occur.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.25)<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03.(a),19)<br> -URI http://asc.fasb.org/extlink&amp;oid=120400017&amp;loc=d3e572229-122910<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03.17)<br> -URI http://asc.fasb.org/extlink&amp;oid=120398452&amp;loc=d3e534808-122878<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 450<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=121557415&amp;loc=d3e14326-108349<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommitmentsAndContingencies</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Aggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredRevenueCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of deferred income and obligation to transfer product and service to customer for which consideration has been received or is receivable, classified as current.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(5))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredRevenueCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DerivativeLiabilitiesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Fair value, after the effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset, expected to be settled within one year or normal operating cycle, if longer. Includes assets not subject to a master netting arrangement and not elected to be offset.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 20<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=51824906&amp;loc=SL20225862-175312<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DerivativeLiabilitiesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DividendsPayableCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying value as of the balance sheet date of dividends declared but unpaid on equity securities issued by the entity and outstanding. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.20)<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=121566466&amp;loc=d3e6935-107765<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DividendsPayableCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DueToRelatedPartiesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying amount as of the balance sheet date of obligations due all related parties. For classified balance sheets, represents the current portion of such liabilities (due within one year or within the normal operating cycle if longer).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (d)<br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.(k)(1))<br> -URI http://asc.fasb.org/extlink&amp;oid=120395691&amp;loc=d3e23780-122690<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.19(a))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DueToRelatedPartiesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InventoryNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after valuation and LIFO reserves of inventory expected to be sold, or consumed within one year or operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=121566466&amp;loc=d3e6676-107765<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.6(a))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InventoryNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Liabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 45<br> -Paragraph 25<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=116870748&amp;loc=SL6758485-165988<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 28<br> -Subparagraph (f)<br> -URI http://asc.fasb.org/extlink&amp;oid=75031198&amp;loc=d3e14064-108612<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (bb)<br> -URI http://asc.fasb.org/extlink&amp;oid=121559654&amp;loc=d3e5710-111685<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.19-26)<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=121559654&amp;loc=d3e5710-111685<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 323<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=114001798&amp;loc=d3e33918-111571<br><br>Reference 7: http://www.xbrl.org/2003/role/exampleRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 30<br> -Subparagraph (d)<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e8906-108599<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08(g)(1)(ii))<br> -URI http://asc.fasb.org/extlink&amp;oid=120395691&amp;loc=d3e23780-122690<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_Liabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesAndStockholdersEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of liabilities and equity items, including the portion of equity attributable to noncontrolling interests, if any.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 323<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=114001798&amp;loc=d3e33918-111571<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(23))<br> -URI http://asc.fasb.org/extlink&amp;oid=120398452&amp;loc=d3e534808-122878<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(25))<br> -URI http://asc.fasb.org/extlink&amp;oid=120400017&amp;loc=d3e572229-122910<br><br>Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08(g)(1)(ii))<br> -URI http://asc.fasb.org/extlink&amp;oid=120395691&amp;loc=d3e23780-122690<br><br>Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(32))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 28<br> -Subparagraph (f)<br> -URI http://asc.fasb.org/extlink&amp;oid=75031198&amp;loc=d3e14064-108612<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LiabilitiesAndStockholdersEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (bb)<br> -URI http://asc.fasb.org/extlink&amp;oid=121559654&amp;loc=d3e5710-111685<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 28<br> -Subparagraph (f)<br> -URI http://asc.fasb.org/extlink&amp;oid=75031198&amp;loc=d3e14064-108612<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 45<br> -Paragraph 25<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=116870748&amp;loc=SL6758485-165988<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08(g)(1)(ii))<br> -URI http://asc.fasb.org/extlink&amp;oid=120395691&amp;loc=d3e23780-122690<br><br>Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.21)<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=121559654&amp;loc=d3e5710-111685<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 323<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=114001798&amp;loc=d3e33918-111571<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LiabilitiesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesCurrentAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LiabilitiesCurrentAbstract</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
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</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of obligation due after one year or beyond the normal operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 201.5-02(25))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08(g)(1)(ii))<br> -URI http://asc.fasb.org/extlink&amp;oid=120395691&amp;loc=d3e23780-122690<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(23))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(22))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 201.5-02(26))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 28<br> -Subparagraph (f)<br> -URI http://asc.fasb.org/extlink&amp;oid=75031198&amp;loc=d3e14064-108612<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (bb)<br> -URI http://asc.fasb.org/extlink&amp;oid=121559654&amp;loc=d3e5710-111685<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 323<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=114001798&amp;loc=d3e33918-111571<br><br>Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 201.5-02(24))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=121559654&amp;loc=d3e5710-111685<br><br>Reference 11: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 45<br> -Paragraph 25<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=116870748&amp;loc=SL6758485-165988<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LiabilitiesNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesNoncurrentAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LiabilitiesNoncurrentAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongTermDebtCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt, classified as current. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.19,20)<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LongTermDebtCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongTermDebtNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after unamortized (discount) premium and debt issuance costs of long-term debt classified as noncurrent and excluding amounts to be repaid within one year or the normal operating cycle, if longer. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.22)<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LongTermDebtNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
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</tr>
<tr>
<td><strong> Balance Type:</strong></td>
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</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherReceivablesNetCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount, after allowance, of receivables classified as other, due within one year or the operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherReceivablesNetCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PrepaidExpenseCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of asset related to consideration paid in advance for costs that provide economic benefits within a future period of one year or the normal operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=121566466&amp;loc=d3e6787-107765<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -Subparagraph (g)<br> -URI http://asc.fasb.org/extlink&amp;oid=121566466&amp;loc=d3e6676-107765<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 340<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6387103&amp;loc=d3e6435-108320<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 340<br> -SubTopic 10<br> -Section 05<br> -Paragraph 5<br> -URI http://asc.fasb.org/extlink&amp;oid=68074540&amp;loc=d3e5879-108316<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PrepaidExpenseCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(14))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(8))<br> -URI http://asc.fasb.org/extlink&amp;oid=120400017&amp;loc=d3e572229-122910<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(13))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RestrictedCashCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash restricted as to withdrawal or usage, classified as current. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=121583591&amp;loc=SL98516268-108586<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(1))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=121566466&amp;loc=d3e6676-107765<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RestrictedCashCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RestrictedCashNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash restricted as to withdrawal or usage, classified as noncurrent. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 4<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=121566466&amp;loc=d3e6812-107765<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(17))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=121583591&amp;loc=SL98516268-108586<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 954<br> -SubTopic 210<br> -Section 45<br> -Paragraph 5<br> -URI http://asc.fasb.org/extlink&amp;oid=120413173&amp;loc=SL116631458-115580<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RestrictedCashNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RetainedEarningsAccumulatedDeficit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cumulative amount of the reporting entity's undistributed earnings or deficit.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(30)(a)(3))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 65<br> -Paragraph 15<br> -Subparagraph (g)(2)<br> -URI http://asc.fasb.org/extlink&amp;oid=121322162&amp;loc=SL121327923-165333<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(23)(a)(4))<br> -URI http://asc.fasb.org/extlink&amp;oid=120400017&amp;loc=d3e572229-122910<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 40<br> -Section 65<br> -Paragraph 2<br> -Subparagraph (h)(2)<br> -URI http://asc.fasb.org/extlink&amp;oid=121370832&amp;loc=SL117420844-207641<br><br>Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=120397183&amp;loc=d3e187085-122770<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 40<br> -Section 65<br> -Paragraph 2<br> -Subparagraph (g)(2)(i)<br> -URI http://asc.fasb.org/extlink&amp;oid=121370832&amp;loc=SL117420844-207641<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RetainedEarningsAccumulatedDeficit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08(g)(1)(ii))<br> -URI http://asc.fasb.org/extlink&amp;oid=120395691&amp;loc=d3e23780-122690<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SAB Topic 4.E)<br> -URI http://asc.fasb.org/extlink&amp;oid=27010918&amp;loc=d3e74512-122707<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(31))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(30))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 28<br> -Subparagraph (f)<br> -URI http://asc.fasb.org/extlink&amp;oid=75031198&amp;loc=d3e14064-108612<br><br>Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 323<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=114001798&amp;loc=d3e33918-111571<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockholdersEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquityAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockholdersEquityAbstract</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TemporaryEquityCarryingAmountAttributableToParent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying amount, attributable to parent, of an entity's issued and outstanding stock which is not included within permanent equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. Includes stock with a put option held by an ESOP and stock redeemable by a holder only in the event of a change in control of the issuer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_TemporaryEquityCarryingAmountAttributableToParent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6835772336">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 1 - Basis of Presentation and General Information (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2019</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TableTextBlock', window );"><strong>Notes Tables</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SchedulesOfConcentrationOfRiskByRiskFactorTextBlock', window );">Schedules of Concentration of Risk, by Risk Factor [Table Text Block]</a></td>
<td class="text"><div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom"> <td>&nbsp;</td> <td style="font-weight: bold">&nbsp;</td> <td colspan="11" style="font-weight: bold; text-align: center">Year ended December 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold">Charterer</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2017</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2018</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2019</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 61%; font-weight: bold; text-align: left">CMA CGM, Marseille</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">34</div></td> <td style="width: 1%; text-align: left">%</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">51</div></td> <td style="width: 1%; text-align: left">%</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">24</div></td> <td style="width: 1%; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">New Golden Sea Shipping Pte. Ltd., Singapore</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">31</div></td> <td style="text-align: left">%</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">33</div></td> <td style="text-align: left">%</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">21</div></td> <td style="text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Hapag-Lloyd AG, Hamburg</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">16</div></td> <td style="text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">MSC Geneva</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">17</div></td> <td style="text-align: left">%</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">11</div></td> <td style="text-align: left">%</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">15</div></td> <td style="text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Maersk Line A/S</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">11</div></td> <td style="text-align: left">%</td> </tr> </table></div><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of the nature of a concentration, a benchmark to which it is compared, and the percentage that the risk is to the benchmark.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 21<br> -URI http://asc.fasb.org/extlink&amp;oid=121572278&amp;loc=d3e13537-108611<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 20<br> -URI http://asc.fasb.org/extlink&amp;oid=121572278&amp;loc=d3e13531-108611<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 275<br> -SubTopic 10<br> -Section 50<br> -Paragraph 20<br> -URI http://asc.fasb.org/extlink&amp;oid=99393423&amp;loc=d3e6404-108592<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 275<br> -SubTopic 10<br> -Section 50<br> -Paragraph 16<br> -URI http://asc.fasb.org/extlink&amp;oid=99393423&amp;loc=d3e6327-108592<br><br>Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 275<br> -SubTopic 10<br> -Section 50<br> -Paragraph 18<br> -URI http://asc.fasb.org/extlink&amp;oid=99393423&amp;loc=d3e6351-108592<br><br>Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 275<br> -SubTopic 10<br> -Section 50<br> -Paragraph 21<br> -URI http://asc.fasb.org/extlink&amp;oid=99393423&amp;loc=d3e6442-108592<br></p></div>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6826687712">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 13 - Voyage and Vessel Operating Expenses<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2019</div></th></tr>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_VesselVoyageAndOperatingExpensesTextBlock', window );">Vessel Voyage and Operating Expenses [Text Block]</a></td>
<td class="text"><div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0">  <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">13.</div></div></td> <td style="text-align: justify"><div style="display: inline; font-weight: bold;">Voyage and Vessel Operating Expenses </div></td> </tr>  </table> <div style=""></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">These consisted of:</div> <div> <table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0">  <tr style="vertical-align: bottom"> <td style="text-align: justify">&nbsp;</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="11" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Year ended December 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: justify">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2017</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2018</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2019</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify">Voyage expenses</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 61%; text-align: justify">Port charges and canal dues</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,156,511</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">384,893</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">251,197</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: justify; padding-bottom: 1pt">Bunkers</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">407,978</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">876,195</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">804,211</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: justify; padding-bottom: 1pt">Total</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,564,489</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,261,088</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,055,408</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: justify">Vessel operating expenses</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Crew wages and related costs</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">8,771,386</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">11,020,924</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">13,111,682</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Insurance</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,261,976</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,537,539</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,844,088</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Repairs and maintenance</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">643,788</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,043,632</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,110,995</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Lubricants</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,169,412</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,665,849</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,029,230</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Spares and consumable stores</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,391,420</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,445,422</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,758,290</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Professional and legal fees</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">10,037</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">252,156</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">259,311</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: justify; padding-bottom: 1pt">Other</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">771,323</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,020,648</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">869,686</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: justify; padding-bottom: 1pt">Total</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">15,019,342</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">19,986,170</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">23,983,282</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> </tr>  </table> </div></div><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This element repsresents the disclosure for Voyage expenses (Port charges, bunkers, commissions charged by third parties, commissions charged by related parties) and Vessel Operating expenses (crew wages and related costs, insurances, repairs, spares and maintenance, consumable stores, tonnage taxes, miscellaneous).</p></div>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6826689824">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 17 - Discontinued Operations<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2019</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock', window );">Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]</a></td>
<td class="text"><div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0">  <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">17.</div></div></td> <td style="text-align: justify"><div style="display: inline; font-weight: bold;">Discontinued Operations</div></td> </tr>  </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Following the close of trading on the Nasdaq Capital Market on <div style="display: inline; font-style: italic; font: inherit;"> May 30, 2018, </div>the Company completed the spin-off of its drybulk fleet (excluding M/V Monica P, a handymax drybulk carrier, which was agreed to be sold) to EuroDry Ltd (Note <div style="display: inline; font-style: italic; font: inherit;">1</div>). Accordingly, the results of operations and financial condition of EuroDry have been presented in discontinued operations for all historical comparative periods presented<div style="display: inline; background-color: white">. The revenue and loss for the discontinued operations for the periods ended <div style="display: inline; font-style: italic; font: inherit;"> December&nbsp;</div><div style="display: inline; font-style: italic; font: inherit;">31,</div> <div style="display: inline; font-style: italic; font: inherit;">2017,</div> <div style="display: inline; font-style: italic; font: inherit;">2018</div> and <div style="display: inline; font-style: italic; font: inherit;">2019</div> are analyzed as follows:</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div> <table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0">  <tr style="vertical-align: bottom"> <td>&nbsp;</td> <td>&nbsp;</td> <td colspan="3" style="text-align: center">&nbsp;</td> <td style="font-weight: bold">&nbsp;</td> <td colspan="7" style="font-weight: bold; text-align: center"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">Year Ended December 31 </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">(discontinued operations)</div></div> </td> </tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2017</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2018</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2019</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&nbsp;</td> </tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Statement of Operations Data</td> <td>&nbsp;</td> <td colspan="3">&nbsp;</td> <td>&nbsp;</td> <td colspan="7">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 61%; text-align: left">Voyage revenue</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">20,280,215</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">25,934,204</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Commissions (including, $253,503, $324,178 and nil respectively, to related party)</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,122,196</div></td> <td style="text-align: left">)</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,411,333</div></td> <td style="text-align: left">)</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Voyage expenses</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(2,396,318</div></td> <td style="text-align: left">)</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(410,676</div></td> <td style="text-align: left">)</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Vessel operating expenses (including, $102,131, $115,026 and nil, respectively, to related party)</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(6,892,388</div></td> <td style="text-align: left">)</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(9,183,152</div></td> <td style="text-align: left">)</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Drydocking expenses</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(127,509</div></td> <td style="text-align: left">)</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,465,079</div></td> <td style="text-align: left">)</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Related party management fees</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,409,716</div></td> <td style="text-align: left">)</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,701,340</div></td> <td style="text-align: left">)</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Vessel depreciation</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(4,786,272</div></td> <td style="text-align: left">)</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(5,422,155</div></td> <td style="text-align: left">)</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">General and administrative expenses (including $693,524, $731,456 and nil, respectively, to related party)</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(917,160</div></td> <td style="text-align: left">)</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(2,346,502</div></td> <td style="text-align: left">)</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Operating income</td> <td style="font-weight: bold">&nbsp;</td> <td style="font-weight: bold; text-align: left">&nbsp;</td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,628,656</div></td> <td style="font-weight: bold; text-align: left">&nbsp;</td> <td style="font-weight: bold">&nbsp;</td> <td style="font-weight: bold; text-align: left">&nbsp;</td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,993,967</div></td> <td style="font-weight: bold; text-align: left">&nbsp;</td> <td style="font-weight: bold">&nbsp;</td> <td style="font-weight: bold; text-align: left">&nbsp;</td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Total other expenses, net</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,778,955</div></td> <td style="text-align: left">)</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(2,874,232</div></td> <td style="text-align: left">)</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Net income</td> <td style="font-weight: bold">&nbsp;</td> <td style="font-weight: bold; text-align: left">&nbsp;</td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">849,701</div></td> <td style="font-weight: bold; text-align: left">&nbsp;</td> <td style="font-weight: bold">&nbsp;</td> <td style="font-weight: bold; text-align: left">&nbsp;</td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,119,735</div></td> <td style="font-weight: bold; text-align: left">&nbsp;</td> <td style="font-weight: bold">&nbsp;</td> <td style="font-weight: bold; text-align: left">&nbsp;</td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Dividend Series B Preferred Shares</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(565,229</div></td> <td style="text-align: left">)</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Net income attributable to common shareholders</td> <td style="font-weight: bold">&nbsp;</td> <td style="font-weight: bold; text-align: left">&nbsp;</td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">849,701</div></td> <td style="font-weight: bold; text-align: left">&nbsp;</td> <td style="font-weight: bold">&nbsp;</td> <td style="font-weight: bold; text-align: left">&nbsp;</td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">554,506</div></td> <td style="font-weight: bold; text-align: left">&nbsp;</td> <td style="font-weight: bold">&nbsp;</td> <td style="font-weight: bold; text-align: left">&nbsp;</td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-weight: bold; text-align: left">&nbsp;</td> </tr>  </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</div>  <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Euroseas contributed to EuroDry its interests in <div style="display: inline; font-style: italic; font: inherit;">seven</div> of its drybulk subsidiaries and related intercompany debts and obligations in exchange for <div style="display: inline; font-style: italic; font: inherit;">2,254,830</div> of EuroDry common shares and <div style="display: inline; font-style: italic; font: inherit;">19,042</div> of EuroDry Series B Preferred Shares (representing all of EuroDry's issued and outstanding stock as of <div style="display: inline; font-style: italic; font: inherit;"> May 30, 2018).&nbsp;</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Up to the Spin-off date, Euroseas had contributed to EuroDry an amount of <div style="display: inline; font-style: italic; font: inherit;">$52.52</div> million as equity in order to partly finance the acquisition of the vessels contributed to EuroDry (M/V Pantelis, M/V Eirini, M/V Xenia and M/V Ekaterini), other general and administrative expenses allocated from the Company to EuroDry as well as the amounts recognized as loss on termination and impairment of shipbuilding contracts described above. An amount of <div style="display: inline; font-style: italic; font: inherit;">$9.66</div> million was also allocated to EuroDry from the Company&#x2019;s accumulated deficit, comprising the accumulated deficit of the Subsidiaries. In total an amount of <div style="display: inline; font-style: italic; font: inherit;">$42.86</div> million was allocated from the Company&#x2019;s shareholders&#x2019; equity to EuroDry&#x2019;s shareholders&#x2019; equity.</div></div><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -URI http://asc.fasb.org/topic&amp;trid=2155823<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -URI http://asc.fasb.org/subtopic&amp;trid=2122178<br></p></div>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6848504784">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 15 - Preferred Shares (Details Textual) - USD ($)<br></strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1">1 Months Ended</th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Feb. 01, 2021</div></th>
<th class="th"><div>Jun. 10, 2019</div></th>
<th class="th"><div>Jan. 29, 2019</div></th>
<th class="th"><div>May 30, 2018</div></th>
<th class="th"><div>Jan. 27, 2014</div></th>
<th class="th"><div>Jan. 31, 2021</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_PreferredStockValueDistributed', window );">Preferred Stock, Value, Distributed</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 18,192,131<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_PreferredStockDistributed', window );">Preferred Stock Distributed (in shares)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">19,042<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsForRepurchaseOfRedeemablePreferredStock', window );">Payments for Repurchase of Redeemable Preferred Stock</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 11,686,000<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DividendsPaidinkind', window );">Dividends, Paid-in-kind, Total</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">78,640<span></span>
</td>
<td class="nump">1,335,733<span></span>
</td>
<td class="nump">1,808,811<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DividendsPreferredStock', window );">Dividends, Preferred Stock, Total</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,271,782<span></span>
</td>
<td class="nump">1,335,733<span></span>
</td>
<td class="nump">1,808,811<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_SeriesBPreferredStockMember', window );">Series B Preferred Stock [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromIssuanceOfConvertiblePreferredStock', window );">Proceeds from Issuance of Convertible Preferred Stock</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 29,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockRedemptionPricePerShare', window );">Preferred Stock, Redemption Price Per Share (in dollars per share)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockDividendRatePercentage', window );">Preferred Stock, Dividend Rate, Percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">4.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">8.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_PreferredStockAdditionalCashDividendUnderSpecifiedConditionsPercentage', window );">Preferred Stock Additional Cash Dividend Under Specified Conditions Percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">40.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_ConvertiblePreferredStockConversionPricePerShare', window );">Convertible Preferred Stock, Conversion Price Per Share (in dollars per share)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 15.58<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsForRepurchaseOfRedeemablePreferredStock', window );">Payments for Repurchase of Redeemable Preferred Stock</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 11,700,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_PercentageOfOutstandingPreferredStockRedeemed', window );">Percentage of Outstanding Preferred Stock Redeemed</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">59.40%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockValueOutstanding', window );">Preferred Stock, Value, Outstanding</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 8,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_PreferredStockDeemedDividend', window );">Preferred Stock Deemed Dividend</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 504,577<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DividendsPaidinkind', window );">Dividends, Paid-in-kind, Total</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">80,000<span></span>
</td>
<td class="nump">1,340,000<span></span>
</td>
<td class="nump">1,810,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DividendsPreferredStock', window );">Dividends, Preferred Stock, Total</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,270,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DividendsPreferredStockCash', window );">Dividends, Preferred Stock, Cash</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,030,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DividendsPayableCurrentAndNoncurrent', window );">Dividends Payable</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">160,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockRedemptionAmount', window );">Preferred Stock, Redemption Amount</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 8,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_PreferredStockVotingPercentageOfNumberOfSharesConvertibleOfCommonStock', window );">Preferred Stock Voting Percentage of Number of Shares Convertible of Common Stock</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">50.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_SeriesBPreferredStockMember', window );">Series B Preferred Stock [Member] | Forecast [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockDividendRatePercentage', window );">Preferred Stock, Dividend Rate, Percentage</a></td>
<td class="nump">14.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">14.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_SeriesBPreferredStockMember', window );">Series B Preferred Stock [Member] | Maximum [Member] | First Five Years [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockDividendRatePercentage', window );">Preferred Stock, Dividend Rate, Percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">5.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_SeriesBPreferredStockMember', window );">Series B Preferred Stock [Member] | Maximum [Member] | Next Two Years [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockDividendRatePercentage', window );">Preferred Stock, Dividend Rate, Percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">12.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_SeriesBPreferredStockMember', window );">Series B Preferred Stock [Member] | Maximum [Member] | After Two Years [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockDividendRatePercentage', window );">Preferred Stock, Dividend Rate, Percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">14.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=esea_OrdinaryPreferredStockMember', window );">Ordinary Preferred Stock [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_PreferredStockValueDistributed', window );">Preferred Stock, Value, Distributed</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">14,500,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=esea_PreferredStockIssuedAsDividendsMember', window );">Preferred Stock Issued as Dividends [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_PreferredStockValueDistributed', window );">Preferred Stock, Value, Distributed</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3,692,131<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_srt_CounterpartyNameAxis=esea_TCPMember', window );">TCP [Member] | Series B Preferred Stock [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesNewIssues', window );">Stock Issued During Period, Shares, New Issues (in shares)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">25,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_srt_CounterpartyNameAxis=esea_FriendsInvestmentCompanyIncMember', window );">Friends Investment Company Inc. [Member] | Series B Preferred Stock [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesNewIssues', window );">Stock Issued During Period, Shares, New Issues (in shares)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">5,700<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_srt_CounterpartyNameAxis=esea_EurodryMember', window );">Eurodry [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_PercentageOfPreferredStockOutstanding', window );">Percentage of Preferred Stock Outstanding</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">50.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_PreferredStockValueDistributed', window );">Preferred Stock, Value, Distributed</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">$ 18,192,131<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_CommonStockValueDistributed', window );">Common Stock, Value, Distributed</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 2,254,830<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_srt_CounterpartyNameAxis=esea_EurodryMember', window );">Eurodry [Member] | Series B Preferred Stock [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_PreferredStockDistributed', window );">Preferred Stock Distributed (in shares)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">19,042<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_srt_CounterpartyNameAxis=esea_EurodryMember', window );">Eurodry [Member] | Ordinary Preferred Stock [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_PreferredStockValueDistributed', window );">Preferred Stock, Value, Distributed</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 14,500,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_srt_CounterpartyNameAxis=esea_EurodryMember', window );">Eurodry [Member] | Preferred Stock Issued as Dividends [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_PreferredStockValueDistributed', window );">Preferred Stock, Value, Distributed</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 3,692,131<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_esea_CommonStockValueDistributed">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents amount of common stock distributed.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">esea_CommonStockValueDistributed</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>esea_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_esea_ConvertiblePreferredStockConversionPricePerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The price per share of common stock shares issued for each share of convertible preferred stock that is converted.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">esea_ConvertiblePreferredStockConversionPricePerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>esea_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_esea_PercentageOfOutstandingPreferredStockRedeemed">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The percentage of outstanding preferred stock redeemed during period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">esea_PercentageOfOutstandingPreferredStockRedeemed</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>esea_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_esea_PercentageOfPreferredStockOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the percentage of preferred stock outstanding.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">esea_PercentageOfPreferredStockOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>esea_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_esea_PreferredStockAdditionalCashDividendUnderSpecifiedConditionsPercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The additional cash dividend, expressed as a percentage of the common stock dividend which would have been paid to Series B preferred shareholders on an as-converted basis, if a cash dividend is paid on the Company's common stock and if the dividend paid on the Series B Preferred Shares is 5% (in which case the 5% Series B preferred dividend will also be paid in cash).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">esea_PreferredStockAdditionalCashDividendUnderSpecifiedConditionsPercentage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>esea_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_esea_PreferredStockDeemedDividend">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of preferred stock dividends deemed.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">esea_PreferredStockDeemedDividend</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>esea_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_esea_PreferredStockDistributed">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents number of preferred stock distributed.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">esea_PreferredStockDistributed</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>esea_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_esea_PreferredStockValueDistributed">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents amount of preferred stock distributed.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">esea_PreferredStockValueDistributed</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>esea_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_esea_PreferredStockVotingPercentageOfNumberOfSharesConvertibleOfCommonStock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The percentage of number of votes of preferred stock based off the number of shares of common stock the preferred stock is convertible to.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">esea_PreferredStockVotingPercentageOfNumberOfSharesConvertibleOfCommonStock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>esea_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DividendsPaidinkind">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of paid and unpaid paid-in-kind dividends (PIK) declared for classes of stock, for example, but not limited to, common and preferred.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 405<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6957935&amp;loc=d3e64057-112817<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=120397183&amp;loc=d3e187085-122770<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DividendsPaidinkind</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DividendsPayableCurrentAndNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying value as of the balance sheet date of dividends declared but unpaid on equity securities issued by the entity and outstanding.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(24))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(15)(5))<br> -URI http://asc.fasb.org/extlink&amp;oid=120398452&amp;loc=d3e534808-122878<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(20))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(15)(5))<br> -URI http://asc.fasb.org/extlink&amp;oid=120400017&amp;loc=d3e572229-122910<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DividendsPayableCurrentAndNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DividendsPreferredStock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of paid and unpaid preferred stock dividends declared with the form of settlement in cash, stock and payment-in-kind (PIK).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=120397183&amp;loc=d3e187085-122770<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 405<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6957935&amp;loc=d3e64057-112817<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DividendsPreferredStock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DividendsPreferredStockCash">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of paid and unpaid preferred stock dividends declared with the form of settlement in cash.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 405<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6957935&amp;loc=d3e64057-112817<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=120397183&amp;loc=d3e187085-122770<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DividendsPreferredStockCash</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsForRepurchaseOfRedeemablePreferredStock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for reacquisition of callable preferred stock.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 15<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3291-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsForRepurchaseOfRedeemablePreferredStock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockDividendRatePercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The percentage rate used to calculate dividend payments on preferred stock.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PreferredStockDividendRatePercentage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockRedemptionAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The redemption (or callable) amount of currently redeemable preferred stock. Includes amounts representing dividends not currently declared or paid but which will be payable under the redemption features or for which ultimate payment is solely within the control of the issuer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.27(b))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 11<br> -URI http://asc.fasb.org/extlink&amp;oid=109259400&amp;loc=d3e21564-112644<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PreferredStockRedemptionAmount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockRedemptionPricePerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The price per share at which the preferred stock of an entity that has priority over common stock in the distribution of dividends and in the event of liquidation of the entity is redeemed or may be called at. The redemption features of this preferred stock are solely within the control of the issuer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 5<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=109259400&amp;loc=d3e21488-112644<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=109259400&amp;loc=d3e21475-112644<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 11<br> -URI http://asc.fasb.org/extlink&amp;oid=109259400&amp;loc=d3e21564-112644<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PreferredStockRedemptionPricePerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockValueOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Value of all nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer) held by shareholders, which is net of related treasury stock. May be all or a portion of the number of preferred shares authorized. These shares represent the ownership interest of the preferred shareholders.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PreferredStockValueOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromIssuanceOfConvertiblePreferredStock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from issuance of preferred stocks identified as being convertible into another form of financial instrument, typically the entity's common stock.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 14<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3255-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProceedsFromIssuanceOfConvertiblePreferredStock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodSharesNewIssues">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of new stock issued during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=109259400&amp;loc=d3e21463-112644<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=120397183&amp;loc=d3e187085-122770<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockIssuedDuringPeriodSharesNewIssues</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=us-gaap_SeriesBPreferredStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=us-gaap_SeriesBPreferredStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_StatementScenarioAxis=srt_ScenarioForecastMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_StatementScenarioAxis=srt_ScenarioForecastMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_RangeAxis=srt_MaximumMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_RangeAxis=srt_MaximumMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_StatementScenarioAxis=esea_FirstFiveYearsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_StatementScenarioAxis=esea_FirstFiveYearsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_StatementScenarioAxis=esea_NextTwoYearsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_StatementScenarioAxis=esea_NextTwoYearsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_StatementScenarioAxis=esea_AfterTwoYearsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_StatementScenarioAxis=esea_AfterTwoYearsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=esea_OrdinaryPreferredStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=esea_OrdinaryPreferredStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=esea_PreferredStockIssuedAsDividendsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=esea_PreferredStockIssuedAsDividendsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
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<tr>
<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_CounterpartyNameAxis=esea_TCPMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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</div></td></tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_CounterpartyNameAxis=esea_FriendsInvestmentCompanyIncMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_CounterpartyNameAxis=esea_EurodryMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<head>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6833982832">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 16 - Financial Instruments - Fair Value of Company's Investments (Details) - USD ($)<br></strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_VesselProfitParticipationLiabilityNoncurrent', window );">Vessel profit participation liability</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">$ 1,067,500<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetImpairmentCharges', window );">Vessels held for sale, impairment loss</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">$ 4,595,819<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueByMeasurementFrequencyAxis=us-gaap_FairValueMeasurementsNonrecurringMember', window );">Fair Value, Nonrecurring [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_VesselProfitParticipationLiabilityNoncurrent', window );">Vessel profit participation liability</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">1,067,500<span></span>
</td>
<td class="nump">1,297,100<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueByMeasurementFrequencyAxis=us-gaap_FairValueMeasurementsNonrecurringMember', window );">Fair Value, Nonrecurring [Member] | Vessels [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsHeldForSaleLongLivedFairValueDisclosure', window );">Vessels held for sale, fair value</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">5,000,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetImpairmentCharges', window );">Vessels held for sale, impairment loss</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">4,595,819<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueByMeasurementFrequencyAxis=us-gaap_FairValueMeasurementsNonrecurringMember', window );">Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_VesselProfitParticipationLiabilityNoncurrent', window );">Vessel profit participation liability</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueByMeasurementFrequencyAxis=us-gaap_FairValueMeasurementsNonrecurringMember', window );">Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | Vessels [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsHeldForSaleLongLivedFairValueDisclosure', window );">Vessels held for sale, fair value</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueByMeasurementFrequencyAxis=us-gaap_FairValueMeasurementsNonrecurringMember', window );">Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_VesselProfitParticipationLiabilityNoncurrent', window );">Vessel profit participation liability</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">1,067,500<span></span>
</td>
<td class="nump">1,297,100<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueByMeasurementFrequencyAxis=us-gaap_FairValueMeasurementsNonrecurringMember', window );">Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | Vessels [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsHeldForSaleLongLivedFairValueDisclosure', window );">Vessels held for sale, fair value</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">5,000,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueByMeasurementFrequencyAxis=us-gaap_FairValueMeasurementsNonrecurringMember', window );">Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_VesselProfitParticipationLiabilityNoncurrent', window );">Vessel profit participation liability</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueByMeasurementFrequencyAxis=us-gaap_FairValueMeasurementsNonrecurringMember', window );">Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | Vessels [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsHeldForSaleLongLivedFairValueDisclosure', window );">Vessels held for sale, fair value</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_esea_VesselProfitParticipationLiabilityNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying amount as of the balance sheet date of vessel profit participation liability, due after one year or the normal operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">esea_VesselProfitParticipationLiabilityNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>esea_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetImpairmentCharges">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of write-down of assets recognized in the income statement. Includes, but is not limited to, losses from tangible assets, intangible assets and goodwill.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3602-108585<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 45<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=109226348&amp;loc=d3e2420-110228<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AssetImpairmentCharges</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsHeldForSaleLongLivedFairValueDisclosure">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Fair value portion of assets classified as held for sale.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 820<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=117815213&amp;loc=d3e19207-110258<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AssetsHeldForSaleLongLivedFairValueDisclosure</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FairValueByMeasurementFrequencyAxis=us-gaap_FairValueMeasurementsNonrecurringMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FairValueByMeasurementFrequencyAxis=us-gaap_FairValueMeasurementsNonrecurringMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=esea_VesselsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=esea_VesselsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel1Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel1Member</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel2Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel2Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel3Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel3Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
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<DOCUMENT>
<TYPE>EXCEL
<SEQUENCE>45
<FILENAME>Financial_Report.xlsx
<DESCRIPTION>IDEA: XBRL DOCUMENT
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end
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<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6850581392">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 4 - Vessels, Net - Summary of Vessels (Details) - USD ($)<br></strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentNet', window );">Net book value</a></td>
<td class="nump">$ 48,826,128<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Depreciation', window );">- Depreciation for the year</a></td>
<td class="num">(4,178,886)<span></span>
</td>
<td class="num">$ (3,305,951)<span></span>
</td>
<td class="num">$ (3,585,965)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_PaymentsForImprovementsOfPropertyPlantAndEquipment', window );">- Vessel improvements</a></td>
<td class="nump">370,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentNet', window );">Net book value</a></td>
<td class="nump">116,230,333<span></span>
</td>
<td class="nump">48,826,128<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=esea_VesselsMember', window );">Vessels [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentGross', window );">Costs</a></td>
<td class="nump">61,279,976<span></span>
</td>
<td class="nump">61,279,976<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment', window );">Accumulated depreciation</a></td>
<td class="num">(12,453,848)<span></span>
</td>
<td class="num">(9,147,897)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentNet', window );">Net book value</a></td>
<td class="nump">48,826,128<span></span>
</td>
<td class="nump">52,132,079<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Depreciation', window );">- Depreciation for the year</a></td>
<td class="num">(4,178,886)<span></span>
</td>
<td class="num">(3,305,951)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentAdditions', window );">- Vessel acquisitions</a></td>
<td class="nump">71,214,470<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_PaymentsForImprovementsOfPropertyPlantAndEquipment', window );">- Vessel improvements</a></td>
<td class="nump">368,621<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentGross', window );">Costs</a></td>
<td class="nump">132,863,067<span></span>
</td>
<td class="nump">61,279,976<span></span>
</td>
<td class="nump">61,279,976<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment', window );">Accumulated depreciation</a></td>
<td class="num">(16,632,734)<span></span>
</td>
<td class="num">(12,453,848)<span></span>
</td>
<td class="num">(9,147,897)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentNet', window );">Net book value</a></td>
<td class="nump">$ 116,230,333<span></span>
</td>
<td class="nump">$ 48,826,128<span></span>
</td>
<td class="nump">$ 52,132,079<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_esea_PaymentsForImprovementsOfPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of payments for improvements of property, plant and equipment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">esea_PaymentsForImprovementsOfPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>esea_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of accumulated depreciation, depletion and amortization for physical assets used in the normal conduct of business to produce goods and services.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.14)<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Depreciation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expense recognized in the current period that reflects the allocation of the cost of tangible assets over the assets' useful lives. Includes production and non-production related depreciation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_Depreciation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of acquisition of long-lived, physical assets used in the normal conduct of business and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, furniture and fixtures, and computer equipment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentAdditions</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentGross">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount before accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.13)<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentGross</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(14))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(8))<br> -URI http://asc.fasb.org/extlink&amp;oid=120400017&amp;loc=d3e572229-122910<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(13))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentNet</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=esea_VesselsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=esea_VesselsMember</td>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6831990224">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 1 - Basis of Presentation and General Information - Charterers Individually Accounted for More than 10% of the Company's Voyage and Time Charter Revenues (Details) - Revenue Benchmark [Member] - Customer Concentration Risk [Member]<br></strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskByBenchmarkAxis=us-gaap_SalesRevenueNetMember', window );">Charterer CMA [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskPercentage1', window );">Concentration Risk, Percentage</a></td>
<td class="nump">24.00%<span></span>
</td>
<td class="nump">51.00%<span></span>
</td>
<td class="nump">34.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskByBenchmarkAxis=us-gaap_SalesRevenueNetMember', window );">Charterer GSS [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskPercentage1', window );">Concentration Risk, Percentage</a></td>
<td class="nump">21.00%<span></span>
</td>
<td class="nump">33.00%<span></span>
</td>
<td class="nump">31.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskByBenchmarkAxis=us-gaap_SalesRevenueNetMember', window );">Hapag-Lloyd AG [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskPercentage1', window );">Concentration Risk, Percentage</a></td>
<td class="nump">16.00%<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskByBenchmarkAxis=us-gaap_SalesRevenueNetMember', window );">Charterer MSC [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskPercentage1', window );">Concentration Risk, Percentage</a></td>
<td class="nump">15.00%<span></span>
</td>
<td class="nump">11.00%<span></span>
</td>
<td class="nump">17.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskByBenchmarkAxis=us-gaap_SalesRevenueNetMember', window );">Maersk Line A/S [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskPercentage1', window );">Concentration Risk, Percentage</a></td>
<td class="nump">11.00%<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ConcentrationRiskPercentage1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 42<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e9054-108599<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 275<br> -SubTopic 10<br> -Section 50<br> -Paragraph 18<br> -URI http://asc.fasb.org/extlink&amp;oid=99393423&amp;loc=d3e6351-108592<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 20<br> -URI http://asc.fasb.org/extlink&amp;oid=121572278&amp;loc=d3e13531-108611<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 21<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=121572278&amp;loc=d3e13537-108611<br><br>Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 275<br> -SubTopic 10<br> -Section 50<br> -Paragraph 20<br> -URI http://asc.fasb.org/extlink&amp;oid=99393423&amp;loc=d3e6404-108592<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<td style="white-space:nowrap;">us-gaap_ConcentrationRiskPercentage1</td>
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<tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ConcentrationRiskByBenchmarkAxis=us-gaap_SalesRevenueNetMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ConcentrationRiskByTypeAxis=us-gaap_CustomerConcentrationRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ConcentrationRiskByTypeAxis=us-gaap_CustomerConcentrationRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_MajorCustomersAxis=esea_ChartererCMAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_MajorCustomersAxis=esea_ChartererCMAMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_MajorCustomersAxis=esea_ChartererGSSMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_MajorCustomersAxis=esea_ChartererGSSMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_MajorCustomersAxis=esea_HapagLloydAGMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_MajorCustomersAxis=esea_HapagLloydAGMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_MajorCustomersAxis=esea_ChartererMSCMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_MajorCustomersAxis=esea_ChartererMSCMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_MajorCustomersAxis=esea_MaerskLineASMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_MajorCustomersAxis=esea_MaerskLineASMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>48
<FILENAME>R49.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6858197056">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 8 - Long-term Bank Loans (Details Textual)<br></strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1">1 Months Ended</th>
<th class="th" colspan="1">7 Months Ended</th>
<th class="th" colspan="3">12 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th">
<div>Nov. 08, 2019 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Nov. 01, 2019 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Sep. 30, 2019 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Jul. 30, 2019 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Jul. 29, 2019 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>May 30, 2019 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Nov. 21, 2018 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Feb. 27, 2018 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Jun. 19, 2017 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 22, 2016 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Aug. 31, 2019 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2019 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2019 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2018 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>USD ($)</div>
</th>
<th class="th"><div>Jul. 29, 2020</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebt', window );">Long-term Debt, Total</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 90,200,000<span></span>
</td>
<td class="nump">$ 90,200,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromIssuanceOfLongTermDebt', window );">Proceeds from Issuance of Long-term Debt, Total</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 16,167,680<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RestrictedCash', window );">Restricted Cash, Total</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">4,410,376<span></span>
</td>
<td class="nump">4,410,376<span></span>
</td>
<td class="nump">$ 5,717,063<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestExpense', window );">Interest Expense, Total</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3,219,471<span></span>
</td>
<td class="nump">2,703,845<span></span>
</td>
<td class="nump">$ 1,380,458<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LineOfCreditFacilityAxis=esea_EurobankErgasiasSaMember', window );">Eurobank Ergasias S.A. [Member] | Revolving Loan Facility [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid', window );">Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 6,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_DebtInstrumentNumberOfPeriodicPayments', window );">Debt Instrument, Number of Periodic Payments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">16<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsOfDebtIssuanceCosts', window );">Payments of Debt Issuance Costs</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 32,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromIssuanceOfLongTermDebt', window );">Proceeds from Issuance of Long-term Debt, Total</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">12,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SecurityDeposit', window );">Security Deposit</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">5,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,000,000<span></span>
</td>
<td class="nump">1,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentPeriodicPaymentPrincipal', window );">Debt Instrument, Periodic Payment, Total</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 375,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LineOfCreditFacilityAxis=esea_EurobankErgasiasSaMember', window );">Eurobank Ergasias S.A. [Member] | Revolving Credit Facility [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentPeriodicPayment', window );">Debt Instrument, Periodic Payment, Total</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 900,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid', window );">Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 19,200,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_DebtInstrumentNumberOfPeriodicPayments', window );">Debt Instrument, Number of Periodic Payments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">16<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_DebtInstrumentNumberOfQuarterlyInstallmentPayments', window );">Debt Instrument, Number of Quarterly Installment Payments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">12<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsOfDebtIssuanceCosts', window );">Payments of Debt Issuance Costs</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 300,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity', window );">Line of Credit Facility, Maximum Borrowing Capacity</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">45,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LineOfCredit', window );">Long-term Line of Credit, Total</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 30,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtTerm', window );">Long-term Debt, Term (Month)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">1 year 180 days<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_DebtInstrumentCovenantSecurityCoverRatio', window );">Debt Instrument, Covenant, Security Cover Ratio</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">140.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LineOfCreditFacilityRemainingBorrowingCapacity', window );">Line of Credit Facility, Remaining Borrowing Capacity</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 7,350,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_LineOfCreditFacilityRemainingPercentOfVesselMarketValueToFinance', window );">Line of Credit Facility, Remaining Percent of Vessel Market Value to Finance</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">55.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_DebtInstrumentBalloonPaymentPercentOfDrawnDebt', window );">Debt Instrument, Balloon Payment, Percent of Drawn Debt</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">50.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LineOfCreditFacilityCommitmentFeePercentage', window );">Line of Credit Facility, Commitment Fee Percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0.40%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_LineOfCreditFacilityUnderwritingFeePercentage', window );">Line of Credit Facility, Underwriting Fee Percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LineOfCreditFacilityAxis=esea_PiraeusBankSAMember', window );">Piraeus Bank S.A. [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentPeriodicPayment', window );">Debt Instrument, Periodic Payment, Total</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 160,460<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid', window );">Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,742,160<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_DebtInstrumentNumberOfPeriodicPayments', window );">Debt Instrument, Number of Periodic Payments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">12<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsOfDebtIssuanceCosts', window );">Payments of Debt Issuance Costs</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 32,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity', window );">Line of Credit Facility, Maximum Borrowing Capacity</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 4,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromIssuanceOfLongTermDebt', window );">Proceeds from Issuance of Long-term Debt, Total</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 3,667,680<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_LineOfCreditFacilityMaximumBorrowingAmountPercentOfScrapValueOfVessel', window );">Line of Credit Facility, Maximum Borrowing Amount, Percent of Scrap Value of Vessel</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">90.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_DebtInstrumentSecurityCoverRatioCovenant', window );">Debt Instrument, Security Cover Ratio Covenant</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">110.00%<span></span>
</td>
<td class="nump">110.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LineOfCreditFacilityAxis=esea_PiraeusBankSAMember', window );">Piraeus Bank S.A. [Member] | Forecast [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_DebtInstrumentSecurityCoverRatioCovenant', window );">Debt Instrument, Security Cover Ratio Covenant</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">120.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LineOfCreditFacilityAxis=esea_HSBCBankPLCMember', window );">HSBC Bank PLC [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentPeriodicPayment', window );">Debt Instrument, Periodic Payment, Total</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 450,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid', window );">Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 6,200,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_DebtInstrumentNumberOfPeriodicPayments', window );">Debt Instrument, Number of Periodic Payments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">14<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsOfDebtIssuanceCosts', window );">Payments of Debt Issuance Costs</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 62,500<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromIssuanceOfLongTermDebt', window );">Proceeds from Issuance of Long-term Debt, Total</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 12,500,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_DebtInstrumentSecurityCoverRatioCovenant', window );">Debt Instrument, Security Cover Ratio Covenant</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">130.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LineOfCreditFacilityAxis=esea_ColbyTradingLtdMember', window );">Colby Trading Ltd [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_DebtInstrumentNumberOfPeriodicPayments', window );">Debt Instrument, Number of Periodic Payments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">4<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromIssuanceOfLongTermDebt', window );">Proceeds from Issuance of Long-term Debt, Total</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 2,500,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentInterestRateStatedPercentage', window );">Debt Instrument, Interest Rate, Stated Percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">8.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestExpenseDebt', window );">Interest Expense, Debt, Total</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 51,111<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_srt_RangeAxis=srt_MinimumMember', window );">Minimum [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_DebtInstrumentCovenantRatioOfFairValueOfVesselToOutstandingLoanLessCashInRetentionAccounts', window );">Debt Instrument Covenant, Ratio of Fair Value of Vessel to Outstanding Loan Less Cash in Retention Accounts</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">120.00%<span></span>
</td>
<td class="nump">120.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_srt_RangeAxis=srt_MaximumMember', window );">Maximum [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_DebtInstrumentCovenantRatioOfFairValueOfVesselToOutstandingLoanLessCashInRetentionAccounts', window );">Debt Instrument Covenant, Ratio of Fair Value of Vessel to Outstanding Loan Less Cash in Retention Accounts</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">140.00%<span></span>
</td>
<td class="nump">140.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_VariableRateAxis=us-gaap_LondonInterbankOfferedRateLIBORMember', window );">London Interbank Offered Rate (LIBOR) [Member] | Eurobank Ergasias S.A. [Member] | Revolving Loan Facility [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1', window );">Debt Instrument, Basis Spread on Variable Rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">4.40%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3.90%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_VariableRateAxis=us-gaap_LondonInterbankOfferedRateLIBORMember', window );">London Interbank Offered Rate (LIBOR) [Member] | Eurobank Ergasias S.A. [Member] | Revolving Credit Facility [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1', window );">Debt Instrument, Basis Spread on Variable Rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">4.40%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3.90%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_VariableRateAxis=us-gaap_LondonInterbankOfferedRateLIBORMember', window );">London Interbank Offered Rate (LIBOR) [Member] | Piraeus Bank S.A. [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1', window );">Debt Instrument, Basis Spread on Variable Rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2.95%<span></span>
</td>
<td class="nump">3.50%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentAxis=esea_LoanAgreementToFinanceAcquisitionOfMVEMAstoriaMember', window );">Loan Agreement to Finance Acquisition of M/V EM Astoria [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentPeriodicPayment', window );">Debt Instrument, Periodic Payment, Total</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 100,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentFaceAmount', window );">Debt Instrument, Face Amount</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">4,750,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaidWithTwentiethInstallment', window );">Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid with Twentieth Installment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,750,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaidWithSixteenthInstallment', window );">Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid with Sixteenth Installment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3,150,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsOfDebtIssuanceCosts', window );">Payments of Debt Issuance Costs</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 50,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_PercentSharedWithBankInExcessOfFairMarketValue', window );">Percent Shared With Bank in Excess of Fair Market Value</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">35.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_VesselProfitParcitipationLiability', window );">Vessel Profit Parcitipation Liability</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,067,500<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_PercentOfCashFlowAfterDebtServiceSetAside', window );">Percent of Cash Flow After Debt Service Set Aside</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">35.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentAxis=esea_LoanAgreementToFinanceAcquisitionOfMVEMAstoriaMember', window );">Loan Agreement to Finance Acquisition of M/V EM Astoria [Member] | Minimum [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_DebtInstrumentNumberOfQuarterlyInstallmentPayments', window );">Debt Instrument, Number of Quarterly Installment Payments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">20<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentAxis=esea_LoanAgreementToFinanceAcquisitionOfMVEMAstoriaMember', window );">Loan Agreement to Finance Acquisition of M/V EM Astoria [Member] | Maximum [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_DebtInstrumentNumberOfQuarterlyInstallmentPayments', window );">Debt Instrument, Number of Quarterly Installment Payments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">16<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentAxis=esea_LoanAgreementToFinanceAcquisitionOfMVEMAstoriaMember', window );">Loan Agreement to Finance Acquisition of M/V EM Astoria [Member] | London Interbank Offered Rate (LIBOR) [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1', window );">Debt Instrument, Basis Spread on Variable Rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2.65%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentAxis=esea_SecondDebtAgreementMember', window );">Second Debt Agreement [Member] | Piraeus Bank S.A. [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid', window );">Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid</a></td>
<td class="nump">$ 17,400,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsOfDebtIssuanceCosts', window );">Payments of Debt Issuance Costs</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 352,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromIssuanceOfLongTermDebt', window );">Proceeds from Issuance of Long-term Debt, Total</a></td>
<td class="nump">$ 32,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_DebtInstrumentSecurityCoverRatioCovenant', window );">Debt Instrument, Security Cover Ratio Covenant</a></td>
<td class="nump">125.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentAxis=esea_SecondDebtAgreementMember', window );">Second Debt Agreement [Member] | Colby Trading Ltd [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromIssuanceOfLongTermDebt', window );">Proceeds from Issuance of Long-term Debt, Total</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 2,500,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentInterestRateStatedPercentage', window );">Debt Instrument, Interest Rate, Stated Percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">8.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestExpenseDebt', window );">Interest Expense, Debt, Total</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 33,333<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentAxis=esea_SecondDebtAgreementMember', window );">Second Debt Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member] | Piraeus Bank S.A. [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1', window );">Debt Instrument, Basis Spread on Variable Rate</a></td>
<td class="nump">3.50%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentAxis=esea_SecondDebtAgreementFirstPaymentsMember', window );">Second Debt Agreement, First Payments [Member] | Piraeus Bank S.A. [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentPeriodicPayment', window );">Debt Instrument, Periodic Payment, Total</a></td>
<td class="nump">$ 1,400,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_DebtInstrumentNumberOfPeriodicPayments', window );">Debt Instrument, Number of Periodic Payments</a></td>
<td class="nump">3<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentAxis=esea_SecondDebtAgreementSecondPaymentsMember', window );">Second Debt Agreement, Second Payments [Member] | Piraeus Bank S.A. [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentPeriodicPayment', window );">Debt Instrument, Periodic Payment, Total</a></td>
<td class="nump">$ 800,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_DebtInstrumentNumberOfPeriodicPayments', window );">Debt Instrument, Number of Periodic Payments</a></td>
<td class="nump">13<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentAxis=esea_SecondSetOfQuarterlyPaymentsMember', window );">Second Set of Quarterly Payments [Member] | Colby Trading Ltd [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_DebtInstrumentNumberOfPeriodicPayments', window );">Debt Instrument, Number of Periodic Payments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=esea_NoumeaShippingLTDMember', window );">Noumea Shipping Ltd [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentPeriodicPayment', window );">Debt Instrument, Periodic Payment, Total</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 720,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid', window );">Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">6,360,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebt', window );">Long-term Debt, Total</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">7,080,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentFaceAmount', window );">Debt Instrument, Face Amount</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 4,250,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=esea_NoumeaShippingLTDMember', window );">Noumea Shipping Ltd [Member] | London Interbank Offered Rate (LIBOR) [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1', window );">Debt Instrument, Basis Spread on Variable Rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=esea_NoumeaShippingLTDMember', window );">Noumea Shipping Ltd [Member] | Debt Instrument, Redemption, Period One [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentPeriodicPayment', window );">Debt Instrument, Periodic Payment, Total</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 303,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=esea_NoumeaShippingLTDMember', window );">Noumea Shipping Ltd [Member] | Debt Instrument, Redemption, Period Two [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentPeriodicPayment', window );">Debt Instrument, Periodic Payment, Total</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 311,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=esea_NoumeaShippingLTDMember', window );">Noumea Shipping Ltd [Member] | Supplemental Agreement with Noumea Shipping [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentPeriodicPayment', window );">Debt Instrument, Periodic Payment, Total</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">720,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid', window );">Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 4,920,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_DebtInstrumentNumberOfPeriodicPayments', window );">Debt Instrument, Number of Periodic Payments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_esea_DebtInstrumentBalloonPaymentPercentOfDrawnDebt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The percent of initially drawn debt of the balloon payment to be paid under the debt instrument</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">esea_DebtInstrumentBalloonPaymentPercentOfDrawnDebt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>esea_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_esea_DebtInstrumentCovenantRatioOfFairValueOfVesselToOutstandingLoanLessCashInRetentionAccounts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The ratio of fair value of vessels to outstanding loan less cash in retention accounts for debt instrument covenants.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">esea_DebtInstrumentCovenantRatioOfFairValueOfVesselToOutstandingLoanLessCashInRetentionAccounts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>esea_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_esea_DebtInstrumentCovenantSecurityCoverRatio">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The security cover ratio covenant under the debt agreement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">esea_DebtInstrumentCovenantSecurityCoverRatio</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>esea_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_esea_DebtInstrumentNumberOfPeriodicPayments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of periodic payments required by the agreement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">esea_DebtInstrumentNumberOfPeriodicPayments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>esea_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_esea_DebtInstrumentNumberOfQuarterlyInstallmentPayments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of quarterly installment payments agreed to under the debt instrument.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">esea_DebtInstrumentNumberOfQuarterlyInstallmentPayments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>esea_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_esea_DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaidWithSixteenthInstallment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of payment greater than the preceding installment payments to be paid at final maturity date of debt, if repaid in sixteen quarterly installments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">esea_DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaidWithSixteenthInstallment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>esea_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_esea_DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaidWithTwentiethInstallment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of payment greater than the preceding installment payments to be paid at final maturity date of debt, if repaid in twenty quarterly installments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">esea_DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaidWithTwentiethInstallment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>esea_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_esea_DebtInstrumentSecurityCoverRatioCovenant">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The percent amount of security cover ratio covenant for a debt instrument.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">esea_DebtInstrumentSecurityCoverRatioCovenant</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>esea_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_esea_LineOfCreditFacilityMaximumBorrowingAmountPercentOfScrapValueOfVessel">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The percent of scrap value of vessel that is the maximum borrowing amount for a line of credit facility.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">esea_LineOfCreditFacilityMaximumBorrowingAmountPercentOfScrapValueOfVessel</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>esea_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_esea_LineOfCreditFacilityRemainingPercentOfVesselMarketValueToFinance">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The percent remaining of vessel market value to finance under a line of credit facility.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">esea_LineOfCreditFacilityRemainingPercentOfVesselMarketValueToFinance</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>esea_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_esea_LineOfCreditFacilityUnderwritingFeePercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The underwriting fee, expressed as a percentage of the line of credit facility.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">esea_LineOfCreditFacilityUnderwritingFeePercentage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>esea_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_esea_PercentOfCashFlowAfterDebtServiceSetAside">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The percentage of cash flow after debt service set aside to be used for debt payment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">esea_PercentOfCashFlowAfterDebtServiceSetAside</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>esea_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_esea_PercentSharedWithBankInExcessOfFairMarketValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The percent of profit sharing shared with bank in excess of fair market value of the vessel.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">esea_PercentSharedWithBankInExcessOfFairMarketValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>esea_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_esea_VesselProfitParcitipationLiability">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of vessel profit participation liability.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">esea_VesselProfitParcitipationLiability</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>esea_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Percentage points added to the reference rate to compute the variable rate on the debt instrument.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentBasisSpreadOnVariableRate1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentFaceAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Face (par) amount of debt instrument at time of issuance.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 835<br> -SubTopic 30<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=119993939&amp;loc=d3e28551-108399<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 835<br> -SubTopic 30<br> -Section 55<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=114775985&amp;loc=d3e28878-108400<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentFaceAmount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentInterestRateStatedPercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Contractual interest rate for funds borrowed, under the debt agreement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.22(a)(1))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentInterestRateStatedPercentage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentPeriodicPayment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of the required periodic payments including both interest and principal payments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.22)<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 470<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=75038535&amp;loc=d3e64711-112823<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentPeriodicPayment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentPeriodicPaymentPrincipal">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of the required periodic payments applied to principal.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.22)<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentPeriodicPaymentPrincipal</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of payment greater than the preceding installment payments to be paid at final maturity date of debt.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of the cost of borrowed funds accounted for as interest expense.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 835<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6450988&amp;loc=d3e26243-108391<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 835<br> -SubTopic 30<br> -Section 45<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=119993939&amp;loc=d3e28555-108399<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 22<br> -Subparagraph (d)<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e8736-108599<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (210.5-03(11))<br> -URI http://asc.fasb.org/extlink&amp;oid=120395209&amp;loc=SL114868664-224227<br><br>Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 220<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04.9)<br> -URI http://asc.fasb.org/extlink&amp;oid=120399700&amp;loc=SL114874048-224260<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InterestExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestExpenseDebt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of the cost of borrowed funds accounted for as interest expense for debt.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 470<br> -SubTopic 20<br> -Section 50<br> -Paragraph 6<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=120520924&amp;loc=SL6036836-161870<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.8)<br> -URI http://asc.fasb.org/extlink&amp;oid=120395209&amp;loc=SL114868664-224227<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InterestExpenseDebt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LineOfCredit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(22))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(16))<br> -URI http://asc.fasb.org/extlink&amp;oid=120398452&amp;loc=d3e534808-122878<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(16))<br> -URI http://asc.fasb.org/extlink&amp;oid=120400017&amp;loc=d3e572229-122910<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LineOfCredit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LineOfCreditFacilityCommitmentFeePercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The fee, expressed as a percentage of the line of credit facility, for the line of credit facility regardless of whether the facility has been used.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LineOfCreditFacilityCommitmentFeePercentage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Maximum borrowing capacity under the credit facility without consideration of any current restrictions on the amount that could be borrowed or the amounts currently outstanding under the facility.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.19(b),22(b))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LineOfCreditFacilityRemainingBorrowingCapacity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of borrowing capacity currently available under the credit facility (current borrowing capacity less the amount of borrowings outstanding).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.19(b),22(b))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LineOfCreditFacilityRemainingBorrowingCapacity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongTermDebt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 470<br> -SubTopic 20<br> -Section 50<br> -Paragraph 4<br> -Subparagraph (b)(3)<br> -URI http://asc.fasb.org/extlink&amp;oid=120520924&amp;loc=SL6031897-161870<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(16))<br> -URI http://asc.fasb.org/extlink&amp;oid=120400017&amp;loc=d3e572229-122910<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(16))<br> -URI http://asc.fasb.org/extlink&amp;oid=120398452&amp;loc=d3e534808-122878<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(22))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LongTermDebt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongTermDebtTerm">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Period between issuance and maturity of long-term debt, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents reported fact of one year, five months, and thirteen days.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 820<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (bbb)(2)<br> -URI http://asc.fasb.org/extlink&amp;oid=117815213&amp;loc=d3e19207-110258<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LongTermDebtTerm</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsOfDebtIssuanceCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow paid to third parties in connection with debt origination, which will be amortized over the remaining maturity period of the associated long-term debt.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 15<br> -Subparagraph (e)<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3291-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsOfDebtIssuanceCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromIssuanceOfLongTermDebt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from a debt initially having maturity due after one year or beyond the operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 14<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3255-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProceedsFromIssuanceOfLongTermDebt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RestrictedCash">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash restricted as to withdrawal or usage. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=121583591&amp;loc=SL98516268-108586<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(1)(a))<br> -URI http://asc.fasb.org/extlink&amp;oid=120398452&amp;loc=d3e534808-122878<br><br>Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(2))<br> -URI http://asc.fasb.org/extlink&amp;oid=120400017&amp;loc=d3e572229-122910<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RestrictedCash</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SecurityDeposit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of an asset, typically cash, provided to a counterparty to provide certain assurance of performance by the entity pursuant to the terms of a written or oral agreement, such as a lease.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.8,17)<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SecurityDeposit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LineOfCreditFacilityAxis=esea_EurobankErgasiasSaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LineOfCreditFacilityAxis=esea_EurobankErgasiasSaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongtermDebtTypeAxis=esea_RevolvingLoanFacilityMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LongtermDebtTypeAxis=esea_RevolvingLoanFacilityMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CreditFacilityAxis=us-gaap_RevolvingCreditFacilityMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CreditFacilityAxis=us-gaap_RevolvingCreditFacilityMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LineOfCreditFacilityAxis=esea_PiraeusBankSAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LineOfCreditFacilityAxis=esea_PiraeusBankSAMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_StatementScenarioAxis=srt_ScenarioForecastMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_StatementScenarioAxis=srt_ScenarioForecastMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LineOfCreditFacilityAxis=esea_HSBCBankPLCMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LineOfCreditFacilityAxis=esea_HSBCBankPLCMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LineOfCreditFacilityAxis=esea_ColbyTradingLtdMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LineOfCreditFacilityAxis=esea_ColbyTradingLtdMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_RangeAxis=srt_MinimumMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_RangeAxis=srt_MinimumMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_RangeAxis=srt_MaximumMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_RangeAxis=srt_MaximumMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_VariableRateAxis=us-gaap_LondonInterbankOfferedRateLIBORMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_VariableRateAxis=us-gaap_LondonInterbankOfferedRateLIBORMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentAxis=esea_LoanAgreementToFinanceAcquisitionOfMVEMAstoriaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentAxis=esea_LoanAgreementToFinanceAcquisitionOfMVEMAstoriaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentAxis=esea_SecondDebtAgreementMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentAxis=esea_SecondDebtAgreementMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6826816752">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 14 - Derivative Financial Instruments<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2019</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DisclosureTextBlockAbstract', window );"><strong>Notes to Financial Statements</strong></a></td>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock', window );">Derivative Instruments and Hedging Activities Disclosure [Text Block]</a></td>
<td class="text"><div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0">  <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">14.</div></div></td> <td style="text-align: justify"><div style="display: inline; font-weight: bold;">Derivative Financial Instruments</div></td> </tr>  </table> <div style=""></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;">Interest rate swaps</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Effective <div style="display: inline; font-style: italic; font: inherit;"> October 17, 2014, </div>the Company entered into <div style="display: inline; font-style: italic; font: inherit;">one</div> interest rate swap with Eurobank &#x2013; Ergasias S.A. (&#x201c;Eurobank&#x201d;) for a notional amount of <div style="display: inline; font-style: italic; font: inherit;">$10.0</div> million, in order to manage interest costs and the risk associated with changing interest rates of the Company&#x2019;s loans. Under the terms of the swap, Eurobank made a quarterly payment to the Company equal to the <div style="display: inline; font-style: italic; font: inherit;">3</div>-month LIBOR while the Company paid an adjustable rate averaging <div style="display: inline; font-style: italic; font: inherit;">1.97%</div> (more specifically, the Company paid the fixed rate of <div style="display: inline; font-style: italic; font: inherit;">0.50%</div> until <div style="display: inline; font-style: italic; font: inherit;"> November 28, 2016 </div>then <div style="display: inline; font-style: italic; font: inherit;">0.95%</div> until <div style="display: inline; font-style: italic; font: inherit;"> November 28, 2017 </div>and then <div style="display: inline; font-style: italic; font: inherit;">3.55%</div> until <div style="display: inline; font-style: italic; font: inherit;"> May 28, 2019) </div>based on the relevant notional amount.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <!-- Field: Page; Sequence: 46; Value: 2 -->   <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The interest rate swap contract did <div style="display: inline; font-style: italic; font: inherit;">not</div> qualify for hedge accounting as of <div style="display: inline; font-style: italic; font: inherit;"> December&nbsp;</div><div style="display: inline; font-style: italic; font: inherit;">31,</div> <div style="display: inline; font-style: italic; font: inherit;">2018.</div> As of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019, </div>the Company had <div style="display: inline; font-style: italic; font: inherit;">no</div> interest rate swaps open positions.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42.55pt; text-align: justify; text-indent: -42.55pt">&nbsp;</div> <div> <table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0">  <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; border-bottom: Black 1pt solid">Derivatives not designated as hedging instruments</td> <td style="border-left: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"></div></div><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Balance Sheet Location</div></div></td> <td style="border-top: Black 1pt solid; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-left: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><div style="display: inline; font-weight: bold;"></div></div><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</div></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><div style="display: inline; font-weight: bold;">December 31, 2018</div></div></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><div style="display: inline; font-weight: bold;">&nbsp;</div></div></td> <td style="border-left: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&nbsp;</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">December 31, 2019</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&nbsp;</td> </tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right">&nbsp;</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right">&nbsp;</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 25%; text-align: left; padding-bottom: 1pt">Interest rate swap contract</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; width: 24%; text-align: left; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;">Current liabilities &#x2013; Derivatives</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt">&nbsp;</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; width: 22%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">41,435</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">&nbsp;</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; width: 22%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: left; padding-bottom: 1pt">Total derivative liabilities</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;">&nbsp;</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">41,435</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> </tr>  </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</div> <div> <table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0">  <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; border-bottom: Black 1pt solid">Derivatives not designated as hedging instruments</td> <td style="border-left: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;">&nbsp;</div></div><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Location of gain (loss) recognized</div></div></td> <td style="border-top: Black 1pt solid; font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-left: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&nbsp;</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Year Ended December 31, 2017</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&nbsp;</td> <td style="border-left: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&nbsp;</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Year Ended December 31, 2018</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&nbsp;</td> <td style="border-left: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&nbsp;</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Year Ended December 31, 2019</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 20%; text-align: left; padding-bottom: 1pt">Interest rate swap contract&#x2013; Unrealized (loss) / gain</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"></td> <td style="border-bottom: Black 1pt solid; width: 19%; text-align: left; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;">(Gain) / loss on derivativtes, net</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"></td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; width: 17%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(5,901</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">)</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; width: 17%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">204,647</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">&nbsp;</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; width: 17%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; padding-bottom: 1pt">Interest rate swap contract&nbsp;&nbsp;- Realized &nbsp;gain / (loss)</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;">Gain / (loss) on derivatives, net</div></td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">19,071</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(201,745</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(2,885</div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: left; padding-bottom: 1pt">Total &nbsp;net gain / (loss) on interest rate swap contract</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;">&nbsp;</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">13,170</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,902</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(2,885</div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</td> </tr>  </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;">Freight Forward Agreements (&#x201c;FFA&#x201d;)</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In <div style="display: inline; font-style: italic; font: inherit;"> December 2017, </div>the Company entered into <div style="display: inline; font-style: italic; font: inherit;">three</div> FFA contracts on the Baltic Panamax Index (&#x201c;BPI&#x201d;) for the <div style="display: inline; font-style: italic; font: inherit;">first</div> <div style="display: inline; font-style: italic; font: inherit;">three</div> calendar months of <div style="display: inline; font-style: italic; font: inherit;">2018,</div> totaling <div style="display: inline; font-style: italic; font: inherit;">90</div> days at an average time charter equivalent rate of <div style="display: inline; font-style: italic; font: inherit;">$11,000</div> per day. <div style="display: inline; font-size: 10pt">The </div>contracts are settled on a monthly basis using the average of the BPI for the days of the month the BPI is published.&nbsp;&nbsp;The Company receives a payment if the average BPI for the month is below the contract rate equal to the difference of the contract rate less the average BPI for the month times the number of contract days sold; if the average BPI for the month is greater than the contract rate, the Company makes a payment equal to the difference of the average BPI for the month less the contract rate times the number of contract days sold. If the Company buys contracts previously sold (or the opposite) the Company receives or pays the difference of the <div style="display: inline; font-style: italic; font: inherit;">two</div> rates for the period covered by the contracts.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</div> <!-- Field: Page; Sequence: 47; Value: 2 -->   <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The FFA contracts did <div style="display: inline; font-style: italic; font: inherit;">not</div> qualify for hedge accounting. The Company follows guidance relating to &#x201c;Fair value measurements&#x201d; to calculate the fair value of the FFA contracts (see Note <div style="display: inline; font-style: italic; font: inherit;">16</div>).</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div> <table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0">  <tr style="vertical-align: bottom"> <td style="border-left: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: justify">FFA contracts not designated as hedging instruments</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-left: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: justify">Location of gain (loss) recognized</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-left: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold">Year Ended December 31, 2017</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</td> <td style="border-left: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold">Year Ended December 31, 2018</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</td> <td style="border-left: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="border-right: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold">Year Ended December 31, 2019</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 21%; text-align: justify; padding-bottom: 1pt">FFA contracts &#x2013; Unrealized loss</td> <td style="border-bottom: Black 1pt solid; width: 1%">&nbsp;</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; width: 17%; text-align: left; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;">Gain / (loss) on derivatives, net</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt">&nbsp;</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; width: 17%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(781</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">)</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; width: 17%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">&nbsp;</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; width: 17%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; padding-bottom: 1pt">FFA contracts &#x2013; Realized loss</td> <td style="border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;">Gain / (loss) on derivatives, net</div></td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(47,245</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: justify; padding-bottom: 1pt">Total loss on FFA contracts</td> <td style="border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: justify; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;">&nbsp;</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(781</div></td> <td style="border-bottom: Black 1pt solid; 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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 815<br> -URI http://asc.fasb.org/topic&amp;trid=2229140<br></p></div>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6826763920">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 18 - Common Stock<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2019</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DisclosureTextBlockAbstract', window );"><strong>Notes to Financial Statements</strong></a></td>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityNoteDisclosureTextBlock', window );">Stockholders' Equity Note Disclosure [Text Block]</a></td>
<td class="text"><div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0">  <tr style="vertical-align: top"> <td style="width: 0.5in"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">18.</div></div></td> <td style="text-align: justify"><div style="display: inline; font-weight: bold;">Common Stock</div></td> </tr>  </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As per the Company&#x2019;s Amended and Restated Articles of Incorporation, the Company is authorized to issue <div style="display: inline; font-style: italic; font: inherit;">200,000,000</div> shares of common stock, par value <div style="display: inline; font-style: italic; font: inherit;">$0.03</div> per share.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each outstanding share of common stock is entitled to <div style="display: inline; font-style: italic; font: inherit;">one</div> vote, either in person or by proxy, on all matters that <div style="display: inline; font-style: italic; font: inherit;"> may </div>be voted upon by their holders at meetings of the shareholders. Subject to preferences that <div style="display: inline; font-style: italic; font: inherit;"> may </div>be applicable to any outstanding preferred shares, holders of our common stock (i) have equal ratable rights to dividends from funds legally available therefore, if declared by the Board of Directors; (ii) are entitled to share ratably in all of the Company&#x2019;s assets available for distribution upon liquidation, dissolution or winding up; and (iii) do <div style="display: inline; font-style: italic; font: inherit;">not</div> have preemptive, subscription or conversion rights or redemption or sinking fund provisions. All issued shares of our common stock when issued will be fully paid for and non-assessable. The rights, preferences and privileges of holders of common shares are subject to the rights of the holders of any preferred shares which the Company has issued or <div style="display: inline; font-style: italic; font: inherit;"> may </div>issue in the future.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During <div style="display: inline; font-style: italic; font: inherit;"> January 2017, </div>following the Company&#x2019;s prospectus filed with the SEC on <div style="display: inline; font-style: italic; font: inherit;"> December 20, 2016, </div>as further supplemented by the prospectus dated <div style="display: inline; font-style: italic; font: inherit;"> January 13, 2017, </div>the Company issued and sold at-the-market (ATM) <div style="display: inline; font-style: italic; font: inherit;">37,723</div> shares of common stock for gross proceeds net of commissions of <div style="display: inline; font-style: italic; font: inherit;">$0.6</div> million.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, during the year ended <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2017, </div>the Company issued <div style="display: inline; font-style: italic; font: inherit;">12,534</div> common shares to the Company&#x2019;s directors and officers and employees of the Manager in connection with its equity incentive plans (Note <div style="display: inline; font-style: italic; font: inherit;">11</div>).</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During <div style="display: inline; font-style: italic; font: inherit;"> November 2018, </div>following the Company&#x2019;s prospectus supplement filed with the SEC on <div style="display: inline; font-style: italic; font: inherit;"> December 20, 2016, </div>as further supplemented by the prospectus dated <div style="display: inline; font-style: italic; font: inherit;"> January 13, 2017 </div>and <div style="display: inline; font-style: italic; font: inherit;"> October 30, 2018, </div>the Company issued and sold at-the-market (ATM) <div style="display: inline; font-style: italic; font: inherit;">139,509</div> shares of common stock for gross proceeds net of commissions of <div style="display: inline; font-style: italic; font: inherit;">$2.0</div> million.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</div>  <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, during the year ended <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2018, </div>the Company issued <div style="display: inline; font-style: italic; font: inherit;">15,681</div> common shares to the Company&#x2019;s directors and officers and employees of the Manager in connection with its equity incentive plans (Note <div style="display: inline; font-style: italic; font: inherit;">11</div>).</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During <div style="display: inline; font-style: italic; font: inherit;"> October 2019, </div>following the Company&#x2019;s prospectus supplement filed with the SEC on <div style="display: inline; font-style: italic; font: inherit;"> December 20, 2016, </div>as further supplemented by the prospectus dated <div style="display: inline; font-style: italic; font: inherit;"> January 13, 2017, </div><div style="display: inline; font-style: italic; font: inherit;"> October 30, 2018 </div>and <div style="display: inline; font-style: italic; font: inherit;"> May 30, 2019, </div>the Company issued and sold at-the-market (ATM) <div style="display: inline; font-style: italic; font: inherit;">144,727</div> shares of common stock for gross proceeds net of commissions of <div style="display: inline; font-style: italic; font: inherit;">$0.9</div> million.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As further discussed in Note <div style="display: inline; font-style: italic; font: inherit;">1,</div> during the year ended <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019, </div>the Company issued <div style="display: inline; font-style: italic; font: inherit;">2,816,901</div> common shares and <div style="display: inline; font-style: italic; font: inherit;">1,056,338</div> common shares in connection with the Trinity/Diamantis Vessel Acquisition and the Synergy Vessel Acquisition.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, during the year ended <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019, </div>the Company issued <div style="display: inline; font-style: italic; font: inherit;">15,444</div> common shares to the Company&#x2019;s directors and officers and employees of the Manager in connection with its equity incentive plans (Note <div style="display: inline; font-style: italic; font: inherit;">11</div>).</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On <div style="display: inline; font-style: italic; font: inherit;"> December 19, 2019, </div>the Company announced that it has completed a <div style="display: inline; 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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08(e)(1))<br> -URI http://asc.fasb.org/extlink&amp;oid=120395691&amp;loc=d3e23780-122690<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=120397183&amp;loc=d3e187085-122770<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -URI http://asc.fasb.org/topic&amp;trid=2208762<br></p></div>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6826564912">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 3 - Inventories (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2019</div></th></tr>
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<td class="text"><div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2018</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2019</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%">Lubricants</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,043,763</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,728,861</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>Victualing</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">79,965</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">160,303</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">Bunkers</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">580,663</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-indent: 0in">Total</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,704,391</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,889,164</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> </tr> </table></div><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of the carrying amount as of the balance sheet date of merchandise, goods, commodities, or supplies held for future sale or to be used in manufacturing, servicing or production process.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(6)(c))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(6)(b))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(6)(a))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6361739&amp;loc=d3e7789-107766<br></p></div>
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<head>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6833877584">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 15 - Preferred Shares - Dividends Series B Preferred Shares (Details) - USD ($)<br></strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockSharesOutstanding', window );">Balance (in shares)</a></td>
<td class="nump">19,605<span></span>
</td>
<td class="nump">37,314<span></span>
</td>
<td class="nump">35,505<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockValue', window );">Balance</a></td>
<td class="nump">$ 18,757,361<span></span>
</td>
<td class="nump">$ 35,613,759<span></span>
</td>
<td class="nump">$ 33,804,948<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockDividendsShares', window );">Dividends declared (in shares)</a></td>
<td class="nump">81<span></span>
</td>
<td class="nump">1,333<span></span>
</td>
<td class="nump">1,809<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DividendsPreferredStockPaidinkind', window );">Dividends declared</a></td>
<td class="nump">$ 78,639<span></span>
</td>
<td class="nump">$ 1,335,733<span></span>
</td>
<td class="nump">$ 1,808,811<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_PreferredStockDistributed', window );">Shares distributed to EuroDry (in shares)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(19,042)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_PreferredStockValueDistributed', window );">Shares distributed to EuroDry</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">$ (18,192,131)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_PreferredStockRedemptionOfShares', window );">Redemption of shares (in shares)</a></td>
<td class="num">(11,686)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_PreferredStockRedemptionOfSharesValue', window );">Redemption of shares</a></td>
<td class="num">$ (11,686,000)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_PreferredDeemedDividend', window );">Preferred deemed dividend</a></td>
<td class="nump">$ 504,577<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockSharesOutstanding', window );">Balance (in shares)</a></td>
<td class="nump">8,000<span></span>
</td>
<td class="nump">19,605<span></span>
</td>
<td class="nump">37,314<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockValue', window );">Balance</a></td>
<td class="nump">$ 7,654,577<span></span>
</td>
<td class="nump">$ 18,757,361<span></span>
</td>
<td class="nump">$ 35,613,759<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=esea_OrdinaryPreferredStockMember', window );">Ordinary Preferred Stock [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockValue', window );">Balance</a></td>
<td class="nump">14,500,000<span></span>
</td>
<td class="nump">29,000,000<span></span>
</td>
<td class="nump">29,000,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DividendsPreferredStockPaidinkind', window );">Dividends declared</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_PreferredStockValueDistributed', window );">Shares distributed to EuroDry</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(14,500,000)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_PreferredStockRedemptionOfSharesValue', window );">Redemption of shares</a></td>
<td class="num">(8,155,055)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_PreferredDeemedDividend', window );">Preferred deemed dividend</a></td>
<td class="nump">504,577<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockValue', window );">Balance</a></td>
<td class="nump">6,849,522<span></span>
</td>
<td class="nump">14,500,000<span></span>
</td>
<td class="nump">29,000,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=esea_PreferredStockIssuedAsDividendsMember', window );">Preferred Stock Issued as Dividends [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockValue', window );">Balance</a></td>
<td class="nump">4,257,361<span></span>
</td>
<td class="nump">6,613,759<span></span>
</td>
<td class="nump">4,804,948<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DividendsPreferredStockPaidinkind', window );">Dividends declared</a></td>
<td class="nump">78,639<span></span>
</td>
<td class="nump">1,335,733<span></span>
</td>
<td class="nump">1,808,811<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_PreferredStockValueDistributed', window );">Shares distributed to EuroDry</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(3,692,131)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_PreferredStockRedemptionOfSharesValue', window );">Redemption of shares</a></td>
<td class="num">(3,530,945)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_PreferredDeemedDividend', window );">Preferred deemed dividend</a></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockValue', window );">Balance</a></td>
<td class="nump">$ 805,055<span></span>
</td>
<td class="nump">$ 4,257,361<span></span>
</td>
<td class="nump">$ 6,613,759<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_esea_PreferredDeemedDividend">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of preferred deemed dividends recognized during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">esea_PreferredDeemedDividend</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>esea_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_esea_PreferredStockDistributed">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents number of preferred stock distributed.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">esea_PreferredStockDistributed</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>esea_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_esea_PreferredStockRedemptionOfShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of preferred stock redeemed during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">esea_PreferredStockRedemptionOfShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>esea_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_esea_PreferredStockRedemptionOfSharesValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The value of preferred stock redeemed during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">esea_PreferredStockRedemptionOfSharesValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>esea_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_esea_PreferredStockValueDistributed">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents amount of preferred stock distributed.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">esea_PreferredStockValueDistributed</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>esea_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DividendsPreferredStockPaidinkind">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of paid and unpaid preferred stock dividends declared with the form of settlement in payment-in-kind (PIK).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=120397183&amp;loc=d3e187085-122770<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 405<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6957935&amp;loc=d3e64057-112817<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DividendsPreferredStockPaidinkind</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockDividendsShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of shares of preferred stock issued as dividends during the period. Excludes stock splits.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=109259400&amp;loc=d3e21463-112644<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PreferredStockDividendsShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockSharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Aggregate share number for all nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer) held by stockholders. Does not include preferred shares that have been repurchased.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PreferredStockSharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Aggregate par or stated value of issued nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable preferred shares, par value and other disclosure concepts are in another section within stockholders' equity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PreferredStockValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=esea_OrdinaryPreferredStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=esea_OrdinaryPreferredStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=esea_PreferredStockIssuedAsDividendsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=esea_PreferredStockIssuedAsDividendsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>55
<FILENAME>R67.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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</head>
<body>
<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6826958336">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 17 - Discontinued Operations (Details Textual) - USD ($)<br></strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>May 30, 2018</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=esea_EurodryMember', window );">Eurodry [Member] | Vessel Acquisition [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionAmountsOfTransaction', window );">Related Party Transaction, Amounts of Transaction</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 52,520,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=esea_EurodryMember', window );">Eurodry [Member] | Allocated Equity from Accumulated Deficit [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionAmountsOfTransaction', window );">Related Party Transaction, Amounts of Transaction</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">9,660,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=esea_EurodryMember', window );">Eurodry [Member] | Allocated Equity to Equity [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionAmountsOfTransaction', window );">Related Party Transaction, Amounts of Transaction</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 42,860,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_srt_CounterpartyNameAxis=esea_EurodryMember', window );">Eurodry [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_CommonStockValueReceived', window );">Common Stock, Value, Received</a></td>
<td class="nump">$ 2,254,830<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_srt_CounterpartyNameAxis=esea_EurodryMember', window );">Eurodry [Member] | Series B Preferred Stock [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_PreferredStockSharesReceived', window );">Preferred Stock, Shares, Received (in shares)</a></td>
<td class="nump">19,042<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_esea_CommonStockValueReceived">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of common stock received.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">esea_CommonStockValueReceived</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>esea_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_esea_PreferredStockSharesReceived">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of shares received for preferred stock.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">esea_PreferredStockSharesReceived</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>esea_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionAmountsOfTransaction">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of transactions with related party during the financial reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39603-107864<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionAmountsOfTransaction</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=esea_EurodryMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=esea_EurodryMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionAxis=esea_VesselAcquisitionMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionAxis=esea_VesselAcquisitionMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionAxis=esea_AllocatedEquityFromAccumulatedDeficitMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionAxis=esea_AllocatedEquityFromAccumulatedDeficitMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionAxis=esea_AllocatedEquityToEquityMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionAxis=esea_AllocatedEquityToEquityMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_CounterpartyNameAxis=esea_EurodryMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_CounterpartyNameAxis=esea_EurodryMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=us-gaap_SeriesBPreferredStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=us-gaap_SeriesBPreferredStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>56
<FILENAME>R48.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6848763792">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 7 - Related Party Transactions (Details Textual)<br></strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1">1 Months Ended</th>
<th class="th" colspan="1">2 Months Ended</th>
<th class="th" colspan="1">11 Months Ended</th>
<th class="th" colspan="6">12 Months Ended</th>
<th class="th" colspan="1">24 Months Ended</th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Jan. 01, 2018</div></th>
<th class="th"><div>Jan. 01, 2011</div></th>
<th class="th">
<div>Aug. 31, 2019 </div>
<div>USD ($) </div>
<div>shares</div>
</th>
<th class="th">
<div>Dec. 31, 2019 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Nov. 15, 2019 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2019 </div>
<div>USD ($) </div>
<div>shares</div>
</th>
<th class="th">
<div>Dec. 31, 2019 </div>
<div>EUR (&#8364;) </div>
<div>shares</div>
</th>
<th class="th">
<div>Dec. 31, 2018 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2018 </div>
<div>EUR (&#8364;)</div>
</th>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>EUR (&#8364;)</div>
</th>
<th class="th">
<div>Dec. 31, 2018 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Nov. 01, 2019 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Sep. 30, 2019 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_ServiceManagementCostsDailyFeeRelatedParty', window );">Service Management Costs Daily Fee Related Party | &#8364;</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#8364; 685<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#8364; 685<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#8364; 685<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_RelatedPartyAgreementTerm', window );">Related Party Agreement Term (Year)</a></td>
<td class="text">5 years<span></span>
</td>
<td class="text">5 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_RelatedPartyTransactionDiscountPercentage', window );">Related Party Transaction Discount Percentage</a></td>
<td class="nump">5.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_RelatedPartyTransactionDailyFeePerVesselPerDayInOperation', window );">Related Party Transaction Daily Fee Per Vessel Per Day in Operation</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 720<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_RelatedPartyTransactionDailyFeePerVesselPerDayInLayUp', window );">Related Party Transaction Daily Fee Per Vessel Per Day in Lay Up</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">360<span></span>
</td>
<td class="nump">&#8364; 342.50<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DueToRelatedPartiesCurrentAndNoncurrent', window );">Due to Related Parties, Total</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 795,562<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">795,562<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 2,672,895<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 2,672,895<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment', window );">Payments to Acquire Property, Plant, and Equipment, Total</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 55,720,226<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,867<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 30,063,480<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=esea_FourFeederContainershipsMember', window );">Four Feeder Containerships [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_NumberOfVesselsAcquired', window );">Number of Vessels Acquired</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">4<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment', window );">Payments to Acquire Property, Plant, and Equipment, Total</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 15,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesPurchaseOfAssets', window );">Stock Issued During Period, Shares, Purchase of Assets (in shares) | shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,816,901<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,816,901<span></span>
</td>
<td class="nump">2,816,901<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=esea_EurobulkLtdMember', window );">Eurobulk Ltd. [Member] | Fixed Management Fees [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionAmountsOfTransaction', window );">Related Party Transaction, Amounts of Transaction</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 2,000,000<span></span>
</td>
<td class="nump">$ 1,250,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 2,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=esea_EurobulkLtdMember', window );">Eurobulk Ltd. [Member] | Fixed Management Fees [Member] | General and Administrative Expense [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionAmountsOfTransaction', window );">Related Party Transaction, Amounts of Transaction</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,344,250<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,561,126<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,306,476<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=esea_EurobulkLtdMember', window );">Eurobulk Ltd. [Member] | Vessel Management Fees [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionAmountsOfTransaction', window );">Related Party Transaction, Amounts of Transaction</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 3,671,335<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3,536,094<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,632,637<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=esea_ColbyTradingLtdMember', window );">Colby Trading Ltd [Member] | First Debt Agreement [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DueToRelatedPartiesCurrentAndNoncurrent', window );">Due to Related Parties, Total</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 2,500,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentInterestRateStatedPercentage', window );">Debt Instrument, Interest Rate, Stated Percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">8.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=esea_ColbyTradingLtdMember', window );">Colby Trading Ltd [Member] | Second Debt Agreement [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DueToRelatedPartiesCurrentAndNoncurrent', window );">Due to Related Parties, Total</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 2,500,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentInterestRateStatedPercentage', window );">Debt Instrument, Interest Rate, Stated Percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">8.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=esea_EurochartMember', window );">Eurochart [Member] | Vessel Sales [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_RelatedPartyTransactionCommissionPercentage', window );">Related Party Transaction Commission, Percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1.00%<span></span>
</td>
<td class="nump">1.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty', window );">Related Party Transaction, Expenses from Transactions with Related Party</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">64,500<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">70,640<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=esea_EurochartMember', window );">Eurochart [Member] | Charter Revenues [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_RelatedPartyTransactionCommissionPercentage', window );">Related Party Transaction Commission, Percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1.25%<span></span>
</td>
<td class="nump">1.25%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty', window );">Related Party Transaction, Expenses from Transactions with Related Party</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 493,341<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">453,361<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">310,467<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=esea_EurochartMember', window );">Eurochart [Member] | Vessel Acquisition [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty', window );">Related Party Transaction, Expenses from Transactions with Related Party</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">118,526<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=esea_SentinelMember', window );">Sentinel [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty', window );">Related Party Transaction, Expenses from Transactions with Related Party</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 106,749<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">118,684<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">89,329<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_RelatedPartyTransactionCommissionOnPremiumMaximumPercentage', window );">Related Party Transaction Commission on Premium, Maximum, Percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">5.00%<span></span>
</td>
<td class="nump">5.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=esea_TechnomarMember', window );">Technomar [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty', window );">Related Party Transaction, Expenses from Transactions with Related Party</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 142,332<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 137,385<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 101,394<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_RelatedPartyTransactionAmountsOfTransactionPerCrewMemberPerMonth', window );">Related Party Transaction Amounts of Transaction Per Crew Member Per Month</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 50<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_esea_NumberOfVesselsAcquired">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of vessels acquired during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">esea_NumberOfVesselsAcquired</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>esea_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_esea_RelatedPartyAgreementTerm">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the term of a related party agreement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">esea_RelatedPartyAgreementTerm</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>esea_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_esea_RelatedPartyTransactionAmountsOfTransactionPerCrewMemberPerMonth">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the related party transaction amounts of transaction per crew member per month.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">esea_RelatedPartyTransactionAmountsOfTransactionPerCrewMemberPerMonth</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>esea_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_esea_RelatedPartyTransactionCommissionOnPremiumMaximumPercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the the maximum percentage of commission on premium to be paid to a related party.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">esea_RelatedPartyTransactionCommissionOnPremiumMaximumPercentage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>esea_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_esea_RelatedPartyTransactionCommissionPercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The percentage of the related party transaction commission.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">esea_RelatedPartyTransactionCommissionPercentage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>esea_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_esea_RelatedPartyTransactionDailyFeePerVesselPerDayInLayUp">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Related Party Transaction Daily Fee Per Vessel Per Day In Lay Up</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">esea_RelatedPartyTransactionDailyFeePerVesselPerDayInLayUp</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>esea_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_esea_RelatedPartyTransactionDailyFeePerVesselPerDayInOperation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Related Party Transaction Daily Fee Per Vessel Per Day In Operation</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">esea_RelatedPartyTransactionDailyFeePerVesselPerDayInOperation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>esea_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_esea_RelatedPartyTransactionDiscountPercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Related party transaction discount percentage.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">esea_RelatedPartyTransactionDiscountPercentage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>esea_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_esea_ServiceManagementCostsDailyFeeRelatedParty">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate costs related to vessel management fees.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">esea_ServiceManagementCostsDailyFeeRelatedParty</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>esea_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentInterestRateStatedPercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Contractual interest rate for funds borrowed, under the debt agreement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.22(a)(1))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentInterestRateStatedPercentage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DueToRelatedPartiesCurrentAndNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying amount as of the balance sheet date of obligations due all related parties.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.(k)(1))<br> -URI http://asc.fasb.org/extlink&amp;oid=120395691&amp;loc=d3e23780-122690<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03.17)<br> -URI http://asc.fasb.org/extlink&amp;oid=120400017&amp;loc=d3e572229-122910<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03.15(3),(4))<br> -URI http://asc.fasb.org/extlink&amp;oid=120398452&amp;loc=d3e534808-122878<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (d)<br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DueToRelatedPartiesCurrentAndNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow associated with the acquisition of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale; includes cash outflows to pay for construction of self-constructed assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 13<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3213-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsToAcquirePropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionAmountsOfTransaction">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of transactions with related party during the financial reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39603-107864<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionAmountsOfTransaction</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Expenses recognized resulting from transactions (excluding transactions that are eliminated in consolidated or combined financial statements) with related party.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodSharesPurchaseOfAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of shares of stock issued during the period as part of a transaction to acquire assets that do not qualify as a business combination.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockIssuedDuringPeriodSharesPurchaseOfAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=esea_FourFeederContainershipsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=esea_FourFeederContainershipsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=esea_EurobulkLtdMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=esea_EurobulkLtdMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NatureOfExpenseAxis=esea_FixedManagementFeesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NatureOfExpenseAxis=esea_FixedManagementFeesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeStatementLocationAxis=us-gaap_GeneralAndAdministrativeExpenseMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeStatementLocationAxis=us-gaap_GeneralAndAdministrativeExpenseMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionAxis=esea_VesselManagementFeesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionAxis=esea_VesselManagementFeesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=esea_ColbyTradingLtdMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=esea_ColbyTradingLtdMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionAxis=esea_FirstDebtAgreementMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionAxis=esea_FirstDebtAgreementMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionAxis=esea_SecondDebtAgreementMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionAxis=esea_SecondDebtAgreementMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=esea_EurochartMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=esea_EurochartMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionAxis=esea_VesselSalesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionAxis=esea_VesselSalesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionAxis=esea_CharterRevenuesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionAxis=esea_CharterRevenuesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionAxis=esea_VesselAcquisitionMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionAxis=esea_VesselAcquisitionMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=esea_SentinelMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=esea_SentinelMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=esea_TechnomarMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=esea_TechnomarMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>57
<FILENAME>R44.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6849286384">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 4 - Vessels, Net (Details Textual) - USD ($)<br></strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1">1 Months Ended</th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Nov. 21, 2019</div></th>
<th class="th"><div>Nov. 19, 2019</div></th>
<th class="th"><div>Nov. 18, 2019</div></th>
<th class="th"><div>Aug. 07, 2019</div></th>
<th class="th"><div>Aug. 02, 2019</div></th>
<th class="th"><div>Jun. 25, 2018</div></th>
<th class="th"><div>Dec. 21, 2017</div></th>
<th class="th"><div>Dec. 06, 2017</div></th>
<th class="th"><div>Oct. 29, 2017</div></th>
<th class="th"><div>Oct. 23, 2017</div></th>
<th class="th"><div>Sep. 30, 2017</div></th>
<th class="th"><div>Sep. 29, 2017</div></th>
<th class="th"><div>Jun. 20, 2017</div></th>
<th class="th"><div>Jan. 13, 2017</div></th>
<th class="th"><div>Jan. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_PaymentsForImprovementsOfPropertyPlantAndEquipment', window );">Cost for Improvements of Vessels</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 370,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment', window );">Proceeds from Sale of Property, Plant, and Equipment, Total</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">$ 6,255,735<span></span>
</td>
<td class="nump">$ 9,552,260<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GainLossOnSaleOfPropertyPlantEquipment', window );">Gain (Loss) on Disposition of Property Plant Equipment, Total</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">1,340,952<span></span>
</td>
<td class="nump">803,811<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetImpairmentCharges', window );">Asset Impairment Charges, Total</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">4,595,819<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment', window );">Payments to Acquire Property, Plant, and Equipment, Total</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 55,720,226<span></span>
</td>
<td class="nump">$ 1,867<span></span>
</td>
<td class="nump">30,063,480<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis=esea_MVAggelikiPAndMVMonikaPMember', window );">M/V Aggeliki P. and M/V Monika P. [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetImpairmentCharges', window );">Asset Impairment Charges, Total</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 4,600,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ImpairmentEffectOnEarningsPerSharePretax', window );">Impairment Effect on Earnings Per Share, Pretax (in dollars per share)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 3.36<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis=esea_MVAggelikiPMember', window );">M/V Aggeliki P. [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GainLossOnSaleOfPropertyPlantEquipment', window );">Gain (Loss) on Disposition of Property Plant Equipment, Total</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 300,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis=esea_MVMonikaPMember', window );">M/V Monika P. [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GainLossOnSaleOfPropertyPlantEquipment', window );">Gain (Loss) on Disposition of Property Plant Equipment, Total</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,340,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=esea_MVRTDagrMember', window );">M/V RT Dagr [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment', window );">Proceeds from Sale of Property, Plant, and Equipment, Total</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 2,300,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GainLossOnSaleOfPropertyPlantEquipment', window );">Gain (Loss) on Disposition of Property Plant Equipment, Total</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 500,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=esea_MVAggelikiPMember', window );">M/V Aggeliki P. [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment', window );">Proceeds from Sale of Property, Plant, and Equipment, Total</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 4,400,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetImpairmentCharges', window );">Asset Impairment Charges, Total</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">$ (1,260,000)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=esea_MVEMAstoriaMember', window );">M/V EM Astoria [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment', window );">Payments to Acquire Property, Plant, and Equipment, Total</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 4,750,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=esea_MvEmAthensMember', window );">MV EM Athens [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment', window );">Payments to Acquire Property, Plant, and Equipment, Total</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 4,240,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=esea_MvEmOinoussesMember', window );">M/V EM Oinousses [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment', window );">Payments to Acquire Property, Plant, and Equipment, Total</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 4,250,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=esea_MvEmCorfuMember', window );">M/V EM Corfu [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment', window );">Payments to Acquire Property, Plant, and Equipment, Total</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 5,660,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=esea_MvAkinadaBridgeMember', window );">M/V Akinada Bridge [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment', window );">Payments to Acquire Property, Plant, and Equipment, Total</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 11,120,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=esea_MvEmHydraMember', window );">M/V EM Hydra [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment', window );">Payments to Acquire Property, Plant, and Equipment, Total</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 6,730,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=esea_MvDiamantisMember', window );">M/V Diamantis [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment', window );">Payments to Acquire Property, Plant, and Equipment, Total</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 5,220,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=esea_EmKeaMember', window );">EM Kea [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment', window );">Payments to Acquire Property, Plant, and Equipment, Total</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 9,480,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=esea_EmSpetsesMember', window );">EM Spetses [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment', window );">Payments to Acquire Property, Plant, and Equipment, Total</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 7,570,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=esea_MVSynergyAntwerpMember', window );">M/V Synergy Antwerp [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment', window );">Payments to Acquire Property, Plant, and Equipment, Total</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 10,110,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=esea_MVSynergyKeelungMember', window );">M/V Synergy Keelung [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment', window );">Payments to Acquire Property, Plant, and Equipment, Total</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 11,440,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=esea_MVSynergyOaklandMember', window );">M/V Synergy Oakland [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment', window );">Payments to Acquire Property, Plant, and Equipment, Total</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 10,500,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=esea_MVSynergyBusanMember', window );">M/V Synergy Busan [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment', window );">Payments to Acquire Property, Plant, and Equipment, Total</a></td>
<td class="nump">$ 10,170,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_esea_PaymentsForImprovementsOfPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of payments for improvements of property, plant and equipment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">esea_PaymentsForImprovementsOfPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>esea_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetImpairmentCharges">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of write-down of assets recognized in the income statement. Includes, but is not limited to, losses from tangible assets, intangible assets and goodwill.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3602-108585<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 45<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=109226348&amp;loc=d3e2420-110228<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AssetImpairmentCharges</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GainLossOnSaleOfPropertyPlantEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of gain (loss) on sale or disposal of property, plant and equipment assets, including oil and gas property and timber property.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GainLossOnSaleOfPropertyPlantEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ImpairmentEffectOnEarningsPerSharePretax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Pretax earnings per share or per unit impact arising from asset impairment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ImpairmentEffectOnEarningsPerSharePretax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow associated with the acquisition of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale; includes cash outflows to pay for construction of self-constructed assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 13<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3213-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsToAcquirePropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from the sale of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 12<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3179-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis=esea_MVAggelikiPAndMVMonikaPMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis=esea_MVAggelikiPAndMVMonikaPMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis=esea_MVAggelikiPMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis=esea_MVAggelikiPMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis=esea_MVMonikaPMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis=esea_MVMonikaPMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=esea_MVRTDagrMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=esea_MVRTDagrMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=esea_MVAggelikiPMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=esea_MVAggelikiPMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=esea_MVEMAstoriaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=esea_MVEMAstoriaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=esea_MvEmAthensMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=esea_MvEmAthensMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=esea_MvEmOinoussesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=esea_MvEmOinoussesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=esea_MvEmCorfuMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=esea_MvEmCorfuMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=esea_MvAkinadaBridgeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=esea_MvAkinadaBridgeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=esea_MvEmHydraMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=esea_MvEmHydraMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=esea_MvDiamantisMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=esea_MvDiamantisMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=esea_EmKeaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=esea_EmKeaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=esea_EmSpetsesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=esea_EmSpetsesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=esea_MVSynergyAntwerpMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=esea_MVSynergyAntwerpMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=esea_MVSynergyKeelungMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=esea_MVSynergyKeelungMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=esea_MVSynergyOaklandMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=esea_MVSynergyOaklandMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=esea_MVSynergyBusanMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=esea_MVSynergyBusanMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>58
<FILENAME>R40.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6847568672">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 1 - Basis of Presentation and General Information (Details Textual)<br></strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="2">1 Months Ended</th>
<th class="th" colspan="3">12 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Feb. 01, 2021</div></th>
<th class="th"><div>Dec. 19, 2019</div></th>
<th class="th"><div>Dec. 18, 2019</div></th>
<th class="th">
<div>Nov. 21, 2019 </div>
<div>USD ($) </div>
<div>$ / shares</div>
</th>
<th class="th">
<div>Nov. 08, 2019 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Jul. 29, 2019 </div>
<div>USD ($)</div>
</th>
<th class="th"><div>Jun. 10, 2019</div></th>
<th class="th"><div>Jan. 31, 2021</div></th>
<th class="th">
<div>Aug. 31, 2019 </div>
<div>USD ($) </div>
<div>shares</div>
</th>
<th class="th">
<div>Dec. 31, 2019 </div>
<div>USD ($) </div>
<div>shares</div>
</th>
<th class="th">
<div>Dec. 31, 2018 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>May 30, 2018 </div>
<div>shares</div>
</th>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_ShareholdersOwnershipPercentage', window );">Shareholders Ownership, Percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">62.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_SpinoffTransactionNumberOfEurodryCommonShareReceivedByCompanysShareholdersForEveryFiveCommonShares', window );">Spinoff Transaction, Number of Eurodry Common Share Received by Company&#8217;s Shareholders for Every Five Common Shares (in shares) | shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_SpinoffTransactionNumberOfCompanysCommonSharesExchangedForEachCommonShareOfEurodry', window );">Spinoff Transaction, Number of Company&#8217;s Common Shares Exchanged for Each Common Share of Eurodry (in shares) | shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">5<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment', window );">Payments to Acquire Property, Plant, and Equipment, Total</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 55,720,226<span></span>
</td>
<td class="nump">$ 1,867<span></span>
</td>
<td class="nump">$ 30,063,480<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromIssuanceOfLongTermDebt', window );">Proceeds from Issuance of Long-term Debt, Total</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 16,167,680<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_WorkingCapitalSurplus', window );">Working Capital Surplus</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">18,600,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations', window );">Net Cash Provided by (Used in) Operating Activities, Continuing Operations, Total</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3,240,429<span></span>
</td>
<td class="num">$ (1,474,830)<span></span>
</td>
<td class="nump">$ 5,053,025<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Cash', window );">Cash, Ending Balance</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RestrictedCashAndCashEquivalents', window );">Restricted Cash and Cash Equivalents, Total</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 4,900,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_SeriesBPreferredStockMember', window );">Series B Preferred Stock [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockDividendRatePercentage', window );">Preferred Stock, Dividend Rate, Percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">4.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">8.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_SeriesBPreferredStockMember', window );">Series B Preferred Stock [Member] | Forecast [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockDividendRatePercentage', window );">Preferred Stock, Dividend Rate, Percentage</a></td>
<td class="nump">14.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">14.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NonmonetaryTransactionTypeAxis=esea_ReverseStockSplitMember', window );">Reverse Stock Split [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityNoteStockSplitConversionRatio1', window );">Stockholders' Equity Note, Stock Split, Conversion Ratio</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">8<span></span>
</td>
<td class="nump">8<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LineOfCreditFacilityAxis=esea_PiraeusBankSAMember', window );">Piraeus Bank S.A. [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromIssuanceOfLongTermDebt', window );">Proceeds from Issuance of Long-term Debt, Total</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 3,667,680<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LineOfCreditFacilityAxis=esea_PiraeusBankSAMember', window );">Piraeus Bank S.A. [Member] | Second Debt Agreement [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromIssuanceOfLongTermDebt', window );">Proceeds from Issuance of Long-term Debt, Total</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 32,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=esea_FourFeederContainershipsMember', window );">Four Feeder Containerships [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_NumberOfVesselsAcquired', window );">Number of Vessels Acquired</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">4<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_ConsiderationToAcquirePropertyPlantAndEquipment', window );">Consideration to Acquire Property, Plant and Equipment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 28,200,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment', window );">Payments to Acquire Property, Plant, and Equipment, Total</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 15,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesPurchaseOfAssets', window );">Stock Issued During Period, Shares, Purchase of Assets (in shares) | shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,816,901<span></span>
</td>
<td class="nump">2,816,901<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_SharesIssuedPercentOfOutsandingSharesOfTheCompany', window );">Shares Issued, Percent of Outsanding Shares of the Company</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">64.30%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=esea_SynergyVesselsMember', window );">Synergy Vessels [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment', window );">Payments to Acquire Property, Plant, and Equipment, Total</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 2,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesPurchaseOfAssets', window );">Stock Issued During Period, Shares, Purchase of Assets (in shares) | shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,056,338<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_VesselsAcquiredDuringThePeriod', window );">Vessels Acquired During the Period</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">4<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromIssuanceOfPrivatePlacement', window );">Proceeds from Issuance of Private Placement</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 6,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharesIssuedPricePerShare', window );">Shares Issued, Price Per Share (in dollars per share) | $ / shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 5.68<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_AcquisitionOfPropertyPlantAndEquipmentContingentSharesIssuableValue', window );">Acquisition of Property, Plant and Equipment, Contingent Shares Issuable</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 500,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=esea_SynergyVesselsMember', window );">Synergy Vessels [Member] | Piraeus Bank S.A. [Member] | Second Debt Agreement [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromIssuanceOfDebt', window );">Proceeds from Issuance of Debt</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 32,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_esea_AcquisitionOfPropertyPlantAndEquipmentContingentSharesIssuableValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The value of shares contingently issuable in the acquisition of property, plant and equipment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">esea_AcquisitionOfPropertyPlantAndEquipmentContingentSharesIssuableValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>esea_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_esea_ConsiderationToAcquirePropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of consideration paid to acquire property, plant and equipment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">esea_ConsiderationToAcquirePropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>esea_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_esea_NumberOfVesselsAcquired">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of vessels acquired during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">esea_NumberOfVesselsAcquired</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>esea_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_esea_ShareholdersOwnershipPercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The percent of shareholders ownership.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">esea_ShareholdersOwnershipPercentage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>esea_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_esea_SharesIssuedPercentOfOutsandingSharesOfTheCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The percent of outstanding shares represented in the shares issued for a certain transaction.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">esea_SharesIssuedPercentOfOutsandingSharesOfTheCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>esea_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_esea_SpinoffTransactionNumberOfCompanysCommonSharesExchangedForEachCommonShareOfEurodry">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents number of company&#8217;s common shares exchanged for each common share of Eurodry in a spinoff transaction.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">esea_SpinoffTransactionNumberOfCompanysCommonSharesExchangedForEachCommonShareOfEurodry</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>esea_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_esea_SpinoffTransactionNumberOfEurodryCommonShareReceivedByCompanysShareholdersForEveryFiveCommonShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents number of Eurodry common share received by company&#8217;s shareholders for every five common shares in a spinoff transaction.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">esea_SpinoffTransactionNumberOfEurodryCommonShareReceivedByCompanysShareholdersForEveryFiveCommonShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>esea_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_esea_VesselsAcquiredDuringThePeriod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the number of vessels acquired during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">esea_VesselsAcquiredDuringThePeriod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>esea_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_esea_WorkingCapitalSurplus">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of working capital surplus as of the balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">esea_WorkingCapitalSurplus</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>esea_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Cash">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Excludes cash and cash equivalents within disposal group and discontinued operation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 946<br> -SubTopic 210<br> -Section 45<br> -Paragraph 20<br> -URI http://asc.fasb.org/extlink&amp;oid=118262064&amp;loc=SL116631418-115840<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.1)<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 946<br> -SubTopic 210<br> -Section 45<br> -Paragraph 21<br> -URI http://asc.fasb.org/extlink&amp;oid=118262064&amp;loc=SL116631419-115840<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_Cash</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash inflow (outflow) from operating activities, excluding discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 24<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3521-108585<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 25<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3536-108585<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow associated with the acquisition of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale; includes cash outflows to pay for construction of self-constructed assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 13<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3213-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsToAcquirePropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockDividendRatePercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The percentage rate used to calculate dividend payments on preferred stock.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PreferredStockDividendRatePercentage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromIssuanceOfDebt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow during the period from additional borrowings in aggregate debt. Includes proceeds from short-term and long-term debt.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 14<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3255-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProceedsFromIssuanceOfDebt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromIssuanceOfLongTermDebt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from a debt initially having maturity due after one year or beyond the operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 14<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3255-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProceedsFromIssuanceOfLongTermDebt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<tr>
<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromIssuanceOfPrivatePlacement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow associated with the amount received from entity's raising of capital via private rather than public placement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 14<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3255-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProceedsFromIssuanceOfPrivatePlacement</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RestrictedCashAndCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash and cash equivalents restricted as to withdrawal or usage. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Cash equivalents include, but are not limited to, short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(2))<br> -URI http://asc.fasb.org/extlink&amp;oid=120400017&amp;loc=d3e572229-122910<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(1))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=121583591&amp;loc=SL98516268-108586<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(1)(a))<br> -URI http://asc.fasb.org/extlink&amp;oid=120398452&amp;loc=d3e534808-122878<br><br>Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3044-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RestrictedCashAndCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SharesIssuedPricePerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Per share or per unit amount of equity securities issued.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SharesIssuedPricePerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodSharesPurchaseOfAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of shares of stock issued during the period as part of a transaction to acquire assets that do not qualify as a business combination.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockIssuedDuringPeriodSharesPurchaseOfAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquityNoteStockSplitConversionRatio1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Ratio applied to the conversion of stock split, for example but not limited to, one share converted to two or two shares converted to one.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 4<br> -Subparagraph (SAB TOPIC 4.C)<br> -URI http://asc.fasb.org/extlink&amp;oid=120397183&amp;loc=d3e187143-122770<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockholdersEquityNoteStockSplitConversionRatio1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:pureItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=us-gaap_SeriesBPreferredStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=us-gaap_SeriesBPreferredStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
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</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_StatementScenarioAxis=srt_ScenarioForecastMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_StatementScenarioAxis=srt_ScenarioForecastMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NonmonetaryTransactionTypeAxis=esea_ReverseStockSplitMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NonmonetaryTransactionTypeAxis=esea_ReverseStockSplitMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LineOfCreditFacilityAxis=esea_PiraeusBankSAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LineOfCreditFacilityAxis=esea_PiraeusBankSAMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentAxis=esea_SecondDebtAgreementMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentAxis=esea_SecondDebtAgreementMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=esea_FourFeederContainershipsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=esea_FourFeederContainershipsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
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<td></td>
</tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=esea_SynergyVesselsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
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<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6826650704">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Note 8 - Long-term Bank Loans - Summary of Future Annual Loan Repayments for Long-term Debt (Details)<br></strong></div></th>
<th class="th">
<div>Dec. 31, 2019 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextRollingTwelveMonths', window );">2020</a></td>
<td class="nump">$ 12,541,840<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearTwo', window );">2021</a></td>
<td class="nump">29,941,840<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearThree', window );">2022</a></td>
<td class="nump">8,723,540<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearFour', window );">2023</a></td>
<td class="nump">34,000,000<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_LongTermDebtExcludingRelatedPartyLoans', window );">Total</a></td>
<td class="nump">$ 85,207,220<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_esea_LongTermDebtExcludingRelatedPartyLoans">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations and related party loans.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">esea_LongTermDebtExcludingRelatedPartyLoans</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>esea_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextRollingTwelveMonths">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of long-term debt payable, sinking fund requirements, and other securities issued that are redeemable by holder at fixed or determinable prices and dates maturing in the next rolling twelve months following the latest balance sheet. For interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.12-04.(a))<br> -URI http://asc.fasb.org/extlink&amp;oid=120395691&amp;loc=d3e24072-122690<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextRollingTwelveMonths</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearFour">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of long-term debt payable, sinking fund requirements, and other securities issued that are redeemable by holder at fixed or determinable prices and dates maturing in the fourth rolling twelve months following the latest balance sheet. For interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.12-04.(a))<br> -URI http://asc.fasb.org/extlink&amp;oid=120395691&amp;loc=d3e24072-122690<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearFour</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearThree">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of long-term debt payable, sinking fund requirements, and other securities issued that are redeemable by holder at fixed or determinable prices and dates maturing in the third rolling twelve months following the latest balance sheet. For interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.12-04.(a))<br> -URI http://asc.fasb.org/extlink&amp;oid=120395691&amp;loc=d3e24072-122690<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearThree</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearTwo">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of long-term debt payable, sinking fund requirements, and other securities issued that are redeemable by holder at fixed or determinable prices and dates maturing in the second rolling twelve months following the latest balance sheet. For interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.12-04.(a))<br> -URI http://asc.fasb.org/extlink&amp;oid=120395691&amp;loc=d3e24072-122690<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearTwo</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6818712912">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 11 - Stock Incentive Plan - Summary of the Status of the Company's Non-vested Shares (Details) - Restricted Stock [Member]<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th">
<div>Dec. 31, 2019 </div>
<div>$ / shares </div>
<div>shares</div>
</th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber', window );">Non-vested (in shares) | shares</a></td>
<td class="nump">21,948<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue', window );">Non-vested, weighted average grant date fair value (in dollars per share) | $ / shares</a></td>
<td class="nump">$ 10.16<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod', window );">Granted (in shares) | shares</a></td>
<td class="nump">15,444<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue', window );">Granted, weighted average grant date fair value (in dollars per share) | $ / shares</a></td>
<td class="nump">$ 5.84<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod', window );">Vested (in shares) | shares</a></td>
<td class="num">(14,108)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue', window );">Vested, weighted average grant date fair value (in dollars per share) | $ / shares</a></td>
<td class="nump">$ 11.01<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber', window );">Non-vested (in shares) | shares</a></td>
<td class="nump">23,284<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue', window );">Non-vested, weighted average grant date fair value (in dollars per share) | $ / shares</a></td>
<td class="nump">$ 6.77<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of grants made during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(2)(iii)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=120381028&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The weighted average fair value at grant date for nonvested equity-based awards issued during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(2)(iii)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=120381028&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of non-vested equity-based payment instruments, excluding stock (or unit) options, that validly exist and are outstanding as of the balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(2)(i)-(ii)<br> -URI http://asc.fasb.org/extlink&amp;oid=120381028&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Per share or unit weighted-average fair value of nonvested award under share-based payment arrangement. Excludes share and unit options.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(2)(i)-(ii)<br> -URI http://asc.fasb.org/extlink&amp;oid=120381028&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of equity-based payment instruments, excluding stock (or unit) options, that vested during the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(2)(iii)(2)<br> -URI http://asc.fasb.org/extlink&amp;oid=120381028&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The weighted average fair value as of grant date pertaining to an equity-based award plan other than a stock (or unit) option plan for which the grantee gained the right during the reporting period, by satisfying service and performance requirements, to receive or retain shares or units, other instruments, or cash in accordance with the terms of the arrangement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(2)(iii)(2)<br> -URI http://asc.fasb.org/extlink&amp;oid=120381028&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AwardTypeAxis=us-gaap_RestrictedStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AwardTypeAxis=us-gaap_RestrictedStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6832762112">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 14 - Derivative Financial Instruments (Details Textual)<br></strong></div></th>
<th class="th" colspan="1">1 Months Ended</th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2018 </div>
<div>USD ($)</div>
</th>
<th class="th"><div>Nov. 28, 2017</div></th>
<th class="th"><div>Nov. 28, 2016</div></th>
<th class="th">
<div>Oct. 17, 2014 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeInstrumentRiskAxis=us-gaap_InterestRateSwapMember', window );">Interest Rate Swap [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeNumberOfInstrumentsHeld', window );">Derivative, Number of Instruments Held, Total</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeNotionalAmount', window );">Derivative, Notional Amount</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 10,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeInstrumentRiskAxis=us-gaap_InterestRateSwapMember', window );">Interest Rate Swap [Member] | Eurobank [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeNumberOfInstrumentsHeld', window );">Derivative, Number of Instruments Held, Total</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeNotionalAmount', window );">Derivative, Notional Amount</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 10,000,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeAverageFixedInterestRate', window );">Derivative, Average Fixed Interest Rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1.97%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeFixedInterestRate', window );">Derivative, Fixed Interest Rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3.55%<span></span>
</td>
<td class="nump">0.95%<span></span>
</td>
<td class="nump">0.50%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeInstrumentRiskAxis=esea_FreightForwardAgreementsMember', window );">Freight Forward Agreements [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeNumberOfInstrumentsHeld', window );">Derivative, Number of Instruments Held, Total</a></td>
<td class="nump">3<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_CharterEquivalentRatePerDay', window );">Charter Equivalent Rate Per Day</a></td>
<td class="nump">$ 11,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount per day due for time charter.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">esea_CharterEquivalentRatePerDay</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>esea_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DerivativeAverageFixedInterestRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Average fixed interest rate related to the group of interest rate derivatives.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DerivativeAverageFixedInterestRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DerivativeFixedInterestRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Fixed interest rate related to the interest rate derivative.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DerivativeFixedInterestRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DerivativeNotionalAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Nominal or face amount used to calculate payment on derivative.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 815<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1B<br> -URI http://asc.fasb.org/extlink&amp;oid=121590274&amp;loc=SL5580258-113959<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 815<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1A<br> -Subparagraph (d)<br> -URI http://asc.fasb.org/extlink&amp;oid=121590274&amp;loc=SL5579245-113959<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DerivativeNotionalAmount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DerivativeNumberOfInstrumentsHeld">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of derivative instruments of a particular group held by the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 815<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1A<br> -Subparagraph (d)<br> -URI http://asc.fasb.org/extlink&amp;oid=121590274&amp;loc=SL5579245-113959<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 815<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1B<br> -URI http://asc.fasb.org/extlink&amp;oid=121590274&amp;loc=SL5580258-113959<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DerivativeNumberOfInstrumentsHeld</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DerivativeInstrumentRiskAxis=us-gaap_InterestRateSwapMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DerivativeInstrumentRiskAxis=us-gaap_InterestRateSwapMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_CounterpartyNameAxis=esea_EurobankMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_CounterpartyNameAxis=esea_EurobankMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6826691264">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 16 - Financial Instruments (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2019</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TableTextBlock', window );"><strong>Notes Tables</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock', window );">Fair Value Measurements, Recurring and Nonrecurring [Table Text Block]</a></td>
<td class="text"><div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom"> <td>&nbsp;</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="15" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fair Value Measurement as of December 31, 2018</td> </tr> <tr style="vertical-align: bottom"> <td>&nbsp;</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total,</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(Level 1)</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(Level 2)</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&nbsp;</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.45pt 0pt 0; text-align: right"><div style="display: inline; font-weight: bold;">&nbsp;</div></div><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.45pt 0pt 0; text-align: right"><div style="display: inline; font-weight: bold;">&nbsp;</div></div></td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.45pt 0pt 0; text-align: right"><div style="display: inline; font-weight: bold;">(Level 3)</div></div></td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.45pt 0pt 0; text-align: right"><div style="display: inline; font-weight: bold;">&nbsp;</div></div></td> </tr> <tr style="vertical-align: bottom"> <td>Liabilities</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="text-align: right">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="text-align: center">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="text-align: right">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td colspan="3">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%; text-align: left; padding-bottom: 1pt">Interest rate swap contract, current portion</td> <td style="width: 1%; padding-bottom: 1pt">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">41,435</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%; padding-bottom: 1pt">&nbsp;</td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%; padding-bottom: 1pt">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">41,435</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%; padding-bottom: 1pt">&nbsp;</td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> </tr> </table></div><span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisTextBlock', window );">Fair Value Measurements, Nonrecurring [Table Text Block]</a></td>
<td class="text"><div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom"> <td style="text-align: center">&nbsp;</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="19" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2017</td> </tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Fair Value</td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">&nbsp;</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Level 1</td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">&nbsp;</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Level 2</td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">&nbsp;</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Level 3</td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">&nbsp;</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Loss 2017</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 35%; text-align: left; padding-bottom: 1pt">Vessel profit participating liability</td> <td style="border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 1%; text-align: center"></td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">$1,297,100</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: center">&nbsp;</td> <td style="text-align: center; border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: center">&nbsp;</td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: center">&nbsp;</td> <td style="text-align: center; border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: center"></td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">$1,297,100</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: center">&nbsp;</td> <td style="text-align: center; border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: center">&nbsp;</td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: center">&nbsp;</td> <td style="text-align: center; border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: center">&nbsp;</td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; text-align: center">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt">Vessels held for sale</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"></td> <td style="border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">$5,000,000</div></td> <td style="border-bottom: Black 1pt solid; text-align: center">&nbsp;</td> <td style="text-align: center; border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: center">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; text-align: center">&nbsp;</td> <td style="text-align: center; border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: center"></td> <td style="border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">$5,000,000</div></td> <td style="border-bottom: Black 1pt solid; text-align: center">&nbsp;</td> <td style="text-align: center; border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: center">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; text-align: center">&nbsp;</td> <td style="text-align: center; border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: center"></td> <td style="border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">$4,595,819</div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">&nbsp;</td> </tr> </table></div><div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom"> <td>&nbsp;</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="19" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2018</td> </tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: center">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fair Value</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">&nbsp;</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 1</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">&nbsp;</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 2</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">&nbsp;</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 3</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">&nbsp;</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Loss 2018</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: center">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 35%; text-align: left; padding-bottom: 1pt">Vessel profit participating liability</td> <td style="border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt">&nbsp;</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; text-align: left"></td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">$1,067,500</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: center">&nbsp;</td> <td style="text-align: center; border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: center">&nbsp;</td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: center">&nbsp;</td> <td style="text-align: center; border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: center"></td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">$1,067,500</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: center">&nbsp;</td> <td style="text-align: center; border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: center">&nbsp;</td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: center">&nbsp;</td> <td style="text-align: center; border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: center">&nbsp;</td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; text-align: center">&nbsp;</td> </tr> </table></div><div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> <td colspan="18" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><div style="display: inline; font-weight: bold;">December 31, 2019</div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">Fair Value </div></div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">&nbsp;</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">Level 1</div></div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">&nbsp;</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">Level 2</div></div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">&nbsp;</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">Level 3 </div></div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">&nbsp;</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">Loss 2019</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 35%; text-align: left; padding-bottom: 1pt">Vessel profit participating liability</td> <td style="border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt">&nbsp;</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: center">&nbsp;</td> <td style="text-align: center; border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: center">&nbsp;</td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: center">&nbsp;</td> <td style="text-align: center; border-left: Black 1pt solid; 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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6835743696">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 12 - Loss Per Share (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2019</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TableTextBlock', window );"><strong>Notes Tables</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock', window );">Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]</a></td>
<td class="text"><div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2017</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2018</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2019</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-left: 0.4pt">Income:</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 61%; text-align: left; padding-left: 0.4pt">Net loss, continuing operations</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(6,944,261</div></td> <td style="width: 1%; text-align: left">)</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(663,396</div></td> <td style="width: 1%; text-align: left">)</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,682,671</div></td> <td style="width: 1%; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 0.4pt">Dividends to Series B preferred shares</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,808,811</div></td> <td style="text-align: left">)</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,335,733</div></td> <td style="text-align: left">)</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,271,782</div></td> <td style="text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 0.4pt">Preferred deemed dividend</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(504,577</div></td> <td style="text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 0.4pt">Net loss attributable to common shareholders, continuing operations</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(8,753,072</div></td> <td style="text-align: left">)</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,999,129</div></td> <td style="text-align: left">)</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(3,459,030</div></td> <td style="text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 0.4pt">Weighted average common shares &#x2013;outstanding , basic and diluted</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,383,440</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,414,775</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,861,928</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 0.4pt">Basic and diluted loss per share, continuing operations</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(6.33</div></td> <td style="text-align: left">)</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1.41</div></td> <td style="text-align: left">)</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1.21</div></td> <td style="text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 0.4pt">Net income attributable to common shareholders, discontinued operations</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">849,701</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">554,506</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 0.4pt">Net loss attributable to common shareholders</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(7,903,371</div></td> <td style="text-align: left">)</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,444,623</div></td> <td style="text-align: left">)</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(3,459,030</div></td> <td style="text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 0.4pt">Basic and diluted loss per share</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(5.72</div></td> <td style="text-align: left">)</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1.02</div></td> <td style="text-align: left">)</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1.21</div></td> <td style="text-align: left">)</td> </tr> </table></div><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br></p></div>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6591977568">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 4 - Vessels, Net (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2019</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TableTextBlock', window );"><strong>Notes Tables</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentTextBlock', window );">Property, Plant and Equipment [Table Text Block]</a></td>
<td class="text"><div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-top: Black 1pt solid; width: 61%; font-weight: bold; padding-bottom: 1pt; text-indent: -21.3pt; padding-left: 21.3pt; border-bottom: Black 1pt solid">Balance, January 1, 2018</td> <td style="border-top: Black 1pt solid; width: 1%; font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-top: Black 1pt solid; width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-top: Black 1pt solid; width: 10%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">61,279,976</div></td> <td style="border-top: Black 1pt solid; width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-top: Black 1pt solid; width: 1%; font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-top: Black 1pt solid; width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-top: Black 1pt solid; width: 10%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(9,147,897</div></td> <td style="border-top: Black 1pt solid; width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</td> <td style="border-top: Black 1pt solid; width: 1%; font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-top: Black 1pt solid; width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-top: Black 1pt solid; width: 10%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">52,132,079</div></td> <td style="border-top: Black 1pt solid; width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt; text-indent: -21.3pt; padding-left: 21.3pt">-&nbsp;&nbsp;&nbsp;Depreciation for the year</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(3,305,951</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(3,305,951</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt; text-indent: -21.3pt; padding-left: 21.3pt">Balance, December 31, 2018</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">61,279,976</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(12,453,848</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">48,826,128</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -21.3pt; padding-left: 21.3pt">-&nbsp;&nbsp;&nbsp;Depreciation for the year</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(4,178,886</div></td> <td style="text-align: left">)</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(4,178,886</div></td> <td style="text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -21.3pt; padding-left: 21.3pt">-&nbsp;&nbsp;&nbsp;Vessel acquisitions</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">71,214,470</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">71,214,470</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt; text-indent: -21.3pt; padding-left: 21.3pt">-&nbsp;&nbsp;&nbsp;Vessel improvements</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">368,621</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">368,621</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt; text-indent: -21.3pt; padding-left: 21.3pt">Balance, December 31, 2019</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">132,863,067</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(16,632,734</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">116,230,333</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> </tr> </table></div><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, balances by class of assets, depreciation and depletion expense and method used, including composite depreciation, and accumulated deprecation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(13))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6846219056">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Consolidated Statements of Cash Flows - USD ($)<br></strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract', window );"><strong>Cash flows from operating activities:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net loss</a></td>
<td class="num">$ (1,682,671)<span></span>
</td>
<td class="num">$ (663,396)<span></span>
</td>
<td class="num">$ (6,944,261)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract', window );"><strong>Adjustments to reconcile net loss to net cash provided by / (used in) operating activities:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Depreciation', window );">Vessel depreciation</a></td>
<td class="num">(4,178,886)<span></span>
</td>
<td class="num">(3,305,951)<span></span>
</td>
<td class="num">(3,585,965)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherOperatingIncome', window );">Other operating income</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="num">(499,103)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetImpairmentCharges', window );">Loss on write-down of vessels held for sale</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">4,595,819<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AmortizationOfFinancingCosts', window );">Amortization and write off of deferred charges</a></td>
<td class="nump">205,590<span></span>
</td>
<td class="nump">321,181<span></span>
</td>
<td class="nump">113,244<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AmortizationOfDebtDiscountPremium', window );">Amortization of debt discount</a></td>
<td class="nump">95,214<span></span>
</td>
<td class="nump">465,507<span></span>
</td>
<td class="nump">60,988<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GainLossOnSaleOfPropertyPlantEquipment', window );">Net gain on sale of vessels</a></td>
<td class="text"> <span></span>
</td>
<td class="num">(1,340,952)<span></span>
</td>
<td class="num">(803,811)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_AmortizationOfFairValueOfBelowMarketTimeChartersAcquired', window );">Amortization of fair value of below market time charters acquired</a></td>
<td class="num">(857,945)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensation', window );">Share-based compensation</a></td>
<td class="nump">97,919<span></span>
</td>
<td class="nump">124,487<span></span>
</td>
<td class="nump">116,562<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_UnrealizedGainLossOnDerivatives', window );">Change in the fair value of derivatives</a></td>
<td class="num">(41,435)<span></span>
</td>
<td class="num">(204,647)<span></span>
</td>
<td class="nump">5,901<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GainsLossesOnExtinguishmentOfDebt', window );">Loss on debt extinguishment</a></td>
<td class="nump">328,291<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInAccountsReceivable', window );">Trade accounts receivable</a></td>
<td class="nump">243,608<span></span>
</td>
<td class="num">(73,210)<span></span>
</td>
<td class="num">(91,604)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInPrepaidExpense', window );">Prepaid expenses</a></td>
<td class="num">(304,195)<span></span>
</td>
<td class="nump">24,703<span></span>
</td>
<td class="num">(117,793)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInAccountsAndOtherReceivables', window );">Other receivables</a></td>
<td class="nump">460,909<span></span>
</td>
<td class="num">(1,066,378)<span></span>
</td>
<td class="num">(210,741)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInInventories', window );">Inventories</a></td>
<td class="num">(184,773)<span></span>
</td>
<td class="num">(511,373)<span></span>
</td>
<td class="nump">329,244<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInDueToAffiliates', window );">Due to related company</a></td>
<td class="num">(1,877,333)<span></span>
</td>
<td class="num">(2,732,256)<span></span>
</td>
<td class="nump">4,314,415<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInAccountsPayableTrade', window );">Trade accounts payable</a></td>
<td class="nump">1,539,553<span></span>
</td>
<td class="nump">766,052<span></span>
</td>
<td class="nump">197,782<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities', window );">Accrued expenses</a></td>
<td class="nump">482,671<span></span>
</td>
<td class="nump">282,045<span></span>
</td>
<td class="nump">167,016<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInDeferredRevenue', window );">Deferred revenues</a></td>
<td class="nump">556,140<span></span>
</td>
<td class="num">(172,544)<span></span>
</td>
<td class="nump">233,402<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations', window );">Net cash provided by / (used in) operating activities of continuing operations</a></td>
<td class="nump">3,240,429<span></span>
</td>
<td class="num">(1,474,830)<span></span>
</td>
<td class="nump">5,053,025<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract', window );"><strong>Cash flows from investing activities:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment', window );">Cash paid for capitalized expenses and acquisition of vessels including attached time charter agreements</a></td>
<td class="num">(55,720,226)<span></span>
</td>
<td class="num">(1,867)<span></span>
</td>
<td class="num">(30,063,480)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_OtherInvestmentFundsReleased', window );">Cash released from other investment</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">4,000,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment', window );">Proceeds from sale of vessels</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">6,255,735<span></span>
</td>
<td class="nump">9,552,260<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations', window );">Net cash (used in) / provided by investing activities of continuing operations</a></td>
<td class="num">(55,720,226)<span></span>
</td>
<td class="nump">6,253,868<span></span>
</td>
<td class="num">(16,511,220)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract', window );"><strong>Cash flows from financing activities:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsForRepurchaseOfRedeemablePreferredStock', window );">Redemption of Series B preferred shares</a></td>
<td class="num">(11,686,000)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromIssuanceOfCommonStock', window );">Proceeds from issuance of common stock, net of commissions paid</a></td>
<td class="nump">6,853,101<span></span>
</td>
<td class="nump">1,975,110<span></span>
</td>
<td class="nump">549,495<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_PaymentsForInvestmentInAffiliate', window );">Investment in subsidiary spun-off</a></td>
<td class="text"> <span></span>
</td>
<td class="num">(3,298,356)<span></span>
</td>
<td class="num">(915,525)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromContributionsFromAffiliates', window );">Due from spun-off subsidiary</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">639,312<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock', window );">Preferred dividends paid</a></td>
<td class="num">(1,031,827)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsOfStockIssuanceCosts', window );">Offering expenses paid</a></td>
<td class="num">(136,724)<span></span>
</td>
<td class="num">(22,488)<span></span>
</td>
<td class="num">(341,072)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsOfFinancingCosts', window );">Loan arrangement fees paid</a></td>
<td class="num">(566,500)<span></span>
</td>
<td class="num">(419,863)<span></span>
</td>
<td class="num">(187,637)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromIssuanceOfSecuredDebt', window );">Proceeds from long-term bank loans</a></td>
<td class="nump">60,167,680<span></span>
</td>
<td class="nump">34,250,000<span></span>
</td>
<td class="nump">22,250,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_RepaymentsOfLongtermDebtAndVesselProfitParticipationLiability', window );">Repayment of long-term bank loans and vessel profit participation liability</a></td>
<td class="num">(13,401,460)<span></span>
</td>
<td class="num">(32,349,000)<span></span>
</td>
<td class="num">(7,243,915)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromRelatedPartyDebt', window );">Proceeds from related party loan</a></td>
<td class="nump">5,000,000<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RepaymentsOfRelatedPartyDebt', window );">Repayment of related party loan</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="num">(2,000,000)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations', window );">Net cash provided by financing activities of continuing operations</a></td>
<td class="nump">45,198,270<span></span>
</td>
<td class="nump">135,403<span></span>
</td>
<td class="nump">12,750,658<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect', window );">Net increase / (decrease) in cash, cash equivalents and restricted cash</a></td>
<td class="num">(7,281,527)<span></span>
</td>
<td class="nump">4,914,441<span></span>
</td>
<td class="nump">1,292,463<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents', window );">Cash, cash equivalents and restricted cash at beginning of year</a></td>
<td class="nump">13,211,588<span></span>
</td>
<td class="nump">8,297,147<span></span>
</td>
<td class="nump">7,004,684<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents', window );">Cash, cash equivalents and restricted cash at end of year, continuing operations</a></td>
<td class="nump">5,930,061<span></span>
</td>
<td class="nump">13,211,588<span></span>
</td>
<td class="nump">8,297,147<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_CashBreakdownAbstract', window );"><strong>Cash breakdown</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents', window );">Total cash, cash equivalents and restricted cash shown in the statement of cash flows, continuing operations</a></td>
<td class="nump">5,930,061<span></span>
</td>
<td class="nump">13,211,588<span></span>
</td>
<td class="nump">8,297,147<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations', window );">Net cash provided by operating activities of discontinued operations</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">3,970,170<span></span>
</td>
<td class="nump">2,910,287<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashProvidedByUsedInInvestingActivitiesDiscontinuedOperations', window );">Net cash used in investing activities of discontinued operations</a></td>
<td class="text"> <span></span>
</td>
<td class="num">(29,045,685)<span></span>
</td>
<td class="num">(9,635,504)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashProvidedByUsedInFinancingActivitiesDiscontinuedOperations', window );">Net cash provided by financing activities of discontinued operations</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">27,928,885<span></span>
</td>
<td class="nump">9,283,359<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestPaidNet', window );">Cash paid for interest, net of capitalized expenses</a></td>
<td class="nump">3,100,049<span></span>
</td>
<td class="nump">2,475,631<span></span>
</td>
<td class="nump">1,174,863<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NoncashInvestingAndFinancingItemsAbstract', window );"><strong>Financing, and investing activities fees:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtIssuanceCostsIncurredDuringNoncashOrPartialNoncashTransaction', window );">Loan arrangement fees accrued</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">74,863<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesAssumed1', window );">Offering expenses accrued</a></td>
<td class="nump">40,846<span></span>
</td>
<td class="nump">100,000<span></span>
</td>
<td class="nump">12,488<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DividendsPaidinkind', window );">Payment-in-kind dividends</a></td>
<td class="nump">78,640<span></span>
</td>
<td class="nump">1,335,733<span></span>
</td>
<td class="nump">1,808,811<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CapitalExpendituresIncurredButNotYetPaid', window );">Capital expenditures included in liabilities</a></td>
<td class="nump">71,890<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_PreferredDividendsAccrued', window );">Accrued preferred dividends</a></td>
<td class="nump">161,315<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssued1', window );">Shares issued as consideration for acquisition of vessels</a></td>
<td class="nump">13,218,662<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_PreferredStockValueDistributed', window );">Preferred shares distributed to EuroDry</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">18,192,131<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_srt_CounterpartyNameAxis=esea_EurodryMember', window );">Eurodry [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NoncashInvestingAndFinancingItemsAbstract', window );"><strong>Financing, and investing activities fees:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_PreferredStockValueDistributed', window );">Preferred shares distributed to EuroDry</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">$ 18,192,131<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_esea_AmortizationOfFairValueOfBelowMarketTimeChartersAcquired">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of amortization of fir value of below market time charters acquired.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">esea_AmortizationOfFairValueOfBelowMarketTimeChartersAcquired</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>esea_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_esea_CashBreakdownAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">esea_CashBreakdownAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>esea_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_esea_OtherInvestmentFundsReleased">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of other investment funds that released during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">esea_OtherInvestmentFundsReleased</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>esea_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_esea_PaymentsForInvestmentInAffiliate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow related to investing in an entity that is affiliated with the reporting entity by means of direct or indirect ownership.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">esea_PaymentsForInvestmentInAffiliate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>esea_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_esea_PreferredDividendsAccrued">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of preferred dividends accrued.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">esea_PreferredDividendsAccrued</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>esea_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_esea_PreferredStockValueDistributed">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents amount of preferred stock distributed.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">esea_PreferredStockValueDistributed</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>esea_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_esea_RepaymentsOfLongtermDebtAndVesselProfitParticipationLiability">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of cash outflow from the repayment of long-term debt and vessel profit participation liability.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">esea_RepaymentsOfLongtermDebtAndVesselProfitParticipationLiability</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>esea_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AmortizationOfDebtDiscountPremium">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of noncash expense included in interest expense to amortize debt discount and premium associated with the related debt instruments. Excludes amortization of financing costs. Alternate captions include noncash interest expense.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 835<br> -SubTopic 30<br> -Section 45<br> -Paragraph 1A<br> -URI http://asc.fasb.org/extlink&amp;oid=119993939&amp;loc=d3e28541-108399<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3602-108585<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.8)<br> -URI http://asc.fasb.org/extlink&amp;oid=120395209&amp;loc=SL114868664-224227<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AmortizationOfDebtDiscountPremium</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AmortizationOfFinancingCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of amortization expense attributable to debt issuance costs.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3602-108585<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(8))<br> -URI http://asc.fasb.org/extlink&amp;oid=120395209&amp;loc=SL114868664-224227<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 835<br> -SubTopic 30<br> -Section 45<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=119993939&amp;loc=d3e28555-108399<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AmortizationOfFinancingCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetImpairmentCharges">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of write-down of assets recognized in the income statement. Includes, but is not limited to, losses from tangible assets, intangible assets and goodwill.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3602-108585<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 45<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=109226348&amp;loc=d3e2420-110228<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AssetImpairmentCharges</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CapitalExpendituresIncurredButNotYetPaid">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Future cash outflow to pay for purchases of fixed assets that have occurred.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 5<br> -URI http://asc.fasb.org/extlink&amp;oid=121583591&amp;loc=d3e4332-108586<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=121583591&amp;loc=d3e4313-108586<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=121583591&amp;loc=d3e4304-108586<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CapitalExpendituresIncurredButNotYetPaid</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash and cash equivalents, and cash and cash equivalents restricted to withdrawal or usage. Excludes amount for disposal group and discontinued operations. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Cash equivalents include, but are not limited to, short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 24<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3521-108585<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3044-108585<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=121583591&amp;loc=SL98516268-108586<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of increase (decrease) in cash, cash equivalents, and cash and cash equivalents restricted to withdrawal or usage; including effect from exchange rate change. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Cash equivalents include, but are not limited to, short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 830<br> -SubTopic 230<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=98513438&amp;loc=d3e33268-110906<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 24<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3521-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashProvidedByUsedInFinancingActivitiesDiscontinuedOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash inflow (outflow) of financing activities of discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 24<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3521-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CashProvidedByUsedInFinancingActivitiesDiscontinuedOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashProvidedByUsedInInvestingActivitiesDiscontinuedOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash inflow (outflow) of investing activities of discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 24<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3521-108585<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 50<br> -Paragraph 5B<br> -Subparagraph (c)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=109222650&amp;loc=SL51721673-107760<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CashProvidedByUsedInInvestingActivitiesDiscontinuedOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash inflow (outflow) of operating activities of discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 24<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3521-108585<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 50<br> -Paragraph 5B<br> -Subparagraph (c)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=109222650&amp;loc=SL51721673-107760<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtIssuanceCostsIncurredDuringNoncashOrPartialNoncashTransaction">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of debt issuance costs that were incurred during a noncash or partial noncash transaction.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=121583591&amp;loc=d3e4304-108586<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=121583591&amp;loc=d3e4313-108586<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 5<br> -URI http://asc.fasb.org/extlink&amp;oid=121583591&amp;loc=d3e4332-108586<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtIssuanceCostsIncurredDuringNoncashOrPartialNoncashTransaction</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Depreciation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expense recognized in the current period that reflects the allocation of the cost of tangible assets over the assets' useful lives. Includes production and non-production related depreciation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_Depreciation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DividendsPaidinkind">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of paid and unpaid paid-in-kind dividends (PIK) declared for classes of stock, for example, but not limited to, common and preferred.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 405<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6957935&amp;loc=d3e64057-112817<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=120397183&amp;loc=d3e187085-122770<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DividendsPaidinkind</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GainLossOnSaleOfPropertyPlantEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of gain (loss) on sale or disposal of property, plant and equipment assets, including oil and gas property and timber property.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GainLossOnSaleOfPropertyPlantEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GainsLossesOnExtinguishmentOfDebt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Difference between the fair value of payments made and the carrying amount of debt which is extinguished prior to maturity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 470<br> -SubTopic 50<br> -Section 40<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=117329964&amp;loc=d3e12355-112629<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 470<br> -SubTopic 50<br> -Section 40<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=117329964&amp;loc=d3e12317-112629<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GainsLossesOnExtinguishmentOfDebt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInAccountsAndOtherReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) during the reporting period in the amount due from customers for the credit sale of goods and services; includes accounts receivable and other types of receivables.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInAccountsAndOtherReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) during the reporting period in the amounts payable to vendors for goods and services received and the amount of obligations and expenses incurred but not paid.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInAccountsPayableTrade">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Change in recurring obligations of a business that arise from the acquisition of merchandise, materials, supplies and services used in the production and sale of goods and services.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInAccountsPayableTrade</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInAccountsReceivable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) during the reporting period in amount due within one year (or one business cycle) from customers for the credit sale of goods and services.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInAccountsReceivable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInDeferredRevenue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of increase (decrease) in deferred income and obligation to transfer product and service to customer for which consideration has been received or is receivable.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInDeferredRevenue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInDueToAffiliates">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in obligations owed to an entity that is controlling, under the control of, or within the same control group as the reporting entity by means of direct or indirect ownership.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInDueToAffiliates</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInInventories">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) during the reporting period in the aggregate value of all inventory held by the reporting entity, associated with underlying transactions that are classified as operating activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInInventories</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInPrepaidExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) during the reporting period in the amount of outstanding money paid in advance for goods or services that bring economic benefits for future periods.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInPrepaidExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestPaidNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash paid for interest, excluding capitalized interest, classified as operating activity. Includes, but is not limited to, payment to settle zero-coupon bond for accreted interest of debt discount and debt instrument with insignificant coupon interest rate in relation to effective interest rate of borrowing attributable to accreted interest of debt discount.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=121583591&amp;loc=d3e4297-108586<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 17<br> -Subparagraph (d)<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3367-108585<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 25<br> -Subparagraph (e)<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3536-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InterestPaidNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesAssumed1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The fair value of liabilities assumed in noncash investing or financing activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=121583591&amp;loc=d3e4304-108586<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 5<br> -URI http://asc.fasb.org/extlink&amp;oid=121583591&amp;loc=d3e4332-108586<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=121583591&amp;loc=d3e4313-108586<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LiabilitiesAssumed1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash inflow (outflow) of financing activities, excluding discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 24<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3521-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract</td>
</tr>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
</div></td></tr>
</table>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash inflow (outflow) of investing activities, excluding discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 24<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3521-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract</td>
</tr>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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</tr>
</table></div>
</div></td></tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash inflow (outflow) from operating activities, excluding discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 24<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3521-108585<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 25<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3536-108585<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
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</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
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</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1A<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=121641772&amp;loc=SL7669619-108580<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 31<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e8924-108599<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 250<br> -SubTopic 10<br> -Section 50<br> -Paragraph 11<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=109234566&amp;loc=d3e22694-107794<br><br>Reference 4: 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-SubTopic 10<br> -Section 50<br> -Paragraph 30<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e8906-108599<br><br>Reference 18: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 250<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=109234566&amp;loc=d3e22583-107794<br><br>Reference 19: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08(g)(1)(ii))<br> -URI http://asc.fasb.org/extlink&amp;oid=120395691&amp;loc=d3e23780-122690<br><br>Reference 20: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 60B<br> -Subparagraph (a)<br> -URI 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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetIncomeLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NoncashInvestingAndFinancingItemsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NoncashInvestingAndFinancingItemsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherOperatingIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The total amount of other operating income, the components of which are not separately disclosed on the income statement, from items that are associated with the entity's normal revenue producing operation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.1)<br> -URI http://asc.fasb.org/extlink&amp;oid=120395209&amp;loc=SL114868664-224227<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherOperatingIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsForRepurchaseOfRedeemablePreferredStock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for reacquisition of callable preferred stock.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 15<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3291-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsForRepurchaseOfRedeemablePreferredStock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash outflow in the form of ordinary dividends to preferred shareholders of the parent entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 15<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3291-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsOfFinancingCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for loan and debt issuance costs.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 15<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3291-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsOfFinancingCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsOfStockIssuanceCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for cost incurred directly with the issuance of an equity security.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 15<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3291-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsOfStockIssuanceCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow associated with the acquisition of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale; includes cash outflows to pay for construction of self-constructed assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 13<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3213-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsToAcquirePropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromContributionsFromAffiliates">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from an entity that is affiliated with the entity by means of direct or indirect ownership.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 14<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3255-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProceedsFromContributionsFromAffiliates</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromIssuanceOfCommonStock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from the additional capital contribution to the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 14<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3255-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProceedsFromIssuanceOfCommonStock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromIssuanceOfSecuredDebt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from amounts received from issuance of long-term debt that is wholly or partially secured by collateral. Excludes proceeds from tax exempt secured debt.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 14<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3255-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProceedsFromIssuanceOfSecuredDebt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromRelatedPartyDebt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from a long-term borrowing made from related parties where one party can exercise control or significant influence over another party; including affiliates, owners or officers and their immediate families, pension trusts, and so forth. Alternate caption: Proceeds from Advances from Affiliates.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 14<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3255-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProceedsFromRelatedPartyDebt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from the sale of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 12<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3179-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RepaymentsOfRelatedPartyDebt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for the payment of a long-term borrowing made from a related party where one party can exercise control or significant influence over another party; including affiliates, owners or officers and their immediate families, pension trusts, and so forth. Alternate caption: Payments for Advances from Affiliates.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 15<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3291-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RepaymentsOfRelatedPartyDebt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of noncash expense for share-based payment arrangement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssued1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The fair value of stock issued in noncash financing activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=121583591&amp;loc=d3e4304-108586<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 5<br> -URI http://asc.fasb.org/extlink&amp;oid=121583591&amp;loc=d3e4332-108586<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=121583591&amp;loc=d3e4313-108586<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockIssued1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_UnrealizedGainLossOnDerivatives">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The net change in the difference between the fair value and the carrying value, or in the comparative fair values, of derivative instruments, including options, swaps, futures, and forward contracts, held at each balance sheet date, that was included in earnings for the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_UnrealizedGainLossOnDerivatives</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_CounterpartyNameAxis=esea_EurodryMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_CounterpartyNameAxis=esea_EurodryMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6818652016">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Consolidated Balance Sheets (Parentheticals) - $ / shares<br></strong></div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TemporaryEquityParOrStatedValuePerShare', window );">Preferred stock, par value (in dollars per share)</a></td>
<td class="nump">$ 0.01<span></span>
</td>
<td class="nump">$ 0.01<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TemporaryEquitySharesAuthorized', window );">Preferred stock, shares authorized (in shares)</a></td>
<td class="nump">20,000,000<span></span>
</td>
<td class="nump">20,000,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TemporaryEquitySharesIssued', window );">Preferred stock, shares issued (in shares)</a></td>
<td class="nump">8,000<span></span>
</td>
<td class="nump">19,605<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TemporaryEquitySharesOutstanding', window );">Preferred stock, shares outstanding (in shares)</a></td>
<td class="nump">8,000<span></span>
</td>
<td class="nump">19,605<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockParOrStatedValuePerShare', window );">Common stock, par value (in dollars per share)</a></td>
<td class="nump">$ 0.03<span></span>
</td>
<td class="nump">$ 0.03<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesAuthorized', window );">Common stock, shares authorized (in shares)</a></td>
<td class="nump">200,000,000<span></span>
</td>
<td class="nump">200,000,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesIssued', window );">Common stock, shares issued (in shares)</a></td>
<td class="nump">5,600,259<span></span>
</td>
<td class="nump">1,564,456<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesOutstanding', window );">Common stock, shares outstanding (in shares)</a></td>
<td class="nump">5,600,259<span></span>
</td>
<td class="nump">1,564,456<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockParOrStatedValuePerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Face amount or stated value per share of common stock.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockParOrStatedValuePerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesAuthorized">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The maximum number of common shares permitted to be issued by an entity's charter and bylaws.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=109259400&amp;loc=d3e21463-112644<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Per share amount of par value or stated value of stock classified as temporary equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 480<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=65877616&amp;loc=d3e177068-122764<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (27)<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The maximum number of securities classified as temporary equity that are permitted to be issued by an entity's charter and bylaws. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. If convertible, the issuer does not control the actions or events necessary to issue the maximum number of shares that could be required to be delivered under the conversion option if the holder exercises the option to convert the stock to another class of equity. If the security is a warrant or a rights issue, the warrant or rights issue is considered to be temporary equity if the issuer cannot demonstrate that it would be able to deliver upon the exercise of the option by the holder in all cases. Includes stock with put option held by ESOP and stock redeemable by holder only in the event of a change in control of the issuer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(27)(b))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of securities classified as temporary equity that have been sold (or granted) to the entity's shareholders. Securities issued include securities outstanding and securities held in treasury. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. If convertible, the issuer does not control the actions or events necessary to issue the maximum number of shares that could be required to be delivered under the conversion option if the holder exercises the option to convert the stock to another class of equity. If the security is a warrant or a rights issue, the warrant or rights issue is considered to be temporary equity if the issuer cannot demonstrate that it would be able to deliver upon the exercise of the option by the holder in all cases. Includes stock with put option held by ESOP and stock redeemable by holder only in the event of a change in control of the issuer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(27)(b))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of securities classified as temporary equity that have been issued and are held by the entity's shareholders. Securities outstanding equals securities issued minus securities held in treasury. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. If convertible, the issuer does not control the actions or events necessary to issue the maximum number of shares that could be required to be delivered under the conversion option if the holder exercises the option to convert the stock to another class of equity. If the security is a warrant or a rights issue, the warrant or rights issue is considered to be temporary equity if the issuer cannot demonstrate that it would be able to deliver upon the exercise of the option by the holder in all cases. Includes stock with put option held by ESOP and stock redeemable by holder only in the event of a change in control of the issuer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(27)(b))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br></p></div>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6826789744">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 6 - Fair Value of Below Market Time Charters Acquired<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2019</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DisclosureTextBlockAbstract', window );"><strong>Notes to Financial Statements</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_BelowMarketTimeChartersAcquiredTextBlock', window );">Below Market Time Charters Acquired [Text Block]</a></td>
<td class="text"><div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;">  <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">6.</div></div></td> <td><div style="display: inline; font-weight: bold;">Fair Value of Below Market Time Charters Acquired</div></td> </tr>  </table> <div style=""></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As part of the Trinity / Diamantis Vessel Acquisition in <div style="display: inline; font-style: italic; font: inherit;"> August 2019 </div>and with respect to the vessels &#x201c;EM Hydra&#x201d;, &#x201c;EM Kea&#x201d; and &#x201c;EM Spetses&#x201d;, which were acquired by the Company with time charter agreements attached, the Company recognized a liability of <div style="display: inline; font-style: italic; font: inherit;">$778,287,</div> included in &#x201c;Fair value of below market time charters acquired&#x201d; in the consolidated balance sheets, since it was determined that the respective charter rates were below market rates on the date of the transfer (Level <div style="display: inline; font-style: italic; font: inherit;">2</div>).</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, as part of the Synergy Vessel Acquisition in <div style="display: inline; font-style: italic; font: inherit;"> November 2019 </div>and with respect to the vessels &#x201c;Synergy Keelung&#x201d;, &#x201c;Synergy Oakland&#x201d; and &#x201c;Synergy Busan&#x201d;, which were acquired by the Company with time charter agreements attached, the Company recognized a liability of <div style="display: inline; font-style: italic; font: inherit;">$1,794,028,</div> included in &#x201c;Fair value of below market time charters acquired&#x201d; in the consolidated balance sheets, since it was determined that the respective charter rates were below market rates on the date of the transfer (Level <div style="display: inline; font-style: italic; font: inherit;">2</div>).</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the year ended <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019, </div>the amortization of fair value of the below market acquired time charters was <div style="display: inline; font-style: italic; font: inherit;">$857,945</div> and is included under &#x201c;Time charter revenue&#x201d; in the consolidated statement of operations.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The unamortized balance of this intangible liability as of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019 </div>of <div style="display: inline; font-style: italic; font: inherit;">$1,714,370</div> is expected to be amortized within <div style="display: inline; font-style: italic; font: inherit;">2020.</div></div></div><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure for the below market time charters acquired.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6826531936">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 10 - Commitments and Contingencies<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2019</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DisclosureTextBlockAbstract', window );"><strong>Notes to Financial Statements</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommitmentsAndContingenciesDisclosureTextBlock', window );">Commitments and Contingencies Disclosure [Text Block]</a></td>
<td class="text"><div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0">  <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">10.</div></div></td> <td style="text-align: justify"><div style="display: inline; font-weight: bold;">Commitments and Contingencies</div></td> </tr>  </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</div> <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0">  <tr style="vertical-align: top"> <td style="width: 0.25in"></td> <td style="width: 0.25in">(a)</td> <td style="text-align: justify">As of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019 </div>a subsidiary of the Company, Alterwall Business Inc. owner of M/V &#x201c;Ninos&#x201d;, is involved in a dispute with a fuel oil supplier who claimed a maritime lien against the vessel after the company which had time-chartered the vessel from the Company went bankrupt in <div style="display: inline; font-style: italic; font: inherit;"> October 2009 </div>and failed to pay certain invoices. The vessel was arrested in Karachi in <div style="display: inline; font-style: italic; font: inherit;"> November 2009 </div>and released after a bank guarantee for an amount of <div style="display: inline; font-style: italic; font: inherit;">$0.53</div> million was provided on behalf of the Company, for which the bank has restricted an equal amount of the Company's cash which is presented within &#x201c;Restricted Cash&#x201d; in the consolidated balance sheets. The legal proceedings are ongoing. Although the Company believes it will be successful in its claim, it made a provision of <div style="display: inline; font-style: italic; font: inherit;">$0.15</div> million in <div style="display: inline; font-style: italic; font: inherit;">2016,</div> for any costs that <div style="display: inline; font-style: italic; font: inherit;"> may </div>be incurred.</td> </tr>  </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</div> <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0">  <tr style="vertical-align: top"> <td style="width: 0.25in"></td> <td style="width: 0.25in">(b)</td> <td style="text-align: justify">On <div style="display: inline; font-style: italic; font: inherit;"> November 7, 2019, </div>Euroseas Ltd. and Synergy Holdings Limited, on the basis of the acquisition of the vessels M/V &#x201c;Synergy Busan&#x201d;, M/V &#x201c;Synergy Keelung&#x201d;, M/V &#x201c;Synergy Oakland&#x201d; and M/V &#x201c;Synergy Antwerp&#x201d; (refer Notes <div style="display: inline; font-style: italic; font: inherit;">1</div> and <div style="display: inline; font-style: italic; font: inherit;">4</div>), have agreed that Euroseas will issue certain shares of its common stock to Synergy Holdings Limited under the following terms:</td> </tr>  </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in">If the <div style="display: inline; font-style: italic; font: inherit;">12</div>-month New ConTex index for a <div style="display: inline; font-style: italic; font: inherit;">4,250</div> TEU vessel (as published on https://www.vhbs.de/index or any successor website maintained by the Hamburg and Bremen Shipbrokers&#x2019; Association) (the &#x201c;Index Value&#x201d;) is higher on <div style="display: inline; font-style: italic; font: inherit;"> November 16, 2020 </div>at <div style="display: inline; font-style: italic; font: inherit;">4:00</div> p.m. New York time than the Index Value on <div style="display: inline; font-style: italic; font: inherit;"> November 15, 2019 </div>at <div style="display: inline; font-style: italic; font: inherit;">4:00</div> p.m. New York time, then, on <div style="display: inline; font-style: italic; font: inherit;"> November 16, 2020, </div>Euroseas shall issue to Synergy Holdings Limited, <div style="display: inline; font-style: italic; font: inherit;">$500,000</div> divided by the <div style="display: inline; font-style: italic; font: inherit;">20</div>-day volume weighted average price of the Company&#x2019;s common shares calculated on <div style="display: inline; font-style: italic; font: inherit;"> November 16, 2020 </div>at <div style="display: inline; font-style: italic; font: inherit;">4:00</div> p.m. New York time.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Company based on its assessment of future rates as of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019, </div>concluded that it is <div style="display: inline; font-style: italic; font: inherit;">not</div> probable that it will have to pay the specific contingent consideration.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</div>  <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There are <div style="display: inline; font-style: italic; font: inherit;">no</div> other material legal proceedings to which the Company is a party or to which any of its properties are subject, other than routine litigation incidental to the Company&#x2019;s business. In the opinion of the management, the disposition of these lawsuits should <div style="display: inline; font-style: italic; font: inherit;">not</div> have a material impact on the consolidated results of operations, financial position and cash flows.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019, </div>future gross minimum revenues under non-cancellable time charter agreements total <div style="display: inline; font-style: italic; font: inherit;">$17.2</div> million, all of which is due in the year ending <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2020. </div>This amount does <div style="display: inline; font-style: italic; font: inherit;">not</div> include the future gross minimum revenues upon collection of hire under non-cancellable time charter agreements of M/V &#x201c;Synergy Antwerp&#x201d; which is on index linked charters. In arriving at the future gross minimum revenues, the Company has deducted an estimated <div style="display: inline; font-style: italic; font: inherit;">one</div> off-hire day per quarter. Such off-hire estimate <div style="display: inline; font-style: italic; font: inherit;"> may </div><div style="display: inline; font-style: italic; font: inherit;">not</div> be reflective of the actual off-hire in the future. In addition, the actual revenues could be affected by early delivery of the vessel by the charterers or any exercise of the charterers&#x2019; options to extend the terms of the charters, which however cannot be estimated and hence <div style="display: inline; font-style: italic; font: inherit;">not</div> reflected above.</div></div><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for commitments and contingencies.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 450<br> -URI http://asc.fasb.org/topic&amp;trid=2127136<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 440<br> -URI http://asc.fasb.org/topic&amp;trid=2144648<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 440<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=121559207&amp;loc=d3e25336-109308<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 440<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=121559207&amp;loc=d3e25336-109308<br></p></div>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6927514352">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 16 - Financial Instruments<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2019</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DisclosureTextBlockAbstract', window );"><strong>Notes to Financial Statements</strong></a></td>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FinancialInstrumentsDisclosureTextBlock', window );">Financial Instruments Disclosure [Text Block]</a></td>
<td class="text"><div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0">  <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">16.</div></div></td> <td style="text-align: justify"><div style="display: inline; font-weight: bold;">Financial Instruments</div></td> </tr>  </table> <div style=""></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7pt; text-align: justify">The principal financial assets of the Company consist of cash and cash equivalents, restricted cash, trade accounts receivable and other receivables. The principal financial liabilities of the Company consist of long-term bank loans, derivatives, trade accounts payable, accrued expenses and amount due to related company.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Interest rate risk </div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-style: italic;">&nbsp;</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">From time to time, the Company enters into interest rate swap contracts as economic hedges to manage some of its exposure to variability in its floating rate long term bank loans. Under the terms of the interest rate swaps the Company and the bank agree to exchange, at specified intervals the difference between a paying fixed rate and receiving floating rate interest amount calculated by reference to the agreed principal amounts and maturities. Interest rate swaps allow the Company to convert long-term borrowings issued at floating rates into equivalent fixed rates. Even though, historically, the interest rate swaps were entered into for economic hedging purposes, as noted in Note <div style="display: inline; font-style: italic; font: inherit;">14</div> they did <div style="display: inline; font-style: italic; font: inherit;">not</div> qualify for hedge accounting, under the guidance relating to <div style="display: inline; font-style: italic;">Derivatives and Hedging</div>, as the Company did <div style="display: inline; font-style: italic; font: inherit;">not</div> have written contemporaneous documentation identifying the risk being hedged and, both on a prospective and retrospective basis, performing an effectiveness test to support that the hedging relationship is highly effective. Consequently, the Company recognized the change in fair value of these derivatives in the &#x201c;Gain / (loss) on derivatives, net&#x201d; in the consolidated statements of operations. As of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2018, </div>the Company had <div style="display: inline; font-style: italic; font: inherit;">one</div> open swap contract for a notional amount of <div style="display: inline; font-style: italic; font: inherit;">$10.0</div> million. As described above in Note <div style="display: inline; font-style: italic; font: inherit;">14,</div> this contract matured at the end of <div style="display: inline; font-style: italic; font: inherit;"> May 2019 </div>and as of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019 </div>the Company had <div style="display: inline; font-style: italic; font: inherit;">no</div> interest rate swaps open positions.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42.55pt; text-align: justify; text-indent: -42.55pt"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42.55pt; text-align: justify; text-indent: -42.55pt"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Concentration of credit risk</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42.55pt; text-align: justify; text-indent: -42.55pt">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Financial instruments, which potentially subject the Company to significant concentration of credit risk consist primarily of cash and trade accounts receivable. The Company places its temporary cash investments, consisting mostly of deposits, with high credit qualified financial institutions. The Company performs periodic evaluation of the relative credit standing of these financial institutions that are considered in the Company&#x2019;s investment strategy. The Company limits its credit risk with trade accounts receivable by performing ongoing credit evaluations of its customers&#x2019; financial condition and generally does <div style="display: inline; font-style: italic; font: inherit;">not</div> require collateral for its trade accounts receivable.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42.55pt; text-align: justify; text-indent: -42.55pt"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">&nbsp;</div></div></div> <!-- Field: Page; Sequence: 51; Value: 2 -->   <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0">    <tr style="vertical-align: top">  <td style="text-align: justify"><div style="display: inline; font-weight: bold;"></div></td> </tr>  </table> <div style=""></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42.55pt; text-align: justify; text-indent: -42.55pt"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Fair value of financial instruments</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42.55pt; text-align: justify; text-indent: -42.55pt"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company follows guidance relating to &#x201c;Fair value measurements&#x201d;, which establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosure about fair value measurements.&nbsp;&nbsp;This statement enables the reader of the financial statements to assess the inputs used to develop those measurements by establishing a hierarchy for ranking the quality and reliability of the information used to determine fair values. The statement requires that assets and liabilities carried at fair value will be classified and disclosed in <div style="display: inline; font-style: italic; font: inherit;">one</div> of the following <div style="display: inline; font-style: italic; font: inherit;">three</div> categories:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Level <div style="display: inline; font-style: italic; font: inherit;">1:</div> Quoted market prices in active markets for identical assets or liabilities;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Level <div style="display: inline; font-style: italic; font: inherit;">2:</div> Observable market based inputs or unobservable inputs that are corroborated by market data;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Level <div style="display: inline; font-style: italic; font: inherit;">3:</div> Unobservable inputs that are <div style="display: inline; font-style: italic; font: inherit;">not</div> corroborated by market data.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The fair value of the Company&#x2019;s investments in FFA contracts are determined based on quoted prices in active markets and therefore are considered Level <div style="display: inline; font-style: italic; font: inherit;">1</div> of the fair value hierarchy as defined in guidance relating to "Fair value measurements".</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The fair value of the Company&#x2019;s interest rate swap agreements is determined using a discounted cash flow approach based on market-based LIBOR swap rates.&nbsp;&nbsp;LIBOR swap rates are observable at commonly quoted intervals for the full terms of the swaps and therefore are considered Level <div style="display: inline; font-style: italic; font: inherit;">2</div> items. The fair values of the interest rate swap determined through Level <div style="display: inline; font-style: italic; font: inherit;">2</div> of the fair value hierarchy as defined in guidance relating to "Fair value measurements" are derived principally from or corroborated by observable market data. Inputs include quoted prices for similar assets, liabilities (risk adjusted) and market-corroborated inputs, such as market comparables, interest rates, yield curves and other items that allow value to be determined.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</div>  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0">    <tr style="vertical-align: top">  <td style="text-align: justify"><div style="display: inline; font-weight: bold;"></div></td> </tr>  </table> <div style=""></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Recurring Fair Value Measurements</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</div> <div> <table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0">  <tr style="vertical-align: bottom"> <td>&nbsp;</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="15" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fair Value Measurement as of December 31, 2018</td> </tr> <tr style="vertical-align: bottom"> <td>&nbsp;</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total,</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(Level 1)</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(Level 2)</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&nbsp;</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.45pt 0pt 0; text-align: right"><div style="display: inline; font-weight: bold;">&nbsp;</div></div><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.45pt 0pt 0; text-align: right"><div style="display: inline; font-weight: bold;">&nbsp;</div></div></td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.45pt 0pt 0; text-align: right"><div style="display: inline; font-weight: bold;">(Level 3)</div></div></td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.45pt 0pt 0; text-align: right"><div style="display: inline; font-weight: bold;">&nbsp;</div></div></td> </tr> <tr style="vertical-align: bottom"> <td>Liabilities</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="text-align: right">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="text-align: center">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="text-align: right">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td colspan="3">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%; text-align: left; padding-bottom: 1pt">Interest rate swap contract, current portion</td> <td style="width: 1%; padding-bottom: 1pt">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">41,435</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%; padding-bottom: 1pt">&nbsp;</td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%; padding-bottom: 1pt">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">41,435</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%; padding-bottom: 1pt">&nbsp;</td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> </tr>  </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">&nbsp;</div></div></div>  <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Asset Measured at Fair Value on a Non-recurring Basis </div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">On <div style="display: inline; font-style: italic; font: inherit;"> June 15, 2017, </div>the Company entered into a profit sharing agreement with Credit Agricole whereby it would share with the bank <div style="display: inline; font-style: italic; font: inherit;">35%</div> of the excess of the fair market value of M/V &#x201c;EM Astoria&#x201d; over the outstanding loan when the vessel was sold or when the loan matured. As a result of the lender's entitlement to participate in the appreciation of the market value of the mortgaged vessel, the Company recognized a participation liability of amount <div style="display: inline; font-style: italic; font: inherit;">$1,067,500</div> as of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2018, </div>presented in "Vessel profit participation liability" in the consolidated balance sheets, with a corresponding debit to a debt discount account, presented contra to the loan balance. The fair value of this participation agreement is considered Level <div style="display: inline; font-style: italic; font: inherit;">2,</div> as it directly depends on the fair value or expected fair value of M/V &#x201c;EM Astoria&#x201d;. The Company completed the refinancing of the specific loan in <div style="display: inline; font-style: italic; font: inherit;"> June 2019 </div>using its revolving loan facility with Eurobank Ergasias S.A., as explained in Note <div style="display: inline; font-style: italic; font: inherit;">8</div>-c above, with the final participation liability paid amounting to <div style="display: inline; font-style: italic; font: inherit;">$950,000.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">As of <div style="display: inline; font-style: italic; font: inherit;"> September 30, 2017 </div>the vessel M/V &#x201c;Monica P&#x201d; with a carrying amount of <div style="display: inline; font-style: italic; font: inherit;">$8.23</div> million, was classified as vessel held for sale and written down to its fair value of <div style="display: inline; font-style: italic; font: inherit;">$5.0</div> million, less estimated costs to sell of <div style="display: inline; font-style: italic; font: inherit;">$0.10</div> million, resulting in a loss of <div style="display: inline; font-style: italic; font: inherit;">$3.33</div> million, which was included in the consolidated statements of operations under &#x201c;Loss on write-down of vessels held for sale&#x201d;. The fair value of M/V &#x201c;Monica P&#x201d; is considered Level <div style="display: inline; font-style: italic; font: inherit;">2.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">As of <div style="display: inline; font-style: italic; font: inherit;"> September 30, 2017 </div>the vessel M/V &#x201c;Aggeliki P&#x201d; with a carrying amount of <div style="display: inline; font-style: italic; font: inherit;">$5.39</div> million, was classified as vessel held for sale and written down to its fair value of <div style="display: inline; font-style: italic; font: inherit;">$4.3</div> million, less estimated costs to sell of <div style="display: inline; font-style: italic; font: inherit;">$0.17</div> million, resulting in a loss of <div style="display: inline; font-style: italic; font: inherit;">$1.26</div> million, which was included in the accompanying consolidated statements of operations under &#x201c;Loss on write-down of vessels held for sale&#x201d;. The fair value of M/V &#x201c;Aggeliki P&#x201d; is considered Level <div style="display: inline; font-style: italic; font: inherit;">2.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</div>  <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Asset Measured at Fair Value on a Non-recurring Basis - continued</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7pt; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><div style="display: inline; font-weight: bold;">Nonrecurring Fair Value Measurements at Reporting Date</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div> <table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0">  <tr style="vertical-align: bottom"> <td style="text-align: center">&nbsp;</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="19" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2017</td> </tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Fair Value</td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">&nbsp;</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Level 1</td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">&nbsp;</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Level 2</td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">&nbsp;</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Level 3</td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">&nbsp;</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Loss 2017</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 35%; text-align: left; padding-bottom: 1pt">Vessel profit participating liability</td> <td style="border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 1%; text-align: center"></td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">$1,297,100</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: center">&nbsp;</td> <td style="text-align: center; border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: center">&nbsp;</td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: center">&nbsp;</td> <td style="text-align: center; border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: center"></td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">$1,297,100</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: center">&nbsp;</td> <td style="text-align: center; border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: center">&nbsp;</td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: center">&nbsp;</td> <td style="text-align: center; border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: center">&nbsp;</td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; text-align: center">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt">Vessels held for sale</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"></td> <td style="border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">$5,000,000</div></td> <td style="border-bottom: Black 1pt solid; text-align: center">&nbsp;</td> <td style="text-align: center; border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: center">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; text-align: center">&nbsp;</td> <td style="text-align: center; border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: center"></td> <td style="border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">$5,000,000</div></td> <td style="border-bottom: Black 1pt solid; text-align: center">&nbsp;</td> <td style="text-align: center; border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: center">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; text-align: center">&nbsp;</td> <td style="text-align: center; border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: center"></td> <td style="border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">$4,595,819</div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">&nbsp;</td> </tr>  </table> </div> <div style=" margin: 0">&nbsp;</div> <div> <table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0">  <tr style="vertical-align: bottom"> <td>&nbsp;</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="19" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2018</td> </tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: center">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fair Value</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">&nbsp;</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 1</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">&nbsp;</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 2</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">&nbsp;</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 3</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">&nbsp;</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Loss 2018</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: center">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 35%; text-align: left; padding-bottom: 1pt">Vessel profit participating liability</td> <td style="border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt">&nbsp;</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; text-align: left"></td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">$1,067,500</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: center">&nbsp;</td> <td style="text-align: center; border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: center">&nbsp;</td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: center">&nbsp;</td> <td style="text-align: center; border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: center"></td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">$1,067,500</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: center">&nbsp;</td> <td style="text-align: center; border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: center">&nbsp;</td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: center">&nbsp;</td> <td style="text-align: center; border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: center">&nbsp;</td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; text-align: center">&nbsp;</td> </tr>  </table> </div> <div style=" margin: 0">&nbsp;</div> <div> <table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0">  <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> <td colspan="18" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><div style="display: inline; font-weight: bold;">December 31, 2019</div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">Fair Value </div></div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">&nbsp;</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">Level 1</div></div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">&nbsp;</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">Level 2</div></div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">&nbsp;</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">Level 3 </div></div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">&nbsp;</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">Loss 2019</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 35%; text-align: left; padding-bottom: 1pt">Vessel profit participating liability</td> <td style="border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt">&nbsp;</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: center">&nbsp;</td> <td style="text-align: center; border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: center">&nbsp;</td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: center">&nbsp;</td> <td style="text-align: center; border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: center">&nbsp;</td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: center">&nbsp;</td> <td style="text-align: center; border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: center">&nbsp;</td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: center">&nbsp;</td> <td style="text-align: center; border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: center">&nbsp;</td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; text-align: center">&nbsp;</td> </tr>  </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7pt; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7pt; text-align: justify">The estimated fair values of the Company&#x2019;s financial instruments such as cash and cash equivalents and restricted cash approximate their individual carrying amounts as of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2018 </div>and <div style="display: inline; font-style: italic; font: inherit;">2019,</div> due to their short-term maturity. Cash and cash equivalents and restricted cash are considered Level <div style="display: inline; font-style: italic; font: inherit;">1</div> items as they represent liquid assets with short-term maturities. The fair value of the Company&#x2019;s total borrowings approximates <div style="display: inline; font-style: italic; font: inherit;">$87.1</div> million as of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019 </div>or <div style="display: inline; font-style: italic; font: inherit;">$3.1</div> million less than their carrying value of <div style="display: inline; font-style: italic; font: inherit;">$90.2</div> million. The fair value of the long term borrowings is estimated based on current interest rates offered to the Company for similar loans. LIBOR rates are observable at commonly quoted intervals for the full terms of the loans and hence fair values of the long-term bank loans are considered Level <div style="display: inline; font-style: italic; font: inherit;">2</div> items in accordance with the fair value hierarchy due to their variable interest rate, being the LIBOR.</div></div><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for financial instruments. This disclosure includes, but is not limited to, fair value measurements of short and long term marketable securities, international currencies forward contracts, and auction rate securities. Financial instruments may include hedging and non-hedging currency exchange instruments, derivatives, securitizations and securities available for sale at fair value. Also included are investment results, realized and unrealized gains and losses as well as impairments and risk management disclosures.</p></div>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6832119248">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Significant Accounting Policies (Policies)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2019</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountingPoliciesAbstract', window );"><strong>Accounting Policies [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConsolidationPolicyTextBlock', window );">Consolidation, Policy [Policy Text Block]</a></td>
<td class="text"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Principles of consolidation</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The accompanying consolidated financial statements include the accounts of Euroseas Ltd. and its subsidiaries. Inter-company balances and transactions are eliminated on consolidation.</div></div></div></div></div></div></div><span></span>
</td>
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<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_UseOfEstimates', window );">Use of Estimates, Policy [Policy Text Block]</a></td>
<td class="text"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Use of estimates</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The preparation of the accompanying consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the consolidated financial statements, and the stated amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</div></div></div></div></div></div></div><span></span>
</td>
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<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ComprehensiveIncomePolicyPolicyTextBlock', window );">Comprehensive Income, Policy [Policy Text Block]</a></td>
<td class="text"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Other comprehensive income / (loss)</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has <div style="display: inline; font-style: italic; font: inherit;">no</div> other comprehensive income / (loss) and accordingly comprehensive income / (loss) equals net income / (loss) for all periods presented. As such, <div style="display: inline; font-style: italic; font: inherit;">no</div> statement of comprehensive income / (loss) has been presented.</div></div></div></div></div></div></div><span></span>
</td>
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<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock', window );">Foreign Currency Transactions and Translations Policy [Policy Text Block]</a></td>
<td class="text"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Foreign currency translation</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&#x2019;s functional currency as well as the functional currency of all its subsidiaries is the U.S. dollar. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars at exchange rates prevailing at the balance sheet date. Income and expenses denominated in foreign currencies are translated into U.S. dollars at exchange rates prevailing at the date of the transaction. The resulting exchange gains and/or losses on settlement or translation are included in the accompanying consolidated statements of operations.</div></div></div></div></div></div></div><span></span>
</td>
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<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsPolicyTextBlock', window );">Cash and Cash Equivalents, Policy [Policy Text Block]</a></td>
<td class="text"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Cash equivalents</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cash equivalents are cash in bank accounts, time deposits or other certificates purchased with an original maturity of <div style="display: inline; font-style: italic; font: inherit;">three</div> months or less.</div></div></div></div></div></div></div><span></span>
</td>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsRestrictedCashAndCashEquivalentsPolicy', window );">Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block]</a></td>
<td class="text"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Restricted cash</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Restricted cash reflects deposits with certain banks that can only be used to pay the current loan installments or are required to be maintained as a certain minimum cash balance per mortgaged vessel and amounts that are pledged, blocked or held as cash collateral.</div></div></div></div></div></div></div><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TradeAndOtherAccountsReceivablePolicy', window );">Accounts Receivable [Policy Text Block]</a></td>
<td class="text"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Trade accounts receivable</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The amount shown as trade accounts receivable, at each balance sheet date, includes estimated recoveries from each voyage or time charter. At each balance sheet date, the Company provides for doubtful accounts on the basis of specific identified doubtful receivables.</div></div></div></div></div></div></div><span></span>
</td>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InventoryPolicyTextBlock', window );">Inventory, Policy [Policy Text Block]</a></td>
<td class="text"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Inventories</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Inventories are stated at the lower of cost and net realizable value, which is the estimated selling prices less reasonably predictable costs of disposal and transportation. Inventories are valued using the FIFO (First-In First-Out) method.</div></div></div></div></div></div></div><span></span>
</td>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_VesselsPolicyTextBlock', window );">Vessels [Policy Text Block]</a></td>
<td class="text"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Vessels</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Vessels are stated at cost, which comprises the vessel contract price, costs of major repairs and improvements upon acquisition, direct delivery and other acquisition expenses, less accumulated depreciation and impairment, if any. Subsequent expenditures for conversions and major improvements are also capitalized when they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessels; otherwise these amounts are charged to expense as incurred. <div style="display: inline; font-family: Times New Roman, Times, Serif">Vessels under construction are presented at cost, which includes shipyard installment payments and other vessel costs incurred during the construction period that are directly attributable to the construction of the vessels, including interest costs incurred during the construction period.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Expenditures for vessel repair and maintenance are charged against income in the period incurred.</div></div></div></div></div></div></div><span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_AssetsHeldForSalePolicyTextBlock', window );">Assets Held For Sale [Policy Text Block]</a></td>
<td class="text"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Assets Held for Sale&nbsp;</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">&nbsp;</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company <div style="display: inline; font-style: italic; font: inherit;"> may </div>dispose of certain of its vessels when suitable opportunities occur, including prior to the end of their useful lives. The Company classifies assets as being held for sale when the following criteria are met: (i) management is committed to sell the asset; (ii) the&nbsp;asset is available for immediate sale in its present condition; (iii) an active program to locate a buyer and other actions required to complete the plan to sell the asset have been initiated; (iv) the sale of the asset is probable, and transfer of the asset is expected to qualify for recognition as a completed sale within <div style="display: inline; font-style: italic; font: inherit;">one</div> year; (v) the asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and (vi) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Long-lived assets classified as held for sale are measured at the lower of their carrying amount or fair value less&nbsp;the&nbsp;cost to sell&nbsp;the asset. These assets are <div style="display: inline; font-style: italic; font: inherit;">no</div> longer depreciated once they meet the criteria of being held for sale.</div></div></div></div></div></div></div><span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DepreciationDepletionAndAmortizationPolicyTextBlock', window );">Depreciation, Depletion, and Amortization [Policy Text Block]</a></td>
<td class="text"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Depreciation</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Depreciation is calculated on a straight line basis over the estimated useful life of the vessel with reference to the cost of the vessel, and estimated scrap value. Remaining useful lives of vessels are periodically reviewed and revised to recognize changes in conditions and such revisions, if any, are recognized over current and future periods. The Company estimates that its vessels have a useful life of <div style="display: inline; font-style: italic; font: inherit;">25</div> years from the completion of their construction. When regulations place limitations over the ability of a vessel to trade on a worldwide basis, its remaining useful life is adjusted at the date such regulations are adopted. The estimated salvage value of each vessel is <div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;">$0.25</div></div> per light weight ton as of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019 </div>and <div style="display: inline; font-style: italic; font: inherit;">2018,</div> which is based on the historical average demolition prices.</div></div></div></div></div></div></div><span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InsurancePremiumsRevenueRecognitionPolicy', window );">Insurance Premiums Revenue Recognition, Policy [Policy Text Block]</a></td>
<td class="text"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Insurance claims and insurance proceeds</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Claims receivable are recorded on the accrual basis and represent the amounts to be received, net of deductibles incurred through each balance sheet date, for which recovery from insurance companies is probable and the claim is <div style="display: inline; font-style: italic; font: inherit;">not</div> subject to litigation. Any remaining costs to complete the claims are included in accrued liabilities. Insurance proceeds are recorded according to type of claim that gives rise to the proceeds in the consolidated statements of operations and the consolidated statements of cash flow.</div></div></div></div></div></div></div><span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RevenueRecognitionPolicyTextBlock', window );">Revenue [Policy Text Block]</a></td>
<td class="text"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Revenue and expense recognition</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Revenues are generated from time charters and voyage charters. Under a time charter agreement a contract is entered into for the use of a vessel for a specific period of time and a specified daily charter hire rate. Under a voyage charter agreement, a contract is made in the spot market for the use of a vessel for a specific voyage to transport a specified agreed upon cargo at a specified freight rate per ton or occasionally a lump sum amount.&nbsp;Under a voyage charter agreement, the charter party generally has a minimum amount of cargo and the charterer is liable for any short loading of cargo or "dead" freight.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In <div style="display: inline; font-style: italic; font: inherit;"> February 2016, </div>the FASB issued ASU <div style="display: inline; font-style: italic; font: inherit;">No.</div> <div style="display: inline; font-style: italic; font: inherit;">2016</div>-<div style="display: inline; font-style: italic; font: inherit;">02,</div> &#x201c;Leases (Topic <div style="display: inline; font-style: italic; font: inherit;">842</div>)&#x201d;, which amends the existing accounting standard for lease accounting and adds additional disclosures about leasing arrangements. ASC <div style="display: inline; font-style: italic; font: inherit;">842</div> requires lessees to recognize on the balance sheet the assets and liabilities for the rights and obligations created by most leases, while lessor accounting remains largely unchanged. ASC <div style="display: inline; font-style: italic; font: inherit;">842,</div> as amended, subject to certain transition relief options, allows a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, or allows entities to elect <div style="display: inline; font-style: italic; font: inherit;">not</div> to recast the comparative periods presented when transitioning to ASC <div style="display: inline; font-style: italic; font: inherit;">842</div> and to recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. ASC <div style="display: inline; font-style: italic; font: inherit;">842</div> also provides a practical expedient to lessors by class of underlying asset, to <div style="display: inline; font-style: italic; font: inherit;">not</div> separate non lease components from the associated lease component, similar to the expedient provided for lessees, when the following criteria are met: i) the timing and pattern of transfer for the lease</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</div> <!-- Field: Page; Sequence: 17; Value: 2 --> <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: top"><td style="text-align: justify"><div style="display: inline; font-weight: bold;"></div></td> </tr> </table> <div style=""></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">component is the same as those for the non-lease component associated with that lease component and (ii) the lease component, if accounted for separately, would be classified as an operating lease. ASC <div style="display: inline; font-style: italic; font: inherit;">842</div> is effective for public entities with reporting periods beginning after <div style="display: inline; font-style: italic; font: inherit;"> December 15, 2018, </div>including interim periods within those fiscal periods. The Company adopted ASC <div style="display: inline; font-style: italic; font: inherit;">842</div> for its reporting period commencing <div style="display: inline; font-style: italic; font: inherit;"> January 1, 2019 </div>and has elected to use the optional new transition method that results in initial recognition of a cumulative effect adjustment to retained earnings in the year of adoption. As a result, prior periods as reported by the Company, have <div style="display: inline; font-style: italic; font: inherit;">not</div> been impacted by the adoption.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A time charter is a contract for the use of a vessel for a specific period of time and a specified daily charter hire rate, which is generally payable in advance. Time charter revenue is recognized when a charter agreement exists, the vessel is made available to the charterer and collection of the related revenue is reasonably assured. As of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019, </div>all of the Company&#x2019;s vessels are employed under time charters with remaining terms ranging from less than <div style="display: inline; font-style: italic; font: inherit;">one</div> month to <div style="display: inline; font-style: italic; font: inherit;">12</div> months based on the minimum duration of the time charter contracts and certain time charter contracts include renewal options for terms ranging from <div style="display: inline; font-style: italic; font: inherit;">8</div> months to <div style="display: inline; font-style: italic; font: inherit;">23</div> months. A time charter generally provides typical warranties and owner protective restrictions. The Company&#x2019;s time charter agreements are classified as operating leases pursuant to ASC <div style="display: inline; font-style: italic; font: inherit;">842,</div> because (i) the vessel is an identifiable asset, (ii) the Company does <div style="display: inline; font-style: italic; font: inherit;">not</div> have substantive substitution rights and (iii) the charterer has the right to control the use of the vessel, during the term of the contract, and derives the economic benefits from such use. In a time charter contract, the Company is responsible for all the costs incurred for running the vessel such as crew costs, vessel insurance, repairs and maintenance and lubes. The charterer bears the voyage related costs such as bunker expenses, port charges and canal tolls during the hire period.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As discussed above, the transition guidance associated with ASC <div style="display: inline; font-style: italic; font: inherit;">842</div> allows for certain practical expedients to lessors. The Company elected <div style="display: inline; font-style: italic; font: inherit;">not</div> to separate the lease and non-lease components included in the time charter revenue because the pattern of revenue recognition for the lease and non-lease components (included in the daily hire rate) is the same and the lease component, if accounted for separately, would be classified as an operating lease. The nature of the lease component and non-lease component that are combined as a result of applying the respective practical expedient are the hire rate for a bareboat charter as well as the compensation for expenses incurred running the vessel such as crewing expense, repairs, insurance, maintenance and lubricants, respectively. The lease component is the predominant component and the Company accounts for the combined component as an operating lease in accordance with Topic <div style="display: inline; font-style: italic; font: inherit;">842.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div><table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: top"><td style="text-align: justify"><div style="display: inline; font-weight: bold;"></div></td> </tr> </table> <div style=""></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Both the lease component and non-lease component are earned by the passage of time. Since lessor accounting remains largely unchanged from previous U.S. GAAP, upon adoption of ASC <div style="display: inline; font-style: italic; font: inherit;">842,</div> the timing and recognition of earnings from time charter contracts to which the Company is party did <div style="display: inline; font-style: italic; font: inherit;">not</div> change from prior policy, with the exception of ballast bonuses which were recognized during the ballast leg while they are now deferred and recognized over time during the charter period. The performance obligations in a time charter contract are recognized on a straight-line basis over the term of the respective time charter agreements, beginning when the vessel is delivered to the charterer until it is redelivered back to the Company, and is recorded in &#x201c;Time charter revenue&#x201d; in the consolidated statements of operations for the years ended <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2017, </div><div style="display: inline; font-style: italic; font: inherit;">2018</div> and <div style="display: inline; font-style: italic; font: inherit;">2019.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Voyage charter agreements are considered service contracts that fall under the provisions of ASC <div style="display: inline; font-style: italic; font: inherit;">606,</div> because the Company as the shipowner retains the control over the operation of the vessel such as directing the routes taken or the vessel speed. The Company considered the provisions of ASC <div style="display: inline; font-style: italic; font: inherit;">842</div> and determined that its voyage charter agreements do <div style="display: inline; font-style: italic; font: inherit;">not</div> contain a lease because the charterer under such contracts does <div style="display: inline; font-style: italic; font: inherit;">not</div> have the right to control the use of the vessel since the Company, as the ship-owner, retains control over the operations of the vessel, provided also that the terms are pre-determined and any change requires the Company&#x2019;s consent.&nbsp;The Company accounts for a voyage charter when all the following criteria are met: (i) the parties to the contract have approved the contract in the form of a written charter agreement or fixture recap and are committed to perform their respective obligations, (ii) the Company can identify each party&#x2019;s rights regarding the services to be transferred, (iii) the Company can identify the payment terms for the services to be transferred, (iv) the charter agreement has commercial substance (that is, the risk, timing, or amount of the future cash flows is expected to change as a result of the contract) and (v) it is probable that the Company will collect substantially all of the consideration to which it will be entitled in exchange for the services that will be transferred to the charterer. The Company has determined that there is <div style="display: inline; font-style: italic; font: inherit;">one</div> single performance obligation for each of its voyage contracts, which is to provide the charterer with an integrated transportation service within a specified time period. In addition, the Company has concluded that a contract for a voyage charter meets the criteria to recognize revenue over time because the charterer simultaneously receives and consumes the benefits of the Company&#x2019;s performance as the Company performs. Therefore, since the Company&#x2019;s performance obligation under each voyage contract is met evenly as the voyage progresses, revenue is recognized on a straight line basis over the voyage days from the loading of cargo to its discharge. The majority of revenue from voyage charter agreements is usually collected in advance.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Demurrage income is included in Voyage charter revenues, represents revenue earned from the charterer when loading or discharging time exceeded the stipulated time in the voyage charter agreement and is recognized when earned and collection is reasonably assured. Demurrage income for the years ended <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2017, </div><div style="display: inline; font-style: italic; font: inherit;">2018</div> and <div style="display: inline; font-style: italic; font: inherit;">2019</div> was <div style="display: inline; font-style: italic; font: inherit;">not</div> material.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Charter fees received in advance are recorded as a liability (deferred revenue) until charter services are rendered.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -35.45pt">&nbsp;</div><table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: top"><td style="text-align: justify"><div style="display: inline; font-weight: bold;"></div></td> </tr> </table> <div style=""></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Vessel operating expenses are comprised of all expenses relating to the operation of the vessels, including crewing, insurance, repairs and maintenance, stores, lubricants, spares and consumables, professional and legal fees and miscellaneous expenses. Vessel operating expenses are recognized as incurred; payments in advance of services or use are recorded as prepaid expenses. Under voyage charter agreements, voyage expenses relate to bunkers, port charges, canal tolls, and agency fees and are all paid by the Company. Costs incurred prior to loading which are directly related to the voyage are deferred by the Company if they meet certain conditions, and are amortized over the duration of the voyage from load port to discharge port. Costs incurred during the voyage are expensed as incurred. Under time charter agreements, voyage expenses which are also recognized as incurred by the Company include costs for draft surveys, holds cleaning, postage, extra war risk insurance and other minor miscellaneous expenses related to the voyage. The charterer is responsible for paying the cost of bunkers and other voyage expenses whilst the vessel is on time charter. Certain voyage expenses paid by the Company, such as extra war risk insurance and holds cleaning <div style="display: inline; font-style: italic; font: inherit;"> may </div>be recovered from the charterer; such amounts recovered are recorded as other income within time charter revenue.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Commissions (address and brokerage), regardless of charter type, are always paid by the Company, are deferred and amortized over the related charter period and are presented as a separate line item in revenues to arrive at net revenues in the accompanying consolidated statements of operations.</div></div></div></div></div></div></div><span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_DrydockingAndSpecialSurveyExpensesPolicyTextBlock', window );">Drydocking and Special Survey Expenses [Policy Text Block]</a></td>
<td class="text"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Dry-docking and special survey expenses</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dry-docking and special survey expenses are expensed as incurred.</div></div></div></div></div></div></div><span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PensionAndOtherPostretirementPlansPolicy', window );">Pension and Other Postretirement Plans, Policy [Policy Text Block]</a></td>
<td class="text"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Pension and retirement benefit obligations &#x2013; crew </div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The ship-owning companies contract the crews on board the vessels under short-term contracts (usually up to <div style="display: inline; font-style: italic; font: inherit;">9</div> months). Accordingly, they are <div style="display: inline; font-style: italic; font: inherit;">not</div> liable for any pension or post-retirement benefits.</div></div></div></div></div></div></div><span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FinanceLoansAndLeasesReceivablePolicy', window );">Financing Receivable [Policy Text Block]</a></td>
<td class="text"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Financing costs</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Loan arrangement fees are deferred and amortized to interest expense over the duration of the underlying loan using the effective interest method. Unamortized fees relating to loans repaid or refinanced are expensed in the period the repayment or refinancing occurs.</div></div></div></div></div></div></div><span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_OfferingExpensesPolicyTextBlock', window );">Offering Expenses [Policy Text Block]</a></td>
<td class="text"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Offering expenses</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Deferred offering expenses are charged against paid-in capital when financing is completed or expensed to &#x201c;General and administrative expenses&#x201d; in the consolidated statements of operations when the offering is aborted.</div></div></div></div></div></div></div><span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueMeasurementPolicyPolicyTextBlock', window );">Fair Value Measurement, Policy [Policy Text Block]</a></td>
<td class="text"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Fair value of above/below market time charters acquired</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company records all identified tangible and intangible assets or any liabilities associated with the acquisition of a vessel at fair value. Where vessels are acquired with existing time charters, the Company determines the present value of the difference between: (i) the contractual charter rate and (ii) the prevailing market rate for a charter of equivalent duration. In discounting the charter rate differences in future periods, the Company uses its Weighted Average Cost of Capital (WACC) adjusted to account for the credit quality of the counterparties, as deemed necessary. The capitalized above-market (assets) and below-market (liabilities) charters are amortized as a reduction and increase, respectively, to time charter revenues over the remaining term of the assumed time charter.</div></div></div></div></div></div></div><span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy', window );">Share-based Payment Arrangement [Policy Text Block]</a></td>
<td class="text"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Stock incentive plan awards</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Share-based compensation represents vested and non-vested restricted shares granted to officers and directors as well as to non-employees and are included in &#x201c;General and administrative expenses&#x201d; in the consolidated statements of operations. In <div style="display: inline; font-style: italic; font: inherit;"> June 2018, </div>the FASB issued ASU&nbsp;<div style="display: inline; font-style: italic; font: inherit;">2018</div>-<div style="display: inline; font-style: italic; font: inherit;">07,</div> Improvements to Nonemployee Share-Based Payment Accounting (Topic <div style="display: inline; font-style: italic; font: inherit;">718</div>). ASU&nbsp;<div style="display: inline; font-style: italic; font: inherit;">2018</div>-<div style="display: inline; font-style: italic; font: inherit;">07</div> simplifies the accounting for share-based payments to nonemployees by aligning it with the accounting for share-based payments to employees, with certain exceptions. Following the adoption of this ASU, the shares to employees and directors as well as to non-employees are measured at their fair value equal to the market value of the Company's common stock on the grant date. The shares that do <div style="display: inline; font-style: italic; font: inherit;">not</div> contain any future service vesting conditions are considered vested shares and the total fair value of such shares is expensed on the grant date. The shares that contain a time-based service vesting condition are considered non-vested shares on the grant date and the total fair value of such shares is recognized on a straight-line basis over the requisite service period. Prior to the adoption of this ASU, the fair value of the awards granted to non-employees was measured at the fair value at each reporting period until the non-vested shares vested and performance was complete.</div></div></div></div></div></div></div><span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ImpairmentOrDisposalOfLongLivedAssetsIncludingIntangibleAssetsPolicyPolicyTextBlock', window );">Impairment or Disposal of Long-Lived Assets, Including Intangible Assets, Policy [Policy Text Block]</a></td>
<td class="text"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Impairment of long-lived assets</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">&nbsp;</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company reviews its long-lived assets held for use and their related intangible assets and liabilities for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets <div style="display: inline; font-style: italic; font: inherit;"> may </div><div style="display: inline; font-style: italic; font: inherit;">not</div> be recoverable. If indicators of impairment are present, the Company performs an analysis of the future undiscounted net operating cash flows of the related long-lived assets. When the estimate of future undiscounted net operating cash flows, excluding interest charges, expected to be generated by the use and eventual disposition of the asset is less than its carrying amount, the Company evaluates the asset for an impairment loss. Measurement of the impairment loss is based on the fair value of the asset. In this respect, management regularly reviews the carrying amount of the vessels in connection with the estimated recoverable amount for each of the Company&#x2019;s vessels.</div></div></div></div></div></div></div><span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativesPolicyTextBlock', window );">Derivatives, Policy [Policy Text Block]</a></td>
<td class="text"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Derivative financial instruments</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Derivative instruments are recorded in the balance sheet as either an asset or liability measured at its fair value with changes in the instruments' fair value recognized as either a component in other comprehensive income if specific hedge accounting criteria are met in accordance with guidance relating to &#x201c;Derivatives and Hedging&#x201d; or in earnings if hedging criteria are <div style="display: inline; font-style: italic; font: inherit;">not</div> met.</div></div></div></div></div></div></div><span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityNoteRedeemablePreferredStockIssuePolicy', window );">Stockholders' Equity Note, Redeemable Preferred Stock, Issue, Policy [Policy Text Block]</a></td>
<td class="text"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Preferred shares</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Preferred shares are recorded at the initial consideration received less offering expenses and adjusted by including the redemption value of dividends paid in-kind. The Company recognizes changes in the redemption value of the preferred shares immediately as they occur and adjusts the carrying amount of the preferred shares to equal the redemption value at the end of each reporting period to that effect.</div></div></div></div></div></div></div><span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_PurchaseTransactionsPolicyTextBlock', window );">Purchase Transactions [Policy Text Block]</a></td>
<td class="text"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Evaluation of purchase transactions</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">&nbsp;</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">When the Company enters into an acquisition transaction, it determines whether the acquisition transaction was for the purchase of an asset or a business based on the facts and circumstances of the transaction. In accordance with ASU <div style="display: inline; font-style: italic; font: inherit;">No.</div> <div style="display: inline; font-style: italic; font: inherit;">2017</div>-<div style="display: inline; font-style: italic; font: inherit;">01,</div> Business Combinations (Topic <div style="display: inline; font-style: italic; font: inherit;">805</div>): Clarifying the Definition of a Business, if substantially all of the fair value of the gross assets acquired in an acquisition transaction are concentrated in a single identifiable asset or group of similar identifiable assets, then the set is <div style="display: inline; font-style: italic; font: inherit;">not</div> a business. To be considered a business, a set must include an input and a substantive process that together significantly contributes to the ability to create an output. All assets acquired and liabilities assumed in a business combination are measured at their acquisition-date fair values. For asset acquisitions, the cost of the acquisition is allocated to individual assets and liabilities on a relative fair value basis. Acquisition costs associated with business combinations are expensed as incurred. Acquisition costs associated with asset acquisitions are capitalized.<br /> </div></div></div></div></div></div></div><span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerSharePolicyTextBlock', window );">Earnings Per Share, Policy [Policy Text Block]</a></td>
<td class="text"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Earnings / (loss) per common share</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Basic earnings / (loss) per share is computed by dividing net income / (loss) attributable to common shareholders, after the deduction of dividends paid (in cash or in-kind) to preferred shareholders, by the weighted-average number of common shares outstanding during the period. The weighted-average number of common shares outstanding does <div style="display: inline; font-style: italic; font: inherit;">not</div> include any potentially dilutive securities or any non-vested restricted shares of common stock. These non-vested restricted shares, although classified as issued and outstanding as of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2018 </div>and <div style="display: inline; font-style: italic; font: inherit;">2019,</div> are considered contingently returnable until the restrictions lapse and will <div style="display: inline; font-style: italic; font: inherit;">not</div> be included in the basic earnings / (loss) per share calculation until the shares are vested.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Diluted earnings / (loss) per share gives effect to all potentially dilutive securities to the extent that they are dilutive, using the treasury stock method. The Company uses the treasury stock method for non-vested restricted shares, while for the preferred shares issued the Company uses the if-converted method to assess the dilutive effect.</div></div></div></div></div></div></div><span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SegmentReportingPolicyPolicyTextBlock', window );">Segment Reporting, Policy [Policy Text Block]</a></td>
<td class="text"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Segment reporting</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">&nbsp;</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company reports financial information and evaluates its operations by charter revenue and <div style="display: inline; font-style: italic; font: inherit;">not</div> by the type of ship employment for its customers, i.e. voyage or time charters. The Company does <div style="display: inline; font-style: italic; font: inherit;">not</div> use discrete financial information to evaluate the operating results for each such type of charter. Although revenue can be identified for these types of charters, management cannot and does <div style="display: inline; font-style: italic; font: inherit;">not</div> identify expenses, profitability or other financial information for these charters. As a result, management, including the chief operating decision maker, reviews operating results solely by revenue per day and operating results of the fleet and thus the Company has determined that it operates under <div style="display: inline; font-style: italic; font: inherit;">one</div> operating segment. Furthermore, when the Company charters a vessel to a charterer, the charterer is free to trade the vessel worldwide and, as a result, the disclosure of geographical information is impracticable.</div></div></div></div></div></div></div><span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock', window );">New Accounting Pronouncements, Policy [Policy Text Block]</a></td>
<td class="text"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Recent accounting pronouncements</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">&nbsp;</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">In <div style="display: inline; font-style: italic; font: inherit;"> June 2016, </div>the FASB issued Accounting Standards Update (&#x201c;ASU&#x201d;) <div style="display: inline; font-style: italic; font: inherit;">2016</div>-<div style="display: inline; font-style: italic; font: inherit;">13,</div> &#x201c;Financial Instruments - Credit Losses (Topic <div style="display: inline; font-style: italic; font: inherit;">326</div>): Measurement of Credit Losses on Financial Instruments&#x201d;. The main objective of this update is to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. The amendments in this update replace the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The ASU requires a financial asset (or a group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial asset(s) to present the net carrying value at the amount expected to be collected on the financial asset. In <div style="display: inline; font-style: italic; font: inherit;"> November 2018, </div>FASB issued ASU <div style="display: inline; font-style: italic; font: inherit;">2018</div>-<div style="display: inline; font-style: italic; font: inherit;">19</div> &#x201c;Codification Improvements to Topic <div style="display: inline; font-style: italic; font: inherit;">326,</div> Financial Instruments-Credit Losses&#x201d;.&nbsp;The amendments in this update clarify that operating lease receivables are <div style="display: inline; font-style: italic; font: inherit;">not</div> within the scope of ASC <div style="display: inline; font-style: italic; font: inherit;">326</div>-<div style="display: inline; font-style: italic; font: inherit;">20</div> and should instead be accounted for under the new leasing standard, ASC <div style="display: inline; font-style: italic; font: inherit;">842.</div>&nbsp;For public business entities, the amendments in this update are effective for fiscal years beginning after <div style="display: inline; font-style: italic; font: inherit;"> December 15, 2019, </div>including interim periods within those fiscal years. Early application is permitted. The adoption of this ASU is <div style="display: inline; font-style: italic; font: inherit;">not</div> expected to have a material effect on the Company&#x2019;s consolidated financial statements and accompanying notes.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In <div style="display: inline; font-style: italic; font: inherit;"> August 2018, </div>the FASB issued ASU <div style="display: inline; font-style: italic; font: inherit;">2018</div>-<div style="display: inline; font-style: italic; font: inherit;">13,</div> &#x201c;Fair Value Measurement (Topic <div style="display: inline; font-style: italic; font: inherit;">820</div>): Disclosure Framework &#x2013; Changes to the disclosure requirements for fair value measurement&#x201d;. The amendments in this update modify the disclosure requirements on fair value measurements in Topic <div style="display: inline; font-style: italic; font: inherit;">820,</div> Fair Value Measurement, based on the concepts in the Concepts Statement, including the consideration of costs and benefits. The amendments in this update are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after <div style="display: inline; font-style: italic; font: inherit;"> December 15, 2019. </div>The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level <div style="display: inline; font-style: italic; font: inherit;">3</div> fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. Early adoption is permitted upon issuance of this update. An entity is permitted to early adopt any removed or modified disclosures upon issuance of this update and delay adoption of the additional disclosures until their effective date. The adoption of this ASU is <div style="display: inline; font-style: italic; font: inherit;">not</div> expected to have a material effect on the Company&#x2019;s consolidated financial statements and accompanying notes.</div></div></div></div></div></div></div><span></span>
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<div style="display: none;">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of the accounting policy for assets held for sale by the company.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents drydocking and special survey expenses policy.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of the accounting policies for offering expenses.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure for the accounting policy for purchase transactions.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Policy disclosure of vessels owned by the company.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">esea_VesselsPolicyTextBlock</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountingPoliciesAbstract</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for cash and cash equivalents, including the policy for determining which items are treated as cash equivalents. Other information that may be disclosed includes (1) the nature of any restrictions on the entity's use of its cash and cash equivalents, (2) whether the entity's cash and cash equivalents are insured or expose the entity to credit risk, (3) the classification of any negative balance accounts (overdrafts), and (4) the carrying basis of cash equivalents (for example, at cost) and whether the carrying amount of cash equivalents approximates fair value.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=121583591&amp;loc=d3e4273-108586<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(1))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=84158767&amp;loc=d3e18780-107790<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CashAndCashEquivalentsPolicyTextBlock</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Entity's cash and cash equivalents accounting policy with respect to restricted balances.  Restrictions may include legally restricted deposits held as compensating balances against short-term borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits; however, time deposits and short-term certificates of deposit are not generally included in legally restricted deposits.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(1)(a))<br> -URI http://asc.fasb.org/extlink&amp;oid=120398452&amp;loc=d3e534808-122878<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(1))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=84158767&amp;loc=d3e18780-107790<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=121583591&amp;loc=d3e4273-108586<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CashAndCashEquivalentsRestrictedCashAndCashEquivalentsPolicy</td>
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<tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for comprehensive income.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ComprehensiveIncomePolicyPolicyTextBlock</td>
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<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy regarding (1) the principles it follows in consolidating or combining the separate financial statements, including the principles followed in determining the inclusion or exclusion of subsidiaries or other entities in the consolidated or combined financial statements and (2) its treatment of interests (for example, common stock, a partnership interest or other means of exerting influence) in other entities, for example consolidation or use of the equity or cost methods of accounting.  The accounting policy may also address the accounting treatment for intercompany accounts and transactions, noncontrolling interest, and the income statement treatment in consolidation for issuances of stock by a subsidiary.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=84158767&amp;loc=d3e18780-107790<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=109239629&amp;loc=d3e5614-111684<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ConsolidationPolicyTextBlock</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for depreciation, depletion, and amortization of property and equipment costs, including methods used and estimated useful lives and how impairment of such assets is assessed and recognized.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DepreciationDepletionAndAmortizationPolicyTextBlock</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for its derivative instruments and hedging activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 815<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=121590274&amp;loc=d3e41620-113959<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=84158767&amp;loc=d3e18780-107790<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 815<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=121590274&amp;loc=d3e41638-113959<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 815<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1A<br> -URI http://asc.fasb.org/extlink&amp;oid=121590274&amp;loc=SL5579245-113959<br><br>Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 815<br> -SubTopic 10<br> -Section 50<br> -Paragraph 7<br> -URI http://asc.fasb.org/extlink&amp;oid=121590274&amp;loc=d3e41675-113959<br><br>Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.(n))<br> -URI http://asc.fasb.org/extlink&amp;oid=120395691&amp;loc=d3e23780-122690<br><br>Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 815<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=121590274&amp;loc=SL5579240-113959<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for computing basic and diluted earnings or loss per share for each class of common stock and participating security. Addresses all significant policy factors, including any antidilutive items that have been excluded from the computation and takes into account stock dividends, splits and reverse splits that occur after the balance sheet date of the latest reporting period but before the issuance of the financial statements.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=84158767&amp;loc=d3e18780-107790<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3630-109257<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for fair value measurements of financial and non-financial assets, liabilities and instruments classified in shareholders' equity. Disclosures include, but are not limited to, how an entity that manages a group of financial assets and liabilities on the basis of its net exposure measures the fair value of those assets and liabilities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
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<tr>
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<tr>
<td><strong> Period Type:</strong></td>
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</tr>
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</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FinanceLoansAndLeasesReceivablePolicy">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for financing receivable.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 10<br> -Section 50<br> -Paragraph 6<br> -URI http://asc.fasb.org/extlink&amp;oid=121611835&amp;loc=d3e5093-111524<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=84159169&amp;loc=d3e10133-111534<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 20<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=84159169&amp;loc=d3e10178-111534<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 10<br> -Section 50<br> -Paragraph 9<br> -URI http://asc.fasb.org/extlink&amp;oid=121611835&amp;loc=d3e5144-111524<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 20<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=84159169&amp;loc=d3e10149-111534<br><br>Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 10<br> -Section 50<br> -Paragraph 11B<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=121611835&amp;loc=SL6953423-111524<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=121611835&amp;loc=d3e5033-111524<br><br>Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 10<br> -Section 50<br> -Paragraph 15<br> -Subparagraph (b,d)<br> -URI http://asc.fasb.org/extlink&amp;oid=121611835&amp;loc=d3e5212-111524<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FinanceLoansAndLeasesReceivablePolicy</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for (1) transactions denominated in a currency other than the reporting enterprise's functional currency, (2) translating foreign currency financial statements that are incorporated into the financial statements of the reporting enterprise by consolidation, combination, or the equity method of accounting, and (3) remeasurement of the financial statements of a foreign reporting enterprise in a hyperinflationary economy.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 830<br> -URI http://asc.fasb.org/topic&amp;trid=2175825<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=84158767&amp;loc=d3e18780-107790<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ImpairmentOrDisposalOfLongLivedAssetsIncludingIntangibleAssetsPolicyPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for the impairment and disposal of long-lived assets including goodwill and other intangible assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ImpairmentOrDisposalOfLongLivedAssetsIncludingIntangibleAssetsPolicyPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InsurancePremiumsRevenueRecognitionPolicy">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for revenue recognition of insurance premium. Includes, but is not limited to, basis for measurement and timing of recognition of revenue from insurance premium received from contract holder and method used in performing premium deficiency testing.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 60<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=121639140&amp;loc=SL117422156-227712<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InsurancePremiumsRevenueRecognitionPolicy</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InventoryPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of inventory accounting policy for inventory classes, including, but not limited to, basis for determining inventory amounts, methods by which amounts are added and removed from inventory classes, loss recognition on impairment of inventories, and situations in which inventories are stated above cost.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 330<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=116847112&amp;loc=d3e4556-108314<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=84158767&amp;loc=d3e18780-107790<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6361739&amp;loc=d3e7789-107766<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 330<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=116847112&amp;loc=d3e4492-108314<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 270<br> -SubTopic 10<br> -Section 45<br> -Paragraph 6<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=116846552&amp;loc=d3e543-108305<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 330<br> -URI http://asc.fasb.org/topic&amp;trid=2126998<br><br>Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.6(b))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InventoryPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy pertaining to new accounting pronouncements that may impact the entity's financial reporting. Includes, but is not limited to, quantification of the expected or actual impact.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
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</tr>
<tr>
<td><strong> Balance Type:</strong></td>
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</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PensionAndOtherPostretirementPlansPolicy">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for pension and other postretirement benefit plans. This accounting policy may address (1) the types of plans sponsored by the entity, and the benefits provided by each plan (2) groups that participate in (or are covered by) each plan (3) how plan assets, liabilities and expenses are measured, including the use of any actuaries and (4) significant assumptions used by the entity to value plan assets and liabilities and how such assumptions are derived.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 715<br> -SubTopic 60<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=66047640&amp;loc=d3e39622-114963<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=84158767&amp;loc=d3e18780-107790<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 715<br> -SubTopic 80<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=65877416&amp;loc=d3e29149-114947<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 715<br> -SubTopic 70<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=49170846&amp;loc=d3e28014-114942<br><br>Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 715<br> -SubTopic 30<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6412939&amp;loc=d3e15145-114933<br><br>Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 715<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=118255775&amp;loc=d3e1928-114920<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PensionAndOtherPostretirementPlansPolicy</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RevenueRecognitionPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for revenue. Includes revenue from contract with customer and from other sources.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -Subparagraph (e)<br> -URI http://asc.fasb.org/extlink&amp;oid=84158767&amp;loc=d3e18823-107790<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -Subparagraph (f)<br> -URI http://asc.fasb.org/extlink&amp;oid=84158767&amp;loc=d3e18823-107790<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RevenueRecognitionPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SegmentReportingPolicyPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for segment reporting.</p></div>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for award under share-based payment arrangement. Includes, but is not limited to, methodology and assumption used in measuring cost.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=84158767&amp;loc=d3e18780-107790<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (b),(f)<br> -URI http://asc.fasb.org/extlink&amp;oid=120381028&amp;loc=d3e5070-113901<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=120381028&amp;loc=d3e5047-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for redeemable preferred stock issued. This disclosure may include the accounting treatment for the difference, if there is any, between the carrying value and redemption amount. For example, describe whether the issuer accretes changes in the redemption value.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 05<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=116854557&amp;loc=d3e20905-112640<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(27)(b))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(27)(c))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=84158767&amp;loc=d3e18780-107790<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for accounts receivable.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=121611835&amp;loc=d3e4975-111524<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/otherTransitionRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 10<br> -Section 50<br> -Paragraph 15<br> -Subparagraph (d)<br> -URI http://asc.fasb.org/extlink&amp;oid=121611835&amp;loc=d3e5212-111524<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/otherTransitionRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 10<br> -Section 50<br> -Paragraph 11B<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=121611835&amp;loc=SL6953423-111524<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/otherTransitionRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 10<br> -Section 50<br> -Paragraph 6<br> -URI http://asc.fasb.org/extlink&amp;oid=121611835&amp;loc=d3e5093-111524<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=121611835&amp;loc=d3e5033-111524<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=84159169&amp;loc=d3e10133-111534<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_TradeAndOtherAccountsReceivablePolicy</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 275<br> -SubTopic 10<br> -Section 50<br> -Paragraph 12<br> -URI http://asc.fasb.org/extlink&amp;oid=99393423&amp;loc=d3e6191-108592<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 275<br> -SubTopic 10<br> -Section 50<br> -Paragraph 11<br> -URI http://asc.fasb.org/extlink&amp;oid=99393423&amp;loc=d3e6161-108592<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 275<br> -SubTopic 10<br> -Section 50<br> -Paragraph 9<br> -URI http://asc.fasb.org/extlink&amp;oid=99393423&amp;loc=d3e6143-108592<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 275<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=99393423&amp;loc=d3e5967-108592<br><br>Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 275<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=99393423&amp;loc=d3e6061-108592<br><br>Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 275<br> -SubTopic 10<br> -Section 50<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=99393423&amp;loc=d3e6132-108592<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 275<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=99393423&amp;loc=d3e5967-108592<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6818712912">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Note 5 - Accrued Expenses - Summary of Accrued Expenses (Details) - USD ($)<br></strong></div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccruedSalariesCurrent', window );">Accrued payroll expenses</a></td>
<td class="nump">$ 231,093<span></span>
</td>
<td class="nump">$ 93,404<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestPayableCurrent', window );">Accrued interest expense</a></td>
<td class="nump">590,216<span></span>
</td>
<td class="nump">565,623<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_AccruedGeneralAndAdministrativeExpensesCurrent', window );">Accrued general and administrative expenses</a></td>
<td class="nump">111,720<span></span>
</td>
<td class="nump">348,761<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccruedSalesCommissionCurrent', window );">Accrued commissions</a></td>
<td class="nump">67,682<span></span>
</td>
<td class="nump">39,545<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherAccruedLiabilitiesCurrent', window );">Other accrued expenses</a></td>
<td class="nump">724,610<span></span>
</td>
<td class="nump">254,472<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccruedLiabilitiesCurrent', window );">Total</a></td>
<td class="nump">$ 1,725,321<span></span>
</td>
<td class="nump">$ 1,301,805<span></span>
</td>
</tr>
</table>
<div style="display: none;">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents accrued general and administrative expenses.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.20)<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 2 - Significant Accounting Policies (Details Textual)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The estimated salvage value per light weighted ton of vessel.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the contract term crews contracted with ship-owning companies.</p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of segments reported by the entity. A reportable segment is a component of an entity for which there is an accounting requirement to report separate financial information on that component in the entity's financial statements.</p></div>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6826631024">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 17 - Discontinued Operations - Results of Discontinued Operations (Details) (Parentheticals) - USD ($)<br></strong></div></th>
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<th class="th"><div>Dec. 31, 2019</div></th>
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<td class="nump">324,178<span></span>
</td>
<td class="nump">253,503<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_DisposalGroupIncludingDiscontinuedOperationVesselOperatingExpensesRelatedParty', window );">Vessel operating expenses - related party</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">$ 115,026<span></span>
</td>
<td class="nump">$ 102,131<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_esea_DisposalGroupIncludingDiscontinuedOperationCommissionsRelatedParty">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of commissions attributable to disposal group, including, but not limited to, discontinued operation for related party.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">esea_DisposalGroupIncludingDiscontinuedOperationCommissionsRelatedParty</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>esea_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_esea_DisposalGroupIncludingDiscontinuedOperationGeneralAndAdministrativeExpenseRelatedParty">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of general and administrative expense attributable to disposal group, including, but not limited to, discontinued operation for related party.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">esea_DisposalGroupIncludingDiscontinuedOperationGeneralAndAdministrativeExpenseRelatedParty</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>esea_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_esea_DisposalGroupIncludingDiscontinuedOperationVesselOperatingExpensesRelatedParty">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of vessel operating expenses attributable to disposal group, including, but not limited to, discontinued operation for related party.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">esea_DisposalGroupIncludingDiscontinuedOperationVesselOperatingExpensesRelatedParty</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>esea_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis=esea_DrybulkFleetMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis=esea_DrybulkFleetMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DisposalGroupClassificationAxis=us-gaap_DiscontinuedOperationsDisposedOfByMeansOtherThanSaleSpinoffMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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</body>
</html>
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</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>76
<FILENAME>R61.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6834071136">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 14 - Derivative Financial Instruments - Gain or Loss on Derivatives Not Designated as Hedging Instruments (Details) - USD ($)<br></strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet', window );">Total net gain / (loss) on derivatives</a></td>
<td class="num">$ (2,885)<span></span>
</td>
<td class="num">$ (44,343)<span></span>
</td>
<td class="nump">$ 12,389<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_HedgingDesignationAxis=us-gaap_NondesignatedMember', window );">Not Designated as Hedging Instrument [Member] | Interest Rate Contracts, Unrealized (Loss) / Gain [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet', window );">Total net gain / (loss) on derivatives</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">204,647<span></span>
</td>
<td class="num">(5,901)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_HedgingDesignationAxis=us-gaap_NondesignatedMember', window );">Not Designated as Hedging Instrument [Member] | Freight Forward Agreements, Unrealized Gain (Loss) [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet', window );">Total net gain / (loss) on derivatives</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="num">(781)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_HedgingDesignationAxis=us-gaap_NondesignatedMember', window );">Not Designated as Hedging Instrument [Member] | Interest Rate Contracts, Realized (Loss) / Gain [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet', window );">Total net gain / (loss) on derivatives</a></td>
<td class="num">(2,885)<span></span>
</td>
<td class="num">(201,745)<span></span>
</td>
<td class="nump">19,071<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_HedgingDesignationAxis=us-gaap_NondesignatedMember', window );">Not Designated as Hedging Instrument [Member] | Freight Forward Agreements, Realized Gain (Loss) [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet', window );">Total net gain / (loss) on derivatives</a></td>
<td class="text"> <span></span>
</td>
<td class="num">(47,245)<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_HedgingDesignationAxis=us-gaap_NondesignatedMember', window );">Not Designated as Hedging Instrument [Member] | Interest Rate Swap Contracts, Fair Value [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet', window );">Total net gain / (loss) on derivatives</a></td>
<td class="num">(2,885)<span></span>
</td>
<td class="nump">2,902<span></span>
</td>
<td class="nump">13,170<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_HedgingDesignationAxis=us-gaap_NondesignatedMember', window );">Not Designated as Hedging Instrument [Member] | Freight Forward Agreements [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet', window );">Total net gain / (loss) on derivatives</a></td>
<td class="text"> <span></span>
</td>
<td class="num">$ (47,245)<span></span>
</td>
<td class="num">$ (781)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of realized and unrealized gain (loss) of derivative instruments not designated or qualifying as hedging instruments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 815<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4CC<br> -URI http://asc.fasb.org/extlink&amp;oid=121590274&amp;loc=SL109998890-113959<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 815<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4C<br> -Subparagraph (e)<br> -URI http://asc.fasb.org/extlink&amp;oid=121590274&amp;loc=SL5624171-113959<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_HedgingDesignationAxis=us-gaap_NondesignatedMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_HedgingDesignationAxis=us-gaap_NondesignatedMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DerivativeInstrumentRiskAxis=esea_InterestRateContractsUnrealizedLossGainMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DerivativeInstrumentRiskAxis=esea_InterestRateContractsUnrealizedLossGainMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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</tr>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DerivativeInstrumentRiskAxis=esea_FreightForwardAgreementsUnrealizedGainLossMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DerivativeInstrumentRiskAxis=esea_InterestRateContractsRealizedLossGainMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DerivativeInstrumentRiskAxis=esea_InterestRateContractsRealizedLossGainMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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</tr>
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<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
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</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DerivativeInstrumentRiskAxis=esea_FreightForwardAgreementsRealizedGainLossMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DerivativeInstrumentRiskAxis=esea_FreightForwardAgreementsRealizedGainLossMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<td><strong> Period Type:</strong></td>
<td></td>
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</table></div>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6826794672">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Note 16 - Financial Instruments - Fair Value of Company's Liabilities (Details) - Interest Rate Swap [Member]<br></strong></div></th>
<th class="th">
<div>Dec. 31, 2018 </div>
<div>USD ($)</div>
</th>
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<td class="nump">$ 41,435<span></span>
</td>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Fair value, before effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes liabilities elected not to be offset. Excludes liabilities not subject to a master netting arrangement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 860<br> -SubTopic 20<br> -Section 50<br> -Paragraph 4D<br> -Subparagraph (c)(2)<br> -URI http://asc.fasb.org/extlink&amp;oid=121570589&amp;loc=SL51823488-111719<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 815<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4B<br> -Subparagraph (a),(c)<br> -URI http://asc.fasb.org/extlink&amp;oid=121590274&amp;loc=SL5624163-113959<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 20<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=51824906&amp;loc=SL20225862-175312<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 20<br> -Section 55<br> -Paragraph 7<br> -URI http://asc.fasb.org/extlink&amp;oid=99393222&amp;loc=SL20226000-175313<br></p></div>
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DerivativeFairValueOfDerivativeLiability</td>
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<td>xbrli:monetaryItemType</td>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6832802784">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Note 10 - Commitments and Contingencies (Details Textual) - USD ($)<br></strong></div></th>
<th class="th"><div>Mar. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Nov. 07, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
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</td>
<td class="nump">$ 1<span></span>
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<td class="nump">$ 17,200,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TypeOfArrangementAxis=esea_PurchaseOfVesselsMember', window );">Purchase of Vessels [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_CashIssuedPerVesselPurchased', window );">Cash Issued Per Vessel Purchased</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 500,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_srt_LitigationCaseAxis=esea_AlterwallBusinessIncVsFuelOilSupplierMember', window );">Alterwall Business Inc. Vs. Fuel Oil Supplier [Member] | Pending Litigation [Member] | Alterwall Business Inc. [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
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<td class="text">&#160;<span></span>
</td>
<td class="nump">530,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
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<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 150,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of cash issued per vessel purchased in an agreement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_esea_FutureGrossMinimumRevenuesUnderNoncancellableTimeCharterAgreements">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of future gross minimum revenues under non-cancellable time charter agreements.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">esea_FutureGrossMinimumRevenuesUnderNoncancellableTimeCharterAgreements</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>esea_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockParOrStatedValuePerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Face amount or stated value per share of common stock.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockParOrStatedValuePerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LitigationReserve">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Aggregate carrying amount of the estimated litigation liability for known or estimated probable loss from litigation, which may include attorneys' fees and other litigation costs.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 450<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=121557415&amp;loc=d3e14326-108349<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.25)<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LitigationReserve</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RestrictedCashAndInvestments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Cash and investments whose use in whole or in part is restricted for the long-term, generally by contractual agreements or regulatory requirements. For use in an unclassified balance sheet.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RestrictedCashAndInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TypeOfArrangementAxis=esea_PurchaseOfVesselsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_TypeOfArrangementAxis=esea_PurchaseOfVesselsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_LitigationCaseAxis=esea_AlterwallBusinessIncVsFuelOilSupplierMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_LitigationCaseAxis=esea_AlterwallBusinessIncVsFuelOilSupplierMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LitigationStatusAxis=us-gaap_PendingLitigationMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LitigationStatusAxis=us-gaap_PendingLitigationMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=esea_AlterwallBusinessIncMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=esea_AlterwallBusinessIncMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>80
<FILENAME>R57.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6834071888">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 12 - Loss Per Share - Summary of Basic and Diluted Loss Per Common Share (Details) - USD ($)<br></strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net loss</a></td>
<td class="num">$ (1,682,671)<span></span>
</td>
<td class="num">$ (663,396)<span></span>
</td>
<td class="num">$ (6,944,261)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockDividendsIncomeStatementImpact', window );">Dividends to Series B preferred shares</a></td>
<td class="num">(1,271,782)<span></span>
</td>
<td class="num">(1,335,733)<span></span>
</td>
<td class="num">(1,808,811)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_PreferredDeemedDividend', window );">Preferred deemed dividend</a></td>
<td class="num">(504,577)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLossFromContinuingOperationsAvailableToCommonShareholdersBasic', window );">Net loss attributable to common shareholders, continuing operations</a></td>
<td class="num">$ (3,459,030)<span></span>
</td>
<td class="num">$ (1,999,129)<span></span>
</td>
<td class="num">$ (8,753,072)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted', window );">Weighted average common shares &#8211;outstanding , basic and diluted (in shares)</a></td>
<td class="nump">2,861,928<span></span>
</td>
<td class="nump">1,414,775<span></span>
</td>
<td class="nump">1,383,440<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromContinuingOperationsPerBasicAndDilutedShare', window );">Basic and diluted loss per share, continuing operations (in dollars per share)</a></td>
<td class="num">$ (1.21)<span></span>
</td>
<td class="num">$ (1.41)<span></span>
</td>
<td class="num">$ (6.33)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLossFromDiscontinuedOperationsAvailableToCommonShareholdersBasic', window );">Net income attributable to common shareholders, discontinued operations</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">$ 554,506<span></span>
</td>
<td class="nump">$ 849,701<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic', window );">Net loss attributable to common shareholders</a></td>
<td class="num">$ (3,459,030)<span></span>
</td>
<td class="num">$ (1,444,623)<span></span>
</td>
<td class="num">$ (7,903,371)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareBasicAndDiluted', window );">Basic and diluted loss per share (in dollars per share)</a></td>
<td class="num">$ (1.21)<span></span>
</td>
<td class="num">$ (1.02)<span></span>
</td>
<td class="num">$ (5.72)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_SeriesBPreferredStockMember', window );">Series B Preferred Stock [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockDividendsIncomeStatementImpact', window );">Dividends to Series B preferred shares</a></td>
<td class="num">$ (1,271,782)<span></span>
</td>
<td class="num">$ (1,335,733)<span></span>
</td>
<td class="num">$ (1,808,811)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_esea_PreferredDeemedDividend">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of preferred deemed dividends recognized during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">esea_PreferredDeemedDividend</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>esea_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareBasicAndDiluted">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of net income or loss for the period per each share in instances when basic and diluted earnings per share are the same amount and reported as a single line item on the face of the financial statements.  Basic earnings per share is the amount of net income or loss for the period per each share of common stock or unit outstanding during the reporting period.  Diluted earnings per share includes the amount of net income or loss for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 7<br> -URI http://asc.fasb.org/extlink&amp;oid=121326447&amp;loc=d3e1337-109256<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EarningsPerShareBasicAndDiluted</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossFromContinuingOperationsPerBasicAndDilutedShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of net income (loss) from continuing operations per each basic and diluted share of common stock or unit when the per share amount is the same for both basic and diluted shares.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeLossFromContinuingOperationsPerBasicAndDilutedShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetIncomeLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 250<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=109234566&amp;loc=d3e22595-107794<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 10<br> -URI http://asc.fasb.org/extlink&amp;oid=121326447&amp;loc=d3e1448-109256<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 250<br> -SubTopic 10<br> -Section 50<br> -Paragraph 11<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=109234566&amp;loc=d3e22694-107794<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 11<br> -URI http://asc.fasb.org/extlink&amp;oid=121326447&amp;loc=d3e1377-109256<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 22<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e8736-108599<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 250<br> -SubTopic 10<br> -Section 50<br> -Paragraph 11<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=109234566&amp;loc=d3e22694-107794<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 60B<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=121326447&amp;loc=SL5780133-109256<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 32<br> -Subparagraph (f)<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e8933-108599<br><br>Reference 10: http://www.xbrl.org/2003/role/exampleRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 31<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e8924-108599<br><br>Reference 11: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 30<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e8906-108599<br><br>Reference 12: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 250<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=109234566&amp;loc=d3e22583-107794<br><br>Reference 13: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 32<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e8933-108599<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLossFromContinuingOperationsAvailableToCommonShareholdersBasic">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) from continuing operations available to common shareholders.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 11<br> -URI http://asc.fasb.org/extlink&amp;oid=121326447&amp;loc=d3e1377-109256<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetIncomeLossFromContinuingOperationsAvailableToCommonShareholdersBasic</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLossFromDiscontinuedOperationsAvailableToCommonShareholdersBasic">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) from discontinued operations available to common shareholders.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetIncomeLossFromDiscontinuedOperationsAvailableToCommonShareholdersBasic</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockDividendsIncomeStatementImpact">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of preferred stock dividends that is an adjustment to net income apportioned to common stockholders.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PreferredStockDividendsIncomeStatementImpact</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Average number of shares or units issued and outstanding that are used in calculating basic and diluted earnings per share (EPS).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=us-gaap_SeriesBPreferredStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=us-gaap_SeriesBPreferredStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6831862464">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 18 - Common Stock (Details Textual)<br></strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="4">1 Months Ended</th>
<th class="th" colspan="3">12 Months Ended</th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Dec. 19, 2019</div></th>
<th class="th"><div>Dec. 18, 2019</div></th>
<th class="th">
<div>Nov. 04, 2019 </div>
<div>shares</div>
</th>
<th class="th">
<div>Nov. 21, 2018 </div>
<div>shares</div>
</th>
<th class="th">
<div>Nov. 02, 2017 </div>
<div>shares</div>
</th>
<th class="th">
<div>Oct. 31, 2019 </div>
<div>USD ($) </div>
<div>shares</div>
</th>
<th class="th">
<div>Aug. 31, 2019 </div>
<div>shares</div>
</th>
<th class="th">
<div>Nov. 30, 2018 </div>
<div>USD ($) </div>
<div>shares</div>
</th>
<th class="th">
<div>Jan. 31, 2017 </div>
<div>USD ($) </div>
<div>shares</div>
</th>
<th class="th">
<div>Dec. 31, 2019 </div>
<div>USD ($) </div>
<div>$ / shares </div>
<div>shares</div>
</th>
<th class="th">
<div>Dec. 31, 2018 </div>
<div>USD ($) </div>
<div>$ / shares </div>
<div>shares</div>
</th>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>USD ($) </div>
<div>shares</div>
</th>
<th class="th">
<div>Mar. 31, 2020 </div>
<div>$ / shares </div>
<div>shares</div>
</th>
<th class="th">
<div>Nov. 07, 2019 </div>
<div>$ / shares</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesAuthorized', window );">Common Stock, Shares Authorized (in shares)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">200,000,000<span></span>
</td>
<td class="nump">200,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">200,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockParOrStatedValuePerShare', window );">Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.03<span></span>
</td>
<td class="nump">$ 0.03<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.03<span></span>
</td>
<td class="nump">$ 1<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromIssuanceOfCommonStock', window );">Proceeds from Issuance of Common Stock | $</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 6,853,101<span></span>
</td>
<td class="nump">$ 1,975,110<span></span>
</td>
<td class="nump">$ 549,495<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NonmonetaryTransactionTypeAxis=esea_ReverseStockSplitMember', window );">Reverse Stock Split [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityNoteStockSplitConversionRatio1', window );">Stockholders' Equity Note, Stock Split, Conversion Ratio</a></td>
<td class="nump">8<span></span>
</td>
<td class="nump">8<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=esea_FourFeederContainershipsMember', window );">Four Feeder Containerships [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesPurchaseOfAssets', window );">Stock Issued During Period, Shares, Purchase of Assets (in shares)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,816,901<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,816,901<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=esea_SynergyVesselsMember', window );">Synergy Vessels [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesPurchaseOfAssets', window );">Stock Issued During Period, Shares, Purchase of Assets (in shares)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,056,338<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AwardTypeAxis=us-gaap_RestrictedStockMember', window );">Restricted Stock [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod', window );">Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">15,444<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PlanNameAxis=esea_The2014PlanMember', window );">The 2014 Plan [Member] | Restricted Stock [Member] | The 18 Key Persons [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod', window );">Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">15,681<span></span>
</td>
<td class="nump">12,534<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">15,681<span></span>
</td>
<td class="nump">12,534<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PlanNameAxis=esea_The2014PlanMember', window );">The 2014 Plan [Member] | Restricted Stock [Member] | The 17 Key Persons [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod', window );">Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">15,444<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">15,444<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SubsidiarySaleOfStockAxis=esea_ATMCommonStockOfferingMember', window );">ATM Common Stock Offering [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesNewIssues', window );">Stock Issued During Period, Shares, New Issues (in shares)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">144,727<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">139,509<span></span>
</td>
<td class="nump">37,723<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromIssuanceOfCommonStock', window );">Proceeds from Issuance of Common Stock | $</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 900,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 2,000,000<span></span>
</td>
<td class="nump">$ 600,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockParOrStatedValuePerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Face amount or stated value per share of common stock.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockParOrStatedValuePerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>instant</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The maximum number of common shares permitted to be issued by an entity's charter and bylaws.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockSharesAuthorized</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from the additional capital contribution to the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 14<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3255-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProceedsFromIssuanceOfCommonStock</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of grants made during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(2)(iii)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=120381028&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodSharesNewIssues">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of new stock issued during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=109259400&amp;loc=d3e21463-112644<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=120397183&amp;loc=d3e187085-122770<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockIssuedDuringPeriodSharesNewIssues</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodSharesPurchaseOfAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of shares of stock issued during the period as part of a transaction to acquire assets that do not qualify as a business combination.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockIssuedDuringPeriodSharesPurchaseOfAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquityNoteStockSplitConversionRatio1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Ratio applied to the conversion of stock split, for example but not limited to, one share converted to two or two shares converted to one.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 4<br> -Subparagraph (SAB TOPIC 4.C)<br> -URI http://asc.fasb.org/extlink&amp;oid=120397183&amp;loc=d3e187143-122770<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockholdersEquityNoteStockSplitConversionRatio1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:pureItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NonmonetaryTransactionTypeAxis=esea_ReverseStockSplitMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NonmonetaryTransactionTypeAxis=esea_ReverseStockSplitMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=esea_FourFeederContainershipsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=esea_FourFeederContainershipsMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=esea_SynergyVesselsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=esea_SynergyVesselsMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AwardTypeAxis=us-gaap_RestrictedStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AwardTypeAxis=us-gaap_RestrictedStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PlanNameAxis=esea_The2014PlanMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PlanNameAxis=esea_The2014PlanMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_TitleOfIndividualAxis=esea_The18KeyPersonsMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_TitleOfIndividualAxis=esea_The17KeyPersonsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_TitleOfIndividualAxis=esea_The17KeyPersonsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SubsidiarySaleOfStockAxis=esea_ATMCommonStockOfferingMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SubsidiarySaleOfStockAxis=esea_ATMCommonStockOfferingMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6846995616">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Consolidated Statements of Operations (Parentheticals) - USD ($)<br></strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_CommissionsRelatedParty', window );">Commissions, related party</a></td>
<td class="nump">$ 493,341<span></span>
</td>
<td class="nump">$ 453,361<span></span>
</td>
<td class="nump">$ 310,467<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_VesselOperatingExpensesRelatedParty', window );">Vessel operating expenses, related party</a></td>
<td class="nump">249,081<span></span>
</td>
<td class="nump">256,069<span></span>
</td>
<td class="nump">190,723<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesFromTransactionsWithRelatedParty', window );">Other general and administrative expenses, related party</a></td>
<td class="nump">1,344,250<span></span>
</td>
<td class="nump">1,561,126<span></span>
</td>
<td class="nump">1,306,476<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_NetGainLossOnSaleOfVesselsRelatedParty', window );">Net gain on sale of vessels, related party</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">64,500<span></span>
</td>
<td class="nump">70,640<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_InterestAndOtherFinancingCostsRelatedParty', window );">Interest and other financing costs, related party</a></td>
<td class="nump">$ 84,444<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_esea_CommissionsRelatedParty">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents related party commissions.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">esea_CommissionsRelatedParty</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>esea_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_esea_InterestAndOtherFinancingCostsRelatedParty">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of interest and other financing costs attributable to related parties.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">esea_InterestAndOtherFinancingCostsRelatedParty</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>esea_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_esea_NetGainLossOnSaleOfVesselsRelatedParty">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents net gain (loss) on sale of vessels with related party.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">esea_NetGainLossOnSaleOfVesselsRelatedParty</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>esea_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_esea_VesselOperatingExpensesRelatedParty">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents related party associated with vessel operating expenses.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">esea_VesselOperatingExpensesRelatedParty</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>esea_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesFromTransactionsWithRelatedParty">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of selling, general and administrative expenses resulting from transactions, excluding transactions that are eliminated in consolidated or combined financial statements, with related party.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesFromTransactionsWithRelatedParty</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>83
<FILENAME>R1.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
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</head>
<body>
<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6843064528">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Document And Entity Information<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th">
<div>Dec. 31, 2019 </div>
<div>shares</div>
</th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">EUROSEAS LTD.<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0001341170<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CurrentFiscalYearEndDate', window );">Current Fiscal Year End Date</a></td>
<td class="text">--12-31<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityFilerCategory', window );">Entity Filer Category</a></td>
<td class="text">Non-accelerated Filer<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCurrentReportingStatus', window );">Entity Current Reporting Status</a></td>
<td class="text">Yes<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityVoluntaryFilers', window );">Entity Voluntary Filers</a></td>
<td class="text">No<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityWellKnownSeasonedIssuer', window );">Entity Well-known Seasoned Issuer</a></td>
<td class="text">No<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityInteractiveDataCurrent', window );">Entity Interactive Data Current</a></td>
<td class="text">Yes<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCommonStockSharesOutstanding', window );">Entity Common Stock, Shares Outstanding (in shares)</a></td>
<td class="nump">5,600,259<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityShellCompany', window );">Entity Shell Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">20-F<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Dec. 31,  2019<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentFiscalYearFocus', window );">Document Fiscal Year Focus</a></td>
<td class="text">2019<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentFiscalPeriodFocus', window );">Document Fiscal Period Focus</a></td>
<td class="text">FY<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentAnnualReport', window );">Document Annual Report</a></td>
<td class="text">true<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentTransitionReport', window );">Document Transition Report</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentShellCompanyReport', window );">Document Shell Company Report</a></td>
<td class="text">false<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CurrentFiscalYearEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>End date of current fiscal year in the format --MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CurrentFiscalYearEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:gMonthDayItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentAnnualReport">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true only for a form used as an annual report.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Forms 10-K, 20-F, 40-F<br> -Number 240<br> -Section 15<br> -Subsection d-1<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentAnnualReport</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentFiscalPeriodFocus">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Fiscal period values are FY, Q1, Q2, and Q3.  1st, 2nd and 3rd quarter 10-Q or 10-QT statements have value Q1, Q2, and Q3 respectively, with 10-K, 10-KT or other fiscal year statements having FY.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentFiscalPeriodFocus</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fiscalPeriodItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentFiscalYearFocus">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentFiscalYearFocus</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:gYearItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentInformationLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentInformationLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented.  If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentShellCompanyReport">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true for a Shell Company Report pursuant to section 13 or 15(d) of the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 20-F<br> -Number 249<br> -Section 220<br> -Subsection f<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentShellCompanyReport</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentTransitionReport">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true only for a form used as a transition report.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Forms 10-K, 10-Q, 20-F<br> -Number 240<br> -Section 13<br> -Subsection a-1-<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentTransitionReport</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCommonStockSharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCommonStockSharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCurrentReportingStatus">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate 'Yes' or 'No' whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCurrentReportingStatus</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:yesNoItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFilerCategory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate whether the registrant is one of the following: Large Accelerated Filer, Accelerated Filer, Non-accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFilerCategory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:filerCategoryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityInteractiveDataCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-T<br> -Number 232<br> -Section 405<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityInteractiveDataCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:yesNoItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityShellCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the registrant is a shell company as defined in Rule 12b-2 of the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityShellCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityVoluntaryFilers">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate 'Yes' or 'No' if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityVoluntaryFilers</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:yesNoItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityWellKnownSeasonedIssuer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate 'Yes' or 'No' if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityWellKnownSeasonedIssuer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:yesNoItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6826659536">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 12 - Loss Per Share<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2019</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DisclosureTextBlockAbstract', window );"><strong>Notes to Financial Statements</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareTextBlock', window );">Earnings Per Share [Text Block]</a></td>
<td class="text"><div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0">  <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">12.</div></div></td> <td style="text-align: justify"><div style="display: inline; font-weight: bold;">Loss Per Share</div></td> </tr>  </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Basic and diluted loss per common share is computed as follows:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div> <table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0">  <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2017</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2018</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2019</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-left: 0.4pt">Income:</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 61%; text-align: left; padding-left: 0.4pt">Net loss, continuing operations</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(6,944,261</div></td> <td style="width: 1%; text-align: left">)</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(663,396</div></td> <td style="width: 1%; text-align: left">)</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,682,671</div></td> <td style="width: 1%; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 0.4pt">Dividends to Series B preferred shares</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,808,811</div></td> <td style="text-align: left">)</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,335,733</div></td> <td style="text-align: left">)</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,271,782</div></td> <td style="text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 0.4pt">Preferred deemed dividend</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(504,577</div></td> <td style="text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 0.4pt">Net loss attributable to common shareholders, continuing operations</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(8,753,072</div></td> <td style="text-align: left">)</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,999,129</div></td> <td style="text-align: left">)</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(3,459,030</div></td> <td style="text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 0.4pt">Weighted average common shares &#x2013;outstanding , basic and diluted</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,383,440</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,414,775</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,861,928</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 0.4pt">Basic and diluted loss per share, continuing operations</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(6.33</div></td> <td style="text-align: left">)</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1.41</div></td> <td style="text-align: left">)</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1.21</div></td> <td style="text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 0.4pt">Net income attributable to common shareholders, discontinued operations</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">849,701</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">554,506</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 0.4pt">Net loss attributable to common shareholders</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(7,903,371</div></td> <td style="text-align: left">)</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,444,623</div></td> <td style="text-align: left">)</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(3,459,030</div></td> <td style="text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 0.4pt">Basic and diluted loss per share</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(5.72</div></td> <td style="text-align: left">)</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1.02</div></td> <td style="text-align: left">)</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1.21</div></td> <td style="text-align: left">)</td> </tr>  </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During <div style="display: inline; font-style: italic; font: inherit;">2017,</div> <div style="display: inline; font-style: italic; font: inherit;">2018</div> and <div style="display: inline; font-style: italic; font: inherit;">2019,</div> the effect of the non-vested stock awards and of Series B Preferred Shares was anti-dilutive. The number of dilutive securities was <div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;">nil</div></div></div> shares in <div style="display: inline; font-style: italic; font: inherit;">2017,</div> <div style="display: inline; font-style: italic; font: inherit;">2018</div> and <div style="display: inline; font-style: italic; font: inherit;">2019.</div></div></div><span></span>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6826801952">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 2 - Significant Accounting Policies<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SignificantAccountingPoliciesTextBlock', window );">Significant Accounting Policies [Text Block]</a></td>
<td class="text"><div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0">  <tr style="vertical-align: top"> <td style="text-align: justify; width: 0.5in"><div style="display: inline; font-family: Symbol"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">2.</div></div></div></td> <td style="text-align: justify"><div style="display: inline; font-weight: bold;">Significant Accounting Policies</div></td> </tr>  </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The accompanying consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America. The following are the significant accounting policies adopted by the Company:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div> <div style="display: inline; font-style: italic; font: inherit;"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Principles of consolidation</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The accompanying consolidated financial statements include the accounts of Euroseas Ltd. and its subsidiaries. Inter-company balances and transactions are eliminated on consolidation.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">&nbsp;</div></div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div> <div style="display: inline; font-style: italic; font: inherit;"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Use of estimates</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The preparation of the accompanying consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the consolidated financial statements, and the stated amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div> <div style="display: inline; font-style: italic; font: inherit;"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Other comprehensive income / (loss)</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has <div style="display: inline; font-style: italic; font: inherit;">no</div> other comprehensive income / (loss) and accordingly comprehensive income / (loss) equals net income / (loss) for all periods presented. As such, <div style="display: inline; font-style: italic; font: inherit;">no</div> statement of comprehensive income / (loss) has been presented.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt">&nbsp;</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div> <div style="display: inline; font-style: italic; font: inherit;"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Foreign currency translation</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&#x2019;s functional currency as well as the functional currency of all its subsidiaries is the U.S. dollar. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars at exchange rates prevailing at the balance sheet date. Income and expenses denominated in foreign currencies are translated into U.S. dollars at exchange rates prevailing at the date of the transaction. The resulting exchange gains and/or losses on settlement or translation are included in the accompanying consolidated statements of operations.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div> <div style="display: inline; font-style: italic; font: inherit;"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Cash equivalents</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cash equivalents are cash in bank accounts, time deposits or other certificates purchased with an original maturity of <div style="display: inline; font-style: italic; font: inherit;">three</div> months or less.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div> <div style="display: inline; font-style: italic; font: inherit;"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Restricted cash</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Restricted cash reflects deposits with certain banks that can only be used to pay the current loan installments or are required to be maintained as a certain minimum cash balance per mortgaged vessel and amounts that are pledged, blocked or held as cash collateral.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <!-- Field: Page; Sequence: 15; Value: 2 -->   <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div> <div style="display: inline; font-style: italic; font: inherit;"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Trade accounts receivable</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The amount shown as trade accounts receivable, at each balance sheet date, includes estimated recoveries from each voyage or time charter. At each balance sheet date, the Company provides for doubtful accounts on the basis of specific identified doubtful receivables.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div> <div style="display: inline; font-style: italic; font: inherit;"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Inventories</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Inventories are stated at the lower of cost and net realizable value, which is the estimated selling prices less reasonably predictable costs of disposal and transportation. Inventories are valued using the FIFO (First-In First-Out) method.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">&nbsp;</div></div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div> <div style="display: inline; font-style: italic; font: inherit;"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Vessels</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Vessels are stated at cost, which comprises the vessel contract price, costs of major repairs and improvements upon acquisition, direct delivery and other acquisition expenses, less accumulated depreciation and impairment, if any. Subsequent expenditures for conversions and major improvements are also capitalized when they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessels; otherwise these amounts are charged to expense as incurred. <div style="display: inline; font-family: Times New Roman, Times, Serif">Vessels under construction are presented at cost, which includes shipyard installment payments and other vessel costs incurred during the construction period that are directly attributable to the construction of the vessels, including interest costs incurred during the construction period.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Expenditures for vessel repair and maintenance are charged against income in the period incurred.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">&nbsp;</div></div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div> <div style="display: inline; font-style: italic; font: inherit;"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Assets Held for Sale&nbsp;</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">&nbsp;</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company <div style="display: inline; font-style: italic; font: inherit;"> may </div>dispose of certain of its vessels when suitable opportunities occur, including prior to the end of their useful lives. The Company classifies assets as being held for sale when the following criteria are met: (i) management is committed to sell the asset; (ii) the&nbsp;asset is available for immediate sale in its present condition; (iii) an active program to locate a buyer and other actions required to complete the plan to sell the asset have been initiated; (iv) the sale of the asset is probable, and transfer of the asset is expected to qualify for recognition as a completed sale within <div style="display: inline; font-style: italic; font: inherit;">one</div> year; (v) the asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and (vi) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Long-lived assets classified as held for sale are measured at the lower of their carrying amount or fair value less&nbsp;the&nbsp;cost to sell&nbsp;the asset. These assets are <div style="display: inline; font-style: italic; font: inherit;">no</div> longer depreciated once they meet the criteria of being held for sale.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <!-- Field: Page; Sequence: 16; Value: 2 --> </div>      <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0">    <tr style="vertical-align: top">  <td style="text-align: justify"><div style="display: inline; font-weight: bold;"></div></td> </tr>  </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div> <div style="display: inline; font-style: italic; font: inherit;"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Depreciation</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Depreciation is calculated on a straight line basis over the estimated useful life of the vessel with reference to the cost of the vessel, and estimated scrap value. Remaining useful lives of vessels are periodically reviewed and revised to recognize changes in conditions and such revisions, if any, are recognized over current and future periods. The Company estimates that its vessels have a useful life of <div style="display: inline; font-style: italic; font: inherit;">25</div> years from the completion of their construction. When regulations place limitations over the ability of a vessel to trade on a worldwide basis, its remaining useful life is adjusted at the date such regulations are adopted. The estimated salvage value of each vessel is <div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;">$0.25</div></div> per light weight ton as of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019 </div>and <div style="display: inline; font-style: italic; font: inherit;">2018,</div> which is based on the historical average demolition prices.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">&nbsp;</div></div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div> <div style="display: inline; font-style: italic; font: inherit;"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Insurance claims and insurance proceeds</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Claims receivable are recorded on the accrual basis and represent the amounts to be received, net of deductibles incurred through each balance sheet date, for which recovery from insurance companies is probable and the claim is <div style="display: inline; font-style: italic; font: inherit;">not</div> subject to litigation. Any remaining costs to complete the claims are included in accrued liabilities. Insurance proceeds are recorded according to type of claim that gives rise to the proceeds in the consolidated statements of operations and the consolidated statements of cash flow.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">&nbsp;</div></div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div> <div style="display: inline; font-style: italic; font: inherit;"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Revenue and expense recognition</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Revenues are generated from time charters and voyage charters. Under a time charter agreement a contract is entered into for the use of a vessel for a specific period of time and a specified daily charter hire rate. Under a voyage charter agreement, a contract is made in the spot market for the use of a vessel for a specific voyage to transport a specified agreed upon cargo at a specified freight rate per ton or occasionally a lump sum amount.&nbsp;Under a voyage charter agreement, the charter party generally has a minimum amount of cargo and the charterer is liable for any short loading of cargo or "dead" freight.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In <div style="display: inline; font-style: italic; font: inherit;"> February 2016, </div>the FASB issued ASU <div style="display: inline; font-style: italic; font: inherit;">No.</div> <div style="display: inline; font-style: italic; font: inherit;">2016</div>-<div style="display: inline; font-style: italic; font: inherit;">02,</div> &#x201c;Leases (Topic <div style="display: inline; font-style: italic; font: inherit;">842</div>)&#x201d;, which amends the existing accounting standard for lease accounting and adds additional disclosures about leasing arrangements. ASC <div style="display: inline; font-style: italic; font: inherit;">842</div> requires lessees to recognize on the balance sheet the assets and liabilities for the rights and obligations created by most leases, while lessor accounting remains largely unchanged. ASC <div style="display: inline; font-style: italic; font: inherit;">842,</div> as amended, subject to certain transition relief options, allows a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, or allows entities to elect <div style="display: inline; font-style: italic; font: inherit;">not</div> to recast the comparative periods presented when transitioning to ASC <div style="display: inline; font-style: italic; font: inherit;">842</div> and to recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. ASC <div style="display: inline; font-style: italic; font: inherit;">842</div> also provides a practical expedient to lessors by class of underlying asset, to <div style="display: inline; font-style: italic; font: inherit;">not</div> separate non lease components from the associated lease component, similar to the expedient provided for lessees, when the following criteria are met: i) the timing and pattern of transfer for the lease</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</div> <!-- Field: Page; Sequence: 17; Value: 2 -->   <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0">    <tr style="vertical-align: top">  <td style="text-align: justify"><div style="display: inline; font-weight: bold;"></div></td> </tr>  </table> <div style=""></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">component is the same as those for the non-lease component associated with that lease component and (ii) the lease component, if accounted for separately, would be classified as an operating lease. ASC <div style="display: inline; font-style: italic; font: inherit;">842</div> is effective for public entities with reporting periods beginning after <div style="display: inline; font-style: italic; font: inherit;"> December 15, 2018, </div>including interim periods within those fiscal periods. The Company adopted ASC <div style="display: inline; font-style: italic; font: inherit;">842</div> for its reporting period commencing <div style="display: inline; font-style: italic; font: inherit;"> January 1, 2019 </div>and has elected to use the optional new transition method that results in initial recognition of a cumulative effect adjustment to retained earnings in the year of adoption. As a result, prior periods as reported by the Company, have <div style="display: inline; font-style: italic; font: inherit;">not</div> been impacted by the adoption.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A time charter is a contract for the use of a vessel for a specific period of time and a specified daily charter hire rate, which is generally payable in advance. Time charter revenue is recognized when a charter agreement exists, the vessel is made available to the charterer and collection of the related revenue is reasonably assured. As of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019, </div>all of the Company&#x2019;s vessels are employed under time charters with remaining terms ranging from less than <div style="display: inline; font-style: italic; font: inherit;">one</div> month to <div style="display: inline; font-style: italic; font: inherit;">12</div> months based on the minimum duration of the time charter contracts and certain time charter contracts include renewal options for terms ranging from <div style="display: inline; font-style: italic; font: inherit;">8</div> months to <div style="display: inline; font-style: italic; font: inherit;">23</div> months. A time charter generally provides typical warranties and owner protective restrictions. The Company&#x2019;s time charter agreements are classified as operating leases pursuant to ASC <div style="display: inline; font-style: italic; font: inherit;">842,</div> because (i) the vessel is an identifiable asset, (ii) the Company does <div style="display: inline; font-style: italic; font: inherit;">not</div> have substantive substitution rights and (iii) the charterer has the right to control the use of the vessel, during the term of the contract, and derives the economic benefits from such use. In a time charter contract, the Company is responsible for all the costs incurred for running the vessel such as crew costs, vessel insurance, repairs and maintenance and lubes. The charterer bears the voyage related costs such as bunker expenses, port charges and canal tolls during the hire period.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As discussed above, the transition guidance associated with ASC <div style="display: inline; font-style: italic; font: inherit;">842</div> allows for certain practical expedients to lessors. The Company elected <div style="display: inline; font-style: italic; font: inherit;">not</div> to separate the lease and non-lease components included in the time charter revenue because the pattern of revenue recognition for the lease and non-lease components (included in the daily hire rate) is the same and the lease component, if accounted for separately, would be classified as an operating lease. The nature of the lease component and non-lease component that are combined as a result of applying the respective practical expedient are the hire rate for a bareboat charter as well as the compensation for expenses incurred running the vessel such as crewing expense, repairs, insurance, maintenance and lubricants, respectively. The lease component is the predominant component and the Company accounts for the combined component as an operating lease in accordance with Topic <div style="display: inline; font-style: italic; font: inherit;">842.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div>  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0">    <tr style="vertical-align: top">  <td style="text-align: justify"><div style="display: inline; font-weight: bold;"></div></td> </tr>  </table> <div style=""></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Both the lease component and non-lease component are earned by the passage of time. Since lessor accounting remains largely unchanged from previous U.S. GAAP, upon adoption of ASC <div style="display: inline; font-style: italic; font: inherit;">842,</div> the timing and recognition of earnings from time charter contracts to which the Company is party did <div style="display: inline; font-style: italic; font: inherit;">not</div> change from prior policy, with the exception of ballast bonuses which were recognized during the ballast leg while they are now deferred and recognized over time during the charter period. The performance obligations in a time charter contract are recognized on a straight-line basis over the term of the respective time charter agreements, beginning when the vessel is delivered to the charterer until it is redelivered back to the Company, and is recorded in &#x201c;Time charter revenue&#x201d; in the consolidated statements of operations for the years ended <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2017, </div><div style="display: inline; font-style: italic; font: inherit;">2018</div> and <div style="display: inline; font-style: italic; font: inherit;">2019.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Voyage charter agreements are considered service contracts that fall under the provisions of ASC <div style="display: inline; font-style: italic; font: inherit;">606,</div> because the Company as the shipowner retains the control over the operation of the vessel such as directing the routes taken or the vessel speed. The Company considered the provisions of ASC <div style="display: inline; font-style: italic; font: inherit;">842</div> and determined that its voyage charter agreements do <div style="display: inline; font-style: italic; font: inherit;">not</div> contain a lease because the charterer under such contracts does <div style="display: inline; font-style: italic; font: inherit;">not</div> have the right to control the use of the vessel since the Company, as the ship-owner, retains control over the operations of the vessel, provided also that the terms are pre-determined and any change requires the Company&#x2019;s consent.&nbsp;The Company accounts for a voyage charter when all the following criteria are met: (i) the parties to the contract have approved the contract in the form of a written charter agreement or fixture recap and are committed to perform their respective obligations, (ii) the Company can identify each party&#x2019;s rights regarding the services to be transferred, (iii) the Company can identify the payment terms for the services to be transferred, (iv) the charter agreement has commercial substance (that is, the risk, timing, or amount of the future cash flows is expected to change as a result of the contract) and (v) it is probable that the Company will collect substantially all of the consideration to which it will be entitled in exchange for the services that will be transferred to the charterer. The Company has determined that there is <div style="display: inline; font-style: italic; font: inherit;">one</div> single performance obligation for each of its voyage contracts, which is to provide the charterer with an integrated transportation service within a specified time period. In addition, the Company has concluded that a contract for a voyage charter meets the criteria to recognize revenue over time because the charterer simultaneously receives and consumes the benefits of the Company&#x2019;s performance as the Company performs. Therefore, since the Company&#x2019;s performance obligation under each voyage contract is met evenly as the voyage progresses, revenue is recognized on a straight line basis over the voyage days from the loading of cargo to its discharge. The majority of revenue from voyage charter agreements is usually collected in advance.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Demurrage income is included in Voyage charter revenues, represents revenue earned from the charterer when loading or discharging time exceeded the stipulated time in the voyage charter agreement and is recognized when earned and collection is reasonably assured. Demurrage income for the years ended <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2017, </div><div style="display: inline; font-style: italic; font: inherit;">2018</div> and <div style="display: inline; font-style: italic; font: inherit;">2019</div> was <div style="display: inline; font-style: italic; font: inherit;">not</div> material.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Charter fees received in advance are recorded as a liability (deferred revenue) until charter services are rendered.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -35.45pt">&nbsp;</div>  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0">    <tr style="vertical-align: top">  <td style="text-align: justify"><div style="display: inline; font-weight: bold;"></div></td> </tr>  </table> <div style=""></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Vessel operating expenses are comprised of all expenses relating to the operation of the vessels, including crewing, insurance, repairs and maintenance, stores, lubricants, spares and consumables, professional and legal fees and miscellaneous expenses. Vessel operating expenses are recognized as incurred; payments in advance of services or use are recorded as prepaid expenses. Under voyage charter agreements, voyage expenses relate to bunkers, port charges, canal tolls, and agency fees and are all paid by the Company. Costs incurred prior to loading which are directly related to the voyage are deferred by the Company if they meet certain conditions, and are amortized over the duration of the voyage from load port to discharge port. Costs incurred during the voyage are expensed as incurred. Under time charter agreements, voyage expenses which are also recognized as incurred by the Company include costs for draft surveys, holds cleaning, postage, extra war risk insurance and other minor miscellaneous expenses related to the voyage. The charterer is responsible for paying the cost of bunkers and other voyage expenses whilst the vessel is on time charter. Certain voyage expenses paid by the Company, such as extra war risk insurance and holds cleaning <div style="display: inline; font-style: italic; font: inherit;"> may </div>be recovered from the charterer; such amounts recovered are recorded as other income within time charter revenue.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Commissions (address and brokerage), regardless of charter type, are always paid by the Company, are deferred and amortized over the related charter period and are presented as a separate line item in revenues to arrive at net revenues in the accompanying consolidated statements of operations.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div> <div style="display: inline; font-style: italic; font: inherit;"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Dry-docking and special survey expenses</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dry-docking and special survey expenses are expensed as incurred.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">&nbsp;</div></div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div> <div style="display: inline; font-style: italic; font: inherit;"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Pension and retirement benefit obligations &#x2013; crew </div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The ship-owning companies contract the crews on board the vessels under short-term contracts (usually up to <div style="display: inline; font-style: italic; font: inherit;">9</div> months). Accordingly, they are <div style="display: inline; font-style: italic; font: inherit;">not</div> liable for any pension or post-retirement benefits.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <!-- Field: Page; Sequence: 20; Value: 2 -->   <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0">    <tr style="vertical-align: top">  <td style="text-align: justify"><div style="display: inline; font-weight: bold;"></div></td> </tr>  </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div> <div style="display: inline; font-style: italic; font: inherit;"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Financing costs</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Loan arrangement fees are deferred and amortized to interest expense over the duration of the underlying loan using the effective interest method. Unamortized fees relating to loans repaid or refinanced are expensed in the period the repayment or refinancing occurs.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div> <div style="display: inline; font-style: italic; font: inherit;"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Offering expenses</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Deferred offering expenses are charged against paid-in capital when financing is completed or expensed to &#x201c;General and administrative expenses&#x201d; in the consolidated statements of operations when the offering is aborted.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">&nbsp;</div></div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div> <div style="display: inline; font-style: italic; font: inherit;"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Fair value of above/below market time charters acquired</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company records all identified tangible and intangible assets or any liabilities associated with the acquisition of a vessel at fair value. Where vessels are acquired with existing time charters, the Company determines the present value of the difference between: (i) the contractual charter rate and (ii) the prevailing market rate for a charter of equivalent duration. In discounting the charter rate differences in future periods, the Company uses its Weighted Average Cost of Capital (WACC) adjusted to account for the credit quality of the counterparties, as deemed necessary. The capitalized above-market (assets) and below-market (liabilities) charters are amortized as a reduction and increase, respectively, to time charter revenues over the remaining term of the assumed time charter.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div> <div style="display: inline; font-style: italic; font: inherit;"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Stock incentive plan awards</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Share-based compensation represents vested and non-vested restricted shares granted to officers and directors as well as to non-employees and are included in &#x201c;General and administrative expenses&#x201d; in the consolidated statements of operations. In <div style="display: inline; font-style: italic; font: inherit;"> June 2018, </div>the FASB issued ASU&nbsp;<div style="display: inline; font-style: italic; font: inherit;">2018</div>-<div style="display: inline; font-style: italic; font: inherit;">07,</div> Improvements to Nonemployee Share-Based Payment Accounting (Topic <div style="display: inline; font-style: italic; font: inherit;">718</div>). ASU&nbsp;<div style="display: inline; font-style: italic; font: inherit;">2018</div>-<div style="display: inline; font-style: italic; font: inherit;">07</div> simplifies the accounting for share-based payments to nonemployees by aligning it with the accounting for share-based payments to employees, with certain exceptions. Following the adoption of this ASU, the shares to employees and directors as well as to non-employees are measured at their fair value equal to the market value of the Company's common stock on the grant date. The shares that do <div style="display: inline; font-style: italic; font: inherit;">not</div> contain any future service vesting conditions are considered vested shares and the total fair value of such shares is expensed on the grant date. The shares that contain a time-based service vesting condition are considered non-vested shares on the grant date and the total fair value of such shares is recognized on a straight-line basis over the requisite service period. Prior to the adoption of this ASU, the fair value of the awards granted to non-employees was measured at the fair value at each reporting period until the non-vested shares vested and performance was complete.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</div> <!-- Field: Page; Sequence: 21; Value: 2 --> </div>   <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0">    <tr style="vertical-align: top">  <td style="text-align: justify"><div style="display: inline; font-weight: bold;"></div></td> </tr>  </table> <div style=""></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div> <div style="display: inline; font-style: italic; font: inherit;"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Impairment of long-lived assets</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">&nbsp;</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company reviews its long-lived assets held for use and their related intangible assets and liabilities for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets <div style="display: inline; font-style: italic; font: inherit;"> may </div><div style="display: inline; font-style: italic; font: inherit;">not</div> be recoverable. If indicators of impairment are present, the Company performs an analysis of the future undiscounted net operating cash flows of the related long-lived assets. When the estimate of future undiscounted net operating cash flows, excluding interest charges, expected to be generated by the use and eventual disposition of the asset is less than its carrying amount, the Company evaluates the asset for an impairment loss. Measurement of the impairment loss is based on the fair value of the asset. In this respect, management regularly reviews the carrying amount of the vessels in connection with the estimated recoverable amount for each of the Company&#x2019;s vessels.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div> <div style="display: inline; font-style: italic; font: inherit;"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Derivative financial instruments</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Derivative instruments are recorded in the balance sheet as either an asset or liability measured at its fair value with changes in the instruments' fair value recognized as either a component in other comprehensive income if specific hedge accounting criteria are met in accordance with guidance relating to &#x201c;Derivatives and Hedging&#x201d; or in earnings if hedging criteria are <div style="display: inline; font-style: italic; font: inherit;">not</div> met.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div> <div style="display: inline; font-style: italic; font: inherit;"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Preferred shares</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Preferred shares are recorded at the initial consideration received less offering expenses and adjusted by including the redemption value of dividends paid in-kind. The Company recognizes changes in the redemption value of the preferred shares immediately as they occur and adjusts the carrying amount of the preferred shares to equal the redemption value at the end of each reporting period to that effect.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div> <div style="display: inline; font-style: italic; font: inherit;"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Evaluation of purchase transactions</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">&nbsp;</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">When the Company enters into an acquisition transaction, it determines whether the acquisition transaction was for the purchase of an asset or a business based on the facts and circumstances of the transaction. In accordance with ASU <div style="display: inline; font-style: italic; font: inherit;">No.</div> <div style="display: inline; font-style: italic; font: inherit;">2017</div>-<div style="display: inline; font-style: italic; font: inherit;">01,</div> Business Combinations (Topic <div style="display: inline; font-style: italic; font: inherit;">805</div>): Clarifying the Definition of a Business, if substantially all of the fair value of the gross assets acquired in an acquisition transaction are concentrated in a single identifiable asset or group of similar identifiable assets, then the set is <div style="display: inline; font-style: italic; font: inherit;">not</div> a business. To be considered a business, a set must include an input and a substantive process that together significantly contributes to the ability to create an output. All assets acquired and liabilities assumed in a business combination are measured at their acquisition-date fair values. For asset acquisitions, the cost of the acquisition is allocated to individual assets and liabilities on a relative fair value basis. Acquisition costs associated with business combinations are expensed as incurred. Acquisition costs associated with asset acquisitions are capitalized.<br style="clear: both" /> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <!-- Field: Page; Sequence: 22; Value: 2 -->   <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div> <div style="display: inline; font-style: italic; font: inherit;"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Earnings / (loss) per common share</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Basic earnings / (loss) per share is computed by dividing net income / (loss) attributable to common shareholders, after the deduction of dividends paid (in cash or in-kind) to preferred shareholders, by the weighted-average number of common shares outstanding during the period. The weighted-average number of common shares outstanding does <div style="display: inline; font-style: italic; font: inherit;">not</div> include any potentially dilutive securities or any non-vested restricted shares of common stock. These non-vested restricted shares, although classified as issued and outstanding as of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2018 </div>and <div style="display: inline; font-style: italic; font: inherit;">2019,</div> are considered contingently returnable until the restrictions lapse and will <div style="display: inline; font-style: italic; font: inherit;">not</div> be included in the basic earnings / (loss) per share calculation until the shares are vested.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Diluted earnings / (loss) per share gives effect to all potentially dilutive securities to the extent that they are dilutive, using the treasury stock method. The Company uses the treasury stock method for non-vested restricted shares, while for the preferred shares issued the Company uses the if-converted method to assess the dilutive effect.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">&nbsp;</div></div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div> <div style="display: inline; font-style: italic; font: inherit;"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Segment reporting</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">&nbsp;</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company reports financial information and evaluates its operations by charter revenue and <div style="display: inline; font-style: italic; font: inherit;">not</div> by the type of ship employment for its customers, i.e. voyage or time charters. The Company does <div style="display: inline; font-style: italic; font: inherit;">not</div> use discrete financial information to evaluate the operating results for each such type of charter. Although revenue can be identified for these types of charters, management cannot and does <div style="display: inline; font-style: italic; font: inherit;">not</div> identify expenses, profitability or other financial information for these charters. As a result, management, including the chief operating decision maker, reviews operating results solely by revenue per day and operating results of the fleet and thus the Company has determined that it operates under <div style="display: inline; font-style: italic; font: inherit;">one</div> operating segment. Furthermore, when the Company charters a vessel to a charterer, the charterer is free to trade the vessel worldwide and, as a result, the disclosure of geographical information is impracticable.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div>  <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div> <div style="display: inline; font-style: italic; font: inherit;"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Recent accounting pronouncements</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">&nbsp;</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">In <div style="display: inline; font-style: italic; font: inherit;"> June 2016, </div>the FASB issued Accounting Standards Update (&#x201c;ASU&#x201d;) <div style="display: inline; font-style: italic; font: inherit;">2016</div>-<div style="display: inline; font-style: italic; font: inherit;">13,</div> &#x201c;Financial Instruments - Credit Losses (Topic <div style="display: inline; font-style: italic; font: inherit;">326</div>): Measurement of Credit Losses on Financial Instruments&#x201d;. The main objective of this update is to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. The amendments in this update replace the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The ASU requires a financial asset (or a group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial asset(s) to present the net carrying value at the amount expected to be collected on the financial asset. In <div style="display: inline; font-style: italic; font: inherit;"> November 2018, </div>FASB issued ASU <div style="display: inline; font-style: italic; font: inherit;">2018</div>-<div style="display: inline; font-style: italic; font: inherit;">19</div> &#x201c;Codification Improvements to Topic <div style="display: inline; font-style: italic; font: inherit;">326,</div> Financial Instruments-Credit Losses&#x201d;.&nbsp;The amendments in this update clarify that operating lease receivables are <div style="display: inline; font-style: italic; font: inherit;">not</div> within the scope of ASC <div style="display: inline; font-style: italic; font: inherit;">326</div>-<div style="display: inline; font-style: italic; font: inherit;">20</div> and should instead be accounted for under the new leasing standard, ASC <div style="display: inline; font-style: italic; font: inherit;">842.</div>&nbsp;For public business entities, the amendments in this update are effective for fiscal years beginning after <div style="display: inline; font-style: italic; font: inherit;"> December 15, 2019, </div>including interim periods within those fiscal years. Early application is permitted. The adoption of this ASU is <div style="display: inline; font-style: italic; font: inherit;">not</div> expected to have a material effect on the Company&#x2019;s consolidated financial statements and accompanying notes.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In <div style="display: inline; font-style: italic; font: inherit;"> August 2018, </div>the FASB issued ASU <div style="display: inline; font-style: italic; font: inherit;">2018</div>-<div style="display: inline; font-style: italic; font: inherit;">13,</div> &#x201c;Fair Value Measurement (Topic <div style="display: inline; font-style: italic; font: inherit;">820</div>): Disclosure Framework &#x2013; Changes to the disclosure requirements for fair value measurement&#x201d;. The amendments in this update modify the disclosure requirements on fair value measurements in Topic <div style="display: inline; font-style: italic; font: inherit;">820,</div> Fair Value Measurement, based on the concepts in the Concepts Statement, including the consideration of costs and benefits. The amendments in this update are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after <div style="display: inline; font-style: italic; font: inherit;"> December 15, 2019. </div>The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level <div style="display: inline; font-style: italic; font: inherit;">3</div> fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. Early adoption is permitted upon issuance of this update. An entity is permitted to early adopt any removed or modified disclosures upon issuance of this update and delay adoption of the additional disclosures until their effective date. The adoption of this ASU is <div style="display: inline; font-style: italic; font: inherit;">not</div> expected to have a material effect on the Company&#x2019;s consolidated financial statements and accompanying notes.</div></div></div><span></span>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 4 - Vessels, Net<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2019</div></th></tr>
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<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock', window );">Property, Plant and Equipment Disclosure [Text Block]</a></td>
<td class="text"><div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0">  <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">4.</div></div></td> <td><div style="display: inline; font-weight: bold;">Vessels, net</div></td> </tr>  </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The amounts in the accompanying consolidated balance sheets are as follows:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div> <table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0">  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-top: Black 1pt solid; width: 61%; font-weight: bold; padding-bottom: 1pt; text-indent: -21.3pt; padding-left: 21.3pt; border-bottom: Black 1pt solid">Balance, January 1, 2018</td> <td style="border-top: Black 1pt solid; width: 1%; font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-top: Black 1pt solid; width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-top: Black 1pt solid; width: 10%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">61,279,976</div></td> <td style="border-top: Black 1pt solid; width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-top: Black 1pt solid; width: 1%; font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-top: Black 1pt solid; width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-top: Black 1pt solid; width: 10%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(9,147,897</div></td> <td style="border-top: Black 1pt solid; width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</td> <td style="border-top: Black 1pt solid; width: 1%; font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-top: Black 1pt solid; width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-top: Black 1pt solid; width: 10%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">52,132,079</div></td> <td style="border-top: Black 1pt solid; width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt; text-indent: -21.3pt; padding-left: 21.3pt">-&nbsp;&nbsp;&nbsp;Depreciation for the year</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(3,305,951</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(3,305,951</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt; text-indent: -21.3pt; padding-left: 21.3pt">Balance, December 31, 2018</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">61,279,976</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(12,453,848</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">48,826,128</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -21.3pt; padding-left: 21.3pt">-&nbsp;&nbsp;&nbsp;Depreciation for the year</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(4,178,886</div></td> <td style="text-align: left">)</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(4,178,886</div></td> <td style="text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -21.3pt; padding-left: 21.3pt">-&nbsp;&nbsp;&nbsp;Vessel acquisitions</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">71,214,470</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">71,214,470</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt; text-indent: -21.3pt; padding-left: 21.3pt">-&nbsp;&nbsp;&nbsp;Vessel improvements</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">368,621</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">368,621</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt; text-indent: -21.3pt; padding-left: 21.3pt">Balance, December 31, 2019</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">132,863,067</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(16,632,734</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">116,230,333</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> </tr>  </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Vessel improvements refer to the installation of Water Ballast Treatment (&#x201c;WBT&#x201d;) systems. As of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019, </div>only <div style="display: inline; font-style: italic; font: inherit;">one</div> vessel has completed the installation of the WBT system with a total cost of <div style="display: inline; font-style: italic; font: inherit;">$0.37</div> million.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company considers the potential sale of its vessels, for scrap or further trading, depending on a vessel&#x2019;s age, any additional capital expenditures required the expected revenues from continuing to own the vessel and the overall market prospects.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On <div style="display: inline; font-style: italic; font: inherit;"> January 13, 2017, </div>the Company&nbsp;agreed to sell for scrap M/V &#x201c;RT Dagr&#x201d;, for a net price of <div style="display: inline; font-style: italic; font: inherit;">$2.3</div> million. The vessel was delivered to its buyers on <div style="display: inline; font-style: italic; font: inherit;"> January 31, 2017. </div>The Company recorded a gain on sale of approximately <div style="display: inline; font-style: italic; font: inherit;">$0.5</div> million presented in the &#x201c;Net gain on sale of vessels&#x201d; line in the &#x201c;Operating Expenses&#x201d; section of the consolidated statements of operations.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;">&nbsp;</div></div>  <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On <div style="display: inline; font-style: italic; font: inherit;"> September 30, 2017 </div>the Company decided to sell for scrap M/V &#x201c;Aggeliki P.&#x201d; a <div style="display: inline; font-style: italic; font: inherit;">2,008</div> teu <div style="display: inline; font-style: italic; font: inherit;">1998</div>-built container carrier and M/V &#x201c;Monica P&#x201d; a <div style="display: inline; font-style: italic; font: inherit;">46,667</div> dwt <div style="display: inline; font-style: italic; font: inherit;">1998</div>-built drybulk carrier. Both vessels were written down to their fair market value, resulting in a non-cash loss of <div style="display: inline; font-style: italic; font: inherit;">$4.6</div> million, or <div style="display: inline; font-style: italic; font: inherit;">$3.36</div> loss per share basic and diluted. These amounts are presented in the "Loss on write-down of vessels held for sale" line in the "Operating Expenses" section of the consolidated statements of operations. The Company sold M/V &#x201c;Aggeliki P.&#x201d; on <div style="display: inline; font-style: italic; font: inherit;"> December 6, 2017 </div>for net proceeds of approximately <div style="display: inline; font-style: italic; font: inherit;">$4.4</div> million and recorded a gain on sale of approximately <div style="display: inline; font-style: italic; font: inherit;">$0.3</div> million for the year ended <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2017, </div>presented in the &#x201c;Net gain on sale of vessels&#x201d; line in the "Operating Expenses" section of the consolidated statements of operations. M/V &#x201c;Monica P&#x201d; was sold on <div style="display: inline; font-style: italic; font: inherit;"> June 25, 2018. </div>The sale resulted in a gain of <div style="display: inline; font-style: italic; font: inherit;">$1.34</div> million for the year ended <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2018, </div>which is presented in the &#x201c;Net gain on sale of vessels&#x201d; line in the "Operating Expenses" section of the consolidated statements of operations.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On <div style="display: inline; font-style: italic; font: inherit;"> June 20, 2017 </div>the Company acquired the feeder containership (<div style="display: inline; font-style: italic; font: inherit;">2,788</div> teu, <div style="display: inline; font-style: italic; font: inherit;">2004</div>-built) M/V &#x201c;EM Astoria&#x201d; for a purchase price of <div style="display: inline; font-style: italic; font: inherit;">$4.75</div> million.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On <div style="display: inline; font-style: italic; font: inherit;"> September 29, 2017 </div>the Company acquired the feeder containership (<div style="display: inline; font-style: italic; font: inherit;">2,506</div> teu, <div style="display: inline; font-style: italic; font: inherit;">2000</div>-built) M/V &#x201c;EM Athens&#x201d; for a purchase price of <div style="display: inline; font-style: italic; font: inherit;">$4.24</div> million.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On <div style="display: inline; font-style: italic; font: inherit;"> October 23, 2017 </div>the Company acquired the feeder containership (<div style="display: inline; font-style: italic; font: inherit;">2,506</div> teu, <div style="display: inline; font-style: italic; font: inherit;">2000</div>-built) M/V &#x201c;EM Oinousses&#x201d; for a purchase price of <div style="display: inline; font-style: italic; font: inherit;">$4.25</div> million.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On <div style="display: inline; font-style: italic; font: inherit;"> October 29, 2017 </div>the Company acquired the feeder containership (<div style="display: inline; font-style: italic; font: inherit;">2,556</div> teu, <div style="display: inline; font-style: italic; font: inherit;">2001</div>-built) M/V &#x201c;EM Corfu&#x201d; for a purchase price of <div style="display: inline; font-style: italic; font: inherit;">$5.66</div> million.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On <div style="display: inline; font-style: italic; font: inherit;"> December 21, 2017 </div>the Company acquired the intermediate containership (<div style="display: inline; font-style: italic; font: inherit;">5,610</div> teu, <div style="display: inline; font-style: italic; font: inherit;">2001</div>-built) M/V &#x201c;Akinada Bridge&#x201d; for a purchase price of <div style="display: inline; font-style: italic; font: inherit;">$11.12</div> million.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On <div style="display: inline; font-style: italic; font: inherit;"> August 2, 2019 </div>the Company acquired the feeder containership (<div style="display: inline; font-style: italic; font: inherit;">1,740</div> teu, <div style="display: inline; font-style: italic; font: inherit;">2005</div>-built) M/V &#x201c;EM Hydra&#x201d; and its attached time charter for a purchase price of <div style="display: inline; font-style: italic; font: inherit;">$6.73</div> million.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On <div style="display: inline; font-style: italic; font: inherit;"> August 2, 2019 </div>the Company acquired the feeder containership (<div style="display: inline; font-style: italic; font: inherit;">2,008</div> teu, <div style="display: inline; font-style: italic; font: inherit;">1998</div>-built) M/V &#x201c;Diamantis P&#x201d; for a purchase price of <div style="display: inline; font-style: italic; font: inherit;">$5.22</div> million.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On <div style="display: inline; font-style: italic; font: inherit;"> August 7, 2019 </div>the Company acquired the feeder containership (<div style="display: inline; font-style: italic; font: inherit;">3,100</div> teu, <div style="display: inline; font-style: italic; font: inherit;">2007</div>-built) M/V &#x201c;EM Kea&#x201d; and its attached time charter for a purchase price of <div style="display: inline; font-style: italic; font: inherit;">$9.48</div> million.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div>  <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On <div style="display: inline; font-style: italic; font: inherit;"> August 7, 2019 </div>the Company acquired the feeder containership (<div style="display: inline; font-style: italic; font: inherit;">1,740</div> teu, <div style="display: inline; font-style: italic; font: inherit;">2007</div>-built) M/V &#x201c;EM Spetses&#x201d; and its attached time charter for a purchase price of <div style="display: inline; font-style: italic; font: inherit;">$7.57</div> million.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On <div style="display: inline; font-style: italic; font: inherit;"> November 19, 2019 </div>the Company acquired the intermediate containership (<div style="display: inline; font-style: italic; font: inherit;">4,253</div> teu, <div style="display: inline; font-style: italic; font: inherit;">2008</div>-built) M/V &#x201c;Synergy Antwerp&#x201d; for a purchase price of <div style="display: inline; font-style: italic; font: inherit;">$10.11</div> million.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On <div style="display: inline; font-style: italic; font: inherit;"> November 18, 2019 </div>the Company acquired the intermediate containership (<div style="display: inline; font-style: italic; font: inherit;">4,253</div> teu, <div style="display: inline; font-style: italic; font: inherit;">2009</div>-built) M/V &#x201c;Synergy Keelung&#x201d; for a purchase price of <div style="display: inline; font-style: italic; font: inherit;">$11.44</div> million.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On <div style="display: inline; font-style: italic; font: inherit;"> November 19, 2019 </div>the Company acquired the intermediate containership (<div style="display: inline; font-style: italic; font: inherit;">4,253</div> teu, <div style="display: inline; font-style: italic; font: inherit;">2009</div>-built) M/V &#x201c;Synergy Oakland&#x201d; for a purchase price of <div style="display: inline; font-style: italic; font: inherit;">$10.50</div> million.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On <div style="display: inline; font-style: italic; font: inherit;"> November 21, 2019 </div>the Company acquired the intermediate containership (<div style="display: inline; font-style: italic; font: inherit;">4,253</div> teu, <div style="display: inline; font-style: italic; font: inherit;">2009</div>-built) M/V &#x201c;Synergy Busan&#x201d; for a purchase price of <div style="display: inline; font-style: italic; font: inherit;">$10.17</div> million.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company performed the undiscounted cash flow test as of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2018 </div>and <div style="display: inline; font-style: italic; font: inherit;">2019</div> for those operating vessels whose carrying values were above their respective market values and determined that the net book value of its vessels held for use was recoverable.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All the Company&#x2019;s vessels have been mortgaged as security for the Company&#x2019;s loans (refer Note <div style="display: inline; font-style: italic; font: inherit;">8</div>).</div></div><span></span>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6835684896">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 8 - Long-term Bank Loans<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2019</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DisclosureTextBlockAbstract', window );"><strong>Notes to Financial Statements</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtTextBlock', window );">Long-term Debt [Text Block]</a></td>
<td class="text"><div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0">  <tr style="vertical-align: top"> <td style="width: 0.5in"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">8.</div></div></td> <td><div style="display: inline; font-weight: bold;">Long-Term Bank Loans</div></td> </tr>  </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This consists of bank loans of the ship-owning companies and is as follows:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</div> <div> <table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0">  <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold">Borrower</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, <br /> 2018</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">December 31, <br /> 2019</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 61%; text-align: left">Noumea Shipping Ltd.</td> <td style="width: 1%">&nbsp;</td> <td style="width: 8%; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">(a)</div></td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,341,000</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Gregos Shiping Ltd. </td> <td>&nbsp;</td> <td style="text-align: center"><div style="display: inline; font-style: italic; font: inherit;">(b)</div></td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,150,000</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Alterwall Business Inc. / Allendale Investments S.A. / Manolis Shipping Ltd. / Joanna Maritime Ltd. / Jonathan John Shipping Ltd. / Athens Shipping Ltd. / Oinousses Navigation Ltd. / Corfu Navigation Ltd. / Bridge Shipping Ltd. / Noumea Shipping Ltd. / Gregos Shiping Ltd.</td> <td>&nbsp;</td> <td style="text-align: center"><div style="display: inline; font-style: italic; font: inherit;">(c)</div></td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">30,000,000</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">37,650,000</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Diamantis Shipowners Ltd.</td> <td>&nbsp;</td> <td style="text-align: center"><div style="display: inline; font-style: italic; font: inherit;">(d)</div></td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,507,220</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Kea Shipowners Ltd. / Spetses Shipowners Ltd. / Hydra Shipowners Ltd.</td> <td>&nbsp;</td> <td style="text-align: center"><div style="display: inline; font-style: italic; font: inherit;">(e)</div></td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">12,050,000</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt">Antwerp Shipping Ltd. / Busan Shipping Ltd. / Keelung Shipping Ltd. / Oakland Shipping Ltd.</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: center; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;">(f)</div></td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">32,000,000</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center"><div style="display: inline; font-style: italic; font: inherit;">&nbsp;</div></td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">37,491,000</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">85,207,220</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt">Less: Current portion</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: center; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;">&nbsp;</div></td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(5,212,000</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(12,541,840</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-bottom: 1pt">Long-term portion</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: center; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;">&nbsp;</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">32,279,000</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">72,665,380</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Deferred charges, current portion</td> <td>&nbsp;</td> <td style="text-align: center"><div style="display: inline; font-style: italic; font: inherit;">&nbsp;</div></td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">125,357</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">246,520</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Deferred charges, long-term portion</td> <td>&nbsp;</td> <td style="text-align: center"><div style="display: inline; font-style: italic; font: inherit;">&nbsp;</div></td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">237,848</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">477,595</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Debt discount, current portion</td> <td>&nbsp;</td> <td style="text-align: center"><div style="display: inline; font-style: italic; font: inherit;">&nbsp;</div></td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">216,402</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt">Debt discount, long-term portion</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: center; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;">&nbsp;</div></td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">324,603</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-bottom: 1pt">Long-term bank loans, current portion net of deferred charges and debt discount</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: center; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;">&nbsp;</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,870,241</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">12,295,320</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-bottom: 1pt">Long-term bank loans, long-term portion net of deferred charges and debt discount</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: center; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;">&nbsp;</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">31,716,549</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">72,187,785</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Loan from related party, current</td> <td>&nbsp;</td> <td style="text-align: center">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt">Euroseas Ltd.</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: center; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;">(g)</div></td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,000,000</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr>  </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-indent: -35.45pt">&nbsp;</div>  <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The future annual loan repayments are as follows:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</div> <div> <table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0">  <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid">To December 31:</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: right">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 87%; text-align: justify">2020</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">12,541,840</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">2021</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">29,941,840</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">2022</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">8,723,540</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: justify; padding-bottom: 1pt">2023</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">34,000,000</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: justify; padding-bottom: 1pt">Total</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">85,207,220</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> </tr>  </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0">  <tr style="vertical-align: top"> <td style="width: 0.25in"></td> <td style="width: 0.25in">(a)</td> <td style="text-align: justify">On <div style="display: inline; font-style: italic; font: inherit;"> December 22, 2016, </div>the supplemental agreement between Credit Agricole and Noumea Shipping Ltd., owner of M/V &#x201c;Evridiki G&#x201d; was signed in order to refinance the final quarterly instalment of <div style="display: inline; font-style: italic; font: inherit;">$720,000</div> and the balloon payment of <div style="display: inline; font-style: italic; font: inherit;">$6,360,000</div> originally due in <div style="display: inline; font-style: italic; font: inherit;"> December 2016. </div>The borrower and the lender agreed to amend the repayment profile in respect of the loan of which <div style="display: inline; font-style: italic; font: inherit;">$7,080,000</div> remained outstanding as of the date of the supplemental agreement and to extend the final maturity date to <div style="display: inline; font-style: italic; font: inherit;"> January 2018. </div>The loan will be repaid with <div style="display: inline; font-style: italic; font: inherit;">three</div> repayments of <div style="display: inline; font-style: italic; font: inherit;">$720,000</div> each, due in <div style="display: inline; font-style: italic; font: inherit;"> December 2016, </div>in <div style="display: inline; font-style: italic; font: inherit;"> July 2017 </div>and in <div style="display: inline; font-style: italic; font: inherit;"> January 2018 </div>together with the balloon payment of <div style="display: inline; font-style: italic; font: inherit;">$4,920,000</div> due in <div style="display: inline; font-style: italic; font: inherit;"> January 2018. </div>On <div style="display: inline; font-style: italic; font: inherit;"> February 27, 2018, </div>the Company signed and drew a term loan facility of <div style="display: inline; font-style: italic; font: inherit;">$4,250,000</div> with Credit Agricole in order to partly refinance the existing indebtedness of M/V &#x201c;Evridiki G&#x201d; with the bank. The loan was payable in <div style="display: inline; font-style: italic; font: inherit;">thirteen</div> consecutive quarterly instalments of <div style="display: inline; font-style: italic; font: inherit;">$303,000</div> each and a final instalment in the amount of <div style="display: inline; font-style: italic; font: inherit;">$311,000.</div> The margin of the loan was <div style="display: inline; font-style: italic; font: inherit;">3.00%</div> above LIBOR. The loan was secured with the following: (i) <div style="display: inline; font-style: italic; font: inherit;">first</div> priority mortgages over M/V &#x201c;Evridiki G&#x201d; and collateral vessel (M/V &#x201c;EM Astoria&#x201d;), (ii) <div style="display: inline; font-style: italic; font: inherit;">first</div> assignment of earnings and insurance and (iii) other covenants and guarantees similar to the remaining loans of the Company. The Company completed the refinancing of the specific loan using its revolving loan facility with Eurobank Ergasias S.A., as explained in note (c) below.</td> </tr>  </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</div>  <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"></div></div> <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0">  <tr style="vertical-align: top"> <td style="width: 0.25in"></td> <td style="width: 0.25in">(b)</td> <td style="text-align: justify">On <div style="display: inline; font-style: italic; font: inherit;"> June 15, 2017, </div>the Company signed a term loan facility with Credit Agricole and on <div style="display: inline; font-style: italic; font: inherit;"> June 19, 2017 </div>a loan of <div style="display: inline; font-style: italic; font: inherit;">$4,750,000</div> was drawn by Gregos Shipping Ltd. to partly finance the acquisition of M/V &#x201c;EM Astoria&#x201d;. The loan was payable in <div style="display: inline; font-style: italic; font: inherit;">twenty</div> or <div style="display: inline; font-style: italic; font: inherit;">sixteen</div> consecutive equal quarterly installments of <div style="display: inline; font-style: italic; font: inherit;">$100,000</div> plus a balloon amount of <div style="display: inline; font-style: italic; font: inherit;">$2,750,000</div> or <div style="display: inline; font-style: italic; font: inherit;">$3,150,000.</div> The margin of the loan was <div style="display: inline; font-style: italic; font: inherit;">2.65%</div> above LIBOR. The loan was secured with (i) <div style="display: inline; font-style: italic; font: inherit;">first</div> priority mortgage over M/V &#x201c;EM Astoria&#x201d;, (ii) <div style="display: inline; font-style: italic; font: inherit;">first</div> assignment of earnings and insurance of M/V &#x201c;EM Astoria&#x201d;, (iii) a corporate guarantee of Euroseas Ltd. and other covenants and guarantees similar to remaining loans of the Company. The Company paid a loan arrangement fee of <div style="display: inline; font-style: italic; font: inherit;">$50,000</div> in <div style="display: inline; font-style: italic; font: inherit;">2017</div> for this loan. The Company had also entered into a profit sharing agreement with Credit Agricole whereby it would share with the bank, <div style="display: inline; font-style: italic; font: inherit;">35%</div> of the excess of the fair market value of the vessel over the outstanding loan when the vessel was sold or when the loan matured. As a result of the lender's entitlement to participate in the appreciation of the market value of the mortgaged vessel, the Company recognized a participation liability of an amount of <div style="display: inline; font-style: italic; font: inherit;">$1,067,500</div> as of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2018, </div>presented in "Vessel profit participation liability" in the consolidated balance sheets, with a corresponding debit to a debt discount account, presented contra to the loan balance. In addition, <div style="display: inline; font-style: italic; font: inherit;">35%</div> of the cash flow after debt service would be set aside and be used to repay the balloon payment with any excess funds to be paid to the bank. The Company completed the refinancing of the specific loan in <div style="display: inline; font-style: italic; font: inherit;"> June 2019 </div>using its revolving loan facility with Eurobank Ergasias S.A., as explained in note (c) below, with the final participation liability paid amounting to <div style="display: inline; font-style: italic; font: inherit;">$950,000</div> included in the &#x201c;Repayment of long-term bank loans and vessel profit participation liability&#x201d; in the consolidated statement of cash flows. The portion of debt discount remaining unamortized at the time of the refinancing was written-off and presented as &#x201c;Loss on debt extinguishment&#x201d; in the consolidated statement of operations, partly offset by the lower amount of <div style="display: inline; font-style: italic; font: inherit;">$950,000</div> at which the vessel profit participation liability was finally settled as described above.</td> </tr>  </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</div>  <div style=" margin-top: 0; margin-bottom: 0"></div> <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0">  <tr style="vertical-align: top"> <td style="width: 0.25in"></td> <td style="width: 0.25in">(c)</td> <td style="text-align: justify">On <div style="display: inline; font-style: italic; font: inherit;"> November 21, 2018, </div>the Company signed a reducing revolving credit facility with Eurobank Ergasias S.A (the &#x201c;Lender&#x201d;) for an amount of up to <div style="display: inline; font-style: italic; font: inherit;">$45,000,000.</div> A loan of <div style="display: inline; font-style: italic; font: inherit;">$30,000,000</div> was drawn on <div style="display: inline; font-style: italic; font: inherit;"> November 21, 2018 </div>by Alterwall Business Inc., Allendale Investments S.A., Manolis Shipping Ltd., Joanna Maritime Ltd., Jonathan John Shipping Ltd., Athens Shipping Ltd., Oinousses Navigation Ltd., Corfu Navigation Ltd. and Bridge Shipping Ltd. to fully refinance all of the Company&#x2019;s existing facilities with this bank and provide working capital. The revolving tranche will be available for a period of <div style="display: inline; font-style: italic; font: inherit;">18</div> months from signing of the loan agreement for the purpose of partly financing new vessel acquisitions or providing working capital and can be renewed subject to the bank&#x2019;s approval and a fee to be determined. The loan is payable in <div style="display: inline; font-style: italic; font: inherit;">12</div> equal consecutive quarterly principal installments of <div style="display: inline; font-style: italic; font: inherit;">$900,000</div> and the balance will be repaid through balloon payment of <div style="display: inline; font-style: italic; font: inherit;">$19,200,000</div> together with the last principal installment in <div style="display: inline; font-style: italic; font: inherit;"> November 2021. </div>Each quarterly principal instalment paid is added to the revolving tranche and <div style="display: inline; font-style: italic; font: inherit;"> may </div>be redrawn. The interest rate margin is <div style="display: inline; font-style: italic; font: inherit;">3.90%</div> over LIBOR, reduced from <div style="display: inline; font-style: italic; font: inherit;">4.40%</div> as described below. The loan is secured with (i) <div style="display: inline; font-style: italic; font: inherit;">first</div> priority mortgages over M/V &#x201c;Ninos&#x201d;, M/V &#x201c;Kuo Hsiung&#x201d;, M/V &#x201c;Aegean Express&#x201d;, M/V &#x201c;Manolis P.&#x201d; M/V &#x201c;Joanna&#x201d;, M/V &#x201c;EM Athens&#x201d;, M/V &#x201c;EM Oinousses&#x201d;, M/V &#x201c;EM Corfu&#x201d; and M/V &#x201c;Akinada Bridge&#x201d;, (ii) <div style="display: inline; font-style: italic; font: inherit;">first</div> assignment of earnings and insurance of the aforementioned vessels, (iii) a corporate guarantee of Euroseas Ltd. and other covenants and guarantees similar to the remaining loans of the Company. The Company has the option (at the Lender&#x2019;s absolute discretion) to substitute a mortgaged vessel by notifying the Lender in writing at least <div style="display: inline; font-style: italic; font: inherit;">one</div> (<div style="display: inline; font-style: italic; font: inherit;">1</div>) month prior to the intended substitution date, provided that: a) the substitute vessel is of a similar type, of the same or younger age, having the same or enhanced characteristics (including, without limitation, deadweight, lightweight, shipyard pedigree and technical specifications) and will be <div style="display: inline; font-style: italic; font: inherit;">100%</div> owned by a shipowning company, incorporated in a jurisdiction acceptable to the Lender and owned by a ship owning company owned by the Company (directly or indirectly) and b) the new shipowning company provides a <div style="display: inline; font-style: italic; font: inherit;">first</div> preferred mortgage over the new vessel and a corporate guarantee in favor of the Lender and executes any other security documentation as <div style="display: inline; font-style: italic; font: inherit;"> may </div>be requested by the Lender at its discretion. The Company paid loan arrangement fees of <div style="display: inline; font-style: italic; font: inherit;">$300,000</div> within <div style="display: inline; font-style: italic; font: inherit;">2018</div> for this tranche.</td> </tr>  </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</div>  <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">On <div style="display: inline; font-style: italic; font: inherit;"> May 30, 2019, </div>the Lender made available to the Company <div style="display: inline; font-style: italic; font: inherit;">two</div> new ship-related (M/V &#x201c;EM Astoria&#x201d; and M/V &#x201c;Evridiki G&#x201d;) advances totaling <div style="display: inline; font-style: italic; font: inherit;">$12.0</div> million or <div style="display: inline; font-style: italic; font: inherit;">55%</div> of the aggregate market value of the <div style="display: inline; font-style: italic; font: inherit;">two</div> aforementioned vessels, with a simultaneous reduction of the margin of the loan, from <div style="display: inline; font-style: italic; font: inherit;">4.40%</div> to <div style="display: inline; font-style: italic; font: inherit;">3.90%</div> per annum. The borrower also agreed, during the remaining facility period, to reduce the amount held as cash collateral from <div style="display: inline; font-style: italic; font: inherit;">$5.0</div> million to <div style="display: inline; font-style: italic; font: inherit;">$1.0</div> million and release the balance in favor of the borrower. The loan was used to refinance the existing facilities of Noumea Shipping Ltd. and Gregos Shiping Ltd. and to provide working capital. The loan is payable in <div style="display: inline; font-style: italic; font: inherit;">16</div> equal consecutive quarterly principal installments of <div style="display: inline; font-style: italic; font: inherit;">$375,000</div> and the balance will be repaid through a balloon payment of <div style="display: inline; font-style: italic; font: inherit;">$6,000,000</div> together with the last principal installment in <div style="display: inline; font-style: italic; font: inherit;"> May 2023. </div>The loan is secured with (i) <div style="display: inline; font-style: italic; font: inherit;">first</div> priority mortgages over M/V &#x201c;Evridiki G&#x201d; and M/V &#x201c;EM Astoria&#x201d;, (ii) <div style="display: inline; font-style: italic; font: inherit;">first</div> assignment of earnings and insurance of the aforementioned vessels, (iii) a corporate guarantee of Euroseas Ltd. and other covenants and guarantees similar to the remaining loans of the Company. The Company paid a loan arrangement fee of <div style="display: inline; font-style: italic; font: inherit;">$32,000</div> within <div style="display: inline; font-style: italic; font: inherit;">2019</div> for this tranche.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The security cover ratio covenant for the facility is set to <div style="display: inline; font-style: italic; font: inherit;">140%.</div> The remaining <div style="display: inline; font-style: italic; font: inherit;">$7,350,000</div> of the revolving facility, after including principal repayments up to <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019, </div>remains available to the company in order to finance up to <div style="display: inline; font-style: italic; font: inherit;">55%</div> of the market value of post <div style="display: inline; font-style: italic; font: inherit;">2001</div>-built ships. The new tranches will be repaid through <div style="display: inline; font-style: italic; font: inherit;">sixteen</div> quarterly principal instalments with the amount of each such instalment being equal to such amount so that the balloon amount to be equal to <div style="display: inline; font-style: italic; font: inherit;">50%</div> of the initially drawn relevant tranche. The undrawn amounts available under the revolving facility pay an annual commitment of <div style="display: inline; font-style: italic; font: inherit;">0.40%</div> and any amount drawn will pay a <div style="display: inline; font-style: italic; font: inherit;">1%</div> underwriting fee.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</div> <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0">  <tr style="vertical-align: top"> <td style="width: 0.25in"></td> <td style="width: 0.25in">(d)</td> <td style="text-align: justify">On <div style="display: inline; font-style: italic; font: inherit;"> July 29, 2019, </div>the Company signed a term loan facility with Piraeus Bank S.A. for an amount <div style="display: inline; font-style: italic; font: inherit;">not</div> exceeding the lesser between <div style="display: inline; font-style: italic; font: inherit;">$4,000,000</div> and <div style="display: inline; font-style: italic; font: inherit;">90%</div> of the scrap value pf M/V &#x201c;Diamantis P&#x201d;. On <div style="display: inline; font-style: italic; font: inherit;"> July 31, 2019, </div>a loan of <div style="display: inline; font-style: italic; font: inherit;">$3,667,680</div> was drawn by Diamantis Shipping Ltd. to partly finance the acquisition of M/V &#x201c;Diamantis P&#x201d;. The loan is payable in <div style="display: inline; font-style: italic; font: inherit;">twelve</div> equal consecutive quarterly instalments of <div style="display: inline; font-style: italic; font: inherit;">$160,460</div> plus a balloon amount of <div style="display: inline; font-style: italic; font: inherit;">$1,742,160</div> paid together with the last instalment in <div style="display: inline; font-style: italic; font: inherit;"> July 2022. </div>The margin of the loan is <div style="display: inline; font-style: italic; font: inherit;">3.50%</div> over LIBOR. The loan is secured with (i) <div style="display: inline; font-style: italic; font: inherit;">first</div> priority mortgage over M/V &#x201c;Diamantis P&#x201d;, (ii) <div style="display: inline; font-style: italic; font: inherit;">first</div> assignment of earnings and insurance of M/V &#x201c;Diamantis P&#x201d;, (iii) a corporate guarantee of Euroseas Ltd. and other covenants and guarantees similar to remaining loans of the Company. The Company paid a loan arrangement fee of <div style="display: inline; font-style: italic; font: inherit;">$32,000</div> within <div style="display: inline; font-style: italic; font: inherit;">2019</div> for this loan. The security cover ratio covenant for the facility is set to <div style="display: inline; font-style: italic; font: inherit;">110%</div> until the <div style="display: inline; font-style: italic; font: inherit;">first</div> anniversary of the drawdown date and <div style="display: inline; font-style: italic; font: inherit;">120%</div> thereafter.</td> </tr>  </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</div>  <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0">  <tr style="vertical-align: top"> <td style="width: 0.25in"></td> <td style="width: 0.25in">(e)</td> <td style="text-align: justify">On <div style="display: inline; font-style: italic; font: inherit;"> July 30, 2019, </div>the Company signed a term loan facility with HSBC Bank plc. for an amount of <div style="display: inline; font-style: italic; font: inherit;">$12,500,000.</div> The loan was used to partly finance the acquisition of M/V &#x201c;EM Hydra&#x201d;, M/V &#x201c;EM Kea&#x201d; and M/V &#x201c;EM Spetses&#x201d;. The loan was drawn in tranches upon the delivery of each vessel to the Company with the last drawdown taking place on <div style="display: inline; font-style: italic; font: inherit;"> August 8, </div><div style="display: inline; font-style: italic; font: inherit;">2019.The</div> loan is payable in <div style="display: inline; font-style: italic; font: inherit;">fourteen</div> consecutive equal quarterly installments of <div style="display: inline; font-style: italic; font: inherit;">$450,000</div> and a balloon payment of <div style="display: inline; font-style: italic; font: inherit;">$6,200,000</div> paid with the last instalment in <div style="display: inline; font-style: italic; font: inherit;"> February 2023. </div>The loan bears interest at LIBOR plus a margin of <div style="display: inline; font-style: italic; font: inherit;">2.95%.</div> The loan is secured with (i) <div style="display: inline; font-style: italic; font: inherit;">first</div> priority mortgages over M/V &#x201c;EM Hydra&#x201d;, M/V &#x201c;EM Kea&#x201d; and M/V &#x201c;EM Spetses&#x201d; (ii) <div style="display: inline; font-style: italic; font: inherit;">first</div> assignment of earnings and insurance of the abovementioned vessels, (iii) a corporate guarantee of Euroseas Ltd. and other covenants and guarantees similar to the remaining loans of the Company. The Company paid loan arrangement fees of <div style="display: inline; font-style: italic; font: inherit;">$62,500</div> within <div style="display: inline; font-style: italic; font: inherit;">2019</div> for this loan. The security cover ratio covenant for the facility is set to <div style="display: inline; font-style: italic; font: inherit;">130%.</div></td> </tr>  </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0">  <tr style="vertical-align: top"> <td style="width: 0.25in"></td> <td style="width: 0.25in">(f)</td> <td style="text-align: justify">On <div style="display: inline; font-style: italic; font: inherit;"> November 8, 2019, </div>the Company signed a term loan facility with Piraeus Bank S.A. for an amount of <div style="display: inline; font-style: italic; font: inherit;">$32,000,000.</div> The loan was used to partly finance the acquisition of M/V &#x201c;Synergy Antwerp&#x201d;, M/V &#x201c;Synergy Busan&#x201d;, M/V &#x201c;Synergy Keelung&#x201d; and M/V &#x201c;Synergy Oakland&#x201d;. The loan was drawn in tranches upon the delivery of each vessel to the Company with the last drawdown taking place on <div style="display: inline; font-style: italic; font: inherit;"> November 18, 2019. </div>The loan is payable in <div style="display: inline; font-style: italic; font: inherit;">three</div> consecutive equal quarterly instalments of <div style="display: inline; font-style: italic; font: inherit;">$1,400,000</div> followed by <div style="display: inline; font-style: italic; font: inherit;">thirteen</div> consecutive equal quarterly instalments of <div style="display: inline; font-style: italic; font: inherit;">$800,000</div> and a balloon payment of <div style="display: inline; font-style: italic; font: inherit;">$17,400,000</div> paid with the last instalment. The loan bears interest at LIBOR plus a margin of <div style="display: inline; font-style: italic; font: inherit;">3.50%.</div> The loan is secured with (i) <div style="display: inline; font-style: italic; font: inherit;">first</div> priority mortgages over M/V &#x201c;Synergy Antwerp&#x201d;, M/V &#x201c;Synergy Busan&#x201d;, M/V &#x201c;Synergy Keelung&#x201d; and M/V &#x201c;Synergy Oakland&#x201d; (ii) <div style="display: inline; font-style: italic; font: inherit;">first</div> assignment of earnings and insurance of the abovementioned vessels, (iii) a corporate guarantee of Euroseas Ltd. and other covenants and guarantees similar to the remaining loans of the Company. The Company paid loan arrangement fees of <div style="display: inline; font-style: italic; font: inherit;">$352,000</div> within <div style="display: inline; font-style: italic; font: inherit;">2019</div> for this loan. The security cover ratio covenant for the facility is set to <div style="display: inline; font-style: italic; font: inherit;">125%.</div></td> </tr>  </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</div> <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0">  <tr style="vertical-align: top"> <td style="width: 0.25in"></td> <td style="width: 0.25in">(g)</td> <td style="text-align: justify">On <div style="display: inline; font-style: italic; font: inherit;"> September 30, 2019, </div>Euroseas signed an agreement with Colby Trading Ltd., a company controlled by the Pittas family and affiliated with the Company&#x2019;s Chief Executive Officer, as further supplemented on <div style="display: inline; font-style: italic; font: inherit;"> December </div><div style="display: inline; font-style: italic; font: inherit;">20,2019</div> and <div style="display: inline; font-style: italic; font: inherit;"> March 30, 2020, </div>to draw down a <div style="display: inline; font-style: italic; font: inherit;">$2.5</div> million loan to finance the special survey and WBT system installation on M/V &#x201c;Akinada Bridge&#x201d;. Interest on the loan is <div style="display: inline; font-style: italic; font: inherit;">8%</div> per annum and is payable quarterly. Euroseas will repay the loan in <div style="display: inline; font-style: italic; font: inherit;">four</div> repayment instalments of a principal amount of <div style="display: inline; font-style: italic; font: inherit;">$625,000</div> each. The <div style="display: inline; font-style: italic; font: inherit;">first</div> repayment instalment will be due on <div style="display: inline; font-style: italic; font: inherit;"> May 15, 2020 </div>and the remaining <div style="display: inline; font-style: italic; font: inherit;">three</div> instalments will be paid on a quarterly basis thereafter and the loan will be paid in full by <div style="display: inline; font-style: italic; font: inherit;"> November 2020</div><div style="display: inline; font-family: Times New Roman, Times, Serif; font-size: 10pt">. Under certain circumstances, the Company can pay principal in equity, and the loan is convertible in common stock of the Company at the option of the lender at certain times. The <div style="display: inline; font-style: italic; font: inherit;">first</div> instalment of <div style="display: inline; font-style: italic; font: inherit;">$312,500</div> payable on <div style="display: inline; font-style: italic; font: inherit;"> December 31,</div></div></td> </tr>  </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</div>  <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><div style="display: inline; font-style: italic; font: inherit;">2019</div> was waived by the lender and will be paid at the maturity of the loan. The Company paid <div style="display: inline; font-style: italic; font: inherit;">$51,111</div> in interest for this loan for the fiscal year <div style="display: inline; font-style: italic; font: inherit;">2019.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">On <div style="display: inline; font-style: italic; font: inherit;"> November 1, 2019, </div>Euroseas signed a <div style="display: inline; font-style: italic; font: inherit;">second</div> agreement with Colby Trading Ltd. to draw another <div style="display: inline; font-style: italic; font: inherit;">$2.5</div> million loan to finance working capital needs. Interest on the loan is <div style="display: inline; font-style: italic; font: inherit;">8%</div> per annum and is payable quarterly. There are <div style="display: inline; font-style: italic; font: inherit;">no</div> principal repayments until <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2020, </div>when the loan matures. Under certain circumstances, the Company can pay principal in equity, and the loan is convertible in common stock of the Company at the option of the lender at certain times. The Company paid <div style="display: inline; font-style: italic; font: inherit;">$33,333</div> in interest for this loan for the fiscal year <div style="display: inline; font-style: italic; font: inherit;">2019.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition to the terms specific to each loan described above, all the above loans are secured with a pledge of all the issued shares of each borrower.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The loan agreements also contain covenants such as minimum requirements regarding the hull ratio cover (the ratio of fair value of vessel to outstanding loan less cash in retention accounts ranging from <div style="display: inline; font-style: italic; font: inherit;">120%</div> to <div style="display: inline; font-style: italic; font: inherit;">140%</div>), restrictions as to changes in management and ownership of the ship-owning companies, distribution of profits or assets (i.e. <div style="display: inline; font-style: italic; font: inherit;">not</div> permitting dividend payment or other distributions in cases that an event of default has occurred), additional indebtedness and mortgage of vessels without the lender&#x2019;s prior consent, sale of vessels, maximum fleet-wide leverage, sale of capital stock of our subsidiaries, ability to make investments and other capital expenditures, entering in mergers or acquisitions, minimum cash balance requirements and minimum cash retention accounts (restricted cash). The loan agreements also require the Company to make deposits in retention accounts with certain banks that can only be used to pay the current loan instalments. Minimum cash balance requirements are in addition to cash held in retention accounts. These cash deposits amounted to <div style="display: inline; font-style: italic; font: inherit;">$5,717,063</div> and <div style="display: inline; font-style: italic; font: inherit;">$4,410,376</div> as of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2018 </div>and <div style="display: inline; font-style: italic; font: inherit;">2019,</div> respectively, and are included in &#x201c;Restricted cash&#x201d; under &#x201c;Current assets&#x201d; and &#x201c;Long-term assets&#x201d; in the consolidated balance sheets. As of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019, </div>all the debt covenants are satisfied.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Interest expense for the years ended <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2017, </div><div style="display: inline; font-style: italic; font: inherit;">2018</div> and <div style="display: inline; font-style: italic; font: inherit;">2019</div> amounted to <div style="display: inline; font-style: italic; font: inherit;">$1,380,458,</div> <div style="display: inline; font-style: italic; font: inherit;">$2,703,845</div> and <div style="display: inline; font-style: italic; font: inherit;">$3,219,471</div> respectively.</div></div><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for long-term debt.</p></div>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6826748608">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 14 - Derivative Financial Instruments (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2019</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TableTextBlock', window );"><strong>Notes Tables</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock', window );">Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]</a></td>
<td class="text"><div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; border-bottom: Black 1pt solid">Derivatives not designated as hedging instruments</td> <td style="border-left: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"></div></div><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Balance Sheet Location</div></div></td> <td style="border-top: Black 1pt solid; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-left: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><div style="display: inline; font-weight: bold;"></div></div><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</div></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><div style="display: inline; font-weight: bold;">December 31, 2018</div></div></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><div style="display: inline; font-weight: bold;">&nbsp;</div></div></td> <td style="border-left: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&nbsp;</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">December 31, 2019</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&nbsp;</td> </tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right">&nbsp;</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right">&nbsp;</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 25%; text-align: left; padding-bottom: 1pt">Interest rate swap contract</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; width: 24%; text-align: left; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;">Current liabilities &#x2013; Derivatives</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt">&nbsp;</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; width: 22%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">41,435</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">&nbsp;</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; width: 22%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: left; padding-bottom: 1pt">Total derivative liabilities</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;">&nbsp;</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">41,435</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> </tr> </table></div><span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock', window );">Derivative Instruments, Gain (Loss) [Table Text Block]</a></td>
<td class="text"><div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; border-bottom: Black 1pt solid">Derivatives not designated as hedging instruments</td> <td style="border-left: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;">&nbsp;</div></div><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Location of gain (loss) recognized</div></div></td> <td style="border-top: Black 1pt solid; font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-left: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&nbsp;</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Year Ended December 31, 2017</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&nbsp;</td> <td style="border-left: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&nbsp;</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Year Ended December 31, 2018</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&nbsp;</td> <td style="border-left: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&nbsp;</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Year Ended December 31, 2019</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 20%; text-align: left; padding-bottom: 1pt">Interest rate swap contract&#x2013; Unrealized (loss) / gain</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"></td> <td style="border-bottom: Black 1pt solid; width: 19%; text-align: left; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;">(Gain) / loss on derivativtes, net</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"></td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; width: 17%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(5,901</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">)</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; width: 17%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">204,647</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">&nbsp;</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; width: 17%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; padding-bottom: 1pt">Interest rate swap contract&nbsp;&nbsp;- Realized &nbsp;gain / (loss)</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;">Gain / (loss) on derivatives, net</div></td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">19,071</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(201,745</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(2,885</div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: left; padding-bottom: 1pt">Total &nbsp;net gain / (loss) on interest rate swap contract</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;">&nbsp;</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">13,170</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,902</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(2,885</div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</td> </tr> </table></div><div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom"> <td style="border-left: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: justify">FFA contracts not designated as hedging instruments</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-left: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: justify">Location of gain (loss) recognized</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-left: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold">Year Ended December 31, 2017</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</td> <td style="border-left: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold">Year Ended December 31, 2018</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</td> <td style="border-left: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="border-right: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold">Year Ended December 31, 2019</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 21%; text-align: justify; padding-bottom: 1pt">FFA contracts &#x2013; Unrealized loss</td> <td style="border-bottom: Black 1pt solid; width: 1%">&nbsp;</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; width: 17%; text-align: left; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;">Gain / (loss) on derivatives, net</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt">&nbsp;</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; width: 17%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(781</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">)</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; width: 17%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">&nbsp;</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; width: 17%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; padding-bottom: 1pt">FFA contracts &#x2013; Realized loss</td> <td style="border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;">Gain / (loss) on derivatives, net</div></td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(47,245</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: justify; padding-bottom: 1pt">Total loss on FFA contracts</td> <td style="border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: justify; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;">&nbsp;</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(781</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(47,245</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> </tr> </table></div><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 815<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4E<br> -URI http://asc.fasb.org/extlink&amp;oid=121590274&amp;loc=SL5624181-113959<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 815<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4A<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=121590274&amp;loc=SL5618551-113959<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 815<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4C<br> -URI http://asc.fasb.org/extlink&amp;oid=121590274&amp;loc=SL5624171-113959<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6826691264">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 8 - Long-term Bank Loans (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2019</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TableTextBlock', window );"><strong>Notes Tables</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfDebtInstrumentsTextBlock', window );">Schedule of Long-term Debt Instruments [Table Text Block]</a></td>
<td class="text"><div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold">Borrower</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, <br /> 2018</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">December 31, <br /> 2019</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 61%; text-align: left">Noumea Shipping Ltd.</td> <td style="width: 1%">&nbsp;</td> <td style="width: 8%; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">(a)</div></td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,341,000</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Gregos Shiping Ltd. </td> <td>&nbsp;</td> <td style="text-align: center"><div style="display: inline; font-style: italic; font: inherit;">(b)</div></td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,150,000</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Alterwall Business Inc. / Allendale Investments S.A. / Manolis Shipping Ltd. / Joanna Maritime Ltd. / Jonathan John Shipping Ltd. / Athens Shipping Ltd. / Oinousses Navigation Ltd. / Corfu Navigation Ltd. / Bridge Shipping Ltd. / Noumea Shipping Ltd. / Gregos Shiping Ltd.</td> <td>&nbsp;</td> <td style="text-align: center"><div style="display: inline; font-style: italic; font: inherit;">(c)</div></td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">30,000,000</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">37,650,000</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Diamantis Shipowners Ltd.</td> <td>&nbsp;</td> <td style="text-align: center"><div style="display: inline; font-style: italic; font: inherit;">(d)</div></td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,507,220</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Kea Shipowners Ltd. / Spetses Shipowners Ltd. / Hydra Shipowners Ltd.</td> <td>&nbsp;</td> <td style="text-align: center"><div style="display: inline; font-style: italic; font: inherit;">(e)</div></td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">12,050,000</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt">Antwerp Shipping Ltd. / Busan Shipping Ltd. / Keelung Shipping Ltd. / Oakland Shipping Ltd.</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: center; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;">(f)</div></td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">32,000,000</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center"><div style="display: inline; font-style: italic; font: inherit;">&nbsp;</div></td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">37,491,000</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">85,207,220</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt">Less: Current portion</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: center; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;">&nbsp;</div></td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(5,212,000</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(12,541,840</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-bottom: 1pt">Long-term portion</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: center; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;">&nbsp;</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">32,279,000</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">72,665,380</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Deferred charges, current portion</td> <td>&nbsp;</td> <td style="text-align: center"><div style="display: inline; font-style: italic; font: inherit;">&nbsp;</div></td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">125,357</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">246,520</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Deferred charges, long-term portion</td> <td>&nbsp;</td> <td style="text-align: center"><div style="display: inline; font-style: italic; font: inherit;">&nbsp;</div></td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">237,848</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">477,595</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Debt discount, current portion</td> <td>&nbsp;</td> <td style="text-align: center"><div style="display: inline; font-style: italic; font: inherit;">&nbsp;</div></td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">216,402</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt">Debt discount, long-term portion</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: center; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;">&nbsp;</div></td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">324,603</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-bottom: 1pt">Long-term bank loans, current portion net of deferred charges and debt discount</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: center; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;">&nbsp;</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,870,241</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">12,295,320</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-bottom: 1pt">Long-term bank loans, long-term portion net of deferred charges and debt discount</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: center; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;">&nbsp;</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">31,716,549</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">72,187,785</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: center">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Loan from related party, current</td> <td>&nbsp;</td> <td style="text-align: center">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt">Euroseas Ltd.</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: center; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;">(g)</div></td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,000,000</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> </table></div><span></span>
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<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_ScheduleOfFutureAnnualLoanRepaymentsTableTextBlock', window );">Schedule of Future Annual Loan Repayments [Table Text Block]</a></td>
<td class="text"><div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid">To December 31:</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: right">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 87%; text-align: justify">2020</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">12,541,840</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">2021</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">29,941,840</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">2022</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">8,723,540</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: justify; padding-bottom: 1pt">2023</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">34,000,000</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: justify; padding-bottom: 1pt">Total</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">85,207,220</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> </tr> </table></div><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_esea_ScheduleOfFutureAnnualLoanRepaymentsTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the tabular disclosure of the schedule of future annual loan repayments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">esea_ScheduleOfFutureAnnualLoanRepaymentsTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Data Type:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ScheduleOfDebtInstrumentsTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.22)<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 835<br> -SubTopic 30<br> -Section 45<br> -Paragraph 1A<br> -URI http://asc.fasb.org/extlink&amp;oid=119993939&amp;loc=d3e28541-108399<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 6<br> -URI http://asc.fasb.org/extlink&amp;oid=109259400&amp;loc=d3e21506-112644<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.(e),(f))<br> -URI http://asc.fasb.org/extlink&amp;oid=120395691&amp;loc=d3e23780-122690<br><br>Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 835<br> -SubTopic 30<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=119993939&amp;loc=d3e28551-108399<br><br>Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 7<br> -URI http://asc.fasb.org/extlink&amp;oid=109259400&amp;loc=d3e21521-112644<br><br>Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=109259400&amp;loc=d3e21538-112644<br><br>Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 470<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=75038535&amp;loc=d3e64711-112823<br><br>Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 835<br> -SubTopic 30<br> -Section 55<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=114775985&amp;loc=d3e28878-108400<br><br>Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=109259400&amp;loc=d3e21475-112644<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ScheduleOfDebtInstrumentsTextBlock</td>
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<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_TableTextBlock</td>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6848080912">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 9 - Income Taxes (Details Textual) - USD ($)<br></strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_EffectiveUnitedStatesTaxOnUsSourceShipping', window );">Effective United States Tax on U.S. Source Shipping</a></td>
<td class="nump">2.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">4.00%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_EffectiveTaxOnUsSourceShippingAmount', window );">Effective Tax on U.S. Source Shipping, Amount</a></td>
<td class="nump">$ 19,726<span></span>
</td>
<td class="nump">$ 15,135<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_esea_EffectiveTaxOnUsSourceShippingAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of tax paid for the effective tax on U.S. source shipping.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">esea_EffectiveTaxOnUsSourceShippingAmount</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>esea_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_esea_EffectiveUnitedStatesTaxOnUsSourceShipping">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The effective tax rate of United States federal tax on U.S. sourced shipping.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">esea_EffectiveUnitedStatesTaxOnUsSourceShipping</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>esea_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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</div>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6818877248">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 12 - Loss Per Share (Details Textual) - shares<br> shares in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount', window );">Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
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<div style="display: none;"><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
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<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6824910512">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Note 19 - Subsequent Events (Details Textual) - Interest Rate Swap With Eurobank [Member] - Forecast [Member]<br> $ in Millions</strong></div></th>
<th class="th">
<div>Apr. 24, 2020 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeNotionalAmount', window );">Derivative, Notional Amount</a></td>
<td class="nump">$ 30<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeFixedInterestRate', window );">Derivative, Fixed Interest Rate</a></td>
<td class="nump">0.78%<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DerivativeFixedInterestRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Fixed interest rate related to the interest rate derivative.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DerivativeFixedInterestRate</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
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</div></td></tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Nominal or face amount used to calculate payment on derivative.</p></div>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6846019712">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 1 - Basis of Presentation and General Information<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2019</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DisclosureTextBlockAbstract', window );"><strong>Notes to Financial Statements</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessDescriptionAndBasisOfPresentationTextBlock', window );">Business Description and Basis of Presentation [Text Block]</a></td>
<td class="text"><div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0">  <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><div style="display: inline; font-family: Symbol"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">1.</div></div></div></td> <td style="text-align: justify"><div style="display: inline; font-weight: bold;">Basis of Presentation and General Information</div></td> </tr>  </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Euroseas Ltd. (the &#x201c;Company&#x201d; or &#x201c;Euroseas&#x201d;) was formed on <div style="display: inline; font-style: italic; font: inherit;"> May 5, 2005 </div>under the laws of the Republic of the Marshall Islands to consolidate the beneficial owners of certain ship-owning companies. On <div style="display: inline; font-style: italic; font: inherit;"> June 28, 2005, </div>the beneficial owners exchanged all their shares in the ship-owning companies for shares in Friends Investment Company Inc., a newly formed Marshall Islands company. On <div style="display: inline; font-style: italic; font: inherit;"> June 29, 2005, </div>Friends Investment Company Inc. then exchanged all the shares in the ship-owning companies for shares in Euroseas Ltd., thus becoming the sole shareholder of Euroseas Ltd at that time. In <div style="display: inline; font-style: italic; font: inherit;"> January 2007, </div>the Company pursued a public offering and its common shares started trading on the Nasdaq Capital Market under the ticker symbol &#x201c;ESEA&#x201d; on <div style="display: inline; font-style: italic; font: inherit;"> January 31, 2007.&nbsp;&nbsp;</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The operations of the vessels are managed by Eurobulk Ltd. (&#x201c;Eurobulk&#x201d; or &#x201c;Management Company&#x201d; or &#x201c;Manager&#x201d;), a corporation controlled by members of the Pittas family. Eurobulk has an office in Greece located at <div style="display: inline; font-style: italic; font: inherit;">4</div> Messogiou &amp; Evropis Street, Maroussi, Greece. The Manager provides the Company with a wide range of shipping services such as technical support and maintenance, insurance consulting, chartering, financial and accounting services and executive management services, in consideration for fixed and variable fees (see Note <div style="display: inline; font-style: italic; font: inherit;">7</div>).</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Pittas family is the controlling shareholder of Friends Investment Company Inc., Containers Shareholders Trinity Ltd., Eurobulk Marine Holdings Inc. and Diamantis Shareholders Ltd. which, in turn, collectively own <div style="display: inline; font-style: italic; font: inherit;">62%</div> of the Company&#x2019;s shares as of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Following the close of trading on the Nasdaq Capital Market on <div style="display: inline; font-style: italic; font: inherit;"> May 30, 2018, </div>the Company completed the spin-off (the &#x201c;Spin-off&#x201d;) of its drybulk fleet (excluding M/V Monica P, a handymax drybulk carrier, which was agreed to be sold) to EuroDry Ltd ("EuroDry"). Shareholders of the Company received <div style="display: inline; font-style: italic; font: inherit;">one</div> EuroDry common share for every <div style="display: inline; font-style: italic; font: inherit;">five</div> common shares of the Company they owned as of <div style="display: inline; font-style: italic; font: inherit;"> May 23, 2018. </div>Shares of EuroDry commenced trading on <div style="display: inline; font-style: italic; font: inherit;"> May 31, 2018 </div>on the Nasdaq Capital Market under the symbol "EDRY." EuroDry operates in the dry cargo, drybulk shipping markets, owning and operating drybulk vessels previously owned and operated by Euroseas, and is now a separate publicly traded company. Euroseas continues to operate in the container shipping market and remains a publicly traded company. Accordingly, the results of operations of EuroDry have been presented in discontinued operations for all historical comparative periods presented.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In <div style="display: inline; font-style: italic; font: inherit;"> August 2019, </div>the Company completed the acquisition of <div style="display: inline; font-style: italic; font: inherit;">four</div> feeder containerships, owned by affiliates of the Pittas family including the Company&#x2019;s Chief Executive Officer, which had been announced in <div style="display: inline; font-style: italic; font: inherit;"> June 2019 </div>for a consideration of <div style="display: inline; font-style: italic; font: inherit;">$28.2</div> million that included a cash payment of <div style="display: inline; font-style: italic; font: inherit;">$15</div> million and the issuance of <div style="display: inline; font-style: italic; font: inherit;">2,816,901</div> common shares to the sellers (the &#x201c;Trinity/ Diamantis Vessel Acquisition&#x201d;). The Company financed the cash portion of the acquisition price via the arrangement of <div style="display: inline; font-style: italic; font: inherit;">two</div> bank loans described below (refer Note <div style="display: inline; font-style: italic; font: inherit;">8</div>-d and <div style="display: inline; font-style: italic; font: inherit;">8</div>-e), drawing a total of <div style="display: inline; font-style: italic; font: inherit;">$16,167,680</div> with the excess amount used for general corporate purposes. The cash portion of the acquisition price was used to repay the existing indebtedness of the vessels with the sellers receiving only payment in Euroseas common shares.&nbsp; The common shares issued to the sellers represented at that time approximately <div style="display: inline; font-style: italic; font: inherit;">64.3%</div> of Euroseas&#x2019; outstanding common shares.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <!-- Field: Page; Sequence: 10; Value: 2 -->    <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The vessels acquisition transactions were evaluated and approved by a special committee of independent members of the Board of Directors. The <div style="display: inline; font-style: italic; font: inherit;">four</div> vessels are the M/V EM Hydra and the M/V EM Spetses, both <div style="display: inline; font-style: italic; font: inherit;">1,700</div> teu feeder containership built in <div style="display: inline; font-style: italic; font: inherit;">2005</div> and <div style="display: inline; font-style: italic; font: inherit;">2007,</div> respectively, the M/V EM Kea, a <div style="display: inline; font-style: italic; font: inherit;">3,100</div> teu feeder containership built in <div style="display: inline; font-style: italic; font: inherit;">2007,</div> and the M/V Diamantis P, a <div style="display: inline; font-style: italic; font: inherit;">2,008</div> teu feeder containership vessel built in <div style="display: inline; font-style: italic; font: inherit;">1998.</div> On <div style="display: inline; font-style: italic; font: inherit;"> August 2, 2019, </div>the Company took delivery of M/V Diamantis P and M/V EM Hydra, and, on <div style="display: inline; font-style: italic; font: inherit;"> August 7, 2019, </div>the Company took delivery of M/V EM Spetses and M/V EM Kea (refer Note <div style="display: inline; font-style: italic; font: inherit;">4</div>).</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In <div style="display: inline; font-style: italic; font: inherit;"> November 2019, </div>the Company acquired and took delivery (from <div style="display: inline; font-style: italic; font: inherit;"> November 18, 2019 </div>to <div style="display: inline; font-style: italic; font: inherit;"> November 21, 2019) </div>of <div style="display: inline; font-style: italic; font: inherit;">four</div> container carrier vessels of intermediate size of <div style="display: inline; font-style: italic; font: inherit;">4,253</div> teu, all built in South Korea, <div style="display: inline; font-style: italic; font: inherit;">three</div> in <div style="display: inline; font-style: italic; font: inherit;">2009</div> and the other in <div style="display: inline; font-style: italic; font: inherit;">2008</div> (refer Note <div style="display: inline; font-style: italic; font: inherit;">4</div>). The vessels were acquired from companies controlled by Synergy Holdings Limited, for approximately <div style="display: inline; font-style: italic; font: inherit;">$40</div> million (the &#x201c;Synergy Vessel Acquisition&#x201d;). The acquisition of the <div style="display: inline; font-style: italic; font: inherit;">four</div> vessels (the &#x201c;Synergy Vessels&#x201d;) was financed by bank debt of <div style="display: inline; font-style: italic; font: inherit;">$32</div> million described below (refer Note <div style="display: inline; font-style: italic; font: inherit;">8</div>-f), a private placement of <div style="display: inline; font-style: italic; font: inherit;">$6</div> million at a share price of <div style="display: inline; font-style: italic; font: inherit;">$5.68</div> subscribed equally by an entity affiliated with the Company&#x2019;s Chief Executive Officer and an entity controlled by the seller of the Synergy vessels and <div style="display: inline; font-style: italic; font: inherit;">$2</div> million of existing funds. The Company also assumed the charters the vessels were under on the date of the transfer (refer Note <div style="display: inline; font-style: italic; font: inherit;">6</div>). As part of the transaction, the Company has agreed that the Manager enters into an agreement with Synergy Marine Limited for the provision of certain management services by Synergy Marine Limited for the next <div style="display: inline; font-style: italic; font: inherit;">three</div> years (see Note <div style="display: inline; font-style: italic; font: inherit;">7</div>). Mr. Andreas Papathomas, Chairman of Synergy Holdings Limited, was appointed to the Board of Directors of the Company. The Company has also agreed to issue an additional <div style="display: inline; font-style: italic; font: inherit;">$0.5</div> million in shares of its common stock to Synergy Holdings Limited if certain conditions are fulfilled in <div style="display: inline; font-style: italic; font: inherit;">one</div> year from the acquisition date (see Note <div style="display: inline; font-style: italic; font: inherit;">10</div>-b).</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company effected a <div style="display: inline; font-style: italic; font: inherit;">8</div>-for-<div style="display: inline; font-style: italic; font: inherit;">1</div> reverse stock split of its issued and outstanding common shares, effective at the close of trading on <div style="display: inline; font-style: italic; font: inherit;"> December 18, 2019 (</div>Note <div style="display: inline; font-style: italic; font: inherit;">18</div>).&nbsp; All share and per share amounts disclosed in the consolidated financial statements give effect to this reverse stock split retroactively, for all periods presented.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company is engaged in the ocean transportation of containers through ownership and operation of container carrier ship-owning companies. Details of the Company&#x2019;s wholly owned subsidiaries are set out below:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</div> <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0">  <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><div style="display: inline; font-family: Symbol">&middot;</div></td> <td style="text-align: justify">Allendale Investment S.A., incorporated in Panama on <div style="display: inline; font-style: italic; font: inherit;"> January 22, 2002, </div>owner of the Panama flag <div style="display: inline; font-style: italic; font: inherit;">18,154</div> deadweight tons (&#x201c;DWT&#x201d;) / <div style="display: inline; font-style: italic; font: inherit;">1,169</div> <div style="display: inline; font-style: italic; font: inherit;">twenty</div>-foot equivalent (&#x201c;TEU&#x201d; &#x2013; a measure of carrying capacity in containers) container carrier M/V &#x201c;Kuo Hsiung&#x201d;, which was built in <div style="display: inline; font-style: italic; font: inherit;">1993</div> and acquired on <div style="display: inline; font-style: italic; font: inherit;"> May 13, 2002.</div></td> </tr>  </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></div> <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0">  <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><div style="display: inline; font-family: Symbol">&middot;</div></td> <td style="text-align: justify">Alterwall Business Inc., incorporated in Panama on <div style="display: inline; font-style: italic; font: inherit;"> January 15, 2001, </div>owner of the Panama flag <div style="display: inline; font-style: italic; font: inherit;">18,253</div> DWT / <div style="display: inline; font-style: italic; font: inherit;">1,169</div> TEU container carrier M/V &#x201c;Ninos&#x201d; (previously named M/V &#x201c;Quingdao I&#x201d;) which was built in <div style="display: inline; font-style: italic; font: inherit;">1990</div> and acquired on <div style="display: inline; font-style: italic; font: inherit;"> February 16, 2001.</div></td> </tr>  </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"></div></div> <!-- Field: Page; Sequence: 11 -->    <div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0">  <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><div style="display: inline; font-family: Symbol">&middot;</div></td> <td style="text-align: justify">Prospero Maritime Inc., incorporated in the Republic of Marshall Islands on <div style="display: inline; font-style: italic; font: inherit;"> July 21, 2006, </div>owner of the Marshall Islands flag <div style="display: inline; font-style: italic; font: inherit;">69,268</div> DWT dry bulk M/V &#x201c;Aristides N.P.&#x201d;, which was built in <div style="display: inline; font-style: italic; font: inherit;">1993</div> and acquired on <div style="display: inline; font-style: italic; font: inherit;"> September 21, 2006. </div>The vessel was sold on <div style="display: inline; font-style: italic; font: inherit;"> January 15, 2016.</div></td> </tr>  </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</div> <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0">  <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><div style="display: inline; font-family: Symbol">&middot;</div></td> <td style="text-align: justify">Manolis Shipping Ltd., incorporated in the Republic of Marshall Islands on <div style="display: inline; font-style: italic; font: inherit;"> March 16, 2007, </div>owner of the Marshall Islands flag <div style="display: inline; font-style: italic; font: inherit;">20,346</div> DWT / <div style="display: inline; font-style: italic; font: inherit;">1,452</div> TEU container carrier M/V &#x201c;Manolis P&#x201d;, which was built in <div style="display: inline; font-style: italic; font: inherit;">1995</div> and acquired on <div style="display: inline; font-style: italic; font: inherit;"> April 12, 2007.</div></td> </tr>  </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0">  <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><div style="display: inline; font-family: Symbol">&middot;</div></td> <td style="text-align: justify">Noumea Shipping Ltd, incorporated in the Republic of Marshall Islands on <div style="display: inline; font-style: italic; font: inherit;"> May 14, 2008, </div>owner of the Marshall Islands flag <div style="display: inline; font-style: italic; font: inherit;">34,677</div> DWT / <div style="display: inline; font-style: italic; font: inherit;">2,556</div> TEU container carrier M/V &#x201c;Maersk Noumea&#x201d;, renamed &#x201c;Evridiki G&#x201d;, which was built in <div style="display: inline; font-style: italic; font: inherit;">2001</div> and acquired on <div style="display: inline; font-style: italic; font: inherit;"> May 22, 2008.</div></td> </tr>  </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0">  <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><div style="display: inline; font-family: Symbol">&middot;</div></td> <td style="text-align: justify">Eleni Shipping Ltd., incorporated in the Republic of Liberia on <div style="display: inline; font-style: italic; font: inherit;"> February 11, 2009, </div>owner of the Liberian flag <div style="display: inline; font-style: italic; font: inherit;">72,119</div> DWT bulk carrier M/V &#x201c;Eleni P&#x201d;, which was built in <div style="display: inline; font-style: italic; font: inherit;">1997,</div> acquired on <div style="display: inline; font-style: italic; font: inherit;"> March 6, 2009 </div>and sold on <div style="display: inline; font-style: italic; font: inherit;"> January 26, 2017.</div></td> </tr>  </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0">  <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><div style="display: inline; font-family: Symbol">&middot;</div></td> <td style="text-align: justify">Aggeliki Shipping Ltd., incorporated in the Republic of Liberia on <div style="display: inline; font-style: italic; font: inherit;"> May 21, 2010, </div>owner of the Liberian flag <div style="display: inline; font-style: italic; font: inherit;">30,306</div> DWT / <div style="display: inline; font-style: italic; font: inherit;">2008</div> TEU container carrier M/V &#x201c;Aggeliki P&#x201d;, which was built in <div style="display: inline; font-style: italic; font: inherit;">1998,</div> acquired on <div style="display: inline; font-style: italic; font: inherit;"> June 21, 2010 </div>and sold on <div style="display: inline; font-style: italic; font: inherit;"> December 6, 2017.</div></td> </tr>  </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</div> <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0">  <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><div style="display: inline; font-family: Symbol">&middot;</div></td> <td style="text-align: justify">Joanna Maritime Ltd., incorporated in Liberia on <div style="display: inline; font-style: italic; font: inherit;"> June 10, 2013, </div>owner of the Liberian flag <div style="display: inline; font-style: italic; font: inherit;">22,301</div> DWT / <div style="display: inline; font-style: italic; font: inherit;">1,732</div> TEU container carrier M/V &#x201c;Joanna&#x201d;, which was built in <div style="display: inline; font-style: italic; font: inherit;">1999</div> and acquired on <div style="display: inline; font-style: italic; font: inherit;"> July 4, 2013. </div>On <div style="display: inline; font-style: italic; font: inherit;"> January 8, 2016, </div>the vessel has been renamed M/V &#x201c;Vento di Grecale&#x201d;. On <div style="display: inline; font-style: italic; font: inherit;"> March 17, 2017 </div>the vessel was again renamed M/V &#x201c;Joanna&#x201d;.</td> </tr>  </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</div> <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0">  <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><div style="display: inline; font-family: Symbol">&middot;</div></td> <td style="text-align: justify">Jonathan John Shipping Ltd., incorporated in the Republic of the Marshall Islands on <div style="display: inline; font-style: italic; font: inherit;"> August 19, 2016, </div>owner of the Panamanian flag <div style="display: inline; font-style: italic; font: inherit;">18,581</div> DWT / <div style="display: inline; font-style: italic; font: inherit;">1,439</div> TEU container carrier M/V &#x201c;Aegean Express&#x201d;, which was built in <div style="display: inline; font-style: italic; font: inherit;">1997</div> and acquired on <div style="display: inline; font-style: italic; font: inherit;"> September 29, 2016.</div></td> </tr>  </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0">  <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><div style="display: inline; font-family: Symbol">&middot;</div></td> <td style="text-align: justify">Gregos Shipping Ltd., incorporated in the Republic of Liberia on <div style="display: inline; font-style: italic; font: inherit;"> May 25, 2017, </div>owner of the Liberian flag <div style="display: inline; font-style: italic; font: inherit;">35,600</div> DWT / <div style="display: inline; font-style: italic; font: inherit;">2,788</div> TEU container carrier M/V &#x201c;EM Astoria&#x201d;, which was built in <div style="display: inline; font-style: italic; font: inherit;">2004</div> and acquired on <div style="display: inline; font-style: italic; font: inherit;"> June 20, 2017.</div></td> </tr>  </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0">  <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><div style="display: inline; font-family: Symbol">&middot;</div></td> <td style="text-align: justify">Athens Shipping Ltd., incorporated in the Republic of the Marshall Islands on <div style="display: inline; font-style: italic; font: inherit;"> September 18, 2017, </div>owner of the Marshall Islands flag <div style="display: inline; font-style: italic; font: inherit;">32,350</div> DWT / <div style="display: inline; font-style: italic; font: inherit;">2,506</div> TEU container carrier M/V &#x201c;EM Athens&#x201d;, which was built in <div style="display: inline; font-style: italic; font: inherit;">2000</div> and acquired on <div style="display: inline; font-style: italic; font: inherit;"> September 29, 2017.</div></td> </tr>  </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</div> <!-- Field: Page; Sequence: 12; Value: 2 -->   <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></div> <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0">  <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><div style="display: inline; font-family: Symbol">&middot;</div></td> <td style="text-align: justify">Corfu Navigation Ltd., incorporated in the Republic of the Marshall Islands on <div style="display: inline; font-style: italic; font: inherit;"> September 18, 2017, </div>owner of the Marshall Islands flag <div style="display: inline; font-style: italic; font: inherit;">34,654</div> DWT / <div style="display: inline; font-style: italic; font: inherit;">2,556</div> TEU container carrier M/V &#x201c;EM Corfu&#x201d;, which was built in <div style="display: inline; font-style: italic; font: inherit;">2001</div> and acquired on <div style="display: inline; font-style: italic; font: inherit;"> October 29, 2017.</div></td> </tr>  </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</div> <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0">  <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><div style="display: inline; font-family: Symbol">&middot;</div></td> <td style="text-align: justify">Oinousses Navigation Ltd., incorporated in the Republic of the Marshall Islands on <div style="display: inline; font-style: italic; font: inherit;"> September 18, 2017, </div>owner of the Marshall Islands flag <div style="display: inline; font-style: italic; font: inherit;">32,350</div> DWT / <div style="display: inline; font-style: italic; font: inherit;">2,506</div> TEU container carrier M/V &#x201c;EM Oinousses&#x201d;, which was built in <div style="display: inline; font-style: italic; font: inherit;">2000</div> and acquired on <div style="display: inline; font-style: italic; font: inherit;"> October 23, 2017.</div></td> </tr>  </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</div> <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0">  <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><div style="display: inline; font-family: Symbol">&middot;</div></td> <td style="text-align: justify">Bridge Shipping Ltd., incorporated in the Republic of the Marshall Islands on <div style="display: inline; font-style: italic; font: inherit;"> September 18, 2017, </div>owner of the Marshall Islands flag <div style="display: inline; font-style: italic; font: inherit;">71,366</div> DWT / <div style="display: inline; font-style: italic; font: inherit;">5,610</div> TEU container carrier M/V &#x201c;Akinada Bridge&#x201d;, which was built in <div style="display: inline; font-style: italic; font: inherit;">2001</div> and acquired on <div style="display: inline; font-style: italic; font: inherit;"> December 21, 2017.</div></td> </tr>  </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</div> <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0">  <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><div style="display: inline; font-family: Symbol">&middot;</div></td> <td style="text-align: justify">Diamantis Shipowners Ltd., incorporated in the Republic of Liberia on <div style="display: inline; font-style: italic; font: inherit;"> June 3, 2019, </div>owner of the Liberian flag <div style="display: inline; font-style: italic; font: inherit;">30,360</div> DWT / <div style="display: inline; font-style: italic; font: inherit;">2,008</div> TEU container carrier M/V &#x201c;Diamantis P&#x201d;, which was built in <div style="display: inline; font-style: italic; font: inherit;">1998</div> and acquired on <div style="display: inline; font-style: italic; font: inherit;"> August 2, 2019.</div></td> </tr>  </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0">  <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><div style="display: inline; font-family: Symbol">&middot;</div></td> <td style="text-align: justify">Hydra Shipowners Ltd., incorporated in the Republic of Liberia on <div style="display: inline; font-style: italic; font: inherit;"> June 3, 2019, </div>owner of the Liberian flag <div style="display: inline; font-style: italic; font: inherit;">23,351</div> DWT / <div style="display: inline; font-style: italic; font: inherit;">1,740</div> TEU container carrier M/V &#x201c;EM Hydra&#x201d;, which was built in <div style="display: inline; font-style: italic; font: inherit;">2005</div> and acquired on <div style="display: inline; font-style: italic; font: inherit;"> August 2, 2019.</div></td> </tr>  </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</div> <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0">  <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><div style="display: inline; font-family: Symbol">&middot;</div></td> <td style="text-align: justify">Spetses Shipowners Ltd., incorporated in the Republic of Liberia on <div style="display: inline; font-style: italic; font: inherit;"> June 3, 2019, </div>owner of the Liberian flag <div style="display: inline; font-style: italic; font: inherit;">23,224</div> DWT / <div style="display: inline; font-style: italic; font: inherit;">1,740</div> TEU container carrier M/V &#x201c;EM Spetses&#x201d;, which was built in <div style="display: inline; font-style: italic; font: inherit;">2007</div> and acquired on <div style="display: inline; font-style: italic; font: inherit;"> August 7, 2019.</div></td> </tr>  </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</div> <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0">  <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><div style="display: inline; font-family: Symbol">&middot;</div></td> <td style="text-align: justify">Kea Shipowners Ltd., incorporated in the Republic of Liberia on <div style="display: inline; font-style: italic; font: inherit;"> June 3, 2019, </div>owner of the Liberian flag <div style="display: inline; font-style: italic; font: inherit;">42,165</div> DWT / <div style="display: inline; font-style: italic; font: inherit;">3,100</div> TEU container carrier M/V &#x201c;EM Kea&#x201d;, which was built in <div style="display: inline; font-style: italic; font: inherit;">2007</div> and acquired on <div style="display: inline; font-style: italic; font: inherit;"> August 7, 2019.</div></td> </tr>  </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</div> <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0">  <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><div style="display: inline; font-family: Symbol">&middot;</div></td> <td style="text-align: justify">Antwerp Shipping Ltd., incorporated in the Republic of the Marshall Islands on <div style="display: inline; font-style: italic; font: inherit;"> November 1, 2019, </div>owner of the Marshall Islands flag <div style="display: inline; font-style: italic; font: inherit;">50,726</div> DWT / <div style="display: inline; font-style: italic; font: inherit;">4,253</div> TEU container carrier M/V &#x201c;Synergy Antwerp&#x201d;, which was built in <div style="display: inline; font-style: italic; font: inherit;">2008</div> and acquired on <div style="display: inline; font-style: italic; font: inherit;"> November 19, 2019.</div></td> </tr>  </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</div> <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0">  <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><div style="display: inline; font-family: Symbol">&middot;</div></td> <td style="text-align: justify">Keelung Shipping Ltd., incorporated in the Republic of the Marshall Islands on <div style="display: inline; font-style: italic; font: inherit;"> November 1, 2019, </div>owner of the Cypriot flag <div style="display: inline; font-style: italic; font: inherit;">50,969</div> DWT / <div style="display: inline; font-style: italic; font: inherit;">4,253</div> TEU container carrier M/V &#x201c;Synergy Keelung&#x201d;, which was built in <div style="display: inline; font-style: italic; font: inherit;">2009</div> and acquired on <div style="display: inline; font-style: italic; font: inherit;"> November 18, 2019.</div></td> </tr>  </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></div> <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0">  <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><div style="display: inline; font-family: Symbol">&middot;</div></td> <td style="text-align: justify">Oakland Shipping Ltd., incorporated in the Republic of the Marshall Islands on <div style="display: inline; font-style: italic; font: inherit;"> November 1, 2019, </div>owner of the Cypriot flag <div style="display: inline; font-style: italic; font: inherit;">50,787</div> DWT / <div style="display: inline; font-style: italic; font: inherit;">4,253</div> TEU container carrier M/V &#x201c;Synergy Oakland&#x201d;, which was built in <div style="display: inline; font-style: italic; font: inherit;">2009</div> and acquired on <div style="display: inline; font-style: italic; font: inherit;"> November 19, 2019.</div></td> </tr>  </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</div> <!-- Field: Page; Sequence: 13; Value: 2 -->   <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0">  <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><div style="display: inline; font-family: Symbol">&middot;</div></td> <td style="text-align: justify">Busan Shipping Ltd., incorporated in the Republic of the Marshall Islands on <div style="display: inline; font-style: italic; font: inherit;"> November 1, 2019, </div>owner of the Marshall Islands flag <div style="display: inline; font-style: italic; font: inherit;">50,726</div> DWT / <div style="display: inline; font-style: italic; font: inherit;">4,253</div> TEU container carrier M/V &#x201c;Synergy Busan&#x201d;, which was built in <div style="display: inline; font-style: italic; font: inherit;">2009</div> and acquired on <div style="display: inline; font-style: italic; font: inherit;"> November 21, 2019.</div></td> </tr>  </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019, </div>the Company had a working capital deficit of <div style="display: inline; font-style: italic; font: inherit;">$18.6</div> million and has been incurring losses. For the year ended <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019, </div>the Company generated net cash from operating activities of <div style="display: inline; font-style: italic; font: inherit;">$3.1</div> million. The Company&#x2019;s cash balance amounted to <div style="display: inline; font-style: italic; font: inherit;">$1.0</div> million and cash in restricted retention accounts amounted to <div style="display: inline; font-style: italic; font: inherit;">$4.9</div> million as of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019. </div>The holders of Series B Preferred Shares will receive a cash dividend at an annual dividend rate of <div style="display: inline; font-style: italic; font: inherit;">8%</div> until <div style="display: inline; font-style: italic; font: inherit;"> January 2021, </div>which will increase to <div style="display: inline; font-style: italic; font: inherit;">14%</div> thereafter (Note <div style="display: inline; font-style: italic; font: inherit;">15</div>). The Company intends to fund its working capital requirements and capital commitments via cash at hand and cash flows from operations as well as via the cash proceeds expected to be generated through the sale of certain of the Company&#x2019;s older vessels for scrap. In the event that these are <div style="display: inline; font-style: italic; font: inherit;">not</div> sufficient, the Company <div style="display: inline; font-style: italic; font: inherit;"> may </div>also use funds from debt refinancing and equity offerings and convert to equity the related party loans, if required, among other options. The Company believes it will have adequate funding through the sources described above and, accordingly, it believes it has the ability to continue as a going concern and finance its obligations as they come due over the next <div style="display: inline; font-style: italic; font: inherit;">twelve</div> months following the date of the issuance of these financial statements. Consequently, the consolidated financial statements have been prepared on a going concern basis which contemplates the realization of assets and satisfaction of liabilities in the normal course of business.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the years ended <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2017, </div><div style="display: inline; font-style: italic; font: inherit;">2018</div> and <div style="display: inline; font-style: italic; font: inherit;">2019,</div> the following charterers individually accounted for more than <div style="display: inline; font-style: italic; font: inherit;">10%</div> of the Company&#x2019;s revenues as follows:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div> <table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0">  <tr style="vertical-align: bottom"> <td>&nbsp;</td> <td style="font-weight: bold">&nbsp;</td> <td colspan="11" style="font-weight: bold; text-align: center">Year ended December 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold">Charterer</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2017</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2018</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2019</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 61%; font-weight: bold; text-align: left">CMA CGM, Marseille</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">34</div></td> <td style="width: 1%; text-align: left">%</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">51</div></td> <td style="width: 1%; text-align: left">%</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">24</div></td> <td style="width: 1%; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">New Golden Sea Shipping Pte. Ltd., Singapore</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">31</div></td> <td style="text-align: left">%</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">33</div></td> <td style="text-align: left">%</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">21</div></td> <td style="text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Hapag-Lloyd AG, Hamburg</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">16</div></td> <td style="text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">MSC Geneva</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">17</div></td> <td style="text-align: left">%</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">11</div></td> <td style="text-align: left">%</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">15</div></td> <td style="text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Maersk Line A/S</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">11</div></td> <td style="text-align: left">%</td> </tr>  </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> </div></div><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for the business description and basis of presentation concepts.  Business description describes the nature and type of organization including but not limited to organizational structure as may be applicable to holding companies, parent and subsidiary relationships, business divisions, business units, business segments, affiliates and information about significant ownership of the reporting entity.  Basis of presentation describes the underlying basis used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -URI http://asc.fasb.org/topic&amp;trid=2122369<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -URI http://asc.fasb.org/topic&amp;trid=2122149<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 275<br> -URI http://asc.fasb.org/topic&amp;trid=2134479<br></p></div>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6835765968">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 3 - Inventories<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2019</div></th></tr>
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<td class="text">&#160;<span></span>
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<td class="text"><div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;">  <tr style="vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; width: 0.5in"><div style="display: inline; font-family: Symbol"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">3.</div></div></div></td> <td style="text-align: justify"><div style="display: inline; font-weight: bold;">Inventories </div></td> </tr>  </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Inventories consisted of the following:</div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;">  <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2018</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2019</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%">Lubricants</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,043,763</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,728,861</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>Victualing</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">79,965</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">160,303</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">Bunkers</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">580,663</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-indent: 0in">Total</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,704,391</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,889,164</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> </tr>  </table> </div></div><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for inventory. Includes, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the classes of inventory, and the nature of the cost elements included in inventory.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 330<br> -URI http://asc.fasb.org/topic&amp;trid=2126998<br></p></div>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6826622480">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 7 - Related Party Transactions<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<td class="text"><div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0">  <tr style="vertical-align: top"> <td style="width: 0.5in"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">7.</div></div></td> <td style="text-align: justify"><div style="display: inline; font-weight: bold;">Related Party Transactions</div></td> </tr>  </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&#x2019;s vessel owning companies are parties to management agreements with the Manager which is controlled by members of the Pittas family, whereby the Manager provides technical and commercial vessel management for a fixed daily fee of Euro <div style="display: inline; font-style: italic; font: inherit;">685</div> for each of <div style="display: inline; font-style: italic; font: inherit;">2017,</div> <div style="display: inline; font-style: italic; font: inherit;">2018</div> and <div style="display: inline; font-style: italic; font: inherit;">2019,</div> under the Company&#x2019;s Master Management Agreement (&#x201c;MMA&#x201d;). An additional fixed management fee (see below) is paid to the Manager for the provision of other management services. Vessel management fees paid to the Manager amounted to <div style="display: inline; font-style: italic; font: inherit;">$2,632,637,</div> <div style="display: inline; font-style: italic; font: inherit;">$3,536,094</div> and <div style="display: inline; font-style: italic; font: inherit;">$3,671,335</div> in <div style="display: inline; font-style: italic; font: inherit;">2017,</div> <div style="display: inline; font-style: italic; font: inherit;">2018</div> and <div style="display: inline; font-style: italic; font: inherit;">2019,</div> respectively, and are recorded in &#x201c;Related party management fees&#x201d; in the consolidated statements of operations.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&#x2019;s MMA with Eurobulk provides for an annual adjustment of the daily management fee due to inflation to take effect <div style="display: inline; font-style: italic; font: inherit;"> January 1 </div>of each year. The vessel management fee for laid-up vessels is half of the daily fee for the period they are laid-up. The MMA, as periodically amended and restated, will automatically be extended after the initial <div style="display: inline; font-style: italic; font: inherit;">five</div>-year period for an additional <div style="display: inline; font-style: italic; font: inherit;">five</div>-year period unless terminated on or before the <div style="display: inline; font-style: italic; font: inherit;">90th</div> day preceding the initial termination date. Pursuant to the MMA, each ship owning company has signed &#x2013; and each future ship owning company when a vessel is acquired will sign - with the Manager, a management agreement with the rate and term of these agreements set in the MMA effective at such time.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The MMA was amended and restated as of <div style="display: inline; font-style: italic; font: inherit;"> January 1, 2012 </div>to provide for a <div style="display: inline; font-style: italic; font: inherit;">5%</div> discount of the daily fixed vessel management fee for the period during which the number of the Euroseas-owned vessels (including vessels in which Euroseas is a part owner) managed by the Manager is greater than <div style="display: inline; font-style: italic; font: inherit;">20</div> (&#x201c;volume discount&#x201d;). The daily fixed vessel management fee was adjusted to Euro <div style="display: inline; font-style: italic; font: inherit;">720</div> per day per vessel in operation and Euro <div style="display: inline; font-style: italic; font: inherit;">360</div> per day per vessel in lay-up before the <div style="display: inline; font-style: italic; font: inherit;">5%</div> discount. The Company was entitled to the <div style="display: inline; font-style: italic; font: inherit;">5%</div> discount for each of these years. The fee remained unchanged for the subsequent years starting <div style="display: inline; font-style: italic; font: inherit;"> January 1, 2014, </div><div style="display: inline; font-style: italic; font: inherit;">2015,</div> <div style="display: inline; font-style: italic; font: inherit;">2016,</div> <div style="display: inline; font-style: italic; font: inherit;">2017.</div> The MMA was renewed as of <div style="display: inline; font-style: italic; font: inherit;"> January 1, 2014 </div>for a new <div style="display: inline; font-style: italic; font: inherit;">five</div> year term until <div style="display: inline; font-style: italic; font: inherit;"> January 1, 2019.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The MMA was further renewed on <div style="display: inline; font-style: italic; font: inherit;"> January 1, 2018 </div>for an additional <div style="display: inline; font-style: italic; font: inherit;">five</div> year term until <div style="display: inline; font-style: italic; font: inherit;"> January 1, 2023 </div>with the <div style="display: inline; font-style: italic; font: inherit;">5%</div> volume discount permanently incorporated in the daily management fee and the daily fixed vessel management fee amounting to Euro <div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;">685</div></div></div> per day per vessel in operation and Euro <div style="display: inline; font-style: italic; font: inherit;">342.5</div> for day per vessel in lay-up. The daily fixed vessel management fee remained unchanged for the year <div style="display: inline; font-style: italic; font: inherit;">2019</div> and will be adjusted annually for inflation in the Eurozone. The fee remains unchanged for <div style="display: inline; font-style: italic; font: inherit;">2020.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</div> <!-- Field: Page; Sequence: 30; Value: 2 -->   <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><div style="display: inline; font-weight: bold;"></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition to the vessel management services, the Manager provides executive services to the Company. In <div style="display: inline; font-style: italic; font: inherit;">2017</div> and <div style="display: inline; font-style: italic; font: inherit;">2018</div> up to the Spin-off, compensation for such services to the Company as a public company was <div style="display: inline; font-style: italic; font: inherit;">$2,000,000</div> per annum for the Company pre Spin-off. The amount of such executive compensation allocated to the Company prior to the Spin-off was based on the proportion of the number of calendar days that related to Euroseas post Spin-off vessels to the number of days of the entire fleet of Euroseas. After the Spin-off, the annual compensation for such services was set at <div style="display: inline; font-style: italic; font: inherit;">$1,250,000.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On <div style="display: inline; font-style: italic; font: inherit;"> November 15, 2019, </div>the Company signed an addendum adjusting the fixed annual executive compensation to <div style="display: inline; font-style: italic; font: inherit;">$2,000,000</div> to compensate the Manager for the increase in the fleet and certain management services provided by Synergy Marine Ltd., a company controlled by Andreas Papathomas and which became affiliated with the Company post-acquisition as a result of his appointment to the Board of Directors of the Company in <div style="display: inline; font-style: italic; font: inherit;"> November 2019. </div>As a result, for the year <div style="display: inline; font-style: italic; font: inherit;">2019,</div> the fixed cost was calculated at <div style="display: inline; font-style: italic; font: inherit;">$1,250,000</div> pro-rated for the period of <div style="display: inline; font-style: italic; font: inherit;"> January 1, 2019 </div>until <div style="display: inline; font-style: italic; font: inherit;"> November 15, 2019 </div>and at <div style="display: inline; font-style: italic; font: inherit;">$2,000,000</div> for the period of <div style="display: inline; font-style: italic; font: inherit;"> November 16, 2019 </div>until <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019. </div>The Company incurred costs of <div style="display: inline; font-style: italic; font: inherit;">$1,306,476,</div> <div style="display: inline; font-style: italic; font: inherit;">$1,561,126</div> and <div style="display: inline; font-style: italic; font: inherit;">$1,344,250</div> in <div style="display: inline; font-style: italic; font: inherit;">2017,</div> <div style="display: inline; font-style: italic; font: inherit;">2018</div> and <div style="display: inline; font-style: italic; font: inherit;">2019,</div> respectively, which are recorded in &#x201c;General and administrative expenses&#x201d; in the consolidated statements of operations.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Amounts due to or from related company represent net disbursements and collections made on behalf of the vessel-owning companies by the Management Company during the normal course of operations for which a right of off-set exists. As of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2018 </div>and <div style="display: inline; font-style: italic; font: inherit;">2019,</div> the amounts due to related company were <div style="display: inline; font-style: italic; font: inherit;">$2,672,895</div> and <div style="display: inline; font-style: italic; font: inherit;">$795,562,</div> respectively. Based on the MMA between Euroseas Ltd. and Euroseas&#x2019; ship owning subsidiaries and the Manager an estimate of the quarter&#x2019;s operating expenses, expected dry-dock expenses, vessel management fee and fee for management executive services are to be advanced by the Company&#x2019;s ship-owning subsidiaries in the beginning of each quarter to the Manager.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On <div style="display: inline; font-style: italic; font: inherit;"> September 30, 2019, </div>the Company reached an agreement with a related party, Colby Trading Ltd., a company controlled by the Pittas family and affiliated with the Company&#x2019;s Chief Executive Officer, to draw a <div style="display: inline; font-style: italic; font: inherit;">$2.5</div> million loan to finance the special survey and WBT system installation on M/V &#x201c;Akinada Bridge&#x201d;. The interest rate applied is <div style="display: inline; font-style: italic; font: inherit;">8%</div> per annum. Interest on the loan is payable quarterly. For further details refer to Note <div style="display: inline; font-style: italic; font: inherit;">8</div>-g.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On <div style="display: inline; font-style: italic; font: inherit;"> November 1, 2019, </div>the Company entered into a <div style="display: inline; font-style: italic; font: inherit;">second</div> agreement with Colby Trading Ltd., to draw another <div style="display: inline; font-style: italic; font: inherit;">$2.5</div> million loan to finance working capital needs. The interest rate applied is <div style="display: inline; font-style: italic; font: inherit;">8%</div> per annum. Interest on the loan is payable quarterly. For further details refer to Note <div style="display: inline; font-style: italic; font: inherit;">8</div>-g.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</div> <!-- Field: Page; Sequence: 31; Value: 2 -->   <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company uses brokers for various services, as is industry practice. Eurochart S.A., an affiliated company controlled by certain members of the Pittas family, provides vessel sale and purchase services, and chartering services to the Company whereby the Company pays commission of <div style="display: inline; font-style: italic; font: inherit;">1%</div> of the vessel sales price and <div style="display: inline; font-style: italic; font: inherit;">1.25%</div> of charter revenues. Commissions to Eurochart S.A. for vessel sales were <div style="display: inline; font-style: italic; font: inherit;">$70,640,</div> <div style="display: inline; font-style: italic; font: inherit;">$64,500</div> and <div style="display: inline; font-style: italic; font: inherit;">nil</div> in <div style="display: inline; font-style: italic; font: inherit;">2017,</div> <div style="display: inline; font-style: italic; font: inherit;">2018</div> and <div style="display: inline; font-style: italic; font: inherit;">2019,</div> respectively, recorded in &#x201c;Net gain on sale of vessels&#x201d; in the consolidated statements of operations. A commission of <div style="display: inline; font-style: italic; font: inherit;">1%</div> of the purchase price is also paid to Eurochart S.A. by the seller of the vessel for the acquisitions the Company makes using Eurochart&#x2019;s services. The Company withheld, on behalf of Eurochart, commissions of <div style="display: inline; font-style: italic; font: inherit;">$118,526,</div> <div style="display: inline; font-style: italic; font: inherit;">nil</div> and <div style="display: inline; font-style: italic; font: inherit;">nil</div> in <div style="display: inline; font-style: italic; font: inherit;">2017,</div> <div style="display: inline; font-style: italic; font: inherit;">2018</div> and <div style="display: inline; font-style: italic; font: inherit;">2019,</div> respectively, for vessels the Company acquired. Commissions to Eurochart S.A. for chartering services were, <div style="display: inline; font-style: italic; font: inherit;">$310,467,</div> <div style="display: inline; font-style: italic; font: inherit;">$453,361</div> and <div style="display: inline; font-style: italic; font: inherit;">$493,341</div> in <div style="display: inline; font-style: italic; font: inherit;">2017,</div> <div style="display: inline; font-style: italic; font: inherit;">2018</div> and <div style="display: inline; font-style: italic; font: inherit;">2019,</div> respectively, recorded in &#x201c;Commissions&#x201d; in the consolidated statements of operations.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Certain members of the Pittas family, together with another unrelated ship management company, have formed a joint venture with the insurance broker Sentinel Maritime Services Inc. (&#x201c;Sentinel&#x201d;); and with a crewing agent Technomar Crew Management Services Corp (&#x201c;Technomar&#x201d;). Technomar is a company owned by certain members of the Pittas family, together with <div style="display: inline; font-style: italic; font: inherit;">two</div> other unrelated ship management companies. Sentinel is paid a commission on insurance premiums <div style="display: inline; font-style: italic; font: inherit;">not</div> exceeding <div style="display: inline; font-style: italic; font: inherit;">5%;</div> Technomar is paid a fee of about <div style="display: inline; font-style: italic; font: inherit;">$50</div> per crew member per month. Total fees charged by Sentinel and Technomar were <div style="display: inline; font-style: italic; font: inherit;">$89,329</div> and <div style="display: inline; font-style: italic; font: inherit;">$101,394</div> in <div style="display: inline; font-style: italic; font: inherit;">2017,</div> <div style="display: inline; font-style: italic; font: inherit;">$118,684</div> and <div style="display: inline; font-style: italic; font: inherit;">$137,385</div> in <div style="display: inline; font-style: italic; font: inherit;">2018,</div> and <div style="display: inline; font-style: italic; font: inherit;">$106,749</div> and <div style="display: inline; font-style: italic; font: inherit;">$142,332</div> in <div style="display: inline; font-style: italic; font: inherit;">2019</div> respectively.&nbsp; These amounts are recorded in &#x201c;Vessel operating expenses&#x201d; in the consolidated statements of operations.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In <div style="display: inline; font-style: italic; font: inherit;"> August 2019, </div>the Company completed the acquisition of the <div style="display: inline; font-style: italic; font: inherit;">four</div> feeder containerships, owned by affiliates of the Pittas family including the Company&#x2019;s CEO (see Note <div style="display: inline; font-style: italic; font: inherit;">1</div>), for a consideration of <div style="display: inline; font-style: italic; font: inherit;">$28.2</div> million that included a cash payment of <div style="display: inline; font-style: italic; font: inherit;">$15</div> million and the issuance of <div style="display: inline; font-style: italic; font: inherit;">2,816,901</div> common shares to the sellers. The vessels acquisition transactions were evaluated and approved by a special committee of independent members of the Board of Directors.</div></div><span></span>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6845865872">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Consolidated Statements of Operations - USD ($)<br></strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_TimeCharterRevenue', window );">Time charter revenue</a></td>
<td class="nump">$ 41,769,278<span></span>
</td>
<td class="nump">$ 36,062,202<span></span>
</td>
<td class="nump">$ 24,278,048<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_VoyageRevenues', window );">Voyage charter revenue</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">206,682<span></span>
</td>
<td class="nump">559,319<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RevenueFromRelatedParties', window );">Related party management fee income</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">240,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SalesCommissionsAndFees', window );">Commissions (including $310,467, $453,361 and $493,341, respectively, to related party)</a></td>
<td class="num">(1,745,599)<span></span>
</td>
<td class="num">(1,844,147)<span></span>
</td>
<td class="num">(1,318,248)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Revenues', window );">Net revenue, continuing operations</a></td>
<td class="nump">40,023,679<span></span>
</td>
<td class="nump">34,424,737<span></span>
</td>
<td class="nump">23,759,119<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingExpensesAbstract', window );"><strong>Operating expenses</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_VoyageExpenses', window );">Voyage expenses</a></td>
<td class="nump">1,055,408<span></span>
</td>
<td class="nump">1,261,088<span></span>
</td>
<td class="nump">1,564,489<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingCostsAndExpenses', window );">Vessel operating expenses (including $190,723, $256,069 and $249,081, respectively, to related party)</a></td>
<td class="nump">23,983,282<span></span>
</td>
<td class="nump">19,986,170<span></span>
</td>
<td class="nump">15,019,342<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_OtherOperatingExpensesIncome', window );">Other operating income</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="num">(499,103)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_DryDockingExpenses', window );">Dry-docking expenses</a></td>
<td class="nump">2,714,662<span></span>
</td>
<td class="nump">2,774,924<span></span>
</td>
<td class="nump">571,291<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Depreciation', window );">Vessel depreciation</a></td>
<td class="nump">4,178,886<span></span>
</td>
<td class="nump">3,305,951<span></span>
</td>
<td class="nump">3,585,965<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProfessionalAndContractServicesExpense', window );">Related party management fees</a></td>
<td class="nump">3,671,335<span></span>
</td>
<td class="nump">3,536,094<span></span>
</td>
<td class="nump">2,632,637<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GeneralAndAdministrativeExpense', window );">General and administrative expenses (including $1,306,476, $1,561,126 and $1,344,250, respectively, to related party)</a></td>
<td class="nump">2,444,495<span></span>
</td>
<td class="nump">2,565,502<span></span>
</td>
<td class="nump">2,502,203<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GainLossOnSaleOfPropertyPlantEquipment', window );">Net gain on sale of vessels</a></td>
<td class="text"> <span></span>
</td>
<td class="num">(1,340,952)<span></span>
</td>
<td class="num">(803,811)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetImpairmentCharges', window );">Loss on write-down of vessels held for sale</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">4,595,819<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingExpenses', window );">Total operating expenses, continuing operations</a></td>
<td class="nump">38,048,068<span></span>
</td>
<td class="nump">32,088,777<span></span>
</td>
<td class="nump">29,168,832<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingIncomeLoss', window );">Operating (loss) / income, continuing operations</a></td>
<td class="nump">1,975,611<span></span>
</td>
<td class="nump">2,335,960<span></span>
</td>
<td class="num">(5,409,713)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherIncomeAndExpensesAbstract', window );"><strong>Other income/(expenses)</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_InterestAndOtherFinancingCosts', window );">Interest and other financing costs (including $0, $0 and $84,444, respectively, to related party)</a></td>
<td class="num">(3,424,969)<span></span>
</td>
<td class="num">(3,050,768)<span></span>
</td>
<td class="num">(1,554,695)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GainsLossesOnExtinguishmentOfDebt', window );">Loss on debt extinguishment</a></td>
<td class="num">(328,291)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet', window );">Gain / (loss) on derivatives, net</a></td>
<td class="num">(2,885)<span></span>
</td>
<td class="num">(44,343)<span></span>
</td>
<td class="nump">12,389<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ForeignCurrencyTransactionGainLossRealized', window );">Foreign exchange (loss) / gain</a></td>
<td class="nump">2,024<span></span>
</td>
<td class="nump">13,963<span></span>
</td>
<td class="num">(30,214)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestAndOtherIncome', window );">Interest income</a></td>
<td class="nump">95,839<span></span>
</td>
<td class="nump">81,792<span></span>
</td>
<td class="nump">37,972<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NonoperatingIncomeExpense', window );">Other expenses, net, continuing operations</a></td>
<td class="num">(3,658,282)<span></span>
</td>
<td class="num">(2,999,356)<span></span>
</td>
<td class="num">(1,534,548)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net loss, continuing operations</a></td>
<td class="num">(1,682,671)<span></span>
</td>
<td class="num">(663,396)<span></span>
</td>
<td class="num">(6,944,261)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockDividendsIncomeStatementImpact', window );">Dividends to Series B preferred shares</a></td>
<td class="num">(1,271,782)<span></span>
</td>
<td class="num">(1,335,733)<span></span>
</td>
<td class="num">(1,808,811)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_PreferredDeemedDividend', window );">Preferred deemed dividend</a></td>
<td class="num">(504,577)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLossFromContinuingOperationsAvailableToCommonShareholdersBasic', window );">Net loss attributable to common shareholders, continuing operations</a></td>
<td class="num">(3,459,030)<span></span>
</td>
<td class="num">(1,999,129)<span></span>
</td>
<td class="num">(8,753,072)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLossFromDiscontinuedOperationsAvailableToCommonShareholdersBasic', window );">Net income attributable to common shareholders, discontinued operations</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">554,506<span></span>
</td>
<td class="nump">849,701<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic', window );">Net loss attributable to common shareholders</a></td>
<td class="num">$ (3,459,030)<span></span>
</td>
<td class="num">$ (1,444,623)<span></span>
</td>
<td class="num">$ (7,903,371)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted', window );">Weighted average common shares &#8211;outstanding , basic and diluted (in shares)</a></td>
<td class="nump">2,861,928<span></span>
</td>
<td class="nump">1,414,775<span></span>
</td>
<td class="nump">1,383,440<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromContinuingOperationsPerBasicAndDilutedShare', window );">Loss per share attributable to common shareholders - basic and diluted, continuing operations (in dollars per share)</a></td>
<td class="num">$ (1.21)<span></span>
</td>
<td class="num">$ (1.41)<span></span>
</td>
<td class="num">$ (6.33)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare', window );">Earnings per share attributable to common shareholders - basic and diluted, discontinued operations (in dollars per share)</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">0.39<span></span>
</td>
<td class="nump">0.61<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareBasicAndDiluted', window );">Loss per share attributable to common shareholders - basic and diluted, (in dollars per share)</a></td>
<td class="num">$ (1.21)<span></span>
</td>
<td class="num">$ (1.02)<span></span>
</td>
<td class="num">$ (5.72)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_esea_DryDockingExpenses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of dry-docking expenses.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">esea_DryDockingExpenses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>esea_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_esea_InterestAndOtherFinancingCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of interest and other financing costs.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">esea_InterestAndOtherFinancingCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>esea_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_esea_OtherOperatingExpensesIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of income classified in other operating expenses.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">esea_OtherOperatingExpensesIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>esea_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_esea_PreferredDeemedDividend">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of preferred deemed dividends recognized during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">esea_PreferredDeemedDividend</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>esea_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_esea_TimeCharterRevenue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Revenue arising from time charters (hiring out the use of the Company's vessels).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">esea_TimeCharterRevenue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>esea_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_esea_VoyageExpenses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Costs relating to the voyages performed by the vessels and may include port, canal, bunker expenses, commissions and other.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">esea_VoyageExpenses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>esea_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_esea_VoyageRevenues">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Revenues arising from services provided to charterers according to the terms and conditions included in charter agreements.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">esea_VoyageRevenues</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>esea_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetImpairmentCharges">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of write-down of assets recognized in the income statement. Includes, but is not limited to, losses from tangible assets, intangible assets and goodwill.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3602-108585<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 45<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=109226348&amp;loc=d3e2420-110228<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AssetImpairmentCharges</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Depreciation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expense recognized in the current period that reflects the allocation of the cost of tangible assets over the assets' useful lives. Includes production and non-production related depreciation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_Depreciation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of realized and unrealized gain (loss) of derivative instruments not designated or qualifying as hedging instruments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 815<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4CC<br> -URI http://asc.fasb.org/extlink&amp;oid=121590274&amp;loc=SL109998890-113959<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 815<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4C<br> -Subparagraph (e)<br> -URI http://asc.fasb.org/extlink&amp;oid=121590274&amp;loc=SL5624171-113959<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareBasicAndDiluted">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of net income or loss for the period per each share in instances when basic and diluted earnings per share are the same amount and reported as a single line item on the face of the financial statements.  Basic earnings per share is the amount of net income or loss for the period per each share of common stock or unit outstanding during the reporting period.  Diluted earnings per share includes the amount of net income or loss for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 7<br> -URI http://asc.fasb.org/extlink&amp;oid=121326447&amp;loc=d3e1337-109256<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EarningsPerShareBasicAndDiluted</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ForeignCurrencyTransactionGainLossRealized">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount before tax of foreign currency transaction realized gain (loss) recognized in the income statement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 830<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6450222&amp;loc=d3e30840-110895<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 830<br> -SubTopic 20<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=109240200&amp;loc=d3e30690-110894<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ForeignCurrencyTransactionGainLossRealized</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GainLossOnSaleOfPropertyPlantEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of gain (loss) on sale or disposal of property, plant and equipment assets, including oil and gas property and timber property.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GainLossOnSaleOfPropertyPlantEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GainsLossesOnExtinguishmentOfDebt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Difference between the fair value of payments made and the carrying amount of debt which is extinguished prior to maturity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 470<br> -SubTopic 50<br> -Section 40<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=117329964&amp;loc=d3e12355-112629<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 470<br> -SubTopic 50<br> -Section 40<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=117329964&amp;loc=d3e12317-112629<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GainsLossesOnExtinguishmentOfDebt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GeneralAndAdministrativeExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.4)<br> -URI http://asc.fasb.org/extlink&amp;oid=120395209&amp;loc=SL114868664-224227<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GeneralAndAdministrativeExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossFromContinuingOperationsPerBasicAndDilutedShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of net income (loss) from continuing operations per each basic and diluted share of common stock or unit when the per share amount is the same for both basic and diluted shares.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeLossFromContinuingOperationsPerBasicAndDilutedShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Per basic and diluted share amount, after tax, of income (loss) from the day-to-day business activities of the discontinued operation and gain (loss) from the disposal of the discontinued operation, when the per share amount is the same.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestAndOtherIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of interest income and other income recognized during the period. Included in this element is interest derived from investments in debt securities, cash and cash equivalents, and other investments which reflect the time value of money or transactions in which the payments are for the use or forbearance of money and other income from ancillary business-related activities (that is, excluding major activities considered part of the normal operations of the business).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InterestAndOtherIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1A<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=121641772&amp;loc=SL7669619-108580<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 31<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e8924-108599<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 250<br> -SubTopic 10<br> -Section 50<br> -Paragraph 11<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=109234566&amp;loc=d3e22694-107794<br><br>Reference 4: 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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetIncomeLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
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</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 250<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=109234566&amp;loc=d3e22595-107794<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 10<br> -URI http://asc.fasb.org/extlink&amp;oid=121326447&amp;loc=d3e1448-109256<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 250<br> -SubTopic 10<br> -Section 50<br> -Paragraph 11<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=109234566&amp;loc=d3e22694-107794<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 11<br> -URI http://asc.fasb.org/extlink&amp;oid=121326447&amp;loc=d3e1377-109256<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 22<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e8736-108599<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 250<br> -SubTopic 10<br> -Section 50<br> -Paragraph 11<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=109234566&amp;loc=d3e22694-107794<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 60B<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=121326447&amp;loc=SL5780133-109256<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 32<br> -Subparagraph (f)<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e8933-108599<br><br>Reference 10: http://www.xbrl.org/2003/role/exampleRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 31<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e8924-108599<br><br>Reference 11: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 30<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e8906-108599<br><br>Reference 12: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 250<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=109234566&amp;loc=d3e22583-107794<br><br>Reference 13: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 32<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e8933-108599<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLossFromContinuingOperationsAvailableToCommonShareholdersBasic">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) from continuing operations available to common shareholders.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 11<br> -URI http://asc.fasb.org/extlink&amp;oid=121326447&amp;loc=d3e1377-109256<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetIncomeLossFromContinuingOperationsAvailableToCommonShareholdersBasic</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLossFromDiscontinuedOperationsAvailableToCommonShareholdersBasic">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) from discontinued operations available to common shareholders.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetIncomeLossFromDiscontinuedOperationsAvailableToCommonShareholdersBasic</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NonoperatingIncomeExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate amount of income or expense from ancillary business-related activities (that is to say, excluding major activities considered part of the normal operations of the business).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.7)<br> -URI http://asc.fasb.org/extlink&amp;oid=120395209&amp;loc=SL114868664-224227<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NonoperatingIncomeExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingCostsAndExpenses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Excludes Selling, General and Administrative Expense.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OperatingCostsAndExpenses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingExpenses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OperatingExpenses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingExpensesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The net result for the period of deducting operating expenses from operating revenues.</p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of preferred stock dividends that is an adjustment to net income apportioned to common stockholders.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Professional and contract service expense includes cost reimbursements for support services related to contracted projects, outsourced management, technical and staff support.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of revenue, fees and commissions earned from transactions between (a) a parent company and its subsidiaries; (b) subsidiaries of a common parent; (c) an entity and trusts for the benefit of employees, for example, but not limited to, pension and profit-sharing trusts that are managed by or under the trusteeship of the entity's management; (d) an entity and its principal, owners, management, or members of their immediate families; and (e) affiliates.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 946<br> -SubTopic 220<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.6-07.1(c))<br> -URI http://asc.fasb.org/extlink&amp;oid=120401555&amp;loc=SL114874292-224272<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.1(e))<br> -URI http://asc.fasb.org/extlink&amp;oid=120395209&amp;loc=SL114868664-224227<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 22<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e8736-108599<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 323<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=114001798&amp;loc=d3e33918-111571<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 28<br> -Subparagraph (f)<br> -URI http://asc.fasb.org/extlink&amp;oid=75031198&amp;loc=d3e14064-108612<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 32<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e8933-108599<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 32<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e8933-108599<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 22<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e8736-108599<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 40<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e9031-108599<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 30<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e8906-108599<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 41<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e9038-108599<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 42<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e9054-108599<br><br>Reference 11: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08(g)(1)(ii))<br> -URI http://asc.fasb.org/extlink&amp;oid=120395691&amp;loc=d3e23780-122690<br><br>Reference 12: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 235<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-05(b)(2))<br> -URI http://asc.fasb.org/extlink&amp;oid=120399901&amp;loc=d3e537907-122884<br><br>Reference 13: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(1))<br> -URI http://asc.fasb.org/extlink&amp;oid=120395209&amp;loc=SL114868664-224227<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_Revenues</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Primarily represents commissions incurred in the period based upon the sale by commissioned employees or third parties of the entity's goods or services, and fees for sales assistance or product enhancements performed by third parties (such as a distributor or value added reseller).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.4)<br> -URI http://asc.fasb.org/extlink&amp;oid=120395209&amp;loc=SL114868664-224227<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Average number of shares or units issued and outstanding that are used in calculating basic and diluted earnings per share (EPS).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6826619888">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 11 - Stock Incentive Plan<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2019</div></th></tr>
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<td class="text"><div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0">  <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">11.</div></div></td> <td style="text-align: justify"><div style="display: inline; font-weight: bold;">Stock Incentive Plan</div></td> </tr>  </table> <div style=""></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On <div style="display: inline; font-style: italic; font: inherit;"> July 31, 2014, </div>the Board of Directors approved the Company&#x2019;s <div style="display: inline; font-style: italic; font: inherit;">2014</div> Stock Incentive Plan (the <div style="display: inline; font-style: italic; font: inherit;">&#x201c;2014</div> Plan&#x201d;). On <div style="display: inline; font-style: italic; font: inherit;"> May 5, 2018, </div>the Board of Directors approved a new equity incentive plan (the <div style="display: inline; font-style: italic; font: inherit;">&#x201c;2018</div> Plan&#x201d;) to replace the <div style="display: inline; font-style: italic; font: inherit;">2014</div> Plan. The <div style="display: inline; font-style: italic; font: inherit;">2018</div> Plan is administered by the Board of Directors which can make awards totaling in aggregate up to <div style="display: inline; font-style: italic; font: inherit;">75,000</div> shares, over <div style="display: inline; font-style: italic; font: inherit;">10</div> years after the <div style="display: inline; font-style: italic; font: inherit;">2018</div> Plan&#x2019;s adoption date. The persons eligible to receive awards under the <div style="display: inline; font-style: italic; font: inherit;">2018</div> Plan are officers, directors, and executive, managerial, administrative and professional employees of the Company or Eurobulk or Eurochart (collectively, &#x201c;key persons&#x201d;) as the Board, in its sole discretion, shall select based upon such factors as the Board shall deem relevant.&nbsp; Awards <div style="display: inline; font-style: italic; font: inherit;"> may </div>be made under the <div style="display: inline; font-style: italic; font: inherit;">2018</div> Plan in the form of incentive stock options, non-qualified stock options, stock appreciation rights, dividend equivalent rights, restricted stock, unrestricted stock, restricted stock units and performance shares.&nbsp;Details of awards granted under the <div style="display: inline; font-style: italic; font: inherit;">2014</div> Plan and the <div style="display: inline; font-style: italic; font: inherit;">2018</div> Plan during the <div style="display: inline; font-style: italic; font: inherit;">three</div> year period ended <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019 </div>are noted below.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0">  <tr style="vertical-align: top"> <td style="width: 0.25in"></td> <td style="width: 0.25in">a)</td> <td style="text-align: justify">On <div style="display: inline; font-style: italic; font: inherit;"> November 2, 2017 </div>an award of <div style="display: inline; font-style: italic; font: inherit;">12,534</div> non-vested restricted shares, was made to <div style="display: inline; font-style: italic; font: inherit;">18</div> key persons of which <div style="display: inline; font-style: italic; font: inherit;">50%</div> vested on <div style="display: inline; font-style: italic; font: inherit;"> July 1, 2018 </div>and <div style="display: inline; font-style: italic; font: inherit;">50%</div> vested on <div style="display: inline; font-style: italic; font: inherit;"> July 1, 2019; </div>awards to officers and directors amounted to <div style="display: inline; font-style: italic; font: inherit;">7,213</div> shares and the remaining <div style="display: inline; font-style: italic; font: inherit;">5,321</div> shares were awarded to employees of Eurobulk.</td> </tr>  </table> <div style=" margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</div> <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0">  <tr style="vertical-align: top"> <td style="width: 0.25in"></td> <td style="width: 0.25in">b)</td> <td style="text-align: justify">On <div style="display: inline; font-style: italic; font: inherit;"> November 21, 2018 </div>an award of <div style="display: inline; font-style: italic; font: inherit;">15,681</div> non-vested restricted shares, was made to <div style="display: inline; font-style: italic; font: inherit;">18</div> key persons of which <div style="display: inline; font-style: italic; font: inherit;">50%</div> vested on <div style="display: inline; font-style: italic; font: inherit;"> November 16, 2019 </div>and <div style="display: inline; font-style: italic; font: inherit;">50%</div> will vest on <div style="display: inline; font-style: italic; font: inherit;"> November 16, 2020; </div>awards to officers and directors amounted to <div style="display: inline; font-style: italic; font: inherit;">9,021</div> shares and the remaining <div style="display: inline; font-style: italic; font: inherit;">6,660</div> shares were awarded to employees of Eurobulk.</td> </tr>  </table> <div style=" margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</div> <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0">  <tr style="vertical-align: top"> <td style="width: 0.25in"></td> <td style="width: 0.25in">c)</td> <td style="text-align: justify">On <div style="display: inline; font-style: italic; font: inherit;"> November 4, 2019 </div>an award of <div style="display: inline; font-style: italic; font: inherit;">15,444</div> non-vested restricted shares, was made to <div style="display: inline; font-style: italic; font: inherit;">17</div> key persons of which <div style="display: inline; font-style: italic; font: inherit;">50%</div> will vest on <div style="display: inline; font-style: italic; font: inherit;"> July 1, 2020 </div>and <div style="display: inline; font-style: italic; font: inherit;">50%</div> will vest on <div style="display: inline; font-style: italic; font: inherit;"> July 1, 2021; </div>awards to officers and directors amounted to <div style="display: inline; font-style: italic; font: inherit;">8,713</div> shares and the remaining <div style="display: inline; font-style: italic; font: inherit;">6,731</div> shares were awarded to employees of Eurobulk.</td> </tr>  </table> <div style=" margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All non-vested restricted shares are conditional upon the grantee&#x2019;s continued service as an employee of the Company, Eurobulk or as a director until the applicable vesting date. The grantee does <div style="display: inline; font-style: italic; font: inherit;">not</div> have the right to vote on such non-vested restricted shares until they vest or exercise any right as a shareholder of these shares, however, the non-vested shares will accrue dividends as declared and paid which will be retained by the Company until the shares vest at which time they are payable to the grantee. As non-vested restricted share grantees accrue dividends on awards that are expected to vest, such dividends are charged to retained earnings.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company accounts for restricted share awards forfeitures as they occur. During <div style="display: inline; font-style: italic; font: inherit;">2017,</div> <div style="display: inline; font-style: italic; font: inherit;">538</div> shares were forfeited with a weighted-average grant-date fair value of <div style="display: inline; font-style: italic; font: inherit;">$22.24</div> per share. <div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;">No</div></div> forfeitures occurred in the years ended <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2018 </div>and <div style="display: inline; font-style: italic; font: inherit;">2019.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div>  <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The compensation cost that has been charged against income for awards was <div style="display: inline; font-style: italic; font: inherit;">$116,562,</div> <div style="display: inline; font-style: italic; font: inherit;">$124,487</div> and <div style="display: inline; font-style: italic; font: inherit;">$97,919,</div> for the years ended <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2017, </div><div style="display: inline; font-style: italic; font: inherit;">2018</div> and <div style="display: inline; font-style: italic; font: inherit;">2019,</div> respectively and is included within &#x201c;General and administrative expenses&#x201d; in the consolidated statements of operations. The Company has used the straight-line method to recognize the cost of the awards.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A summary of the status of the Company&#x2019;s non-vested shares as of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019 </div>and changes during the year ended <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019, </div>are presented below:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div> <table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0">  <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold">Non-vested Shares</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Shares</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Weighted-Average Grant-Date Fair Value</td> <td style="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; width: 62%; padding-bottom: 1pt">Non-vested on January 1, 2019</td> <td style="border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; width: 16%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">21,948</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; width: 16%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">10.16</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">Granted</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">15,444</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5.84</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">Vested</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(14,108</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">11.01</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">Non-vested on December 31, 2019</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">23,284</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6.77</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr>  </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019, </div>there was <div style="display: inline; font-style: italic; font: inherit;">$172,887</div> of total unrecognized compensation cost related to non-vested share-based compensation arrangements granted under the <div style="display: inline; font-style: italic; font: inherit;">2018</div> Plan and is expected to be recognized over a weighted-average period of <div style="display: inline; font-style: italic; font: inherit;">0.75</div> years. The total fair value at grant-date of shares granted during the year ended <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2017, </div><div style="display: inline; font-style: italic; font: inherit;"> December 31, 2018, </div>and <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019 </div>was <div style="display: inline; font-style: italic; font: inherit;">$176,475,</div> <div style="display: inline; font-style: italic; font: inherit;">$134,232</div> and <div style="display: inline; font-style: italic; font: inherit;">$90,193</div> respectively.</div></div><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -URI http://asc.fasb.org/topic&amp;trid=2228938<br></p></div>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6826559872">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 15 - Preferred Shares (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2019</div></th></tr>
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<td class="text"><div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: right">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style=" text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</div></td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style=" font: 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Number</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in"><div style="display: inline; font-weight: bold;">of</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><div style="display: inline; font-weight: bold;">Shares</div></div></td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><div style="display: inline; font-weight: bold;">&nbsp;</div></div></td> <td style="border-bottom: Black 1pt solid; text-align: right; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.2pt 0pt 0; text-align: right"><div style="display: inline; font-weight: bold;">&nbsp;</div></div><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.2pt 0pt 0; text-align: right">&nbsp;</div></td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.2pt 0pt 0; text-align: right"><div style="display: inline; font-weight: bold;">Preferred Shares</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.2pt 0pt 0; text-align: right"><div style="display: inline; font-weight: bold;">Amount</div></div></td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.2pt 0pt 0; text-align: right"><div style="display: inline; font-weight: bold;">&nbsp;</div></div></td> <td style="border-bottom: Black 1pt solid; text-align: right; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.25in">&nbsp;</div><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><div style="display: inline; font-weight: bold;">&nbsp;</div></div><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</div></td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><div style="display: inline; font-weight: bold;">Dividends paid-in-kind</div></div></td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><div style="display: inline; font-weight: bold;">&nbsp;</div></div></td> <td style="border-bottom: Black 1pt solid; text-align: right; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style=" text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;">&nbsp;</div></div><div style=" text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</div><div style=" text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</div><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in"></div></td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in"><div style="display: inline; font-weight: bold;">Total</div></div></td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in"><div style="display: inline; font-weight: bold;"></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in"></div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; width: 48%; padding-bottom: 1pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Balance,</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;">January 1, 2017</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div></td> <td style="border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">35,505</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">29,000,000</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,804,948</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">33,804,948</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt">Dividends declared</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,809</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,808,811</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,808,811</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Balance,</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;">December 31, 2017</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div></td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">37,314</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">29,000,000</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,613,759</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">35,613,759</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt">Dividends declared</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,333</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,335,733</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,335,733</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt">Shares distributed to EuroDry</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(19,042</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(14,500,000</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(3,692,131</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(18,192,131</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Balance,</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;">December 31, 2018</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div></td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">19,605</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">14,500,000</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,257,361</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">18,757,361</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt">Dividends declared</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">81</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">78,639</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">78,639</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">Redemption of shares</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(11,686</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(8,155,055</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(3,530,945</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(11,686,000</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt">Preferred deemed dividend</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">504,577</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">504,577</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Balance,</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;">December 31, 2019</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">8,000</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,849,522</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">805,055</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7,654,577</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> </tr> </table></div><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of changes in the separate accounts comprising stockholders' equity (in addition to retained earnings) and of the changes in the number of shares of equity securities during at least the most recent annual fiscal period and any subsequent interim period presented is required to make the financial statements sufficiently informative if both financial position and results of operations are presented.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=109259400&amp;loc=d3e21463-112644<br></p></div>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6835770816">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 11 - Stock Incentive Plan (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2019</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TableTextBlock', window );"><strong>Notes Tables</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfNonvestedShareActivityTableTextBlock', window );">Schedule of Nonvested Share Activity [Table Text Block]</a></td>
<td class="text"><div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold">Non-vested Shares</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Shares</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Weighted-Average Grant-Date Fair Value</td> <td style="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; width: 62%; padding-bottom: 1pt">Non-vested on January 1, 2019</td> <td style="border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; width: 16%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">21,948</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; width: 16%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">10.16</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">Granted</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">15,444</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5.84</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">Vested</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(14,108</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">11.01</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">Non-vested on December 31, 2019</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">23,284</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6.77</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> </table></div><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of the changes in outstanding nonvested shares.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(2)<br> -URI http://asc.fasb.org/extlink&amp;oid=120381028&amp;loc=d3e5070-113901<br></p></div>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6826808768">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 15 - Preferred Shares<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2019</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DisclosureTextBlockAbstract', window );"><strong>Notes to Financial Statements</strong></a></td>
<td class="text">&#160;<span></span>
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<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockTextBlock', window );">Preferred Stock [Text Block]</a></td>
<td class="text"><div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0">  <tr style="vertical-align: top"> <td style="width: 0.5in"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">15.</div></div></td> <td style="text-align: justify"><div style="display: inline; font-weight: bold;">Preferred shares</div></td> </tr>  </table> <div style=""></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div> <table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0">  <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: right">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style=" text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</div></td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style=" font: 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Number</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in"><div style="display: inline; font-weight: bold;">of</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><div style="display: inline; font-weight: bold;">Shares</div></div></td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><div style="display: inline; font-weight: bold;">&nbsp;</div></div></td> <td style="border-bottom: Black 1pt solid; text-align: right; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.2pt 0pt 0; text-align: right"><div style="display: inline; font-weight: bold;">&nbsp;</div></div><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.2pt 0pt 0; text-align: right">&nbsp;</div></td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.2pt 0pt 0; text-align: right"><div style="display: inline; font-weight: bold;">Preferred Shares</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.2pt 0pt 0; text-align: right"><div style="display: inline; font-weight: bold;">Amount</div></div></td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.2pt 0pt 0; text-align: right"><div style="display: inline; font-weight: bold;">&nbsp;</div></div></td> <td style="border-bottom: Black 1pt solid; text-align: right; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.25in">&nbsp;</div><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><div style="display: inline; font-weight: bold;">&nbsp;</div></div><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</div></td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><div style="display: inline; font-weight: bold;">Dividends paid-in-kind</div></div></td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><div style="display: inline; font-weight: bold;">&nbsp;</div></div></td> <td style="border-bottom: Black 1pt solid; text-align: right; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style=" text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;">&nbsp;</div></div><div style=" text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</div><div style=" text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</div><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in"></div></td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in"><div style="display: inline; font-weight: bold;">Total</div></div></td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in"><div style="display: inline; font-weight: bold;"></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in"></div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; width: 48%; padding-bottom: 1pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Balance,</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;">January 1, 2017</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div></td> <td style="border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">35,505</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">29,000,000</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,804,948</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">33,804,948</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt">Dividends declared</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,809</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,808,811</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,808,811</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Balance,</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;">December 31, 2017</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div></td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">37,314</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">29,000,000</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,613,759</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">35,613,759</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt">Dividends declared</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,333</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,335,733</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,335,733</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt">Shares distributed to EuroDry</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(19,042</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(14,500,000</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(3,692,131</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(18,192,131</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Balance,</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;">December 31, 2018</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div></td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">19,605</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">14,500,000</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,257,361</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">18,757,361</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt">Dividends declared</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">81</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">78,639</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">78,639</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">Redemption of shares</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(11,686</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(8,155,055</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(3,530,945</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(11,686,000</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt">Preferred deemed dividend</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">504,577</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">504,577</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Balance,</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;">December 31, 2019</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">8,000</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,849,522</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">805,055</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7,654,577</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</td> </tr>  </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On <div style="display: inline; font-style: italic; font: inherit;"> January 27, 2014, </div>the Company entered into an agreement to sell <div style="display: inline; font-style: italic; font: inherit;">25,000</div> shares of its Series B Convertible Perpetual Preferred Shares ("Series B Preferred Shares") to a fund managed by Tennenbaum Capital Partners, LLC ("TCP") and <div style="display: inline; font-style: italic; font: inherit;">5,700</div> shares to Preferred Friends Investment Company Inc, an affiliate of the Company, for total net proceeds of approximately <div style="display: inline; font-style: italic; font: inherit;">$29</div> million. The redemption amount of the Company&#x2019;s Series B Preferred Shares is <div style="display: inline; font-style: italic; font: inherit;">$1,000</div> per share. The Company used the proceeds for the acquisition of vessels and general corporate purposes. The Series B Preferred Shares paid dividends in-kind until <div style="display: inline; font-style: italic; font: inherit;"> January 29, 2019 </div>at a rate of <div style="display: inline; font-style: italic; font: inherit;">5%.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <!-- Field: Page; Sequence: 49; Value: 2 -->    <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0">    <tr style="vertical-align: top">  <td style="text-align: justify"><div style="display: inline; font-weight: bold;"></div></td> </tr>  </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The dividend rate increased to <div style="display: inline; font-style: italic; font: inherit;">12%</div> for the <div style="display: inline; font-style: italic; font: inherit;">two</div> years following <div style="display: inline; font-style: italic; font: inherit;"> January 29, 2019 </div>and to <div style="display: inline; font-style: italic; font: inherit;">14%</div> thereafter and is payable only in cash. Cash dividends are declared at each quarter and actual payments are made within the following quarter. If a cash dividend is paid on the Company's common stock after <div style="display: inline; font-style: italic; font: inherit;"> January 29, 2019, </div>the holders of Series B Preferred Shares shall receive an additional cash dividend in an amount equal to <div style="display: inline; font-style: italic; font: inherit;">40%</div> of the common stock dividend it would have received on an as-converted basis. The Series B Preferred Shares can be converted at the option of their holders at any time, and at the option of the Company only if certain share price and liquidity milestones are met. Each Series B Preferred Share is convertible into common stock at a conversion price of <div style="display: inline; font-style: italic; font: inherit;">$15.58</div> (as adjusted in <div style="display: inline; font-style: italic; font: inherit;"> September 2015 </div>following the shareholders&#x2019; rights offering of the Company) subject to further adjustment for certain events. The Series B Preferred Shares are redeemable in cash by the Company at any time after the <div style="display: inline; font-style: italic; font: inherit;">fifth</div> anniversary of the original issue date. Holders of the Series B Preferred Shares <div style="display: inline; font-style: italic; font: inherit;"> may </div>require the Company to redeem their shares only upon the occurrence of certain corporate events.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At the Spin-off date Euroseas distributed EuroDry Series B Preferred Shares to holders of Euroseas' Series B Preferred Shares in exchange for a number of such Euroseas Series B Preferred Shares, representing <div style="display: inline; font-style: italic; font: inherit;">50%</div> of Euroseas Series B Preferred Stock, i.e. <div style="display: inline; font-style: italic; font: inherit;">$14,500,000</div> of the initial preferred shares amount of the Company and <div style="display: inline; font-style: italic; font: inherit;">$3,692,131</div> of dividends paid in kind.&nbsp;Euroseas contributed to EuroDry its interests in <div style="display: inline; font-style: italic; font: inherit;">seven</div> of its drybulk subsidiaries and related intercompany debts and obligations in exchange for approximately <div style="display: inline; font-style: italic; font: inherit;">2,254,830</div> of EuroDry common shares and <div style="display: inline; font-style: italic; font: inherit;">19,042</div> of EuroDry Series B Preferred Shares (representing all of the EuroDry's issued and outstanding stock as of that time). Euroseas made a special dividend of <div style="display: inline; font-style: italic; font: inherit;">100%</div> of EuroDry's outstanding common shares to holders of Euroseas' common stock as of the record date of the special dividend. In addition, Euroseas distributed <div style="display: inline; font-style: italic; font: inherit;">100%</div> of EuroDry Series B Preferred Shares to holders of Euroseas' Series B Preferred Shares as described above.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On <div style="display: inline; font-style: italic; font: inherit;"> June 10, 2019 </div>the Company proceeded in the redemption of <div style="display: inline; font-style: italic; font: inherit;">$11.7</div> million of value, or about <div style="display: inline; font-style: italic; font: inherit;">59.4%,</div> of its outstanding Series B Preferred Shares with a simultaneous reduction of <div style="display: inline; font-style: italic; font: inherit;">4%</div> of the dividend rate for the <div style="display: inline; font-style: italic; font: inherit;">$8</div> million value of preferred shares remaining outstanding until <div style="display: inline; font-style: italic; font: inherit;"> January 2021. </div>After that date the dividend rate will increase to <div style="display: inline; font-style: italic; font: inherit;">14%.</div> The difference between (<div style="display: inline; font-style: italic; font: inherit;">1</div>) the fair value of the consideration transferred to the holders of the Series B Preferred Shares (comprising the cash payment offered) and (<div style="display: inline; font-style: italic; font: inherit;">2</div>) the carrying amount of the Series B Preferred Shares before the redemption (net of issuance costs) amounted to <div style="display: inline; font-style: italic; font: inherit;">$504,577,</div> and was recorded as a preferred deemed dividend.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For each of the years ended <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2017 </div>and <div style="display: inline; font-style: italic; font: inherit;">2018,</div> the Company declared <div style="display: inline; font-style: italic; font: inherit;">four</div> consecutive dividends totaling <div style="display: inline; font-style: italic; font: inherit;">$1.81</div> million and <div style="display: inline; font-style: italic; font: inherit;">$1.34</div> million, respectively, all of which were paid in kind. For the year ended <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019 </div>the Company declared dividends of <div style="display: inline; font-style: italic; font: inherit;">$1.27</div> million, of which <div style="display: inline; font-style: italic; font: inherit;">$0.08</div> million were paid in-kind, <div style="display: inline; font-style: italic; font: inherit;">$1.03</div> million were paid in cash during <div style="display: inline; font-style: italic; font: inherit;">2019</div> and another <div style="display: inline; font-style: italic; font: inherit;">$0.16</div> million were accrued as of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019 </div>and were paid in cash in the <div style="display: inline; font-style: italic; font: inherit;">first</div> quarter of <div style="display: inline; font-style: italic; font: inherit;">2020.</div> The redemption liability as of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019 </div>is <div style="display: inline; font-style: italic; font: inherit;">$8,000,000.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;">&nbsp;</div></div>  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0">    <tr style="vertical-align: top">  <td style="text-align: justify"><div style="display: inline; font-weight: bold;"></div></td> </tr>  </table> <div style=""></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subject to certain ownership thresholds, holders of Series B Preferred Shares have the right to appoint <div style="display: inline; font-style: italic; font: inherit;">one</div> director to the Company's board of directors and TCP also has consent rights over certain corporate actions. In addition, the holders of Series B Preferred Shares will vote as <div style="display: inline; font-style: italic; font: inherit;">one</div> class with the Company's common stock on all matters on which shareholders are entitled to vote, with each Series B Preferred Share having a number of votes equal to <div style="display: inline; font-style: italic; font: inherit;">50%</div> of the numbers of shares of common stock of the Company into which such Series B Preferred Share would be convertible on the applicable record date.</div></div><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for terms, amounts, nature of changes, rights and privileges, dividends, and other matters related to preferred stock.</p></div>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6826811312">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 19 - Subsequent Events<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2019</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DisclosureTextBlockAbstract', window );"><strong>Notes to Financial Statements</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SubsequentEventsTextBlock', window );">Subsequent Events [Text Block]</a></td>
<td class="text"><div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0">  <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">19.</div></div></td> <td style="text-align: justify"><div style="display: inline; font-weight: bold;">Subsequent Events </div></td> </tr>  </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following events occurred after <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019:</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <table style="font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0">  <tr style="vertical-align: top"> <td style="width: 24px">&nbsp;</td> <td style="width: 24px; font-size: 10pt"><div style="display: inline; font-size: 10pt">(a)</div></td> <td style="font-size: 10pt; text-align: justify"><div style="display: inline; font-size: 10pt">In <div style="display: inline; font-style: italic; font: inherit;"> January 2020, </div>M/V EM Oinousses experienced an engine room fire while sailing off Mozambique carrying empty containers. The fire was extinguished without any injuries to the crew. The vessel is currently undergoing evaluation for the type of repairs required and is idle during the evaluations. It is expected that the Company&#x2019;s insurance will cover the majority of the costs. It is possible that the vessel <div style="display: inline; font-style: italic; font: inherit;"> may </div>be scraped after the insurance process is complete.</div></td> </tr>  </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</div> <table style="font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0">  <tr style="vertical-align: top"> <td style="width: 24px">&nbsp;</td> <td style="width: 24px; font-size: 10pt"><div style="display: inline; font-size: 10pt">(b)</div></td> <td style="font-size: 10pt; text-align: justify"><div style="display: inline; font-size: 10pt">In <div style="display: inline; font-style: italic; font: inherit;"> February 2020, </div>we entered into an agreement to sell the M/V Manolis P for scrap. The vessel reached her destination port on <div style="display: inline; font-style: italic; font: inherit;"> April 7, 2020, </div>but so far has <div style="display: inline; font-style: italic; font: inherit;">not</div> been delivered to her new owners due to COVID-<div style="display: inline; font-style: italic; font: inherit;">19</div> restrictions and port lockdowns in the territory of arrival (Alang, India).&nbsp; The scrap price has dropped since the date of the agreement to sell the M/V Manolis P, and the new buyers are now seeking to terminate the agreement on the basis that timely delivery did <div style="display: inline; font-style: italic; font: inherit;">not</div> occur.&nbsp; We are in the process of seeking a settlement with the new buyers.</div></td> </tr>  </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></div> <table style="font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0">  <tr style="vertical-align: top"> <td style="width: 24px; font-size: 10pt">&nbsp;</td> <td style="width: 24px; font-size: 10pt"><div style="display: inline; font-size: 10pt">(c)</div></td> <td style="font-size: 10pt; text-align: justify"><div style="display: inline; font-size: 10pt">In <div style="display: inline; font-style: italic; font: inherit;"> April 2020, </div>the Company entered into <div style="display: inline; font-style: italic; font: inherit;">one</div> interest rate swap with Eurobank for a notional amount of <div style="display: inline; font-style: italic; font: inherit;">$30.0</div> million, in order to manage interest costs and the risk associated with changing interest rates of the Company&#x2019;s loans. Under the terms of the swap, Eurobank makes a quarterly payment to the Company equal to the <div style="display: inline; font-style: italic; font: inherit;">3</div>-month LIBOR while the Company pays a fixed rate of <div style="display: inline; font-style: italic; font: inherit;">0.78%</div> based on the notional amount. The SWAP is effective from <div style="display: inline; font-style: italic; font: inherit;"> April 24, 2020 </div>until <div style="display: inline; font-style: italic; font: inherit;"> April 24, 2025.</div></div></td> </tr>  </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</div> <table style="font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0">  <tr style="vertical-align: top"> <td style="width: 24px">&nbsp;</td> <td style="font-size: 10pt; width: 24px"><div style="display: inline; font-size: 10pt">(d)</div></td> <td style="font-size: 10pt; text-align: justify"><div style="display: inline; font-size: 10pt; color: #212529"><div style="display: inline; font-weight: bold;">Coronavirus Outbreak:</div>&nbsp;On <div style="display: inline; font-style: italic; font: inherit;"> March 11, 2020, </div>the World Health Organization declared the <div style="display: inline; font-style: italic; font: inherit;">2019</div> Novel Coronavirus (the &#x201c;COVID-<div style="display: inline; font-style: italic; font: inherit;">19&#x201d;</div>) outbreak a pandemic. In response to the outbreak, many countries, ports and organizations, including those where the Company conducts a large part of its operations, have implemented measures to combat the outbreak, such as quarantines and travel restrictions. Such measures have and will likely continue to cause severe trade disruptions. The extent to which COVID-<div style="display: inline; font-style: italic; font: inherit;">19</div> will impact the Company&#x2019;s results of operations and financial condition will depend on future developments, which are highly uncertain and cannot be predicted, including new information which <div style="display: inline; font-style: italic; font: inherit;"> may </div>emerge concerning the severity of the virus and the actions to contain or treat its impact, among others. 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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 855<br> -URI http://asc.fasb.org/topic&amp;trid=2122774<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 855<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6842918&amp;loc=SL6314017-165662<br></p></div>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6832756528">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 6 - Fair Value of Below Market Time Charters Acquired (Details Textual) - USD ($)<br></strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Aug. 31, 2019</div></th>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_AmortizationOfFairValueOfBelowMarketTimeChartersAcquired', window );">Amortization of fair value of below market time charters acquired</a></td>
<td class="nump">$ 857,945<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_BelowMarketTimeChartersAcquiredNoncurrent', window );">Below Market Time Charters Acquired, Noncurrent</a></td>
<td class="nump">$ 1,714,370<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel2Member', window );">Fair Value, Inputs, Level 2 [Member] | EM Hydra, EM Kea and EM Spetses [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_BelowMarketTimeChartersFairValue', window );">Below Market Time Charters, Fair Value</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 778,287<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel2Member', window );">Fair Value, Inputs, Level 2 [Member] | Synergy Keelung, Synergy Oakland and Synergy Busan [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_BelowMarketTimeChartersFairValue', window );">Below Market Time Charters, Fair Value</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,794,028<span></span>
</td>
</tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of amortization of fir value of below market time charters acquired.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of below market time charters acquired classified as noncurrent.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The fair value of below market time charters.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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</head>
<body>
<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6848744608">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Note 3 - Inventories - Summary of Inventories (Details) - USD ($)<br></strong></div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InventoryNet', window );">Inventory</a></td>
<td class="nump">$ 1,889,164<span></span>
</td>
<td class="nump">$ 1,704,391<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PublicUtilitiesInventoryAxis=esea_LubricantMember', window );">Lubricant [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InventoryNet', window );">Inventory</a></td>
<td class="nump">1,728,861<span></span>
</td>
<td class="nump">1,043,763<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PublicUtilitiesInventoryAxis=esea_VictualingMember', window );">Victualing [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InventoryNet', window );">Inventory</a></td>
<td class="nump">160,303<span></span>
</td>
<td class="nump">79,965<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PublicUtilitiesInventoryAxis=esea_BunkersMember', window );">Bunkers [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InventoryNet', window );">Inventory</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">$ 580,663<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InventoryNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after valuation and LIFO reserves of inventory expected to be sold, or consumed within one year or operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=121566466&amp;loc=d3e6676-107765<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.6(a))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InventoryNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PublicUtilitiesInventoryAxis=esea_LubricantMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PublicUtilitiesInventoryAxis=esea_LubricantMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PublicUtilitiesInventoryAxis=esea_VictualingMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PublicUtilitiesInventoryAxis=esea_VictualingMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PublicUtilitiesInventoryAxis=esea_BunkersMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PublicUtilitiesInventoryAxis=esea_BunkersMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
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<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6818603440">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Note 14 - Derivative Financial Instruments - Derivatives Not Designated as Hedging Instruments by Account Type (Details) - USD ($)<br></strong></div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeLiabilitiesCurrent', window );">Interest rate swap contract</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">$ 41,435<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeLiabilities', window );">Total derivative liabilities</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">$ 41,435<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DerivativeLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Fair value, after the effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes liabilities not subject to a master netting arrangement and not elected to be offset.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 20<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=51824906&amp;loc=SL20225862-175312<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 10<br> -URI http://asc.fasb.org/extlink&amp;oid=121572278&amp;loc=d3e13433-108611<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 20<br> -Section 55<br> -Paragraph 10<br> -URI http://asc.fasb.org/extlink&amp;oid=99393222&amp;loc=SL20226008-175313<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DerivativeLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DerivativeLiabilitiesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Fair value, after the effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset, expected to be settled within one year or normal operating cycle, if longer. Includes assets not subject to a master netting arrangement and not elected to be offset.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 20<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=51824906&amp;loc=SL20225862-175312<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DerivativeLiabilitiesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>105
<FILENAME>R64.htm
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<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6834107200">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 16 - Financial Instruments (Details Textual)<br></strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="3">12 Months Ended</th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th">
<div>Sep. 30, 2017 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2019 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2018 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Jun. 30, 2019 </div>
<div>USD ($)</div>
</th>
<th class="th"><div>Dec. 20, 2016</div></th>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_VesselProfitParticipationLiabilityNoncurrent', window );">Vessel Profit Participation Liability, Noncurrent</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">$ 1,067,500<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetImpairmentCharges', window );">Asset Impairment Charges, Total</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">$ 4,595,819<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtFairValue', window );">Long-term Debt, Fair Value</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">87,100,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_DifferenceBetweenFairValueAndCarryingValue', window );">Difference Between Fair Value and Carrying Value</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3,100,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebt', window );">Long-term Debt, Total</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 90,200,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=esea_MVMonikaPMember', window );">M/V Monika P. [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_ProfitSharingAgreementPercentage', window );">Profit Sharing Agreement, Percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">35.00%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_VesselProfitParticipationLiabilityNoncurrent', window );">Vessel Profit Participation Liability, Noncurrent</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,067,500<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 950,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsHeldForSaleNotPartOfDisposalGroup', window );">Assets Held-for-sale, Not Part of Disposal Group, Total</a></td>
<td class="nump">$ 8,230,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsHeldForSaleLongLivedFairValueDisclosure', window );">Assets Held-for-sale, Long Lived, Fair Value Disclosure</a></td>
<td class="nump">5,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_EstimatedCostToSellProperty', window );">Estimated cost to sell, property</a></td>
<td class="nump">100,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetImpairmentCharges', window );">Asset Impairment Charges, Total</a></td>
<td class="nump">3,330,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=esea_MVAggelikiPMember', window );">M/V Aggeliki P. [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsHeldForSaleNotPartOfDisposalGroup', window );">Assets Held-for-sale, Not Part of Disposal Group, Total</a></td>
<td class="nump">5,390,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsHeldForSaleLongLivedFairValueDisclosure', window );">Assets Held-for-sale, Long Lived, Fair Value Disclosure</a></td>
<td class="nump">4,300,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_EstimatedCostToSellProperty', window );">Estimated cost to sell, property</a></td>
<td class="nump">170,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetImpairmentCharges', window );">Asset Impairment Charges, Total</a></td>
<td class="num">$ (1,260,000)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeInstrumentRiskAxis=us-gaap_InterestRateSwapMember', window );">Interest Rate Swap [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeNumberOfInstrumentsHeld', window );">Derivative, Number of Instruments Held, Total</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeNotionalAmount', window );">Derivative, Notional Amount</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 10,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_esea_DifferenceBetweenFairValueAndCarryingValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the difference between fair value and carrying value.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">esea_DifferenceBetweenFairValueAndCarryingValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>esea_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_esea_EstimatedCostToSellProperty">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The estimated cost to sell, property.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">esea_EstimatedCostToSellProperty</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>esea_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_esea_ProfitSharingAgreementPercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Percentage of the fair market value of the vessel, over the outstanding loan, that will be shared with the bank that financed the vessel, when the vessel is sold or when the loan matures.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">esea_ProfitSharingAgreementPercentage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>esea_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_esea_VesselProfitParticipationLiabilityNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying amount as of the balance sheet date of vessel profit participation liability, due after one year or the normal operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">esea_VesselProfitParticipationLiabilityNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>esea_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetImpairmentCharges">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of write-down of assets recognized in the income statement. Includes, but is not limited to, losses from tangible assets, intangible assets and goodwill.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3602-108585<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 45<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=109226348&amp;loc=d3e2420-110228<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AssetImpairmentCharges</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsHeldForSaleLongLivedFairValueDisclosure">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Fair value portion of assets classified as held for sale.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 820<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=117815213&amp;loc=d3e19207-110258<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AssetsHeldForSaleLongLivedFairValueDisclosure</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsHeldForSaleNotPartOfDisposalGroup">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of assets held-for-sale that are not part of a disposal group.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 15<br> -Paragraph 4<br> -Subparagraph (b)(2)<br> -URI http://asc.fasb.org/extlink&amp;oid=121558832&amp;loc=d3e400-110220<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AssetsHeldForSaleNotPartOfDisposalGroup</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DerivativeNotionalAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Nominal or face amount used to calculate payment on derivative.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 815<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1B<br> -URI http://asc.fasb.org/extlink&amp;oid=121590274&amp;loc=SL5580258-113959<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 815<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1A<br> -Subparagraph (d)<br> -URI http://asc.fasb.org/extlink&amp;oid=121590274&amp;loc=SL5579245-113959<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DerivativeNotionalAmount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DerivativeNumberOfInstrumentsHeld">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of derivative instruments of a particular group held by the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 815<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1A<br> -Subparagraph (d)<br> -URI http://asc.fasb.org/extlink&amp;oid=121590274&amp;loc=SL5579245-113959<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 815<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1B<br> -URI http://asc.fasb.org/extlink&amp;oid=121590274&amp;loc=SL5580258-113959<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DerivativeNumberOfInstrumentsHeld</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongTermDebt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 470<br> -SubTopic 20<br> -Section 50<br> -Paragraph 4<br> -Subparagraph (b)(3)<br> -URI http://asc.fasb.org/extlink&amp;oid=120520924&amp;loc=SL6031897-161870<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(16))<br> -URI http://asc.fasb.org/extlink&amp;oid=120400017&amp;loc=d3e572229-122910<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(16))<br> -URI http://asc.fasb.org/extlink&amp;oid=120398452&amp;loc=d3e534808-122878<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(22))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LongTermDebt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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</tr>
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<td><strong> Data Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongTermDebtFairValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The fair value amount of long-term debt whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LongTermDebtFairValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=esea_MVMonikaPMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=esea_MVMonikaPMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=esea_MVAggelikiPMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=esea_MVAggelikiPMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DerivativeInstrumentRiskAxis=us-gaap_InterestRateSwapMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DerivativeInstrumentRiskAxis=us-gaap_InterestRateSwapMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>106
<FILENAME>R68.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6858223120">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 17 - Discontinued Operations - Results of Discontinued Operations (Details) - Drybulk Fleet [Member] - Discontinued Operations, Disposed of by Means Other than Sale, Spinoff [Member] - USD ($)<br></strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DisposalGroupIncludingDiscontinuedOperationRevenue', window );">Voyage revenue</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">$ 25,934,204<span></span>
</td>
<td class="nump">$ 20,280,215<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_DisposalGroupIncludingDiscontinuedOperationCommissions', window );">Commissions (including, $253,503, $324,178 and nil respectively, to related party)</a></td>
<td class="text"> <span></span>
</td>
<td class="num">(1,411,333)<span></span>
</td>
<td class="num">(1,122,196)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_DisposalGroupIncludingDiscontinuedOperationVoyageExpenses', window );">Voyage expenses</a></td>
<td class="text"> <span></span>
</td>
<td class="num">(410,676)<span></span>
</td>
<td class="num">(2,396,318)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DisposalGroupIncludingDiscontinuedOperationOperatingExpense', window );">Vessel operating expenses (including, $102,131, $115,026 and nil, respectively, to related party)</a></td>
<td class="text"> <span></span>
</td>
<td class="num">(9,183,152)<span></span>
</td>
<td class="num">(6,892,388)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_DisposalGroupIncludingDiscontinuedOperationDrydockingExpenses', window );">Drydocking expenses</a></td>
<td class="text"> <span></span>
</td>
<td class="num">(1,465,079)<span></span>
</td>
<td class="num">(127,509)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_DisposalGroupIncludingDiscontinuedOperationManagementFees', window );">Related party management fees</a></td>
<td class="text"> <span></span>
</td>
<td class="num">(1,701,340)<span></span>
</td>
<td class="num">(1,409,716)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DisposalGroupIncludingDiscontinuedOperationDepreciationAndAmortization', window );">Vessel depreciation</a></td>
<td class="text"> <span></span>
</td>
<td class="num">(5,422,155)<span></span>
</td>
<td class="num">(4,786,272)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DisposalGroupIncludingDiscontinuedOperationGeneralAndAdministrativeExpense', window );">General and administrative expenses (including $693,524, $731,456 and nil, respectively, to related party)</a></td>
<td class="text"> <span></span>
</td>
<td class="num">(2,346,502)<span></span>
</td>
<td class="num">(917,160)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DisposalGroupIncludingDiscontinuedOperationOperatingIncomeLoss', window );">Operating income</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">3,993,967<span></span>
</td>
<td class="nump">2,628,656<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DisposalGroupIncludingDiscontinuedOperationOtherExpense', window );">Total other expenses, net</a></td>
<td class="text"> <span></span>
</td>
<td class="num">(2,874,232)<span></span>
</td>
<td class="num">(1,778,955)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_DisposalGroupIncludingDiscontinuedOperationOperatingIncomeLossNet', window );">Net income</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">1,119,735<span></span>
</td>
<td class="nump">849,701<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_esea_DisposalGroupIncludingDiscontinuedOperationPreferredStockDividendsIncomeStatementImpact', window );">Dividend Series B Preferred Shares</a></td>
<td class="text"> <span></span>
</td>
<td class="num">(565,229)<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity', window );">Net income attributable to common shareholders</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">$ 554,506<span></span>
</td>
<td class="nump">$ 849,701<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_esea_DisposalGroupIncludingDiscontinuedOperationCommissions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of commissions attributable to disposal group, including, but not limited to, discontinued operation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">esea_DisposalGroupIncludingDiscontinuedOperationCommissions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>esea_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_esea_DisposalGroupIncludingDiscontinuedOperationDrydockingExpenses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of Drydocking expenses attributable to disposal group, including, but not limited to, discontinued operation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">esea_DisposalGroupIncludingDiscontinuedOperationDrydockingExpenses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>esea_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_esea_DisposalGroupIncludingDiscontinuedOperationManagementFees">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of management fees attributable to disposal group, including, but not limited to, discontinued operation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">esea_DisposalGroupIncludingDiscontinuedOperationManagementFees</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>esea_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_esea_DisposalGroupIncludingDiscontinuedOperationOperatingIncomeLossNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of net operating income (loss) attributable to disposal group, including, but not limited to, discontinued operation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">esea_DisposalGroupIncludingDiscontinuedOperationOperatingIncomeLossNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>esea_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_esea_DisposalGroupIncludingDiscontinuedOperationPreferredStockDividendsIncomeStatementImpact">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of preferred stock dividends that is an adjustment to net income apportioned to common stockholders attributable to disposal group, including, but not limited to, discontinued operation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">esea_DisposalGroupIncludingDiscontinuedOperationPreferredStockDividendsIncomeStatementImpact</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>esea_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_esea_DisposalGroupIncludingDiscontinuedOperationVoyageExpenses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of voyage expenses attributable to disposal group, including, but not limited to, discontinued operation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">esea_DisposalGroupIncludingDiscontinuedOperationVoyageExpenses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DisposalGroupIncludingDiscontinuedOperationDepreciationAndAmortization">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of depreciation and amortization expense attributable to disposal group, including, but not limited to, discontinued operation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 50<br> -Paragraph 5B<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=109222650&amp;loc=SL51721673-107760<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DisposalGroupIncludingDiscontinuedOperationDepreciationAndAmortization</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of general and administrative expense attributable to disposal group, including, but not limited to, discontinued operation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 50<br> -Paragraph 5B<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=109222650&amp;loc=SL51721673-107760<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DisposalGroupIncludingDiscontinuedOperationGeneralAndAdministrativeExpense</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DisposalGroupIncludingDiscontinuedOperationOperatingExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of operating expense attributable to disposal group, including, but not limited to, discontinued operation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 50<br> -Paragraph 5B<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=109222650&amp;loc=SL51721673-107760<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DisposalGroupIncludingDiscontinuedOperationOperatingExpense</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DisposalGroupIncludingDiscontinuedOperationOperatingIncomeLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of operating income (loss) attributable to disposal group, including, but not limited to, discontinued operation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 50<br> -Paragraph 5B<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=109222650&amp;loc=SL51721673-107760<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DisposalGroupIncludingDiscontinuedOperationOperatingIncomeLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DisposalGroupIncludingDiscontinuedOperationOtherExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of other expense attributable to disposal group, including, but not limited to, discontinued operation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 50<br> -Paragraph 5B<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=109222650&amp;loc=SL51721673-107760<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DisposalGroupIncludingDiscontinuedOperationOtherExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
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<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DisposalGroupIncludingDiscontinuedOperationRevenue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of revenue attributable to disposal group, including, but not limited to, discontinued operation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 50<br> -Paragraph 5B<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=109222650&amp;loc=SL51721673-107760<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 50<br> -Paragraph 7<br> -URI http://asc.fasb.org/extlink&amp;oid=109222650&amp;loc=SL51721683-107760<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DisposalGroupIncludingDiscontinuedOperationRevenue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
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<td><strong> Period Type:</strong></td>
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</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after tax of income (loss) from a discontinued operation attributable to the parent. Includes, but is not limited to, the income (loss) from operations during the phase-out period, gain (loss) on disposal, gain (loss) for reversal of write-down (write-down) to fair value, less cost to sell, and adjustments to a prior period gain (loss) on disposal.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 45<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=109222160&amp;loc=d3e957-107759<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 45<br> -Paragraph 3A<br> -URI http://asc.fasb.org/extlink&amp;oid=109222160&amp;loc=SL51721523-107759<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 45<br> -Paragraph 3B<br> -URI http://asc.fasb.org/extlink&amp;oid=109222160&amp;loc=SL51721525-107759<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=109222650&amp;loc=d3e1361-107760<br><br>Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 50<br> -Paragraph 5C<br> -Subparagraph (b)(2)<br> -URI http://asc.fasb.org/extlink&amp;oid=109222650&amp;loc=SL51721675-107760<br><br>Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 50<br> -Paragraph 5B<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=109222650&amp;loc=SL51721673-107760<br><br>Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 45<br> -Paragraph 19<br> -URI http://asc.fasb.org/extlink&amp;oid=108774443&amp;loc=SL4569616-111683<br><br>Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 45<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=109222160&amp;loc=d3e1012-107759<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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</div></td></tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis=esea_DrybulkFleetMember</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DisposalGroupClassificationAxis=us-gaap_DiscontinuedOperationsDisposedOfByMeansOtherThanSaleSpinoffMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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